Description
The property comprises a two-storey mid-terrace building of traditional construction beneath a pitched roof covering. The main elevations are brick and painted.
The two residential flats above have been sold off on long leasehold interests.
Location
Southsea is a vibrant and well-established coastal district situated within the city of Portsmouth, Hampshire. Renowned for its strong mix of independent retailers, restaurants, cafés, and leisure facilities, Southsea benefits from a substantial residential catchment and a thriving visitor economy, particularly during the summer months.
Albert Road and Highland Road serves as one of Southsea's principal thoroughfares and is a key commercial artery, linking the seafront with the wider Portsmouth area. The road is characterised by a diverse range of occupiers including national operators, independent traders, and a lively evening and night-time economy, underpinned by several public houses, bars, and entertainment venues, including the well-known Kings Theatre.
Planning
A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.
Tenancy Information
The two long leasehold flats each pay a ground rent of £200 per annum, collected in equal half-yearly instalments.
VAT
We understand that the property is not elected for VAT.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
Business Rates / Council Tax Band
Rateable Value (2026): £5,400
Occupiers will pay approximately 38% of this per annum.
EPC
To be re-assessed.
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.
