This end-terrace building occupies a prominent position on the corner of Albert Road and Francis Avenue, and Albert Road is well known locally as a popular retail street with many niche retailers.
The ground floor is at present occupied under the terms of a commercial lease by a gentlemen's barbers business, while the first floor apartment has been sold off under the terms of a long lease. In addition to the income from the commercial lease there is further income from an advertising sign to the side of the building.
Additionally, the property has previously benefitted from a Planning Consent to convert the rear portion of the ground floor accommodation with an addition into the yard to the rear to provide a further one-bedroom flat. Subject to reinstatement of the Planning Consent this new unit would be considered ideal for re-sale into the local marketplace or addition to an income-producing portfolio.
Commercial
Lower Ground Floor
Large basement area providing useful storage/additional accommodation.
Ground Floor
Main shop/retail area, cloakroom with W.C., kitchen and two further rooms at present in use as storage.
Tenancy
The ground floor retail space and basement are held under the terms of a commercial lease for a term of three years from 15th March 2022 at a current rental of £10,800 per annum.
Advertising Signage
Let under the terms of a licence agreement at a current rental of £345 per quarter.
Outside
Courtyard to the rear fronting Francis Avenue.
First Floor Flat
Sold under the terms of a long leasehold arrangement.
Tenure
The first floor flat is held under the terms of a 125-year lease from 5th January 2007 at a current ground rent of £250 per annum.
Planning
Planning Permission was previously granted by Portsmouth City Council under reference: 17/00059/FUL, dated 11th April 2017, for change of use in part of rear ground floor retail unit (Class A1) to self-contained flat (Class C3) with external alterations to include construction of single storey rear extension (to replace existing) amendments to windows and retention of basement for retail purposes, subject to conditions. The Planning Consent has now lapsed.
A copy of the lapsed Planning Consent and accompany documents may be downloaded from the Local Planning Authority website: portsmouth.gov.uk. Tel: 023 9283 4334.