Retail Property (high street) for sale

97-99 West Street

£1,350,000
8,706 sq. ft.

Property Description

Commercial information

  • 8,706 sq ft (808 sq m)

Key features

  • Entire building let to Argos Limited
  • Current rent 113,500 per annum
  • Freehold
  • Price: 1.35 million
  • Net Initial Yield 7.93%

Full description

Tenure: Freehold

Location

The market town of Fareham is located 8 miles (13 kilometres) west of Portsmouth and 13 miles (21 kilometres) east of Southampton. The town benefits from excellent road communications with the A27 linking into Junction 11 of the M27 motorway.

Fareham Train Station is located immediately to the west of the town centre providing a service to London Waterloo in circa 1hr 40 mins. Fareham bus station is located opposite.

The premises occupy a prominent position corner position within Fareham town centre close to the prime pedestrianised retail pitch.

Market Quay retail and leisure development and Fareham Shopping Centre are a short distance away.

Nearby occupiers include Wilkinson, Poundland, WH Smith, Robert Dyas and TK Maxx.

Description

The property comprises large retail premises of brick construction arranged over ground and first floors to provide large ground floor sales with ancillary accommodation at first floor.

Tenancy

The property is let in its entirety to Argos Limited on FRI terms on a lease of 27 years from 25 December 1993 expiring 24 December 2020. The current passing rent is £113,500 per annum.

Covenant

Argos Limited is part of Home Retail Group and is one of the UK’s most recognised retailers, operating from 739 stores across the UK. Home Retail Group was taken over by Sainsburys on 2 September 2016.

For the year ending 28 February 2015, Home Retail Group reported a turnover of £5.7 billion and pre tax profits of £129 million.

Proposal

We are instructed to seek offers of £1,350,000 subject to contract exclusive of VAT. A purchase at this level will reflect a net initial yield of 7.93% after an allowance for purchaser’s cost of 5.8%.

Viewings

Should you wish to view the property or require further information please contact sole agents:

Hughes Ellard
Tim Clark
01329 222833
tclark@hughesellard.com


More information from this agent

Nearest stations

  • Fareham (0.5 mi)
  • Portchester (2.4 mi)
  • Swanwick (4.1 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hughes Ellard , Fareham

The Malthouse Cams Hall Estate, Fareham, PO16 8UT

01329 279013 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Fareham (0.5 mi)
  • Portchester (2.4 mi)
  • Swanwick (4.1 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Hughes Ellard , Fareham

The Malthouse Cams Hall Estate, Fareham, PO16 8UT

01329 279013 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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