• Affluent South East town

• Prominent town centre position

• Ground floor retail unit

• Existing 3-bed maisonette on upper parts

• Planning permission obtained for 4 flats (two x 1-beds and two x 2-beds)

• Scope for further residential development on the site, subject to planning

• £400,000, subject to contract

   

The property is situated within the heart of the town centre, occupying a prominent corner position on the southern side of West Street, at its junction with Hartlands Road. The town’s main pedestrianised retailing pitch including Fareham Shopping Centre is immediately to the east. Occupiers in the immediate vicinity include McDonalds, Argos, WHSmith and Wilko.

Fareham Shopping Centre is the dominant shopping centre for the town, comprising 42,548 sq m (458,000 sq ft) of retail space with 84 shops, cafes and restaurants plus two adjacent car parks providing 1,000 spaces. The centre has an average per week footfall of 138,450 and a primary retail catchment of 416,000 persons (Source: farehamshopping.com). Tenants include Debenhams, Next, Top Shop, Boots, River Island and Waterstones.

Westbury Manor Museum is immediately adjacent the subject property. The museum re-opened in Summer 2017 following a £665,000 project which transformed it into a vibrant new ‘culture stop’. As part of the remodelling project the exhibitions were modernised, reception area and café transformed and creative studios included for local start-up businesses.

The property is an end of terrace three-storey mixed use building comprising a retail unit with single storey extension on ground floor, together with a self-contained first and second floor, three bedroom maisonette above.

Works have recently been carried out to the ground floor which has been fitted out to a high standard by the tenant.

Car parking for seven vehicles is provided to the rear via Hartlands Road.

The property provides the following floor areas;

A set of floor plans is available to download and the measured survey report can be re-addressed to a purchaser.

Freehold.

The ground floor retail unit is let to Every Cloud Vape Shop Limited on a full repairing and insuring lease for a term of 10 years from 18th December 2017, expiring on 17th December 2027 at a passing rent of £24,250 per annum. There is an upwards only rent review and a tenant’s break option on 18th December 2022, subject to 6 months’ prior written notice. The lease is outside 1954 Act protection and a three month rent deposit is held by the Landlord. The tenant benefits from one car parking space.

The first and second floor maisonette is currently vacant.

The property has been registered for VAT. Therefore, VAT will be payable by a purchaser however it is envisaged the transaction will be treated as a Transfer of a Going Concern (TOGC).

In respect of the residential accommodation, we suggest that the 1 bedroom flats are worth in the region of £140,000-£145,000 / £625-675 per calendar month and the 2-bedroom flats circa £175,000-£180,000 / £750-£800 per calendar month. Interested parties are advised to make their own enquiries.

1. An opportunity to acquire a freehold retail and residential investment in an affluent South East town;

2. The property occupies a prominent position in the heart of Fareham town centre;

3. Ground floor retail unit let to an established tenant;

4. Residential maisonette on the upper parts;

5. The property provides a residential development opportunity with planning permission obtained for 2 x 1-bedroom flats and 2 x 2-bedroom flats;

6. An opportunity exists for a purchaser to submit a planning application for a larger 6-7 flat scheme on the site, thereby increasing the massing and enhancing value;

7. An attractive lot size to an investor.

13/11/2019

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