Investment Consideration:
Gross Initial Yield: 6.46%
Rental Income: £21,000 p.a.
VAT is applicable to this property
Comprises a ground floor charity shop with ancillary accommodation on the first and second floor
Entire property Let to Solent Mind
Property benefit from large private car park at rear for up to 4 vehicles
Future residential development potential. Prior approval granted in January 2022 for conversion of rear ground and upper floors to 3 x 1-Bedroom Flats
Nearby occupiers include Superdrug, Costa, Ladbrokes, Holland & Barrett and Specsavers
Property Description:
Comprises ground floor charity shop with ancillary accommodation above. The property benefits from rear car park for 4 cars and two rear entrances at ground floor level, providing future residential development potential*, subject to planning.
The property provides the following accommodation and dimensions:
Ground Floor: Shop 89 sq m (959 sq ft)
First Floor: Ancillary 90 sq m (968 sq ft)
Second Floor: Ancillary 32 sq m (344 sq ft)
*Note – Prior approval granted in January 2022 for a Change of Use of upper floors and part of ground floor from commercial (Class E) to 3 x 1-Bedfroom Flats (Class C3
Tenancy:
The property is at present let to Solent Mind* for a term of 5 years from 26th of August 2022 at a current rent of £21,000 per annum and the lease contains full repairing and insuring covenants. Open market rent review on 26.08.2025. Tenant option to determine on 28.09.2025 with minimum 6 months notice.
*Note – Solent Mind provides mental health services, in particular psychological therapies, wellbeing services and activities, employment support, advocacy, and home-based support including for older people. The company has 172 employees and produced a total income of £6,665,857 for the financial year ending 31st March 2021, which includes £5,271,089 from 20 government contracts and £21,261 from 4 government grants.
Location:
Gosport is located on the Hampshire south coast, 3 miles west of Portsmouth and 15 miles south of Southampton. The Gosport ferry provides quick access to Portsmouth Harbour Railway Station (regular services to London Waterloo). The property is located in Gosport town centre on the pedestrianised High Street (which holds an active street market), close to its junction with North Cross Street. Gosport Ferry is close by which provides a direct link to Gun Wharf Quays Shopping Centre, Historic Naval Shipyards and Portsmouth Railway Station (ferry service every 15 minutes). There are a number of public car parks close by. Nearby occupiers include Superdrug, HSBC, Lloyds, Costa, Ladbrokes, Holland & Barrett and Specsavers.
