For Sale
202 West Street,
Fareham,
Hampshire,
PO16 0HF
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Investment
0 of 4,541 Sq Ft (0 of 421.86 Sq M)
- Busy retail location and vehicular thoroughfare
- Large self-contained ground floor retail unit
- Two x self-contained flats (two bedroom)
- Total passing rent £46,400 per annum
- Freehold interest, subject to the tenancies
- Offer in excess of £400,000 stc
- A purchase at this level would reflect a NIY of 11% after usual purchasers costs of 6.8%
- Nearby occupiers include Fareham Train Station, South Coast Appliances, Costcutter and Aldi
Location
Fareham is located approximately 15.5 miles east of Southampton and 8.3 miles north west of Portsmouth. The city benefits from excellent road communications being situated at Junction 10 of the M27, which links to M3 and A3(M) and provides access to London and the wider national motorway network.
The property is situated on the southern side of West Street, close to its junction with Cresent Road. Nearby occupiers include Fare Train Station, South Coast Appliances, Costcutter and Aldi.
Description
The property comprises a two-storey mid-terraced building. The ground floor is configured as a single retail unit, currently let, with ancillary storage accommodation and WC facilities positioned toward the rear.
The first floor provides three self-contained residential flats, identified as 202a and 202b West Street, both accessed independently from the frontage, and 35 Crescent Road, which is accessed via an entrance to the rear.
Flat 202a West Street has been disposed of by way of a long leasehold interest.
Flats 202b West Street and 35 Crescent Road are each arranged as two-bedroom residential units.
You can virtually view the property using the following links -
35 Crescent Road - https://my.matterport.com/show/?m=qAUDV5fvTCz
202 West Street - https://my.matterport.com/show/?m=MSvb1dUvaEw
202a West Street - https://my.matterport.com/show/?m=PCR4A6Mh4UC
Accommodation
The accommodation has the following approximate floor areas:
| Description | Sq Ft | Sq M |
|---|---|---|
| 202 West Street | 2041 | 2593 |
| 202b West Street | 552 | 829 |
| 35 Crescent Road | 1119 | 103.96 |
| Total | 3,712 | 3,525.96 |
Energy Performance Rating
We have made enquiries regarding the present EPC assessments for the property, as follows:
202 West Street - B (Expires March 2031).
202b West Street - D (Expired December 2028).
35 Crescent Road - D (Expires October 2028).
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Taxation
We have made enquiries regarding the present rating tax assessments for the properties, as follows:
202 West Street - Rateable Value (2023): £12,000.
202b West Street - Council Tax Band: A.
35 Crescent Road - Council Tax Band: A.
Tenancy Information
The ground floor retail unit (202 West Street) is let to Made by Me Crafts Limited, on a 10-year lease from May 2023. At a rent of £17,500 per annum exclusive (pax). There is a five-year tenant only break option and open market (upward only) rent review. The lease is secured with a three-month rent deposit and personal guarantor.
202a West Street has been sold off on a long lease for 125 years, approximately 15 years ago. The ground rent is around £100 per annum.
202b West Street is let on an AST at £13,800 per annum.
35 Crescent Road is let at £15,600 per annum.
Therefore, the total passing rent is around £46,400 per annum.
Terms
We have been instructed to market the freehold interest, subject to the existing tenancies and contract, at a guide price of £400,000. A purchase at this level would reflect a NIY of 11% after usual purchasers costs of 6.8%.
VAT
We understand that the property is not elected for VAT.
Legal Fees
Each party to bear their own legal costs incurred.
Anti-Money Laundering Regulations 2017
In accordance with current Government legislation, we are legally required to conduct Anti-Money Laundering (AML) checks on all prospective purchasers or tenants where the transaction involves a capital value of €15,000 (EUR) or more, or a rental value of €10,000 (EUR) per calendar month or greater.
This process includes verifying identity, as well as confirming the source and availability of funds. Please note that we must obtain and record this information before any transaction can be formalised or contracts exchanged.
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.