Commercial property for sale in Milton Road, Portsmouth PO3

From £795,000 (£127.75/sq. ft)
Interested in this property? Call +44 23 9229 2052 * or Request Details

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Commercial property for sale 6,223 sq. ft*
Tenure: Freehold Council tax band: Not available

Property description

Key Points

  • Rental income of £54,296 pax
  • Initial gross yield of 6.8%
  • Central Portsmouth location
  • Development Potential (STP)
  • Established Tenants
  • Description

    The units form a terrace with a shared concreted forecourt to the front, multiple pitched concrete tiled and corrugated roofs with central box guttering and constructed with brick elevations.

    Location

    The city of Portsmouth is a major port and naval base in south Hampshire and is located approximately 65 miles south-west of London. There are good road and rail communications with the M275 city spur motorway linking directly with the M27 and A27 and A3 trunk roads. Southsea is a district within Portsmouth which is located due south from the M27 and is the most southerly point of the Portsea island.

    The site is positioned directly off Milton Road set under Copnor Bridge Milton Road and adjacent to the main line railway with a single driveway serving all three units.

    Terms

    Freehold investment sale price £795,000 subject to the following tenancies;

    Unit 1 - Let to nistec at a passing rent of £17,400 pax, lease expiry 31/07/25
    Unit 2 - Let to Copnor Bridge mot at a passing rent of £22,896 pax, lease expiry 31/07/25
    Unit 3 - Let to Trophy Cars at a passing rent of £14,000 pax, lease expiry 31/07/25

    Each lease is drawn on effective full repairing terms, without review, outside the Landlord and Tenant Axt 1954, and subject to an estate service charge.

    The total in come amounts to £54,296 pax equating to an initial yield of 6.8% gross.

    Each tenant will sign a longer term lease on similar terms if required.

    Other Matters

    Legal Costs - Each party to bear their own costs incurred in the transaction
    Unless otherwise quoted all prices are exclusive of VAT

    Property info

    * Sizes listed are approximate. Please contact the agent to confirm actual size.

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    For more information about this property, please contact
    Holloway Iliffe and Mitchell, PO6 on +44 23 9229 2052 * (local rate)

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    Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Holloway Iliffe and Mitchell, and do not constitute property particulars. Please contact Holloway Iliffe and Mitchell for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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