Investment Consideration:
Gross Initial Yield: 9. 78%
Rental Income: £22, 000 p. a.
VAT is applicable to this property
Comprises ground floor retail shop. Upper parts have been sold - off on long
leasehold.
Pedestrianised city centre location with occupiers close by including Tesco
Superstore, PureGym, Greggs, Wilko, HSBC, Barclays, Costa Café and many more.
Property Description:
The property comprises ground floor shop, providing the following
accommodation and dimensions:
Ground Floor Retail: 107. 25 sq m (1, 134 sq ft)
First Floor: (Sold - off)
Tenancy:
The shop is at present let to Love Empire Ltd for a term of 10 years from 1st
June 2022 at a current rent of £22, 000 per annum and the lease contains full
repairing and insuring covenants. Upward only open market rent review in June
2027. Mutual break clause in June 2027 with minimum 12 months notice. Deposit
held of £2, 200.
First floor has been sold - off on long leasehold for a term of 999 Years from
28. 11. 22 at a ground rent of peppercorn.
Location:
The city of Portsmouth is a major south coast naval base, ferry port and
university city, and is also an important retail and commercial centre. The
city has a resident population of some 175, 000 and benefits from excellent
road communication, being served by the M27, M271 and A3(M) Motorways and the
A27 dual carriageway. There are also regular rail services to London and major
South West towns. The property is situated on the north side of the
pedestrianised Arundel Street, close to its junction with Commercial Road in
the heart of the city centre with occupiers close by including Tesco
Superstore, PureGym, Greggs, Wilko, HSBC, Barclays, Costa Café and many more.

Property location on the map: Use mouse double click to (Zoom IN: LEFT button; Zoom OUT: RIGHT button)

Similar properties: