Lot 124 Freehold Shop And Flat With Lapsed Planning For A Further FlatAuction Date:
21st September 2022
231 Albert Road, Southsea, Hampshire, PO4 0JP
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.
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 accompanying documents may be downloaded from the Local Planning Authority website: portsmouth.gov.uk. Tel: 023 9283 4334.
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 four years from 14th March 2022 and ending 14th March 2026, 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
Tenure
The first floor flat has been sold under the terms of a 125-year lease from 5th January 2007 at a current ground rent of £250 per annum.
There is an addendum available to be read
in conjunction with the legal documentation.
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
