Lot 116: FREEHOLD INVESTMENT OPPORTUNITY

An unusual freehold investment opportunity to acquire the freehold land including the yard and service area around the Highfield Parade and also the central ‘wedge’ which includes four residential flats, two of which have been sold off on long leases but two let on Assured Shorthold Tenancy Agreements. Flats 1 & 2 are presently let under the terms of Assured Shorthold Tenancy Agreements. The Tenancy Agreement for Flat 1 has not been renewed since 2017 and so accordingly might be considered to be under let in today’s marketplace.

The yard/service area to the rear of the shops and flats may have scope to be more commercially productive through the sale or rent of parking spaces or perhaps from the addition of additional garaging, subject to all necessary consents being obtainable. Alternatively, if some or all of the existing garages (which are not included in this sale) could be acquired there may be scope for additional development in conjunction with part of the freehold title, again subject to all necessary consents being obtainable.

Flat 1, 4B Highfield Parade

Accommodation

Entrance hall, living room/kitchen, two bedrooms, bathroom and W.C, wraparound balcony providing outside space

Tenancy

Let on an Assured Shorthold Tenancy Agreement for six months from 1st March 2017 at a current rental of £700 per calendar month.

Flat 2, 4B Highfield Parade

Accommodation

Entrance hall, living room/kitchen, bedroom and bathroom.

Tenancy

Let on an Assured Shorthold Tenancy Agreement, for 12 months from 25th October 2019, at a current rental of £550 per calendar month.

Flats 3 and 4, 4B Highfield Parade

Sold under the terms of a 150 year lease less five days from 15th December 2017.

Local Planning Authority

Havant Borough Council. Tel: 023 9247 4174. Website: havant.gov.uk.

Auctioneer’s Note

The area marked blue on our identification plan is excluded from the sale.

Residential EPC: E

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