PO5 2-4 Palmerston Road, Southsea

Prominent Corner Class E Premises

Sales Area 1,949 sq ft

The property is situated in the heart of Southsea in a prime retailing position on the western side of Palmerston Road, which is fully pedestrianised.

Palmerston Road, Osborne Road and Marmion Road form the main commercial centre of Southsea. The area is a popular, established retail and leisure destination, with national and independent occupiers in the vicinity including Specsavers, Costa, Waitrose, Boots, WH Smiths, Tesco Express and New Look.

The area benefits from a number of car parks nearby and on street parking available on various nearby streets, which makes it easy for shoppers.

Planning

We understand that the premises benefit from a Class A2 use under the Town & Country Planning (Use Classes) Order 1987, as amended.

A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.

Interested parties should make their own planning enquiries and satisfy themselves in this regard.

VAT

We understand the property is registered for VAT.

Accommodation

The property comprises a prominent corner ground floor retail unit with a WC and ancillary accommodation to the rear.

The accommodation has the following approximate Net Internal Area (NIA):

Sales Area - 1,949 sq ft

Ancillary - 172 sq ft

Total - 2,121 sq ft

Business Rates / Council Tax Band

Rateable Value (2023): ?43,500.

Following the Government's latest budget,

all occupied retail, hospitality & leisure properties receive a 75% discount from 1st April 2023 until 31st March 2024.

Subject to annual cash cap of ?110,000 per business and qualifying use.

Interested parties should make their own enquiries to satisfy themselves of their business rates liability.

EPC

We understand the property has an EPC rating of D.

Legal Fees

Each party to bear their own legal costs incurred.

Terms

The property is available to let by way of a new (effectively) full repairing and insuring lease for a term to be agreed at a commencing rent of ?55,000 per annum exclusive, subject to vacant possession.

The service charge is around ?750 per annum and the building insurance is to be confirmed.

Prime retailing position in Southsea

Situated on a busy busy pedestrianised High Street

Thriving retail and leisure destination

Public car parking nearby

Open plan retail space

New lease available

Rent ?55,000 pax

The area is a popular, established retail and leisure destination, with national and independent occupiers in the vicinity

Occupiers include Specsavers, Costa, Waitrose, Boots, WH Smiths, Tesco Express and New Look