The freehold interest is available subject to the existing leases at a guide of £480,000..
A purchase at this level reflects at gross yield of 7.6% and a net yield of 7.3% giving consideration to purchasers costs a 4.8% the ground floor is let in its entirety to a mr j p kadapuram trading as ‘best food & wine’ at a passing rent of £22,500 per annum for a term of 10 years commencing 6th december 2016..
The lease is subject to a break clause on the 5th anniversary in favour of the tenant, which realises a term certain of circa 2 years 10 months from the point of writing.
An upwards only rent review to open market rent is also permitted in line with the break.
The passing rent of £22,500 per annum devalues to £23.37 per square foot in terms of zone a (itza).
The residential upper parts are let on ast agreements and produce an income of £525 pcm, one bedroom, and £650 pcm, two bedroom.
The combined annual income of the uppers reflects £14,100.
Net income yield
Net operating income
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Property facts for 152-154 Eastney Rd, Southsea
The property comprises a mid-terraced building of brick/blockwork elevations under a pitched, slate-clad roof. The premises is configured to provide retail space at ground floor level with residential accommodation above.
The premises is located with frontage to Eastney Road, close to the junction with Kingsley Road, in the south east of Portsmouth on the outskirts of Southsea. It is one of the main thoroughfares leading to the seafront and Eastney Harbour.
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