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157-159 Albert Road
Southsea
Hampshire
PO4 0JW
Park Road South, Havant
Asking Price £2,500,000 Sold (STC)
Investments Development
- COMMERCIAL INVESTMENT
- POTENTIAL FOR FUTURE DEVELOPMENT (SUBJECT TO PLANNING)
- CURRENT GROSS ANNUAL INCOME CIRCA £225,000
- LAND AND UNITS INCLUDED
- PROMINENT MAIN ROAD SITE
- GOOD SCOPE FOR RENTAL UPLIFT
- ALLOCATED PARKING TO THE REAR
- NOT ELECTED FOR VAT
FANTASTIC COMMERCIAL INVESTMENT OPPORTUNITY SITUATED IN A PROMINENT HIGH-VISIBILITY LOCATION. POTENTIAL FOR RE-DEVELOPMENT (SUBJECT TO PLANNING). POTENTIAL SCHEMES RANGE FROM EXTENDING WITH FURTHER STOREYS ABOVE THE EXISTING UNITS TO A MORE COMPREHENSIVE RE-DEVELOPMENT OF THE ENTIRE SITE.
This substantial plot spans the entire corner of Park Road South and West Street as well as further buildings accessed via Brockhampton Lane.
For sale as one Freehold site benefitting from a range of commercial units and generating a current gross rental income of £225,680 per annum. Reversionary rental income is believed to be circa £307,418 per annum making this an attractive investment proposition.
Potential schemes for future re-development should be considered carefully and buyers should rely on their own enquiries via the Local Authority as no planning consent has been sought. However we are informed by our client that previous discussions with Havant Borough Council have been favourable.
LOCATION
Havant benefits from good communication links with road access via the A27 to the M27 and a direct rail link to Portsmouth and London Waterloo.
The property is situated across Park Road South, West Street and Brockhampton Lane within the commercial and retail district adjacent to the pedestrianised section of West Street and leads to Havant bus and train stations and Meridian Shopping Centre. There are 5 roadside public parking spaces positioned immediately in front of 41-49 West Street with 30 minute free parking.
The property is situated between two successful retail parks being Solent Retail Park and Central Retail Park each containing a number of popular chain-stores.
DESCRIPTION
The property comprises a prominent multi-let commercial premises incorporating a main two story "L" shaped block with predominantly ground floor retail and first floor offices. Two retail units, located on the most southerly section of the building, extend over the first floor. In addition to the main block is a detached workshop/store located in the central car park (West End Store) and also a single storey flat roof office/retail unit (!B Brockhampton Lane), adjacent to the vehicular access from Brockhampton Lane. There is also vehicular access from Park Road South.
The first floor office suites are split into three sections: 8 Park Road South, comprising 7 suites), 1A Brockhampton Lane (comprising 9 suites) and finally two suites located above 41 and 43 West Street. All three have their own secure ground level pedestrian access points leading to a stairwell.
Two gas central heating boilers are situated in the communal areas.
All parking on site is allocated to tenants.
AGENTS NOTES
The Freehold title is currently in the process of being registered. The property will therefore be sold subject to the completion of that registration and buyers will received Possessory Title with the addition of an indemnity policy.
The EPC shown is for one unit, further EPCs are available upon request.
A section of the River Lavant runs across the site underground. A check of the Government's flood risk data carried out on the 6th of September 2024 shows that there is medium risk (between 1% and 3.3% chance each year) of flooding in this area due to rivers. By contrast much of Havant town centre is at high risk of surface water flooding, calculated at more than 3.3% chance each year.
Although these particulars are thought to be materially correct their accuracy cannot be guaranteed and they do not form part of any contract.
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