110-112 West St 2,586 sq ft 100% Let Retail Property Fareham PO16 0EP £925,000 (£357.70/sq ft) 6.39% Net Initial Yield

The property is a modern three storey building having been constructed under a flat roof in the mid-sixties, of brick construction with a title hung front elevation.
The ground floor is let to MR P’S CLASSIC AMUSEMENT LIMITED on a full repairing and insuring lease for a term of 10 years from 28th March 2025 subject to an upward only rent review at the end of the fifth year at an initial rent of £35,000 per annum exclusive with a fixed increase to £40,000 per annum exclusive on the 28th March 2027 with a minimun increase to £45,000 per annum exclusive on the rent review due 28th March 2030 . A rent deposit equivalent to six months rent plus VAT (£21,000) is held
The first/second floors are let to THE GUINNESS PARTNERSHIP LIMITED on a full repairing and insuring lease for a term of 40 years commencing from 5th August 1998 at a rent of £26,254 per annum exclusive being subject to annual increases in line with the increase in the Retail Price Index.
The first and second floors were let in shell condition on a long lease to The Guinness Partnership Limited, who created five residential flats, each comprising one bedroom, reception room, kitchen and bathroom/wc.
THE ENTIRE PROPERTY PRESENTLY PRODUCES AN INCOME OF £61,254 PER ANNUM EXCLUSIVE WHICH WILL INCREASE TO £66,254 PER ANNUM EXCLUSIVE ON THE 28TH MARCH 2027 AND TO £71,254 PER ANNUM EXCLUSIVE ON THE 28TH MARCH 2030.