PO5 64-66 Osborne Road, Southsea

The subject property comprises a pair of adjoining three-storey, mid-terrace buildings. The property is arranged as two ground floor retail units occupying their respective buildings, complemented with two self-contained residential flats spanning the first and second floors of their respective buildings.

Osborne Road, Palmerston 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 Waitrose, Queens Hotel, Southsea Coffee, Rapscallions and Rocka.

The property is situated on the southern side of Osborne Road, close to its junction with Netley Road and a short walk away from the seafront.

Planning

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

Tenancy Information

The ground floor retails units are both let to Care and Relief for the Young under two separate leases. Both are by way of a 5 year term that commenced on 1 March 2021, inside The Act, with effectively full repairing and insuring obligations.

The tenants have an obligation to reinstate the party wall that originally divided the rears of the units. The passing rent for 64 is £7,200 pa and the passing rent for 66 is £10,800 pa.

No. 64a is let on a periodic AST tenancy at a rent of £9,900 pa. No. 66a is let on an informal basis to the same tenant currently paying £10,800 pa.

Therefore, the total rent for the property is £38,700 pa.

VAT

We understand that the property is not elected for VAT.

Accommodation

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

Business Rates / Council Tax Band

We understand the units to have the following Rateable Value (2023):

Unit 64 - £8,800

Unit 66 - £15,750

We understand the flats to have the following Council Tax Bands:

Flat 64a - B

Flat 66a - B

EPC

We understand the property has the following EPC ratings:

No. 64-66 - C (expiring 26/08/2035)

No. 64a - C (expiring 03/12/2029)

No. 66a - C (expiring 25/08/2035)

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.