This property is no longer on the market
Industrial development
Property description & features
- Tenure: Freehold
- Rental income of £54,296 pax
- Initial gross yield of 6.8%
- Central Portsmouth location
- Development Potential (STP)
- Established Tenants
The city of Portsmouth is a major port and naval base in south Hampshire and is located approximately 65 miles south-west of London. There are good road and rail communications with the M275 city spur motorway linking directly with the M27 and A27 and A3 trunk roads. Southsea is a district within Portsmouth which is located due south from the M27 and is the most southerly point of the Portsea island.
The site is positioned directly off Milton Road set under Copnor Bridge Milton Road and adjacent to the main line railway with a single driveway serving all three units.
Freehold investment sale price £795,000 subject to the following tenancies;
Unit 1 - Let to NISTEC at a passing rent of £17,400 pax, lease expiry 31/07/25
Unit 2 - Let to Copnor Bridge MOT at a passing rent of £22,896 pax, lease expiry 31/07/25
Unit 3 - Let to Trophy Cars at a passing rent of £14,000 pax, lease expiry 31/07/25
Each lease is drawn on effective full repairing terms, without review, outside the Landlord and Tenant Axt 1954, and subject to an estate service charge.
The total in come amounts to £54,296 pax equating to an initial yield of 6.8% gross.
Each tenant will sign a longer term lease on similar terms if required.
Legal Costs - Each party to bear their own costs incurred in the transaction
Unless otherwise quoted all prices are exclusive of VAT
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