Lot 10 Freehold Mixed Commercial And Residential InvestmentAuction Date:
11th December 2024
85 Elm Grove, Southsea, Hampshire, PO5 1JF
Currently let at £52,020 per annum
This Victorian building, offers a commercial investment on the ground floor, which is Let under the terms of a commercial lease, with three self-contained residential flats above which are individually let on Assured Shorthold Tenancy agreements. Elm Grove is situated in central Southsea in a prominent position for hospitality businesses and only a short distance to Southsea seafront.
The lower ground floor level was also previously arranged as an additional residential flat but has more recently been incorporated as storage for the commercial tenant. In the future, there is scope for this space to revert to residential accommodation if no longer required as part of the commercial arrangement and subject to all required consents being available, with the potential for an increase in overall rental income.
Commercial
Ground Floor
Main restaurant area and kitchen, additional kitchen/storage space, ancillary storage room and customer W.C's.
Lower Ground Floor
One open plan room currently in use as a store, with independent access from the back garden and also via stairs through the main restaurant.
Tenancy
Let on a 15-year commercial lease from 27th November 2020 at a current rent of £25,000 per annum.
EPC Rating
E (110). Floor area 159 sq.m.
Residential
First Floor
Living room, dining room, bedroom, kitchen and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Agreement, currently on a rolling periodic tenancy at a current rent of £725 per calendar month.
EPC Rating C
Second Floor
Living room, dining room, bedroom, kitchen and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Agreement, currently on a rolling periodic tenancy at a current rent of £725 per calendar month.
EPC Rating C
Third Floor
Living room, bedroom, kitchen and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Agreement, currently on a rolling periodic tenancy at a current rent of £800 per calendar month.
EPC Rating D
Outside
Currently set up as outdoor seating area with a patio heater and additional customer W.C.s.
All Flats Council Tax Band A
Local Authority
Portsmouth City Council. Tel: 02392 834334. Web: portsmouth.gov.uk.
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
