34-36 West Street Portchester Hampshire PO16 9UZ

34-36 West Street
Portchester
Hampshire
PO16 9UZ

Freehold Supermarket Investment

Entirely Let to Iceland Foods Limited until February 2030 (no breaks)
2025 tenant break option removed
5 yearly fixed rental increases at 2.5% per annum compounded
Approximately 12,214 sq ft
Excellent pedestrianised town centre location
Nearby occupiers include Co-operative Supermarket, Superdrug, and branches of Lloyds and NatWest banks
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
15
Auction
23rd March 2016
Rent
£65,056 per Annum Exclusive
Status
Sold
Price
£1,020,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Freehold Supermarket Investment

Entirely Let to Iceland Foods Limited until February 2030 (no breaks)
2025 tenant break option removed
5 yearly fixed rental increases at 2.5% per annum compounded
Approximately 12,214 sq ft
Excellent pedestrianised town centre location
Nearby occupiers include Co-operative Supermarket, Superdrug, and branches of Lloyds and NatWest banks
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 15
Auction 23rd March 2016
Rent £65,056 per Annum Exclusive
Status Sold
Price £1,020,000
Sector
Supermarket/Convenience
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 5 miles west of Portsmouth, 14 miles east of Southampton
Roads: A27, M27
Rail: Portchester Railway Station
Air: Southampton International Airport

Situation

The property occupies a prominent position on the south side of the pedestrianised West Street. Nearby occupiers include Co-operative Supermarket, Superdrug, Ladbrokes and branches of Lloyds and NatWest banks.

Tenure

Freehold.

Location

Miles: 5 miles west of Portsmouth, 14 miles east of Southampton
Roads: A27, M27
Rail: Portchester Railway Station
Air: Southampton International Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor supermarket with ancillary accommodation on part of the first floor and a martial arts club (sublet) on part of the first floor. In addition the property benefits from rear loading access, as well as a public car park to the rear.

Six Week Completion

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First	Supermarket/Ancillary Ancillary (Part Sublet)	703.16 sq m 431.64 sq m	(7,568 sq ft) (4,646 sq ft)	ICELAND FOODS LIMITED (1)	25 years from 28/02/2005 on a full repairing and insuring lease	£65,056 rising to £73,605 in Feb 2020 and to £83,277 in Feb 2025	28/02/2020 28/02/2025 (27/02/2030)
Totals		1,134.00 sq m	(12,214 sq ft)			£65,056

(1) For the year ending 27th March 2015, Iceland Foods Limited reported a turnover of £2,682,021,000, pre-tax profits of £58,794,000 and a total net worth of £709,630,000. (Source: Experian Group 15/02/2016). We understand that part of the first floor has been sublet to a tenant trading as Castle Martial Arts on a sublease expiring in March 2016.