135 West Street, Fareham, PO16 0DU

Description
The property is situated on the Northern side of West Street in Fareham town and comprises a mid-terraced building with retail shop and two residential flats. The retail shop comprises ground floor sales area, with ancillary and rear access.

The first and second floor flats are accessed via Malthouse Lane and a rear staircase that accesses both flats. Internally, the first floor flat has two bedrooms towards the front of the premises, with a galley kitchen, two shower rooms and a dining / lounge area.

The second floor flat has recently been refurbished and comprises two bedrooms, with a dining / lounge area, shower room and a kitchen with utility room. There is no gas supply to the property and the premises benefit from electric storage heaters.

The property benefits from 3 car parking spaces which are allocated to each occupier.

Location
Fareham is an established market town located approximately 15.5 miles east of Southampton and 8.3 miles north-west of Portsmouth. The town benefits from excellent road communications, being situated close to Junction 10 of the M27, which provides direct access to the M3 and A3(M) and the wider national motorway network, including London. Fareham also benefits from a mainline railway station providing regular services to Portsmouth, Southampton and London Waterloo.

West Street is an established town-centre retail and commercial location, benefiting from strong pedestrian footfall and proximity to a wide range of national and independent retailers, cafés, restaurants and professional services. The surrounding area provides a well-established commercial environment, with the town also benefiting from ongoing development and investment, including the major Welborne development to the north of Fareham.

Terms
We are instructed to seek offers in excess of £450,000 exclusive, which reflects a net initial yield of 8.74%, assuming normal purchasers costs of 4.50%.

AML
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser or tenant and any beneficial owner together with evidence/ proof identifying the source of funds being relied upon to complete the transaction.

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

Tenancy
The ground floor commercial unit is let to RJ Group PVT Ltd on a 10-year lease from 20 May 2024 at a passing rent of £13,500 per annum. The Landlord holds a 6 month rent deposit and there is a personal guarantee. There are tenant only break options in May 2028 and 2032.

The two flats are let on Assured Periodic Tenancies (APTs) at an annual rent of £13,200 per annum and £14,400 per annum. The parking spaces are included in the rents.

VAT
The property is not elected for VAT.