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Lot 3

Freehold Commercial/Residential Investment
6 Week Completion

Situation

Occupying a prominent trading position in the heart of the town centre at the corner of Albert Road, close to branches of Costa, Poundland, M & Co, Nationwide, Greggs, Tesco Metro, Superdrug, WH Smith, Boots Pharmacy and Specsavers.
Cosham is located 3 miles north of Portsmouth and 15 miles east of Southampton, enjoying easy road access to the M27, A27 and A3.

Property

A corner building comprising a Deep Ground Floor Funeral Parlour with separate rear access to a Self-Contained Flat on first and second floor levels.
There is rear access for unloading from Aldroke Street.

Accommodation

Ground Floor Funeral Parlour
Gross Frontage 17'6”
Internal Width 16'11”
Shop Depth 90'7”
Built Depth 101'4”
Area Approx 1,580 sq ft
2 WC's
First & Second Floor Flat
2 Bedrooms, Living Room, Kitchen, Bathroom/WC
(GIA Approx 810 sq ft)

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Southern Co-operative Funerals Ltd as a Funeral Parlour (having 56 branches) (T/O for Y/E 31/1/21 £11.7m, Pre-Tax Profit £177,000 and Shareholders' Funds £839,000) for a term of 10 years from 12th December 2013 at a current rent of £25,500 per annum exclusive.

Note 1: The property has excellent future development potential to extend at first and second floors at the rear, subject to planning and possession.

Note 2: The lessees are planning to undertake a complete refurbishment of the flat.

*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.

47 High Street, Cosham, Portsmouth, Hampshire PO6 3AX