Lot 12 Freehold Mixed Commercial And Residential InvestmentAuction Date:
2nd November 2022
337 London Road, Portsmouth, PO2 9HQ
Currently let at £20,400 per annum
This impressive semi-detached freehold building is situated on London Road, the major route into the City from Cosham, into the heart of North End. Set over four storeys, the ground floor is at present occupied by a commercial tenant, with the upper floors consisting of two self-contained flats, one of which is a one-bedroom unit occupying a single floor, while on the second and third floors is a larger three-bedroom flat.
The property is considered ideal for addition to an income producing investment portfolio.
Commercial
Ground Floor
Main shop/retail area, inner hall, rear store/workroom, kitchen and cloakroom with W.C.
Tenancy
Let under the terms of a commercial lease at a current rental of £475 per calendar month. Further lease details will be included in the legal pack.
Residential
Flat 337A - First Floor
Entrance hall, living room, kitchen/dining room, bedroom and shower room with W.C.
Tenancy
Holding over under the terms of an Assured Shorthold Tenancy Agreement for an initial term of 12 months from 1st April 2017 at a current rental of £375 per calendar month.
Council Tax Band A
Flat 337B - Second Floor
Shower room with W.C., living room, kitchen and bedroom.
Third Floor
Landing and two further bedrooms.
Tenancy
Holding over under the terms of an Assured Shorthold Tenancy Agreement for an initial term of 12 months from 19th September 2020 at a current rental of £850 per calendar month.
Council Tax Band A
Outside
Garden to the rear.
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
