Freehold Retail and Residential Development Opportunity
Large property comprising 8,706 sq ft (existing)
Redevelopment and Change of Use Potential - new scheme proposed to include three re-configured retail units with 5 x 1 bedroom apartments and 4 x 2 bedroom apartments above
Prominent corner location close to Fareham Shopping Centre and Market Quay
Potential dilapidations opportunity from outgoing tenant on lease expiry
Freehold Retail and Residential Development Opportunity
Large property comprising 8,706 sq ft (existing)
Redevelopment and Change of Use Potential - new scheme proposed to include three re-configured retail units with 5 x 1 bedroom apartments and 4 x 2 bedroom apartments above
Prominent corner location close to Fareham Shopping Centre and Market Quay
Potential dilapidations opportunity from outgoing tenant on lease expiry
VAT-free opportunity
Lot 24
Auction 28th October 2020
Vacant Possession
Status Sold
Price £457,000
Sector Development
Auction Venue Live Streamed Auction
Property Information
Location
Miles
6 miles north-west of Portsmouth
11 miles south-east of Southampton
Roads
M27 (J10)
Rail
Fareham
Air
Southampton Airport
Situation
Fareham is an attractive market town approximately 6 miles north-west of Portsmouth and 11 miles south-east of Southampton. The property is located in a prominent location on the north side of West Street, at its junction with Westbury Road, less than 100m from Fareham Shopping Centre, with retailers including Estee Lauder, Boots the Chemist, JD Sports, B&M, Ernest Jones and Next.
Tenure
Freehold.
Location
Miles
6 miles north-west of Portsmouth
11 miles south-east of Southampton
Roads
M27 (J10)
Rail
Fareham
Air
Southampton Airport
Situation
Fareham is an attractive market town approximately 6 miles north-west of Portsmouth and 11 miles south-east of Southampton. The property is located in a prominent location on the north side of West Street, at its junction with Westbury Road, less than 100m from Fareham Shopping Centre, with retailers including Estee Lauder, Boots the Chemist, JD Sports, B&M, Ernest Jones and Next.
Tenure
Freehold.
Description
The property comprises a large, well configured shop with ancillary accommodation on the first floor. The property benefits from good side and rear access.
VAT
VAT is not applicable to this lot.
Planning
A planning application was made in 2019 to reduce the size of the ground floor retail accommodation by dividing it into three separate retail units. The proposal also included two storeys of residential accommodation comprising 5x 1 bed apartments and 4x 2 bed apartments.
A pre-application was made and the response from the planners at the time was positive. Planning Ref: P/19/1202/FP. Copies of the proposed development are available from the legal pack. For additional information, please contact Fareham Borough Council:
T: +44 (0)1329 236100
E: devcontrol@fareham.gov.uk
Completion Period
Six Week Completion
EPC
Band C. See legal pack at www.acuitus.co.uk.
Description
The property comprises a large, well configured shop with ancillary accommodation on the first floor. The property benefits from good side and rear access.
VAT
VAT is not applicable to this lot.
Planning
A planning application was made in 2019 to reduce the size of the ground floor retail accommodation by dividing it into three separate retail units. The proposal also included two storeys of residential accommodation comprising 5x 1 bed apartments and 4x 2 bed apartments.
A pre-application was made and the response from the planners at the time was positive. Planning Ref: P/19/1202/FP. Copies of the proposed development are available from the legal pack. For additional information, please contact Fareham Borough Council:
T: +44 (0)1329 236100
E: devcontrol@fareham.gov.uk
Completion Period
Six Week Completion
EPC
Band C. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Possession
Ground First
Retail Ancillary
522.74 sq m 286.04 sq m
(5,627 sq ft) (3,079 sq ft)
VACANT (1)
Total
808.78 sq m
(8,706 sq ft)
(1) The property is currently let to Argos Limited on FRI terms on a lease expiring 24/12/2020 at a rent of £113,500 per annum. The tenant is not in occupation of the property, having vacated the property in April 2018.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
