Land for saleSerpentine Road, Southsea
UNSOLD BY AUCTION THURSDAY 25th MAY 2017.
GUIDE PRICE: £700,000-£775,000.
OF INTEREST TO DEVELOPERS AND INVESTORS, THIS RARE AND VALUABLE OPPORTUNITY IN THE VERY HEART OF SOUTHSEA TOWN CENTRE - THE VACANT FREEHOLD GROUP OF 32 GARAGES AND STORES, WITH THE CONSIDERABLE BENEFIT OF PLANNING PERMISSION FOR THE CONSTRUCTION OF A BLOCK OF 7 TWO-BEDROOM APARTMENTS.
Serpentine Road winds between Osborne Road and Portland Road, the site being bounded on its north side by the grounds of Portsmouth High School for Girls. Part of an historic Conservation Area - the High School's main building, Dovercourt, being the former home of the renowned architect and developer Thomas Ellis Owen.
The Premises - Arranged in three blocks (two having back-to-back units) are 32 garages and stores plus open forecourt. Each is of brick and block construction under a pitched, corrugated roof. Most have been in use until recently.
Planning - Consent (16/00651/FUL) was granted on the 18th October 2016 for replacement of the existing garages with a three-storey residential building comprising 7 apartments ranging in size from 99.7 sq m to 124 sq m and including lift facilities, cycle storage, and parking.
An alternative scheme - a staggered terrace of four town houses - has been discussed at architect level. Any variation of the consent would, of course, be subject to further application to Portsmouth City Council. Copies of the consent and associated plans are available for inspection as part of the Auction Legal Pack.
Other Options - Given the marked scarcity of garaging in the immediate area, and having regard to recent results obtained for comparable lock-up units, it is felt that scope may well exist for retention of the existing garages and for their future individual disposal or rental (with a projected yield of approximately £100 pcm/per unit).
Viewing - By appointment with AUCTIONEERS,
D M NESBIT & CO.
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Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call D. M. Nesbit & Company, Southsea on 02392 864321.
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