229/ 231 Commercial Road Portsmouth Hampshire PO1 4BJ

229/ 231 Commercial Road
Portsmouth
Hampshire
PO1 4BJ

Freehold Restaurant Investment with Residential Redevelopment Consent

Prominent City Centre location fronting Commercial Road
Restaurant let until 2026 (No breaks)
Planning Permission for 4 residential flats and 2 maisonettes
Close to Cascades Shopping Centre with occupiers including Marks & Spencer, Next and H&M
Other nearby occupiers include McDonald's, Sports Direct and Argos
Currently producing £25,000 p.a.x. with vacant upper floors

Lot
61
Auction
13th July 2017
Rent
£25,000 per Annum Exclusive
Status
Sold
Price
£515,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Restaurant Investment with Residential Redevelopment Consent

Prominent City Centre location fronting Commercial Road
Restaurant let until 2026 (No breaks)
Planning Permission for 4 residential flats and 2 maisonettes
Close to Cascades Shopping Centre with occupiers including Marks & Spencer, Next and H&M
Other nearby occupiers include McDonald's, Sports Direct and Argos
Currently producing £25,000 p.a.x. with vacant upper floors

Lot 61
Auction 13th July 2017
Rent £25,000 per Annum Exclusive
Status Sold
Price £515,000
Sector
Restaurant
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 17 miles west of Chichester, 20 miles south-east of Southampton
Roads: A3, A27, M27
Rail: Portsmouth & Southsea Railway Station
Air: Southampton Airport

Situation

The property is situated on the western side of Commercial Road, Portsmouth's principal retailing thoroughfare and close to its roundabout junction with Marketway (A3). Cascades Shopping Centre is close by, with occupiers including Marks & Spencer, Next, New Look and TK Maxx. Other nearby occupiers include McDonald's, Boots the Chemist, Holland & Barrett, JD Sports, and Specsavers. The NCP Market Way Car Park is located to the rear of the property and provides car parking for some 500 cars. The bus stops for the northern end of the city centre are situated in close proximity.

Tenure

Freehold.

Location

Miles: 17 miles west of Chichester, 20 miles south-east of Southampton
Roads: A3, A27, M27
Rail: Portsmouth & Southsea Railway Station
Air: Southampton Airport

Situation

Tenure

Freehold.

Description

The property comprises restaurant accommodation on the ground floor with ancillary accommodation on the first and second floors. Planning permission has been granted for the conversion of the upper floors to form four residential flats and two residential maisonettes.

VAT

VAT is applicable to this lot.

Planning

Planning permission has been granted under reference 13/00416/FUL for the “conversion of upper floors to form four flats and two maisonettes”. Portsmouth City Council, Civic Offices, Guildhall Square, Portsmouth PO1 2BG Tel:023 9283 4092 Email: planningapps@portsmouthcc.gov.uk

Completion Period

Six Week Completion

EPC

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