For Sale
The Roofing Centre,
Moneyfield Lane,
Portsmouth,
Hampshire,
PO3 5AY
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Investment, Development
0.7 Acres (0.28 Hectares)
- Well located with Portsmouth approximately 2 miles from M27/A27
- The site totals around 0.7 acres
- Existing buildings total 5,668 sq ft GIA
- Let to SIG Trading Ltd until June 2031 (no breaks)
- Passing rent £52,350 pax with an ERV of £65,000 pax
- Future residential redevelopment potential, subject to planning
- Guide price £1,000,000 subject to contact
- VAT registered
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 situated on Copnor Road (A288), in the suburb of Copnor, within Portsea Island, approximately 1.7m south of junction12 of the M27 and 2 miles north of the city centre. The surrounding area is predominantly residential with some retail/commercial uses.
Description
The property comprises a large concrete and brick paved open yard, together with a number of industrial/workshop buildings including an office/trade-counter element towards the front of the site.
Overall, the site totals approximately 0.7 acres, with its main means of access being from Copnor Road. There are also separate accesses from Moneyfield Lane and Manor Park Avenue.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
| Description | Sq Ft | Sq M |
|---|---|---|
| Main Building - Warehouse, Office and Trade Counter | 2985 | 277.31 |
| Ancillary Building | 2683 | 249.25 |
| Total | 5,668 | 526.56 |
Energy Performance Rating
The property has an EPC rating of D-77 (expiring 26 November 2034). Potential to get into Band C with loft insulation within the offices and sales area.
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
The site has potential for future residential development subject to planning. It has been identified in the councils Housing and Economic Land Availability Assessment Report (HELAA) - December 2023 - Reference BA01. The HELAA anticipates the site has capacity for 11 dwellings within the next 6 to 10 years.
Taxation
Ratable Value 2023: £26,500
Tenancy Information
The whole property is let to SIG Trading Limited (01451007) by way of a 15 year lease commencing 30th June 2016, inside the Act, with full repairing and insuring obligations limited by a schedule of condition. The passing rent is £52,350 per annum exclusive, which is subject to an open market rent review in June 2026.
We anticipate the property offers strong rental growth at the next rent review with our ERV around £65,000 per annum exclusive.
Covenant
SIG Trading Limited is the principal UK trading subsidiary of SIG PLC, which has a D&B rating of 5A 2 and a tangible net worth of £82,000,000. It is a leading supplier of specialist insulation and sustainable building products and solutions to business customers across Europe, employing 6,700 people across more than 425 branches.
Terms
Due to Government legislation, we are legally obliged to undertake Anti-Money Laundering checks on prospective Purchasers / Tenants where a transaction has a capital value of €15,000 (Euro) or more or a rental value of €10,000 (Euro) per calendar month or more. This includes checking proof and source of funds. Please note that we need to obtain the relevant information and record this on file before a transaction can be contracted.
VAT
We understand that the property is elected for VAT and therefore it is assumed that the sale will be treated by way of a Transfer of A Going Concern (TOGC).
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.