Southsea High Street_Property for Sale
Southsea High Street_Property for Sale
2-42 Palmerston Rd2-42 Palmerston Road2-42 Palmerston Rd 2/42 Palmerston Rd, Southsea, Hampshire, PO5 3QH, UK

Southsea High Street

Asset description

The property comprises an attractive and well positioned parade of retail units located in a desirable and popular part of Southsea. The scheme offers 16 units with a wide ranging tenant mix including retail, leisure, food and convenience supermarket. The units are arranged over a mixture of ground floor only and ground and first floors. The units generally provide open plan retail space and benefit from good frontages. Some of the units are double and could be split in the future. Externally, the units benefit from rear access. The residential accommodation above is sold off long leasehold to Portsmouth Council.

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Attributes

Building area net
42,802 sf
Occupancy
100%
Year built
2000
Units
16
WAULT
6.3 years

Media

Investment highlights

› Southsea is an affluent suburb of Portsmouth and a popular coastal resort

› The property comprises a contiguous retail parade of 16 units situated in a prime position in the heart of Southseaon the pedestrianised part of Palmerston Road

› The areas of Portsmouth and Southsea are currently subject to redevelopment and regeneration programs which strengthen both city’s long term prospects

› Strong demographics with a large student populationand low vacancy rates in Southsea

› Vibrant and wide-ranging mix of national and local occupiers within the vicinity including Waitrose, Loungers, Specsavers, Boots, Tesco, Costa and Lloyds Bank

› Attractive occupational story with rents re-based and affordable global rents with some occupiers having agreed reversionary leases

› 74% of the net income is secured to national tenants with 58% of income secured to ‘Very Low Risk’ and ‘Low Risk’ covenants.

› The scheme is anchored by Tesco who account for 10% of the rent

› WAULT of 6.3 years to expiry and 4.9 years to break

› Multiple asset management opportunities to drive value and income

› Residential block above sold off long leasehold

Southsea High Street 4_Property for Sale

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Southsea High Street (0 Properties)

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Last updated
Jul 8, 2024