207 West Street, Fareham, Hampshire, PO16 0EN
- SIZE AVAILABLE
2,283 sq ft
212 sq m
- SECTOR
Office for sale
Key features
- GIA - 2,283 sq.ft (212.1 sq.m)
- Total Commercial Income £24,000 per annum
- Net Initial yield 8.2%
- Childrens day nursery
- Ground floor space "Uppers sold off"
- Guide price £290,000
Description
The town of Fareham is situated between Southampton and Portsmouth on the M27/A27. Southampton is approximately 15 miles to the west and Portsmouth about 8 miles to the south-east. The subject property is located within the town centre in a mixed commercial and residential location and adjoining properties comprising offices, secondary shopping and some residential. In close proximity, on the opposite side of West Street, is an Aldi supermarket.
The property comprises a ground floor day nursery and four self contained flats on the upper parts. The ground floor day nursery is configured to provide an entrance hall, staff office, open plan toddler area with WC, store, staff room, kitchen, WC's, sleep room, open plan pre-school area and covered external space used for storage. Windows are uPVC double glazed. Externally, to the rear is a garden/play area. There is no off-street parking at the premises.
The flats on the upper floor have been sold off.
Accommodation
GIA - 2,283 sq.ft (212.1 sq.m)
Planning
Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, café, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.
Rating
Rateable Value £14,500
Source The 2024/2025 small business multiplier is 0.499 (4.99p payable per £1).
Terms
Offers invited in the region of £290,000 for the freehold interest subject to contract and subject to the existing tenancies.
A purchase at this level shows a Net Initial Yield of 8.2% after allowing usual buyers costs.
Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.
Ground floor is let by way of a lease dated 5th March 2020 for a term of 10 years at a passing rent of £24,000 per annum, expiring 5th March 2030. The tenant is Turtles Day Nursery Limited.
The lease is subject to an open market upward only rent review and a break clause on the fifth anniversary.
The x4 flats on the upper floor have been sold off on long leasehold for a period of 125 years dated 26th August 2010.
We understand that each flat has a ground rent income of:-
£150 per annum for the first 50 years.
£200 per annum for the next 50 years.
£250 per annum for the last 25 year.
Brochures
207 West Street, Fareham, Hampshire, PO16 0EN
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Fareham Station0.3 miles
- Portchester Station2.7 miles
- Swanwick Station3.8 miles
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Notes
Disclaimer - Property reference 10266FH. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Primmer Olds B.A.S., Southampton. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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