68 Palmerston Road and 92-100 Osborne Road Southsea Hants PO5 3SJ

68 Palmerston Road and 92-100 Osborne Road
Southsea
Hants
PO5 3SJ

Freehold Retail and Residential Ground Rent Investment

Substantial Former Bank Building
Currently comprises 2 shops with 4 flats on the second & third floors (sold off)
Approximate commercial floor area of 435.80 sq m (4,685 sq ft)
Prominent corner position in town centre
Popular seaside resort town
VAT Free Investment

Lot
19
Auction
27th March 2024
Rent
£68,960 per Annum Exclusive
Status
Sold
Price
£455,000
Auction Venue
Live Streamed Auction

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Freehold Retail and Residential Ground Rent Investment

Substantial Former Bank Building
Currently comprises 2 shops with 4 flats on the second & third floors (sold off)
Approximate commercial floor area of 435.80 sq m (4,685 sq ft)
Prominent corner position in town centre
Popular seaside resort town
VAT Free Investment

Lot 19
Auction 27th March 2024
Rent £68,960 per Annum Exclusive
Status Sold
Price £455,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 1.8 miles south of Portsmouth, 1.5 miles south east of Gosport, 17 miles south east of Southampton,
Roads: M275, M27, A3(M)
Rail: Portsmouth & Southsea Railway Station, Fratton Railway Station
Air: Southampton Airport

Situation

Southsea is a popular seaside resort located 1.8 miles south of Portsmouth's city centre. The property is prominently situated on the corner of the pedestrianised Palmerston Road and Osborne Road, in the main commercial area of Southsea. Other occupiers on Palmerston Road include JD Wetherspoon, New Look, Iceland, Boots, Robert Dyas and Clarks.

Tenure

Freehold.

Location

Miles: 1.8 miles south of Portsmouth, 1.5 miles south east of Gosport, 17 miles south east of Southampton,
Roads: M275, M27, A3(M)
Rail: Portsmouth & Southsea Railway Station, Fratton Railway Station
Air: Southampton Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial former bank building currently arranged to provide two retail units over ground, basement, mezzanine and first floors. The second and third floors provide four residential flats which have been sold off on long leases.

VAT

VAT is not applicable to this lot.

EPC

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

Description

VAT

VAT is not applicable to this lot.

EPC

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

Tenancy & Accommodation

Address	Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent Review
68 Palmerston Road	Ground Basement Mezzanine First	Retail Ancillary Ancillary Ancillary	179.20 118.40 64.20 33.80	(1,928) (1,274) (691) (363)	INDIVIDUAL	5 years from 6/10/2023	£59,860
92 Osborne Road	Ground First	Retail Ancillary	29.10 10.80	(313) (116)	84 CARE SERVICES LTD t/a Sam Arabbetou Jewellers	16 years from 13/10/2023	£8,250	17/02/2029 17/02/2034
94-100 Osborne Road	Second Third	4 x flats	-	-	INDIVIDUALS	Let on 4 leases for a term of 125 years	£850
Total Approximate Commercial Floor Area			435.80	(4,685) (1)			£68,960

(1) The commercial floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).

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.