To Let
56 Osborne Road,
Southsea
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Retail, Food and Beverage
1,106 Sq Ft (102.75 Sq M)
- Central location within Southsea
- Thriving retail and leisure destination
- Large kitchen and preparation area
- Dining area currently set up for 25 covers
- New FRI lease available
- Rent £25,000 pax
- No VAT
- Nearby occupiers include Waitrose, Queens Hotel, Southsea Coffee, Rapscallions and Rocka
- The occupier may be entitled to 100% Small Business Rate relief.
- Premium sought for lease
Location
Osborne Road, Palmerston Road and Marmion Road form the main commercial centre of Southsea. The area is a popular, established retail and leisure destination, with national and independent occupiers in the vicinity including Waitrose, Queens Hotel, Southsea Coffee, Rapscallions and Rocka.
The property is situated on the southern side of Osborne Road, close to its junction with Netley Road and a short walk away from the seafront.
Description
Fully Fitted Restaurant Premises
Total Area 1,106 sq ft (102.7 sq m)
Energy Performance Rating
We understand the property has an EPC rating of E (119).
Planning
A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
The property benefits from a premises licence, which is available on request.
Taxation
Rateable Value (2023): £10,500
The occupier may be entitled to 100% Small Business Rate relief.
Terms
The property is available to let by way of a new (effectively) full repairing and insuring lease for a term of 10 year leases with a five year break option and open market rent review (upward only) at a rent of £25,000 pa exclusive. The landlord requires a six month rent deposit and personal guarantor.
VAT
We understand that the property is not elected for VAT.
Legal Fees
The prospective tenant will be required to contribute to the costs incurred in this transaction.
Flude Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Property Consultants has any authority to make or give any representation or warranty whatsoever in relation to this property.
Please note that whilst we endeavour to confirm the prevailing approved planning use for properties we market, we can offer no guarantees in this regard. Planning information is stated to the best of our knowledge. Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.
We advise interested parties to make their own enquiries to the local authority to verify the above and the level of business rates payable in view of possible transitional arrangements and any reliefs.