48 London Road, Portsmouth, Hampshire, PO2 0LN
Offers in Region of
£290,000
£116.42 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
2,491 sq ft
231 sq m
- SECTOR
Commercial property for sale
Key features
- Portsmouth is a major south coast city
- Well-established retail destination within a densely populated suburban district
- Substantial property with future development potential
- Rear access for loading and servicing
- Currently let to Exciting Escapes Limited until June 2028 at £23,000 pax
- Guide price £290,000 stc
- Occupiers London Road Portsmouth - Nearby occupiers include national and regional retailers such as Lidl, Iceland, Poundland, Costa and Greggs, contributing to a vibrant local trading
Description
Description
The property comprises a two-storey building, providing retail accommodation at ground floor level, with office/storage areas, a staff kitchen, and WCs on the first floor. At present, the property has been fitted out as an escape room. To the rear, there is a hardstanding area for loading and servicing, accessed via a dedicated service road.
Location
Portsmouth is a major south coast city. The city enjoys excellent road connectivity, being positioned at the junction of the M27 and A27. The subject property is situated on the eastern side of London Road, in the North End area of Portsmouth. This is a well-established retail destination within a densely populated suburban district. Nearby occupiers include national and regional retailers such as Lidl, Iceland, Poundland, Costa and Greggs, contributing to a vibrant local trading environment.
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.
Tenancy Information
The entire property is let to Exciting Escapes Limited on a 10-year lease commencing 25 June 2018. The lease includes a tenant-only break option and an upward-only open market rent review at the fifth anniversary, with the review capped at 125% of the passing rent. The current rent is £23,000 per annum exclusive (pax). The lease is on full repairing and insuring (FRI) terms, subject to a photographic schedule of condition. The landlord holds a rent deposit of £9,583, equivalent to five months' rent.
VAT
Rents and prices are quoted exclusive of, but may be subject to VAT.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
Business Rates / Council Tax Band
Rateable Value (2023): £19,750.
EPC
We understand the property has an EPC rating of C.
Legal Fees
Each party to bear their own legal costs incurred.
AML
In accordance with current Government legislation, we are legally required to conduct Anti-Money Laundering (AML) checks on all prospective purchasers or tenants where the transaction involves a capital value of €15,000 (EUR) or more, or a rental value of €10,000 (EUR) per calendar month or greater.
This process includes verifying identity, as well as confirming the source and availability of funds. Please note that we must obtain and record this information before any transaction can be formalised or contracts exchanged.
The property comprises a two-storey building, providing retail accommodation at ground floor level, with office/storage areas, a staff kitchen, and WCs on the first floor. At present, the property has been fitted out as an escape room. To the rear, there is a hardstanding area for loading and servicing, accessed via a dedicated service road.
Location
Portsmouth is a major south coast city. The city enjoys excellent road connectivity, being positioned at the junction of the M27 and A27. The subject property is situated on the eastern side of London Road, in the North End area of Portsmouth. This is a well-established retail destination within a densely populated suburban district. Nearby occupiers include national and regional retailers such as Lidl, Iceland, Poundland, Costa and Greggs, contributing to a vibrant local trading environment.
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.
Tenancy Information
The entire property is let to Exciting Escapes Limited on a 10-year lease commencing 25 June 2018. The lease includes a tenant-only break option and an upward-only open market rent review at the fifth anniversary, with the review capped at 125% of the passing rent. The current rent is £23,000 per annum exclusive (pax). The lease is on full repairing and insuring (FRI) terms, subject to a photographic schedule of condition. The landlord holds a rent deposit of £9,583, equivalent to five months' rent.
VAT
Rents and prices are quoted exclusive of, but may be subject to VAT.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
Business Rates / Council Tax Band
Rateable Value (2023): £19,750.
EPC
We understand the property has an EPC rating of C.
Legal Fees
Each party to bear their own legal costs incurred.
AML
In accordance with current Government legislation, we are legally required to conduct Anti-Money Laundering (AML) checks on all prospective purchasers or tenants where the transaction involves a capital value of €15,000 (EUR) or more, or a rental value of €10,000 (EUR) per calendar month or greater.
This process includes verifying identity, as well as confirming the source and availability of funds. Please note that we must obtain and record this information before any transaction can be formalised or contracts exchanged.
Brochures
48 London Road, Portsmouth, Hampshire, PO2 0LN
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Portsmouth & Southsea Station1.2 miles
- Fratton Station1.3 miles
- Hilsea Station1.3 miles
Notes
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