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Lot 9 Click here for addendum

Freehold Commercial/Residential Investment

6 Week Completion

Situation

Located on the main Fratton Road (A2047) at the junction with Hampshire Street, in this densely populated residential area only 1 mile east of the city Centre and under 2 miles from Portsmouth Harbour.
Portsmouth lies approximately 70 miles south-west of London enjoying excellent road links via the A3(M) and the M27 (Junction 12).

Property

An attractive corner building comprising a Ground Floor Public House with internal and separate side access to Residential Accommodation on the first and second floors. In addition, the property includes a Large Rear Yard Area (See Note 4).

Accommodation

Ground Floor Public House
Gross Frontage 30'0"
Return Frontage 51'0"
Internal Width 27'5"
Built Depth 54'6"
GIA Approx. 1,440 sq ft incl. WCs
First Floor Residential
4 Rooms, Kitchen, Bathroom/WC
GIA Approx. 995 sq ft
Second Floor Residential
3 Rooms
GIA Approx. 575 sq ft

Total GIA Approx. 3,010 sq ft

VAT is applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on an internal repairing and insuring lease to GMX Holdings Ltd as a Public House for a term of 20 years from 10th July 2020 at a current rent of £24,000 per annum exclusive rising by £1,000 p.a. to £36,000 p. a. by 2033.

Note 1: There is an Electricity Sub-Station at the rear of the Yard which is let for a term of 20 years from 24th June 1986 (holding over) at £150 p.a.

Note 2: The property has potential to convert into a number of separate residential flats, subject to obtaining possession and the necessary consents.

Note 3: The Tenant currently sublets the residential upper parts.

Note 4: The Tenant is currently undertaking a programme of works to the exterior including roof repairs and external decorations and has plans to turn the yard into a rear beer garden.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

The Florist Public House, 324 Fratton Road, Portsmouth, Hampshire PO1 5JX