For Sale
Kestrel Court,
77-79 High Street,
Cosham,
Portsmouth,
Hampshire
Back to Results
Investment, Development
5,909 Sq Ft (548.95 Sq M)
- Located in busy suburb of Portsmouth
- Large frontage split into three retail units
- Fully let with total income of £54,840 pa
- Planning permitted for uppers
- Development potential
- Steel fabrications installed to facilitate construction of uppers
- Individual water and electrical services ready for the upper development
- No VAT
- Offers sought in excess of £795,000 stc
- Nearby occupiers include Peacocks, Greggs, Costa, Specsavers and Betfred
Location
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 located in Cosham, which is a busy suburb of Portsmouth. Nearby occupiers include Peacocks, Greggs, Costa, Specsavers and Betfred.
Description
Large Investment Unit with Planning Permitted for Development Potential
Accommodation
The accommodation comprises a ground floor retail unit that has been split into three separate retail units and two flats. Please see floorplans for existing floorplans and the proposed planning application for the uppers.
The current owner has installed individual water supplies and electrical services for the uppers. The units will just need the individual meters.
Steelwork fabrications have also been undertaken to facilitate the construction of the upper parts, with rear entrance area which can be utilised for access stairs to the upper development.
Energy Performance Rating
We understand the property to have an EPC ratings of:
77a High Street: B
77 High Street: B
79 High Street: B
Flat 1, Kestrel Court: D
Flat 2, Kestrel Court: D
Planning
The retail units benefit from Class E use.
In July 2023, planning permission (21/01774/FUL) was granted for Construction of two separate 2-storey roof extensions above existing building with connecting walkways and communal roof terraces to form 8 dwellings; alterations at ground floor to create new entrance fronting Dorking Crescent and associated refuse storage facilities.
More information available on the Portsmouth Planning Portal.
Taxation
The units have the following Taxation:
77a High Street: £5,800.
77 High Street: £8,000.
79 High Street: £8,600.
Flat 1, Kestrel Court: B
Flat 2, Kestrel Court: A
Tenancy Information
The property is let three commercial tenants and two residential tenants for a total income of £54,840 per annum.
77a High Street: £9,000 p.a. (increased as of 01/12/24) for a term of five years from 1st December 2021 to 30th November 2026.
77 High Street: £12,000 p.a for a term of three years from 1st February 2023 to 31st January 2026.
79 High Street: £12,000 p.a for a term of four years from 1st June 2023 to 31st May 2027.
Flat 1, Kestrel Court: £11,940 p.a on a periodic AST
Flat 2, Kestrel Court: £9,900 p.a on a periodic AST
Lease and tenancy agreements can be made available on request.
Terms
We have been instructed to market the property and quote a price with offers in excess of £795,000 for the freehold interest subject to contract.
VAT
We understand that the property is not elected for VAT.
Legal Fees
Each party to bear their own legal costs incurred.
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.