To Let
40-42 Palmerston Road,
Southsea,
Hampshire,
PO5 3QH
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Retail, Food and Beverage, Leisure (Class D1, D2 and Other)
4,541 Sq Ft (421.86 Sq M)
- Prime retailing position in Southsea
- Situated on a busy busy pedestrianised High Street
- Thriving retail and leisure destination
- Public car parking nearby
- Open plan retail space
- New lease available
- Rent £55,000 pax
- The area is a popular, established retail and leisure destination, with national and independent occupiers in the vicinity
- Including Specsavers, Costa, Waitrose, Boots, WH Smiths, Tesco Express and New Look
Location
The property is situated in the heart of Southsea in a prime retailing position on the western side of Palmerston Road, which is fully pedestrianised. Palmerston Road, Osborne Road and Marmion Road form the main commercial centre of Southsea. The area benefits from a number of car parks nearby and on street parking available on various nearby streets, which makes it easy for shoppers.
Description
The subject property is situated on the western side of northern section of Palmerston Road and enjoys an end-of-terrace position.
The premises appears to comprise a two-storey construction with a large glass double frontage at ground level.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
| Description | Sq Ft | Sq M |
|---|---|---|
| Sales Area | 2352 | 218.5 |
| Ancillary | 2189 | 203.36 |
| Total | 4,541 | 421.86 |
Energy Performance Rating
We understand the property has an EPC rating of C - 73 (expiring 16.01.2033).
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.
Taxation
Rateable Value (2023): £57,000
Future Rateable Value (2026): £54,000
Following the Government's latest budget, all occupied retail, hospitality & leisure properties receive a 40% discount from 1st April 2025 until 31st March 2026. Subject to annual cash cap of £110,000 per business and qualifying use.
Terms
The property is available to let by way of a new (effectively) full repairing and insuring lease for a term to be agreed at a commencing rent of £55,000 per annum exclusive, subject to vacant possession.
The service charge is around £2,000 per annum and the building insurance is to be confirmed.
VAT
We understand the property is registered 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.