Exchanged

Havant, Hampshire – A recently developed Mixed-Use Investment Opportunity

Sussex House, 44-54 West Street, Havant, Hampshire, PO9 1PG

Offers in excess of £2,700,000

Property Type:
Residential
Tenure:
Freehold

Description

The property is due to be offered at our Thursday 24th March Commercial Auction, unless sold prior or withdrawn

  • Freehold unbroken new build mixed-use parade comprising a large purpose built block of flats and shops completed in 2021
  • Four ground floor retail units, a rear ground floor office and a self-contained block of flats across the upper floors
  • A total of 14 self-contained flats (6 x one beds and 8 x two beds)
  • Rear carpark together with secure bike store / storage room, plan room and bin store
  • Modern flats in excellent condition
  • Flat EPC ratings: 9 x C and 5 x D
  • One vacant retail unit
  • Total Current Rent Reserved: £215,600 per annum
  • Estimated Rental Value (fully let): £235,000 per annum
  • Overall GIA of the flats, retail units and office (excluding common parts): 15,661 sq ft (1,455 sq m)
  • Each flat is currently let to Investco Properties Ltd subject to individual co-terminus Company Let agreements with outline terms agreed for a new individual 10 year lease across all the flats

Offers are invited in excess of £2,700,000 for the Freehold interest subject to all tenancies, subject to contract.

An acquisition at this level would reflect a gross initial yield of 7.99%, a gross reversionary yield of 8.7% (based on ERV) and a low capital value of £172 per sq ft.

Subject to contract