31 Osborne Road, Southsea, PO5 3LR

Description
The property comprises a four-storey, semi detached building. The ground floor is currently used as a bar and has an extended bi-fold shop front that opens up to Osborne Road. To the rear of the property, the ground floor bar has a further flat roof extension and rear courtyard.

The flats are self-contained with the first floor flat accessed via a door and staircase to the right of the shop front and the second and third floor flats accessed via a separate entrance and communal hallway via the side alley. The flats are of similar layout with two double bedrooms, lounge, bathroom and kitchen.

The flats have been served with the section 257 license which is a Portsmouth specific license for premises that have more than two separate households.

Location
Osborne Road is one of Southsea’s most established and vibrant destinations, forming the heart of the area's leisure, dining and nightlife scene. Located just south of Portsmouth city centre and moments from the seafront, the road is renowned for its eclectic mix of popular bars, restaurants, cafés and independent businesses, attracting both local residents and visitors throughout the year. The area benefits from excellent connectivity, with easy access to Portsmouth's main transport links, the Hoverport, and railway stations, while the nearby open spaces of Southsea Common and the Southsea seafront provide a unique coastal setting.

The property is situated on the northern side of Osborne Road, close to its junction with Ashburton Road and a short walk away from the seafront.

Terms
We are instructed to seek £625,000 exclusive for the freehold interest.

VAT
The property is not elected for VAT.

Legal Costs
Each party to be responsible for their own legal costs incurred in this transaction.

Anti Money Laundering
In accordance with regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

Tenancy
The ground floor commercial unit is let to Kapaga Ltd on a ten-year lease from 2020 at a passing rent of £10,000 per annum. A deposit is held with personal guarantee. They sub-let the lease which is currently trading as Soul Bar.

The three flats are all let on AST's at an annual rent of £12,600 per annum.

The total passing rent for the property is £47,800 per annum.