Retail and Residential Development Opportunity For Sale/To Let
The property is situated on the southern side of West Street close to its junction with Hartlands Road. The town's main pedestrianised retail pitch including Fareham Shopping Centre is immediately to the east. Occupiers in the immediate vicinity include McDonalds, WH Smith, Robert Dyas and Wilkinsons. In addition, there are a number of local service orientated retailers nearby.
The property comprises a mid-terrace building arranged over ground, first and second floors. The building benefits from a rear service yard, which provides tandem car parking for up to 4 cars. The property is currently arranged as to provide a ground floor retail unit and ancillary space to the rear and over the upper floors. The first and second floors are accessible by way of separate entrance West Street frontage. TENURE Freehold with vacant possession. Alternatively, our clients would give consideration to letting the building as a whole, further details on request.
The property currently benefits from a Class A1 planning consent at ground floor level, but could be suitable for other uses (subject to planning). Most recently the upper floors of the building have been used as ancillary storage space to the ground floor retail, but historically were used as self-contained offices. The first and second floors could be suitable for conversion to residential flats under the General Permitted Development Order, interested parties are advised to make their own enquiries of Fareham Borough Council.
Stunning Grade 2 Listed Two Storey Detached Office For Sale/To Let
The Cams Estate is a 400 acre private estate mostly surrounded by Portsmouth Harbour and Fareham Creek. Cams Hall was built in 1781 and The Granary served the estate and was converted to offices in the early 1990s. The Cams Estate is conveniently located just off Junction 11 of the M27 providing quick and convenient access to both town centre shopping facilities, mainline railway station and motorway corridors. The office park benefits from a golf course, on-site cafe and a waterside trail. Fareham town centre is within easy walk for town centre amenities, together with Fareham Leisure Centre offering award winning fitness facilities and 25m swimming pool. Occupiers already enjoying the Cams Estate include Glanvilles Solicitors, Wilkins Kennedy Accountants, Cobweb Solutions, ServerHouse Data Centre and Dream Doors HQ. The park benefits from The Dovecote Cafe providing hot and cold food together with off-site catering. Cams Hall Business Centre offers conference meeting space.
The Granary comprises a unique detached period Grade II Listed two storey office building set within the Home Farm courtyard. The building benefits from the former Ice House used for open storage. The building is accessed directly from the courtyard with a generous reception area with offices leading off. The ground floor has a large meeting boardroom together with mix of cellular and open plan offices, kitchen and disabled WCs. Stairs lead to the first floor which also has a mix of cellular and open plan office areas with a second kitchen and WC. The first floor benefits from a roof terrace. The building benefits from 18 car spaces, 8 of which are located immediately to the front of the building.
Freehold Retail Investment
The market town of Fareham is located 8 miles (13 kilometres) west of Portsmouth and 13 miles (21 kilometres) east of Southampton. The town benefits from excellent road communications with the A27 linking into Junction 11 of the M27 motorway. Fareham Train Station is located immediately to the west of the town centre providing a service to London Waterloo in circa 1hr 40 mins. Fareham bus station is located opposite. The premises occupy a prominent position corner position within Fareham town centre close to the prime pedestrianised retail pitch. Market Quay retail and leisure development and Fareham Shopping Centre are a short distance away. Nearby occupiers include Wilkinson, Poundland, WH Smith, Robert Dyas and TK Maxx.
The property comprises large retail premises of brick construction arranged over ground and first floors to provide large ground floor sales with ancillary accommodation at first floor.
The property is let in its entirety to Argos Limited on FRI terms on a lease of 27 years from 25 December 1993 expiring 24 December 2020. The current passing rent is £113,500 per annum.
Argos Limited is part of Home Retail Group and is one of the UK’s most recognised retailers, operating from 739 stores across the UK. Home Retail Group was taken over by Sainsburys on 2 September 2016. For the year ending 28 February 2015, Home Retail Group reported a turnover of £5.7 billion and pre tax profits of £129 million.
We are instructed to seek offers of £1,350,000 subject to contract exclusive of VAT. A purchase at this level will reflect a net initial yield of 7.93% after an allowance for purchaser’s cost of 5.8%.
Should you wish to view the property or require further information please contact sole agents: Hughes Ellard Tim Clark 01329 222833 firstname.lastname@example.org