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Southampton Rd 7,076 sq ft Retail Property Portsmouth PO6 4RJ £700,000 (£98.93/sq ft) 6.78% Net Initial Yield
Investment Highlights
- Excellent connectivity
- Close proximity to local amenities
- Strategic location
Executive Summary
Offers in excess of £700,000 subject to contract for the freehold. A purchase at this level would reflect a net initial yield of 6.78% after the deduction of
purchaser’s costs. However, if the rent review was triggered, we would estimate the market rent would increase to £9 per sq ft which reflects a net initial yield of 8.64% after the deduction of purchaser’s costs. The property is let to Portsmouth Tyres and Exhaust Services from October 2019 for a term of 10 years at a rent of £50,000 per annum.
The subject building is constructed with a steel-framed roof supported by brick pillars and featuring brick walls and Crittall frame windows. The property has an asbestos roof and includes 20% roof lights at the rear, as well as fluorescent strip lighting throughout.
purchaser’s costs. However, if the rent review was triggered, we would estimate the market rent would increase to £9 per sq ft which reflects a net initial yield of 8.64% after the deduction of purchaser’s costs. The property is let to Portsmouth Tyres and Exhaust Services from October 2019 for a term of 10 years at a rent of £50,000 per annum.
The subject building is constructed with a steel-framed roof supported by brick pillars and featuring brick walls and Crittall frame windows. The property has an asbestos roof and includes 20% roof lights at the rear, as well as fluorescent strip lighting throughout.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Vehicle Repair Garage
Property Size
7,076 sq ft
Costar Property Class
C
Year Built
1920
Price
£700,000
Price per sq ft
£98.93
Yield
6.78%
NOI
£47,460
Tenancy
Single
Number of Floors
1
Plot ratio
0.32
Total Plot Size
0.50 ac
Parking
10 Spaces (1.41 Spaces per 1,000 sq ft Leased)
Amenities
- Bus Route
- Security System
- EPC - D
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Nearby Major Retailers
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Southampton Rd
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