Holloway Iliffe & Mitchell has been appointed as sole agent to sell 167-169 West Street, Fareham, on behalf of Ridgeway Lane.
The three storey mid terraced property occupies a prominent roadside position on the northern, non pedestrianised area of West Street approximately 25m west of the intersection with Trinity Street and is within walking distance to the prime pedestrianised retail pitch, the Market Quay retail/leisure development, Fareham bus station and Fareham Shopping Centre.
The ground floor provides two large self-contained retail units providing mostly open plan accommodation with ancillary staff and WC facilities. The first floor is occupied by a Church and provides mostly open plan accommodation. The top floor has been developed to provide 8 self-contained flats all sold on long leases.
The freehold interest of the whole block is being offered subject to the occupational leases on the ground floor, long leasehold interests on the first and second floors, as follows:-
- First floor – Let for a term of 999 years from 2007 at a peppercorn rent.
- Second Floor – Let by way of a 999 lease on the whole from 2006 with 8 separate long leasehold interests each for a term of 125 years and each paying £100 per annum.
Shops – These are let on commercial leases as follows:-
- 167 West Street – Let jointly to Mr Jaranjeet Singh and Harman Singh Kapoor, T/a a Costcutter Covenience Store for a term expiring in February 2041 on effective full repairing insuring terms at a Headline rent of £16,000 per annum exclusive.
- 169 West Street – Let to The Trussell Trust for a term expiring in April 2025 on effective full repairing insuring terms at a Headline rent of £14,000 per annum exclusive. The Trussell Trust was founded in 1997 and currently has multiple trading locations. They have an Experian Credit Check Report Score of 89.
Commenting on the investment opportunity, Luke Mort, Commercial Agent at Chartered Surveyors Holloway, Iliffe & Mitchell said:
“Due to premises close proximity to the principle shopping area and as a result of the lack of investment opportunities, we anticipate keen interest in this opportunity. Fareham is a major town on the South Coast situated between Portsmouth and Southampton, with excellent transport links. This is likely to increase interest.”
The property is available to purchase, subject to the above leases for offers in excess of £300,000. A purchase at this level represents an attractive NIY of 7.19% reverting to 9.71% net of headline rent.
Holloway Iliffe & Mitchell remain very active in the commercial property sector in Portsmouth and along the South Coast and seek new instructions to satisfy their active applicant database.