56 Osborne Road, Southsea

Description

Fully Fitted Restaurant Premises
Total Area 1,106 sq ft (102.7 sq m)

Location

Osborne Road, Palmerston Road and Marmion Road form the main commercial centre of Southsea. The area is a popular, established retail and leisure destination, with national and independent occupiers in the vicinity including Waitrose, Queens Hotel, Southsea Coffee, Rapscallions and Rocka.

The property is situated on the southern side of Osborne Road, close to its junction with Netley Road and a short walk away from the seafront.


Planning

A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.

Interested parties should make their own planning enquiries and satisfy themselves in this regard.

The property benefits from a premises licence, which is available on request.

VAT

We understand that the property is not elected for VAT.

Accommodation

The property comprises a fully fitted ground floor restaurant with an elongated and subdivided kitchen and preparation area. The premises benefits from storage space and a lower ground floor office.

We have measured and calculated the accomodation to have the following approximate Net Internal Area (NIA):

Description sq m sq ft
Dining Area 48.4 521
Kitchen 25.8 278
Storage 23.6 254
Office 4.963 53
Total 102.7 1,106




Business Rates / Council Tax Band

Rateable Value (2023): £10,500

The occupier may be entitled to 100% Small Business Rate relief.

EPC

We understand the property has an EPC rating of E (119).

Legal Fees

The prospective tenant will be required to contribute to the costs incurred in this transaction.

Terms

The property is available to let by way of a new (effectively) full repairing and insuring lease for a term of 10 year leases with a five year break option and open market rent review (upward only) at a rent of £25,000 pa exclusive. The landlord requires a six month rent deposit and personal guarantor.