Substantial City Centre Department Store with 4 adjoining shops
Approx. Site area of 0.60 Ha (1.49 Acres)
Buildings which extend to an approximate Floor Area of 13,984.09 sq. m. (150,524 sq. ft.)
Occupiers include Primark, H&M, H Samuel, Footasylum and Schuh
A Primark Lease to expire in January 2049 offering Valuable Reversion
Prime position on Commercial Street adjacent to Cascades Shopping Centre
Nearby occupiers include River Island, Superdrug, JD Sports, Waterstones, Burger King, Wendy's and KFC
Lot 14
Auction 7th November 2024
Rent £12,925 per Annum Exclusive
Status Sold
Price £550,000
Sector Ground Rent
Auction Venue Live Streamed Auction
On Behalf of a Cambridge College
Property Information
Location
Miles
15 miles south east of Southampton, 13 miles west of Chichester
Roads
M275, A3
Rail
Portsmouth & Southsea Railway Station
Air
Southampton Airport
Situation
Portsmouth is a major port and coastal city, popular with tourists and retailers. The property is situated the prime retailing pitch on the north side of the pedestrianised Commercial Road, Portsmouth's principal retailing thoroughfare, home to the Cascades Shopping Centre. Nearby occupiers include River Island, JD Sports, Waterstones, Burger King, Wendy's and KFC.
Tenure
Freehold.
Location
Miles
15 miles south east of Southampton, 13 miles west of Chichester
Roads
M275, A3
Rail
Portsmouth & Southsea Railway Station
Air
Southampton Airport
Situation
Portsmouth is a major port and coastal city, popular with tourists and retailers. The property is situated the prime retailing pitch on the north side of the pedestrianised Commercial Road, Portsmouth's principal retailing thoroughfare, home to the Cascades Shopping Centre. Nearby occupiers include River Island, JD Sports, Waterstones, Burger King, Wendy's and KFC.
Tenure
Freehold.
Description
The property comprises a site of 0.60 Ha (1.49 Acres). upon which sits an extensive department store with 4 adjoining shops with a total approximate floor area of 13,984.09 sq. m. (150,524 sq. ft.) (1)
Current occupiers within the property include Primark, H&M, Schuh, Footasylum and H. Samuel.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a site of 0.60 Ha (1.49 Acres). upon which sits an extensive department store with 4 adjoining shops with a total approximate floor area of 13,984.09 sq. m. (150,524 sq. ft.) (1)
Current occupiers within the property include Primark, H&M, Schuh, Footasylum and H. Samuel.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Address
Tenant
Term
Rent p.a.x.
Review
Reversion
117 Commercial Road
DENTON & CO TRUSTEES LIMITED and INDIVIDUAL
125 years from 25/03/1996
£8,500
25/03/2026 and 5 yearly thereafter (2)
24/03/2121
119 Commercial Road
ACSL PROPERTIES LIMITED
116 years from 18/05/2005
£500
18/05/2030 and 25 yearly thereafter (3)
24/03/2121
121-127 Commercial Road
PRIMARK STORES LIMITED
99 years from 03/01/1950
£3,925
02/01/2049
129-135 Commercial Road
PRIMARK STORES LIMITED
150 years from 14/01/1999
£0
13/01/2149
137-143 Commercial Road
BANKUWAIT NOMINEES LIMITED and GRAVITAS HOLDINGS PLC
125 years from 28/06/2002
£0
27/06/2127
145-147 Commercial Road
NT PROPERTY NOMINEES 1A LIMITED and NT PROPERTY NOMINEE
125 years from 13/12/1989
£0
09/12/2114
Total
£12,925
(1) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). (2) The five yearly rent reviews are to 8.5% of the occupational rents or Estimated Rental Value (subject to min. rent of £6,205 p.a.), whichever is the greater. (3) RPI Linked Rent Reviews.
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.
