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Fountain Hall, 16 Edinburgh Road

For sale: £10,000,000.00|0.24 Acre|Residential, Restaurants/Cafes, Pubs/Bars/Clubs, Licensed & Leisure

PROPERTY DETAILS

FOR SALE£10,000,000.00
SIZE0.24 Acre
ADDRESSFountain Hall, 16 Edinburgh Road, Portsmouth, PO1 1DE
TYPEResidential, Restaurants/Cafes, Pubs/Bars/Clubs, Licensed & Leisure
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON14th September 2020

DESCRIPTION

Key Points

  • Freehold student investment opportunity close to the University of Portsmouth
  • 137 well-presented en-suite and fully catered rooms let from September 2019
  • Two refurbished commercial units including restaurant and bar
  • Potential to add two further storeys (STP)
  • Total gross income of approximately £1.35m per annum
  • Close to Portsmouth and Southsea train station
  • Adjacent to the Cascades Shopping Centre
  • Summary

    Freehold student investment opportunity for sale in close proximity to the University of Portsmouth campus.

    Description

    The site extends to approximately 0.24 acres (0.097 hectares) with access directly from Edinburgh Road and Spring Street. The building offers prominent frontage to Edinburgh Road. The building is part three and part five storey of brick construction beneath a pitch tiled roof. The property comprises of 137 student bedrooms, two commercial units and a substantial basement. The bedrooms and communal areas have all been finished to an excellent standard and vary in size from 6.6 sq m to 19.3 sq m. The commercial unit facing Edinburgh Road trade as Noodels and comprises a ground floor restaurant containing approximately 24 covers. There is an open kitchen and storage area to the rear and customer WC. The commercial unit facing Spring Street trade as Street Balls and comprises a ground floor restaurant / bar containing approximately 50 covers. To the front of the property are ladies' and gentlemen's WC's and to the rear is a fully fitted trade kitchen. Access to the basement is via Street Balls.

    Viewings

    For a formal viewing, strictly by appointment with Savills. Viewing dates will be arranged with interested parties. Prior to viewing, interested parties are advised to discuss with Savills any particular points which are likely to affect their interest in the site.

    Location

    The property is situated in Portsmouth City Centre close to the pedestrianised shopping area of Commercial Road and backing onto the Cascades Shopping Centre where many national retailers are situated. The property is located approximately 1.4 miles from Gunwharf Quays, a retail outlet and leisure destination with over 90 stores. Portsmouth and Southsea railway station is approximately 0.2 miles to the south and provides direct access to London Waterloo in approximately 1.5 hours. The site is well connected by public transport with bus stops on Edinburgh Road providing access across the City. The University of Portsmouth is approximately 0.3 miles to the south.

    Terms

    Offers are invited to identify: • Purchase price • Non-refundable deposit sum • Name and address of offering party • Name and address of purchaser’s solicitor • Confirmation of how the purchase will be funded • Board approval requirement

    Specifications

    The student bedrooms rent for between £135 and £210 per week. All bedrooms are let on a 48 week basis, catered and fully occupied, this generates an annual turnover of £972,000. Noodels has been generating a monthly turnover of £30,000. Street Balls has recently been re-launched and accounts are not available. The Local Authority is Portsmouth City Council. The property is Grade II listed but is not situated within a conservation area.

    LOCATION

    Location: Fountain Hall, 16 Edinburgh Road, Portsmouth, PO1 1DE

    Portsmouth & Southsea (0.1 miles)

    Portsmouth Harbour (0.7 miles)

    Fratton (0.8 miles)

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