39 Osborne Road, Southsea, Hampshire, PO5 3LR

Description

The property comprises a substantial and prominent corner Class E premises arranged over the floor. Internally, the unit provides open plan retail space with and office, storage and male and female WCs to the rear. The property also benefits from a kitchen with extraction.

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

The current planning use is as a sun bed and beauty salon (Class E(c)(iii)), but previous it had planning for a drinking establishment with expanded food provision (Sui Generis).

VAT

We understand that the property is not elected for VAT.

Accommodation

We have measured and calculated the accommodation to have the following NIA:


Business Rates / Council Tax Band

Rateable Value (2023): £18,750

Following the Government's latest budget, all occupied retail, hospitality & leisure properties receive a 75% discount from 1st April 2023 until 31st March 2025. From 1st April 2025, this will reduce to 40%. Subject to annual cash cap of £110,000 per business and qualifying use.

Interested parties should make their own enquiries to satisfy themselves of their business rates liability.

EPC

We understand the property has an EPC rating of C.

Legal Fees

The ingoing tenant will be responsible for the landlord's professional fees.

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 £44,000 pa exclusive. The landlord requires a six month rent deposit and personal guarantor.