Description
A ground floor leisure unit within the Handley's Corner development, which has seen the transformation of the former Debenhams into 134 residential units with commercial space at ground floor. Portsmouth Vets occupy the adjacent unit and terms are agreed with the NHS for a GP surgery to take 12,500 sq ft unit. The demised premises have been subject to extensive refurbishment and tenant fit out. Further details on request.
Location
Southsea is a vibrant coastal district within Portsmouth and it is well known for its strong independent occupiers, wide variety of retailers, cafes, restaurants and bars. There is further mixed-use development proposed nearby on the former John Lewis building directly opposite. In addition, 149 new homes are being developed on the former St Johns College site, with proposals for a further 89 new homes on land adjacent to the Queens Hotel.
This property is a landmark building occupying a prominent position in Palmerston Road the centres main retail thoroughfare, which leads to Southsea Common and the seafront. The centre is anchored by Waitrose, whilst other occupiers in Palmerston Road include Loungers, New Look, Superdrug, Boots and Coffee#1. The centre benefits from good bus services and several car parks/ on-street parking.
Tenure
Virtual Freehold, subject to a new 999-year lease interest at a peppercorn. For the avoidance of doubt the residential accommodation above does not form part of sale.
Terms
We are instructed to seek £925,000 exclusive, which reflects a net initial yield of 8.01%, assuming normal purchasers costs of 4.86%.
Viewings
Via appointment through sole agents.
AML
In accordance with Anti-Money Laundering requirements, valid ID checks will be required on the purchaser/tenant and any beneficial owner together with relevant source of funds.
VAT
The property has been elected for VAT and the sale is intended to be treated as a Transfer of Going Concern (TOGC).
Legal Costs
Each party to be responsible for their own legal costs.
Tenancy
The unit is let to JSK Fitness Limited (t/a Anytime Fitness) on a 15 year FRI lease by way of service charge, from 8th September 2026, at £78,400 per annum. There are 5 yearly rent reviews, CPI tracked annually, collared & capped at 1% and 3% respectively. The lease is subject to a tenant break option at the expiration of the 8th year, subject to 6 months prior notice. Further details upon request.
