FOR SALE BY AUCTION - LOT 14
PRIME RETAIL INVESTMENT
The property is arranged on ground and two upper floors to provide a large ground floor shop unit with rear storage and loading area together with further sales, office and storage on the first floor and staff/storage at second floor level front and rear. The property benefits from a goods lift and rear servicing access from Richmond Place.
Location
Southsea forms part of the City of Portsmouth which, in addition to being one of the major ports of the south coast, is also an important commercial, administrative and retail centre with a population of some 175,000. Southsea lies immediately to the south of Portsmouth city centre overlooking the Solent and has its own well established shopping area centred around Palmerston Road. The property is situated in a prominent position in the centre of the pedestrianised section of Palmerston Road.
Occupiers close by include Debenhams, Boots, Knight & Lee, Specsavers, Robert Dyas amongst others.
Accommodation
For full accommodation/tenancies details, please visit
www.telsarauctions.com
Terms
TENURE
Long leasehold for a term of 98 years from 1st Nov 1951 at a fixed ground rent of £450 per annum.
EPC: Refer to Legal pack
No VAT
PRICE INFORMATION
*Guide Price: This is an indication of the seller's current minimum acceptable price at Auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the Auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the Auction. *Reserve Price: The seller's minimum acceptable price at Auction and the figure below which the Auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the Auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
ADDITIONAL COSTS
*Please note that the following additional fees will apply to the purchase of your property: 1. A successful purchaser will have to pay a buyer's premium of £750 plus VAT directly to the Auctioneer 2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to prospective buyers prior to Auction. Buyers will be will be expected to sign this document as well as the Sales Memorandum at the time of purchase. 3. Stamp Duty will have to be paid in addition to the sale price. Stamp Duty rates are available online 4. Prospective buyers must factor in solicitor fees and any survey fees 5. Insurance - it is the responsibility of the buyer to insure the property purchased from the date of exchange.
Specification
- Gross Income: £58,000 pa
- Gross Yield: £7.03%
- 6 week completion
- High quality shopping destination
- £38,000 per annum exclusive
- Prime trading position
- Reversion March 2019