PO2 48 London Road, Portsmouth

The property comprises a two-storey building, providing retail accommodation at ground floor level, with office/storage areas, a staff kitchen, and WCs on the first floor.

At present, the property has been fitted out as an escape room.

To the rear, there is a hardstanding area for loading and servicing, accessed via a dedicated service road.

Portsmouth is a major south coast city. The city enjoys excellent road connectivity, being positioned at the junction of the M27 and A27.

The subject property is situated on the eastern side of London Road, in the North End area of Portsmouth. This is a well-established retail destination within a densely populated suburban district. Nearby occupiers include national and regional retailers such as Lidl, Iceland, Poundland, Costa and Greggs, contributing to a vibrant local trading environment.

Planning

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.

Tenancy Information

The entire property is let to Exciting Escapes Limited on a 10-year lease commencing 25 June 2018. The lease includes a tenant-only break option and an upward-only open market rent review at the fifth anniversary, with the review capped at 125% of the passing rent. The current rent is £23,000 per annum exclusive (pax). The lease is on full repairing and insuring (FRI) terms, subject to a photographic schedule of condition.

The landlord holds a rent deposit of £9,583, equivalent to five months' rent.

VAT

Rents and prices are quoted exclusive of, but may be subject to VAT.

Accommodation

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

Business Rates / Council Tax Band

Rateable Value (2023): £19,750.

EPC

We understand the property has an EPC rating of C.

Legal Fees

Each party to bear their own legal costs incurred.

AML

In accordance with current Government legislation, we are legally required to conduct Anti-Money Laundering (AML) checks on all prospective purchasers or tenants where the transaction involves a capital value of ?15,000 (EUR) or more, or a rental value of ?10,000 (EUR) per calendar month or greater.

This process includes verifying identity, as well as confirming the source and availability of funds. Please note that we must obtain and record this information before any transaction can be formalised or contracts exchanged.