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Lot 12 Click here for addendum

Commercial Retail Investment
Gross Yield 10%
6 Week Completion

Situation

Close to the junction with Stubbington Avenue in the commercial centre of North End and approximately 1 mile north of Portsmouth City Centre. Nearby occupiers include Tesco Express, Leaders, Fox & Sons, Cubitt & West and Coral.
Portsmouth is a densely populated city which lies approximately 70 miles south-west of London enjoying excellent road links via the A3(M) and the M27 (Junction 12).

Property

Forming part of a mid-terrace building comprising a Ground Floor Shop.

Accommodation¹

Ground Floor Shop
Gross Frontage 16'0”
Area Approx. 462 sq ft
WC

¹Not inspected by Barnett Ross. Area taken from VOA.

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 125 years from 1st January 2005 (thus having approx. 109 years unexpired) at a current ground rent of £150 p.a. doubling every 25 years.

Tenancy

The property is let on a full repairing and insuring lease to P. & K. Farrell as a Tattoo Parlour for a term of 7 years from 1st May 2019 at a current rent of £8,000 per annum exclusive.

Note: There is a £2,500 Rent Deposit held.

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*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

133 London Road, Portsmouth, Hampshire PO2 9AA