29 London Road, Portsmouth, Hampshire, PO2 0BH

Description

The subject property comprises a single-storey, end-of-terrace retail unit of traditional construction. Internally, the accommodation is configured to provide an open-plan lock-up shop with roller shutter security to the frontage, together with ancillary staff and storage areas situated towards the rear.

Externally, the demise benefits from three designated off-road car parking spaces located to the rear of the premises.

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.

Tenancy Information

The entire property is let to Audio T Limited on a 10-year lease commencing 25th June 2021. The lease includes a tenant-only break option in June 2027 and a rent review in June 2026. The current rent is £27,500 per annum exclusive (pax). The lease is on full repairing and insuring (FRI) terms.

VAT

We understand that the property is not elected for VAT.

Accommodation

The accommodation has the following approximate Net Internal Area (NIA):

Business Rates / Council Tax Band

Rateable Value (2023): £26,000.

EPC

We understand the property has an EPC rating of B-41.

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.