Gross Initial Yield: 4.24%
Rental Income: £29,700 p.a.
VAT is applicable to this property
Comprising ground and two upper floors to provide a ground floor shop together with first and second floor self-contained offices
Planning approved on 10th June 2020 for conversion of first and second floor office space to 10 self-contained flats
Well located within Portsmouth City Centre
Central position close to car parks, bus and rail stations
Occupiers nearby include TSB Bank, Burton & Topman, Wilko, Pure Gym, Superdrug, Age UK, Waterstones, Brighthouse and Lloyds Bank.
The property is arranged as a ground and two upper floors to provide a ground floor shop together with first and second floor self-contained offices above, which are accessed via the covered passage at the rear. The shop intercommunicates with the adjacent shop (No 7) which also trades as Office Angels but is NOT included in the sale. Part of the upper floors overfly the covered passage.
The property provides the following accommodation and dimensions:
Ground floor: 91.97 sq m (990 sq ft)
First floor: 132.76 sq m (1,429 sq ft)
Second floor: 132.76 sq m (1,429 sq ft)
The Ground Floor Commercial Unit is at present let to Office Angels Limited for a term of 25 years from 3rd April 1992 (Holding Over) at a current rent of £29,700 per annum and the lease contains full repairing and insuring covenants. First and Second floors are vacant and have planning approved on 10th June 2020 for 10 self-contained flats.
The city of Portsmouth is a major south coast naval base, ferry port and university city, and is also an important retail and commercial centre. The city has a resident population of some 175,000 and benefits from excellent road communication, being served by the M27, M271 and A3(M) Motorways and the A27 dual carriageway. There are also regular rail services to London and major South West towns. The property is situated on the north side of the pedestrianised Arundel Street, close to its junction with Commercial Road in the heart of the city centre. Occupiers close by include TSB Bank, Burton & Topman, Wilko, Pure Gym, Superdrug, Age UK, Waterstones, Brighthouse and Lloyds Bank.