36-38 Palmerston Road, Southsea, Portsmouth PO5 3QH
- SIZE AVAILABLE
5,238 sq ft
487 sq m
- SECTOR
Restaurant for sale
- USE CLASSUse class orders: A3 Restaurants and Cafes
A3
Key features
- Mid terrace high street unit arranged over ground and first floor
- Currently trading as a restaurant and is situated within an attractive retail parade
- The unit has recessed frontage allowing for an outside customer seating area
- The residential accommodation above is sold off long leasehold to Portsmouth Council
Description
* Southsea is an affluent suburb of Portsmouth and a popular coastal resort.
* The property is situated in a central and prominent location on Palmerston Road, the town's main retail thoroughfare.
* Nearby occupiers include Waitrose, Specsavers, Boots, Tesco, Costa and Lloyds Bank.
* Let to Loungers UK Limited on a fifteen-year lease from 18/03/2019 and expiring 17/03/2034, subject to upwards only rent reviews every five years.
* Passing rent of £75,000 per annum.
* Attractive unexpired lease term of 9 years.
Proposal
We are instructed to seek offers in excess of £1,180,000 subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6% assuming standard purchaser's costs.
Brochures
36-38 Palmerston Road, Southsea, Portsmouth PO5 3QH
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Portsmouth & Southsea Station0.9 miles
- Fratton Station1.0 miles
- Portsmouth Harbour Station1.1 miles
About CBRE Limited (Bristol), CBRE Bristol - Industrial
Clifton Heights Triangle West, Clifton, Bristol, BS8 1EJNotes
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