PO5 2 Grove Road South, Southsea

The property is let by way of a 10-year lease commencing August 2026, contracted outside the security of tenure provisions of the Landlord and Tenant Act 1954, on effectively full repairing and insuring terms.

There is a tenant break option at year five (August 31), subject to six months notice.

The passing rent is £11,500 for two years, rising to £12,000 per annum exclusive, subject to upward-only market rent reviews at five-yearly intervals. Flats 2a and 2b above are sold on a long lease expiring March 2140 paying a rent of £300 per annum.

The property comprises a three-storey mid-terrace mixed-use building of traditional construction beneath a flat roof.

The external elevations are rendered and painted. Windows to the upper parts are double glazed. The ground floor retail frontage comprises a timber-framed shop front incorporating double glazed display windows and entrance door.

At ground floor level, the accommodation provides a retail unit arranged as predominantly open-plan sales space with WC facilities to the rear. The retail accommodation appears to be in reasonable condition commensurate with its age and use.

The property also benefits from rear access, providing servicing and practical access to the rear of the building.

The two residential flats above have been sold off on long leasehold interests and do not form part of the subject demise.

Passing rent £11,500 for two years, rising to £12,000 pax

A purchase at this level would reflect a NIY of 7.9% and a reversionary yield of 8.25% based on the stepped rent pax

No VAT

National and independent occupiers in the vicinity including Specsavers, Costa, Waitrose, Boots, WH Smiths, Tesco Express and New Look

Southsea is a vibrant and well-established coastal district situated within the city of Portsmouth, Hampshire. Renowned for its strong mix of independent retailers, restaurants, cafés, and leisure facilities, Southsea benefits from a substantial residential catchment and a thriving visitor economy, particularly during the summer months.

The property is situated in the heart of Southsea in a sought after position on the corner of Grove Road South at its junction with Palmerston Road and Marmion Road, which form 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

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

Tenancy Information

The property is let by way of a 10-year lease commencing August 2026, contracted outside the security of tenure provisions of the Landlord and Tenant Act 1954, on effectively full repairing and insuring terms. There is a tenant break option at year five (August 31), subject to six months notice. The passing rent is £11,500 for two years, rising to £12,000 per annum exclusive, subject to upward-only market rent reviews at five-yearly intervals.

Flats 2a and 2b above are sold on a long lease expiring March 2140 paying a rent of £300 per annum.

VAT

We understand that the property is not elected for VAT.

Accommodation

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

Business Rates / Council Tax Band

Rateable Value (2026): 7,400

EPC

We understand the property has an EPC rating of C (expiry date - 05/06/2033).

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.

Rental Income £11,500 pa