Fareham is an affluent market town located in Hampshire, mid-way between the major commercial centres of Southampton and Portsmouth in the M27 corridor. The town is located approximately 13 km (8 miles) west of Portsmouth and 22 km (14 miles) east of Southampton.
The town has excellent communication links with access via Junctions 9, 10 and 11 of the M27 Motorway, the principal south coast transport link. The M27 is connected to the M3 Motorway approximately 21 km (13 miles) to the west, the A3(M) approximately 14 km (9 miles) to the east.
The town is connected to the national railway network with a fastest journey time to London Waterloo of approximately 1 hour 40 minutes. Southampton International Airport is approximately 21 km (13 miles) north-west of the town.
The property is situated within the heart of the town centre, occupying a prominent corner position on the southern side of West Street, at its junction with Hartlands Road. The town’s main pedestrianised retailing pitch including Fareham Shopping Centre is immediately to the east. Occupiers in the immediate vicinity include McDonalds, Argos, WHSmith and Wilko.
Fareham Shopping Centre is the dominant shopping centre for the town, comprising 42,548 sq m (458,000 sq ft) of retail space with 84 shops, cafes and restaurants plus two adjacent car parks providing 1,000 spaces. The centre has an average per week footfall of 138,450 and a primary retail catchment of 416,000 persons (Source: farehamshopping.com). Tenants include Debenhams, Next, Top Shop, Boots, River Island and Waterstones.
Westbury Manor Museum is immediately adjacent the subject property. The museum re-opened in Summer 2017 following a £665,000 project which transformed it into a vibrant new ‘culture stop’. As part of the remodelling project the exhibitions were modernised, reception area and café transformed and creative studios included for local start-up businesses.
The property is an end of terrace three-storey mixed use building comprising a retail unit with single storey extension on ground floor, together with a self-contained first and second floor, three bedroom maisonette above.
Works have recently been carried out to the ground floor which has been fitted out to a high standard by the tenant.
Car parking for seven vehicles is provided to the rear via Hartlands Road.
Flats B&C Planning permission for the subdivision of the existing maisonette flat into 2 x 2-bedroom flats and single storey extension at second floor level. Flat B at second floor to total 58 sq m (624 sq ft) and Flat C at first floor to total 65 sq m (700 sq ft).
Subject to planning, it is considered that there is potential to redevelop the site as a whole to provide a six or seven flat scheme. Previous informal discussions with the planning officers about such a scheme have been positive.
The ground floor retail unit is let to Every Cloud Vape Shop Limited on a full repairing and insuring lease for a term of 10 years from 18th December 2017, expiring on 17th December 2027 at a passing rent of £24,250 per annum. There is an upwards only rent review and a tenant’s break option on 18th December 2022, subject to 6 months’ prior written notice. The lease is outside 1954 Act protection and a three month rent deposit is held by the Landlord. The tenant benefits from one car parking space.
The first and second floor maisonette is let to Justin John Waldron & Bryony Charlotte Waldron on an Assured Shorthold Tenancy Agreement for six months from 26th January 2018, expiring on 25th July 2018. The tenant pays £775 per month equating to £9,300 per annum. The tenant uses one car parking space at a rent of £250 per annum
In respect of the residential accommodation, we suggest that the 1 bedroom flats are worth in the region of £140,000-£145,000 / £625-675 per calendar month and the 2-bedroom flats circa £175,000-£180,000 / £750-£800 per calendar month. Interested parties are advised to make their own enquiries.
2. The property occupies a prominent position in the heart of Fareham town centre;
3. Ground floor retail unit let to an established tenant on a new 10 year lease;
5. The property provides a residential development opportunity with planning permission obtained for 2 x 1-bedroom flats and 2 x 2-bedroom flats;
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