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Under OfferFor sale: £295,000.00

Retail Investment Portsmouth City Centre

Retail, Offices, Leisure, Office , 1655 Sq Ft
Property type: Retail, Offices, Leisure, Office
Tenure: Investment Opportunity, Under Offer
Size: 1655 Sq Ft
Price: £295,000.00
Location: 3 Edinburgh Road, PO1 1DE
LOCATION & DESCRIPTION
Portsmouth is a major city and port in Hampshire on the South Coast, situated about 20 miles to the
east of Southampton, with a population said to be around 205,000. Retail in the city centre is focused
on Commercial Road, and this property is to be found just yards off this in Edinburgh Road, in close
proximity to the likes of RBS, Iceland, Barclays, Yorkshire Bank, STA Travel, and Debenhams.
The property comprises a three storey retail unit (the tenant being a Sui Generis use) with Golden
Touch Amusements on the ground floor. The property is well fitted out for its current use and has been
given a modern feel with a painted suspended ceiling, inset spot lighting, carpeting and CCTV.
The first floor provides customer and staff toilets while a further self contained area has been
refurbished as offices for the tenant company, consisting of a kitchen & office on the first floor and a
further 2 offices and a small storeroom on the second floor. The rear fire escape staircase is for that
purpose only, it would appear.
ACCOMMODATION
Ground floor retail unit/amusement arcade -
Total Net Area 955 sq ft
 First floor ladies and gents WCs
 Rear access.
 S/C first and second floor offices of about 350 sq ft per floor
TENANT
The whole is let to Southern City Leisure Ltd, a private limited company whose principal activity is that
of amusement leisure centres, having 11 current branches. In the year ended 31 December 2016 their
turnover was just over £5m (up from £4.2m the year before) with a net profit for the year, after tax, of
£610,000. Total assets less current liabilities are over £2m.
Full trading accounts can be provided to interested parties.
TERMS
The premises are let to Southern City Leisure Ltd on a 10 year FRI lease from 7th April 2014, at a
passing rent of £24,000 pa exclusive of rates. There is no VAT applicable. The sale will include an
option for the tenant to drop the 2019 rent review and extend the lease to 2033.
PRICE
The freehold is for sale subject to the subsisting lease at a price of £295,000 representing a net initial
yield of 7.88%
EPC: B 43
RATES RV £17500
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