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97-99 West Street, Fareham, PO16 0AS

For sale: £1,350,000.00|8706 Sq Ft|Other, General Retail, Retail - High Street, Retail - Out of Town, Other Property Types & Opportunities, Retail

PROPERTY DETAILS

FOR SALE£1,350,000.00
SIZE8706 Sq Ft
ADDRESS97-99 West Street, 97-99 West Street, Fareham, PO16 0AS
TYPEOther, General Retail, Retail - High Street, Retail - Out of Town, Other Property Types & Opportunities, Retail
TENUREFor Sale Freehold
POSTED ON11th October 2016

DESCRIPTION

Freehold Retail Investment



Location

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 tclark@hughesellard.com

LOCATION

Location: 97-99 West Street, 97-99 West Street, Fareham, PO16 0AS

Fareham (0.6 miles)

Portchester (2.4 miles)

Swanwick (4.1 miles)

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