Lot 53 Mixed Use Fully Let Building For InvestmentAuction Date:
20th March 2025
121-123 Chichester Road, Portsmouth, PO2 0AQ
Currently let at £54,340 per annum
This substantial freehold mixed investment property is situated on the corner of Chichester Road and Beaulieu Road in a predominantly residential area of North End, Portsmouth, having good access to the main trading areas of Kingston Road and London Road and the main M275, M27 and A27.
The property offers a commercial investment on the ground floor, which is let under the terms of a commercial lease with four self-contained residential flats which are all let individually under the terms of Assured Shorthold Tenancy Agreements, with two flats sharing a communal entrance and two flats having their own entrances.
Commercial
Main trading area, rear storage, office and W.C with access to the rear yard for deliveries and storage.
Tenancy
Let under the terms of a 15-year commercial lease from 6th November 2013 at a current rental of £17,500 per annum. The commercial tenant also contributes towards insurance and service charges, further details will be available in the legal pack.
EPC Rating
C (68). Floor area 212 sq.m.
First Floor
Flat 121A
One bedroom, living room, kitchen, shower room with W.C.
Tenancy
Let under the terms of an Assured Shorthold Tenancy Agreement, currently on a rolling periodic tenancy, at a rental of £770 per calendar month.
Flat 121B
One bedroom, living room, kitchen, shower room with W.C.
Tenancy
Let under the terms of an Assured Shorthold Tenancy Agreement, currently on a rolling periodic tenancy, at a rental of £850 per calendar month.
Flat 123A
One bedroom, living room, kitchen, bathroom with W.C.
Tenancy
Let under the terms of an Assured Shorthold Tenancy Agreement, currently on a rolling periodic tenancy, at a rental of £700 per calendar month.
Flat 123B
Studio bedroom/living room, kitchen, bathroom with W.C.
Tenancy
Let under the terms of an Assured Shorthold Tenancy Agreement for a period of 12 months starting 19th April 2024, at a rental of £750 per calendar month.
EPC Rating E for all Flats
Council Tax Band A for all Flats
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
