Block of Flats for sale in PO17

Build-to-Rent in PO17 available for sale

Block of Flats for Sale Within 5 miles of the PO17

110-112 West St

Fareham, PO16 0EP

Build-to-Rent for Sale
£925,000
7,157 sq ft

Fareham Build-to-Rent for Sale

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.