Commercial property for sale in Portsmouth

Description Freehold Builders Merchant Investment Location Portsmouth is located approximately 19 miles south east of Southampton and 70 miles south west of London. The city benefits from excellent road communications being situated at the M27/ A27 junction, which links to M3 and A3(M) and provides access to London and the wider national motorway network. The property is situated on Copnor Road (A288), in the suburb of Copnor, within Portsea Island, approximately 1.7m south of junction12 of the M27 and 2 miles north of the city centre. The surrounding area is predominantly residential with some retail/commercial uses. Planning Interested parties should make their own planning enquiries and satisfy themselves in this regard. The site has potential for future residential development subject to planning. It has been identified in the councils Housing and Economic Land Availability Assessment Report (HELAA) - December 2023 - Reference BA01. The HELAA anticipates the site has capacity for 11 dwellings within the next 6 to 10 years. VAT We understand that the property is elected for VAT and therefore it is assumed that the sale will be treated by way of a Transfer of A Going Concern (TOGC). Accommodation The property comprises a large concrete and brick paved open yard, together with a number of industrial/workshop buildings including an office/trade-counter element towards the front of the site. Overall, the site totals approximately 0.7 acres, with its main means of access being from Copnor Road. There are also separate accesses from Moneyfield Lane and Manor Park Avenue. We have measured and calculate the premises to have the following approximate Gross Internal Area (GIA): Description Ground - Main Building - Warehouse, Office and Trade Counter - 2,985 sq ft Ground - Ancillary Building - 2,683 sq ft Total GIA - 5,668 sq ft Business Rates / Council Tax Band Ratable Value 2023: £26,500 EPC The property has an EPC rating of D-77 (expiring 26 November 2034). Potential to get into Band C with loft insulation within the offices and sales area. Legal Fees Each party to bear their own legal costs incurred. Terms Tenure: We understand the property is owned freehold under Title Number HP181277. Tenancy: The whole property is let to SIG Trading Limited (01451007) by way of a 15 year lease commencing 30th June 2016, inside the Act, with full repairing and insuring obligations limited by a schedule of condition. The passing rent is £52,350 per annum exclusive, which is subject to an open market rent review in June 2026. We anticipate the property offers strong rental growth at the next rent review with our ERV around £65,000 per annum exclusive. It is a leading supplier of specialist insulation and sustainable building products and solutions to business customers across Europe, employing 6,700 people across more than 425 branches. Terms: We have been instructed to market the property at a guide price of £1,000,000 for the freehold interest subject to contract. A purchase at this level would reflect a NIY of 5% and a reversionary yield of 6% based on our ERV.

Commercial property for sale in Portsmouth, England

Light industrial for sale

Description

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