51/51a West Street, Fareham, PO16 0AT

Description

Fareham is situated midway between Southampton and Portsmouth on the M27. West street is the main retail patch in the town of Fareham, with a variety of independent shops, cafes and restaurants. The property is located on a busy road with heavy foot traffic, and good public transport links.

The property comprises of an open plan ground floor sales area with stairs to the rear that lead to first floor office area. The retail shop also benefits from ample storage, Kitchenette and W/C facillities.

Accommodation

Ground Floor - 1,169 sq.ft (108.61 sq.m)
First Floor - 1,127 sq.ft (104.65 sq.m)
Total Net Internal Area 2,296 sq.ft (213 sq.m)

Terms

Offers considered in the region of £225,000 subject to contract for the freehold interest subject to and with the benefit of the subsisting tenancy as outlined above.

Lease Terms

The property is let by way of a lease dated 25th December 2021 for a term of 5 years at a passing rent of £18,000 per annum, expiring 24th December 2026.
The tenant is 'British Heart Foundation'.

The lease is drawn on full repairing and insuring terms.

A purchase based on the current guide price, would equate to a net initial yield of 7.8%.

Planning

Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, cafe, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.

EPC Text

Asset Rating - D (90)

Rating

Rateable Value £13,000
Source www.voa.org.uk The 2024/2025 small business multiplier is 0.499 (49.9p payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.
( Agency Pilot Software ref: 12753 )