2-42 Palmerston Road , Southsea, Hampshire

Description

Attractive and Well Positioned Convenience Retail Parade Investment


Location

Portsmouth is the second largest city in the county of Hampshire and is the second most densely populated city in the UK, after Inner
London. It is located approximately 66 miles south west of Central London, 53 miles west of Brighton and 20 miles east of Southampton.

The city benefits from excellent road communications being situated at the M27/A27 junction, which links to M3 and A3(M) and provides access to London and the wider national motorway network.

Portsmouth and Southsea station has a regular rail service to London Waterloo with a fastest journey time of approximately 1 hour 30 minutes.

Southsea is an affluent suburb of Portsmouth and a popular coastal resort, located approximately one mile south west of
the city centre and close to the seafront.

The property is situated in the heart of Southsea in a prime retailing position on the western side of Palmerston Road, which is fully pedestrianised.

The area benefits from a number of car parks nearby and on street parking available on various nearby streets, which makes it easy for shoppers.

Planning

Interested parties should make their own planning enquiries and satisfy themselves in this regard.



VAT

The property has been elected for VAT purposes. It is anticipated that the investment sale will be treated as a Transfer of a Going Concern (TOGC).

Accommodation

The property comprises an attractive and well positioned parade of retail units located in a desirable and popular part of Southsea. The scheme offers 16 units with a wide ranging tenant mix including retail, leisure, food and convenience supermarket.

The units are arranged over a mixture of ground floor only and ground and first floors. The units generally provide open plan retail space and benefit from good frontages. Some of the units are double and could be split in the future. Externally, the units benefit from rear access.

The residential accommodation above is sold off long leasehold to Portsmouth Council.

EPC

75% of units are EPC rated C or better.

EPCs for the property can be provided upon request.

Legal Fees

Each party to bear their own legal costs incurred.

Terms

We are instructed to seek offers for our client's freehold interest in excess of £5,840,000 (Five Million Eight Hundred and Forty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10.00%, after allowing for purchaser's costs of 6.62%

Retailing in Chichester / Brighton

Southsea is a vibrant and popular area in Portsmouth providing a central town location by the seafront and Southsea common.

Osborne Road, Palmerston Road and Marmion Road form the main commercial areas with pedestrianised streets and ease of accessibility. Albert Road and Elm Grove are within walking distance which feature independent eateries and bars. Palmerston Road hosts the 'Love Southsea Markets' once a month which helps new businesses and attracts tourists and shoppers to the area. Southsea hosts Victorious Festival every August bank holiday and food festivals throughout the year which helps put the area on the map as a sought after destination for retail and leisure.

National occupiers within the vicinity of the subject parade include Waitrose, Holland and Barrett, Greggs, Iceland, Robert Dyas, Sainsbury's, Millets and Boots. The area benefits from a very low vacancy rate.