Shop, 90 London Road, Portsmouth, Hampshire, PO2

Description

Ground Floor Retail Investment




Location

Portsmouth is located approximately 19 miles south east of Southampton and 70 miles south west of London. The city benefits from excellent road communications being situated at the M27/A27 junction, which links to M3 and A3(M) and provides access to London and the wider national motorway network.

The property is located on the eastern side of London Road, close to its junction with Laburnum Grove in North End. The area is an established retail location and a densely populated suburb of Portsmouth. Nearby occupiers include Iceland, Poundland and Jefferies Estate Agents.

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.



VAT

We understand that the property is elected for VAT and therefore it is assumed that the sale will be treated by way of a Transfer of A Going Concern (TOGC).




Accommodation

The property comprises a modern four storey building and is arranged as a self-contained ground floor retail unit with three flats above sold off on a long leases.

The ground floor shop has an approximate NIA of 51.80 sq m (558 sq ft).


Business Rates / Council Tax Band

Address: 90 London Road, Portsmouth
Rateable Value (2023): £9,300


EPC

We understand the property has the following EPC ratings:

Shop - E


Legal Fees

Each party to bear their own legal costs incurred.

Terms

The ground floor retail unit is let to a Private Individual and has been run as a hair salon for many years. The landlord holds a rent deposit. The lease is drawn on an effectively full repairing and insuring basis (subject to a schedule of condition) for a term of 10 years expiring 2 May 2029. There is a five year break option and open market (upward only) rent review. The rent passing rent is £9,750 per annum exclusive.

We have been instructed to market the property and quote a price of £125,000 subject to contract and the tenancy above.