For Sale
69 Castle Road,
Southsea,
Hampshire,
PO5
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Investment, Retail, Food and Beverage
1,057 - 1,705 of 2,762 Sq Ft (98.2 - 158.39 of 256.59 Sq M)
- Central location within Southsea
- Pedestranised road
- Residential income of £36,300 p.a.
- Vacant ground floor restaurant opportunity
- Fully fitted restaurant
- Rear courtyard
- Ideal for owner restaurant occupiers
- Ground floor restaurant on the market for £30,000 pa
- Nearby occupiers include Pie & Vinyl, Chinneck Shaw, Premier and The Barbership
Location
Southsea is a busy and attractive area within Portsmouth, which is located approximately 19 miles south east of Southampton and 70 miles south west of London.
The property in located on the eastern side of Castle Road, a popular area of Southsea which is home to a variety of independent shops, bars and restaurants.
Description
Freehold Investment with Vacant Ground Floor Restaurant
Total Size - 256.60 sq m (2,762 sq ft)
Accommodation
The property consists of a ground floor commercial unit with four flats on the uppers.
The ground floor is currently laid out as a restaurant and fully fitted with extraction and bar.
The upstairs consists of a two-bedroom maisonette, two one-bed flats, and a studio flat.
The ground floor restaurant has an approximate area of 98 sq m (1,057 sq ft).
Upstairs has the approximate Gross Internal Areas:
Maisonette on first and second floor - 69.8 sq m (751 sq ft)
First Floor Rear Flat - 32.1 sq m (345 sq ft)
Second Floor Flat - 34.8 sq m (374 sq ft)
Second Floor Studio Flat - 21,8 sq m (235 sq ft)
Total - 158.5 sq m (1,705 sq ft)
Energy Performance Rating
Please enquire with Agent.
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.
Taxation
The units have the following Taxation:
Ground Floor Restaurant - £8,200.
Maisonette on first and second floor - A
First Floor Rear Flat - A
Second Floor Flat - A
Second Floor Studio Flat - A
Tenancy Information
The property is let to four residential tenants and the ground floor restaurant is currently vacant. The residential element receives a total income of £36,300. We are marketing the ground floor restaurant at £30,000 per annum and no premium.
Ground Floor Restaurant: On the market at £30,000 p.a.
Maisonette on first and second floor: £11,400 on a periodic AST
First Floor Rear Flat: £9,600 p.a. on a periodic AST
Second Floor Flat : £8,400 p.a. on a periodic AST
Second Floor Studio Flat: £6,900 p.a. on a periodic AST
Terms
We have been instructed to market the property and quote a guide price of £800,000 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.