Three Storey Freehold Property In Prominent Position

This three-storey building sits in a prominent position in the city, with the billboard on the side advertising to thousands of cars that pass by every day. The retail unit on the ground floor is vacant with the two flats on the upper floors sold under the terms of long leases. The retail unit on the ground floor is vacant and in addition to retail it is considered that there is potential for it to be converted into a 2-bed flat with garden, subject to all necessary consents being obtained. Local Planning Authority Portsmouth City Council. Website: portsmouth.gov.uk Tel: 023 9283 4334. Digital Advertising Screen Tenancy Let under the terms of a commercial lease/licence agreement at rental of £6,000 per annum. We understand this income is then split equally between the long leaseholder of the upper two floors and the freeholder. Further details will be available in the legal pack. First Floor - Flat 279 Tenure Sold on a 99-year lease from 15th January 1988 at an initial ground rent of £75 per annum. Second/Third Floor - Flat 291 Tenure Sold on a 125-year lease from 25th March 1982 at an initial ground rent of £75 per annum. EPC Rating C (52). Floor area 71 sq.m. Auctioneer's Note Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation. Freehold with Part Vacant Possession