Mixed Use Investment With Development Potential - Viewings To Take Place on Tuesday 26th October - Afternoon Viewings By Appointment Only
Total - 1,003 sq m (10,801 sq ft)
Fareham is located approximately 15.5 miles east of Southampton and 8.3 miles north west of Portsmouth. The city benefits from excellent road communications being situated at Junction 10 of the M27, which links to M3 and A3(M) and provides access to London and the wider national motorway network.
It is located in Fareham town centre on the south side of West Street, which is the principle retailing area and is fully pedestrianised. Nearby occupiers include Caffe Nero, Iceland, Nandos, Tesco Superstore.
We understand that the premises currently benefits from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.
Preliminary architectuarl plans have been drawn to convert the Western part of the building to six flats, leaving approx 1,340 sq ft of retail space on the ground floor. Investigations have been made with the herritage officer for this conversion, evidencing the probability of the conversion. Plans could be made available, on request to interested parties. Further information on request.
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
We understand that the property is not elected for VAT.
The accommodation comprises of a detached Grade II Listed Georgian style building over four floors.
Internally, the building is currently configured as a solicitors office on the Eastern half split vertically. The Western side is currently a retail unit with the uppers used as ancillary.
We understand the accommodation to have the following approximate floor areas:
Eastern Part - Sq M (Sq Ft)
Ground Floor - 142 sq m (1,534 sq ft)
First Floor - 191 sq m (2,066 sq ft)
Second Floor - 304 sq m (3,274 sq ft)
Third Floor -
Sub Total - 638 sq m (6,875 sq ft)
Western Part - Sq M (Sq Ft)
Ground Floor - 201 sq m (2,169 sq ft)
First Floor - 128 sq m (1,378 sq ft)
Second Floor - 35 sq m (379 sq ft)
Sub Total - 364 sq m (3,926 sq ft)
Grand Total - 1,003 sq m (10,801 sq ft)
Business Rates / Council Tax Band
Interested parties should make their own enquiries and satisfy themselves in this regard.
To be confirmed
Each party to bear their own legal costs incurred.
The Western part is currently let to Warner Goodman LLP on an internal repairing and insuring lease for a term of 10 years from 24 June 2019, subject to a tenant only break option on 23 June 2024. The passing rent is £46,500 per annum, which is subject to five year open market (upward only) rent review.
The Eastern element is currently let to Willows (GB) Ltd on a flexible agreement paying £15,000 per annum and due to leave 31 December 2021.
Therefore, the total income is currently £61,500 per annum.
We have been instructed to market the property and seek offers in the region of £1,300,000 for the freehold interest, subject to the tenancies above and contract.
Warner Goodman LLP are a large award winning multi-office firm of solicitors. They are one of the leading law firms in the Solent area. They have
provided legal services for over 150 years and employ over 160 people across their five offices in Hampshire.For further information please visit their website https://www.warnergoodman.co.uk.
( Agency Pilot Software Ref: 3919 )