Portsmouth, 113-115 Commercial Road
113/115 Commercial Road Lloyds Bank Plc, Portsmouth, Hampshire, PO1 1BY, UK
$3,105,000 | 26,895 sf
Asset description
The property is a purpose-built high-street retail store dating from the 1970s, of concrete frame construction. The elevations are clad red brick on Middle Street and part stone and tile clad on both Silver Street and Vicarage Walk.
Internally the story has been configured to provide retail space at basement, ground and first floors with ancillary storage and staff accommodation at second floor level. The basement is a food hall area with access gained either by stairs, escalator or lift. The ground and first floors provide for the main clothing sales accommodation together with a café/restaurant.
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Attributes
Asking price
$3,612,000
Building area net
67,698 sf
Occupancy
100%
WAULT
8 years
Media
Investment highlights
- Situated in a prime trading position on pedestrianised Middle Street
- The property extends to 67,698 sq ft (6,289 sq m) NIA, including landlord mezzanines
- Freehold
- New reversionary lease agreed with Marks and Spencer Plc with expiry on 31 March 2032
- WAULT of 8 years to expiry
- Rebased passing rent of £251,816.50
We are instructed to seek offers of £2,850,000 (Two Million Eight Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 8.3% assuming purchaser's costs of 6.43%
Contact brokers
Marks & Spencer, Yeovil (0 Properties)
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Last updated
May 16, 2024
