64-66 Osborne Road, Southsea, Hampshire, PO5 3LU
Offers in Region of
£670,000
£333.50 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
2,009 sq ft
187 sq m
- SECTOR
Commercial property for sale
Key features
- Central location within Southsea
- Thriving retail and leisure destination
- Two retail units on the ground floor, together with two two bedroom flats above
- Open plan retail units
- Rear garden and access with a first floor patio space for the flats
- Total rent £38,700 pa
- Freehold subject to the tenancies
- Guide price £670,000 stc
- No VAT
- Occupiers in the vicinity including Waitrose, Queens Hotel, Southsea Coffee, Rapscallions and Rocka
Description
Description
The subject property comprises a pair of adjoining three-storey, mid-terrace buildings. The property is arranged as two ground floor retail units occupying their respective buildings, complemented with two self-contained residential flats spanning the first and second floors of their respective buildings.
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
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Tenancy Information
The ground floor retails units are both let to Care and Relief for the Young under two separate leases. Both are by way of a 5 year term that commenced on 1 March 2021, inside The Act, with effectively full repairing and insuring obligations. The tenants have an obligation to reinstate the party wall that originally divided the rears of the units. The passing rent for 64 is £7,200 pa and the passing rent for 66 is £10,800 pa.
No. 64a is let on a periodic AST tenancy at a rent of £9,900 pa. No. 66a is let on an informal basis to the same tenant currently paying £10,800 pa.
Therefore, the total rent for the property is £38,700 pa.
VAT
We understand that the property is not elected for VAT.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA) and Gross Internal Area (GIA):
Business Rates / Council Tax Band
We understand the units to have the following Rateable Value (2023):
Unit 64 - £8,800
Unit 66 - £15,750
We understand the flats to have the following Council Tax Bands:
Flat 64a - B
Flat 66a - B
EPC
We understand the property has the following EPC ratings:
No. 64-66 - C (expiring 26/08/2035)
No. 64a - C (expiring 03/12/2029)
No. 66a - C (expiring 25/08/2035)
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 subject property comprises a pair of adjoining three-storey, mid-terrace buildings. The property is arranged as two ground floor retail units occupying their respective buildings, complemented with two self-contained residential flats spanning the first and second floors of their respective buildings.
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
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Tenancy Information
The ground floor retails units are both let to Care and Relief for the Young under two separate leases. Both are by way of a 5 year term that commenced on 1 March 2021, inside The Act, with effectively full repairing and insuring obligations. The tenants have an obligation to reinstate the party wall that originally divided the rears of the units. The passing rent for 64 is £7,200 pa and the passing rent for 66 is £10,800 pa.
No. 64a is let on a periodic AST tenancy at a rent of £9,900 pa. No. 66a is let on an informal basis to the same tenant currently paying £10,800 pa.
Therefore, the total rent for the property is £38,700 pa.
VAT
We understand that the property is not elected for VAT.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA) and Gross Internal Area (GIA):
Business Rates / Council Tax Band
We understand the units to have the following Rateable Value (2023):
Unit 64 - £8,800
Unit 66 - £15,750
We understand the flats to have the following Council Tax Bands:
Flat 64a - B
Flat 66a - B
EPC
We understand the property has the following EPC ratings:
No. 64-66 - C (expiring 26/08/2035)
No. 64a - C (expiring 03/12/2029)
No. 66a - C (expiring 25/08/2035)
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
64-66 Osborne Road, Southsea, Hampshire, PO5 3LU
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Portsmouth & Southsea Station0.9 miles
- Fratton Station1.1 miles
- Portsmouth Harbour Station1.1 miles
About Flude Property Consultants, Portsmouth
Regus, 1000 Lakeside North Harbour, Western Road, Portsmouth, PO6 3ENNotes
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