The investment comprises two end of terrace retail units with one ancillary upper floor each.145 is arranged as a ground floor retail unit accessed via Osborn Road South with ancillary storage on the first floor.
145b is a ground floor retail unit fronting West Street. Additional storage and offices are provided on the first floor.
( Agency Pilot Software Ref: 3481 )
Location
The property is prominently located in Fareham town centre at the junction of West Street and Osborn Road South. West Street is the retail centre of Fareham town centre and the area benefits from excellent transport links and a large residential population. The property is situated on the northern side of West Street within a parade of shops including occupiers such as Pizza Hut, Costcutter, TSB, McDonalds and a number of local retailers.
Accommodation
145
Ground Floor Retail 837sq ft ( 77.8 sq m )
First Floor Storage 400 sq ft (37.2 sq m )
145B
Ground Floor Sales 223 sq ft (20.7 sq m )
Treatment Room 134 s qft (12.5 sq m )
Kitchen 60sq ft ( 5.6 sq m )
First Floor Offices 625 sq ft (58.22 s qm)
Terms
Tenure Freehold. Tenancies
145 – Currently holding over but terms are agreed on a new 15 year internal repairing and insuring lease to Mr R Roberts and Ms S Weeks trading as Abbey Electrics at a rent of £XXX per annum. The tenant sells electrical supplies and repairs electrical appliances. They have been in occupation for over 30 years.
145b – Currently holding over but terms are agreed on a new 15 year lease to Mr P Kneller trading PK’s Tattoos at a rent of £XXX per annum. The tenant operates a tattoo studio and has been trading from the unit since 1993.
Both tenants would have an option to determine the lease at the 5th and 10th anniversaries of their leases, subject to six months’ written notice. The properties are both let on the equivalent of full repairing leases, the Landlord being responsible for maintaining the structure of the property with the costs being recoverable from the tenants.
Energy Performance Certificate 145 – C-71 145b – E-107 Rateable Value 145 - Shop & Premises £XXX 145b - Shop & Premises £XXX
VAT The properties are not elected for VAT.
Price £XXX which represents a net initial yield of 8.3%. Additional Information The leases and other information relating to property are available on request from Hellier Langston.
Legal Costs Each party to be responsible for their own legal costs in the transaction.
Specification
- Prominent corner location in Fareham town centre
- Freehold Combined rental income of £XXX per annum
- Established Tenants
- Future redevelopment potential Price - £XXX (8.3% NIY)
- No VAT