City Centre Retail Unit
Sales Area 83.00 sq m (893 sq ft)
Portsmouth is located approximately 19 miles south east of Southampton and 70 miles south west of London. The city benefits from excellent road communications being situated at the M27/A27 junction, which links to M3 and A3(M) and provides access to London and the wider national motorway network.
The property is situated on the western side of Commercial Road, which is one of the main shopping areas within the city. Nearby occupiers include Santander Building Society, Debenhams, Natwest, Greggs, STA Travel and Iceland.
We understand that the premises benefit from Class A1 use within the Use Classes Order 1987 (as amended).
Rents and prices are quoted exclusive of, but may be subject to VAT.
The building is Grade II listed with the accommodation arranged over two floors, plus a basement. Internally, the ground floor provides open plan retail space, together with storage/office space on the first floor and basement level.
There is rear loading and parking.
We understand the accommodation to have the following approximate floor areas:
Ground Floor Sales Area - 83.00 sq m (893 sq ft)
First Floor - 42.70 sq m (460 sq ft)
Basement - 26.40 sq m (284 sq ft)
Total - 152.10 sq m (1,637 sq ft)
Business Rates / Council Tax Band
Rateable Value (2017): £31,000.
Following the Government's 2018 Autumn Budget, from April 2019 for the remaining 2 years of the current Rating List, all occupiers of retail units with a Rateable Value below £51,000 (including £50,500 but excluding £51,000), will receive a discount of 1/3 from their rates bill, subject to State Aid Limits (€200,000).
We understand the property has an EPC rating of D(87).
The new tenant will be required to contribute to the cost of forming the new lease.
The property is available to let by way of a new (effectively) full repairing and insuring lease for a term to be agreed at a commencing rent of £33,000 per annum exclusive.