Retail premises for sale in Arundel Street, Portsmouth PO1

Investment Consideration:
Gross Initial Yield: 9.78%
Rental Income: £22,000 p.a.
VAT is applicable to this property
Comprises ground floor retail shop. Upper parts have been sold-off on long leasehold.
Pedestrianised city centre location with occupiers close by including Tesco Superstore, PureGym, Greggs, Wilko, HSBC, Barclays, Costa Café and many more.

Property Description:
The property comprises ground floor shop, providing the following accommodation and dimensions:
Ground Floor Retail: 107.25 sq m (1,134 sq ft)
First Floor: (Sold-off)

Tenancy:
The shop is at present let to Love Empire Ltd for a term of 10 years from 1st June 2022 at a current rent of £22,000 per annum and the lease contains full repairing and insuring covenants. Upward only open market rent review in June 2027. Mutual break clause in June 2027 with minimum 12 months notice. Deposit held of £2,200.
First floor has been sold-off on long leasehold for a term of 999 Years from 28.11.22 at a ground rent of peppercorn.

Location:
The city of Portsmouth is a major south coast naval base, ferry port and university city, and is also an important retail and commercial centre. The city has a resident population of some 175,000 and benefits from excellent road communication, being served by the M27, M271 and A3(M) Motorways and the A27 dual carriageway. There are also regular rail services to London and major South West towns. The property is situated on the north side of the pedestrianised Arundel Street, close to its junction with Commercial Road in the heart of the city centre with occupiers close by including Tesco Superstore, PureGym, Greggs, Wilko, HSBC, Barclays, Costa Café and many more.