High Yielding Multi-Let City Centre Retail Investment
• City centre multi-let retail investment opportunity
• Prominently located within the city’s prime retailing pitch
Portsmouth is located on the south coast of the UK and is the second largest city Hampshire. It is a major commercial and retailing centre, one of the UK’s main commercial ports and is home to the Royal Navy. Portsmouth is a popular tourist destination with attractions such as Porstmouth Historic Dockyard, which houses HMS Victory and the Mary Rose, the Charles Dickens Birthplace Museum and Spinnaker Tower.
Portsmouth is located approximately 112 km (70 miles) south west of Central London, 29 km (18 miles) south east of Southampton, 72 km (45 miles) west of Brighton and 80 km (50 miles) south of Reading.
The city benefits from good road communications with convenient access provided into Portsmouth city centre via the M275, which in turn links the city to the M27 and A27 which form the main coastal route. The M27 provides access west towards Southampton and the A27 provides access east towards Chichester and Brighton and also to the A3(M) and A3, linking to the M25 and London.
Portsmouth is well connected to the national railway network with two train stations in the city centre; Portsmouth & Southsea Station and Portsmouth Harbour Station. The fastest journey time to London is approximately 1 hour 30 minutes. Portsmouth is also connected via the M27/M23 to two major airports; Southampton Airport, situated approximately 32 km (20 miles) to the north-west and London Gatwick, situated 90 km (56 miles) to the north-east.
Commercial Road is Portsmouth’s principal retail thoroughfare. The subject property occupies a prominent retailing pitch on the northern end of the pedestrianised section of Commercial Road, opposite its junction with Charlotte Street. Nearby occupiers include KFC, Savers, Sports Direct, Argos, McDonald’s, Specsavers and Subway.
The property benefits from being in close proximity to the entrance to the Cascades Shopping Centre which provides 60 stores with a wide range of high street and independent boutique style shops. The scheme is anchored by Marks & Spencer, Primark and H&M with other retailers including Next, Lush, Starbucks, Thorntons, TK Maxx and Dorothy Perkins.
248 Commercial Road comprises two separate self-contained retail units at ground floor, each with ancillary/storage space on first floor.
Pedestrian access is provided at the front of each premises from Commercial Road and vehicular access from the rear via Commercial Place.
Unit D is let to RockC & Co Limited (t/a The Gold Centre) with a guarantee from Cleardale Limited (Co No. 3209955) on a Full Repairing and Insuring lease for a term of 10 years from 12th November 2009, expiring on 11th November 2019. The current passing rent is £35,000 per annum (£75 Zone A).
RockC & Co Limited was dissolved on 8 September 2018. Cleardale Limited have been paying the rent since March 2017. To regularise the situation a new lease has been signed with Cleardale Limited on full repairing and insuring terms for a period expiring 11th November 2029. This “sits” on top of the lease to RockC & Co. There is a tenant only option to break on 11 November 2024 and an upwards only rent review on 12 November 2024. The annual rent has been re-based as follows:
TUI Group has been built up of many of Europe’s leading tourism companies including Preussag AG, Hapag-Lloyd, Thomson Holidays, Nouvelle Frontieres and First Choice Holidays PLC.
We are instructed to seek offers in the region of £740,000 (Seven Hundred and Forty Thousand Pounds), subject to contract, reflecting a net initial yield of 9.3%, assuming standard purchaser’s costs of 5.38% and a reversionary yield of 8.01%.
2. Passing rents at a significant discount to the prime rents within Portsmouth;
3. The property occupies a prominent trading position on Portsmouth’s principal retailing thoroughfare;
6. A purchase at the asking price will provide an investor with an attractive net initial yield;
This shop, retail unit for sale is located in Portsmouth
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