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The property is comprises a former public house, which has been refurbished and extended to provide a modern format convenience store on ground floor with a large 3 bedroom flat above.
There is rear access with loading yard.
Gosport is not only an attractive Hampshire coastal town but is also home to the Royal Navy’s HMS Sultan, the Defence School of Marine Engineering (DSMarE) and the Royal Naval Air Engineering and Survival School (RNAESS). The town is situated on a peninsular to the west of Portsmouth Harbour and the city of Portsmouth to which it is linked by the Gosport Ferry.
The town is located approximately 13 miles south west of Portsmouth, 19 miles south east of Southampton and 6 miles south east of Fareham.
The property benefits from good road communications with the Stoke Road linking north via the A32 Forton Road to junctions 10 and 11 of the M27. The M27 in turn provides access west to the M3 at Southampton and east to the A3(M) at Havant.
Portsmouth Harbour railway station, accessed via the Gosport Ferry, provides a fastest journey time to London Waterloo in 1hr 36 mins.
Southampton International Airport is 20 miles to the north west, providing domestic, european and international flights.
Furthermore, Gosport has three yacht marinas with over 1,400 berths attracting numerous visitors particularly over the summer months.
Gosport has a catchment of 360,000 within a 10km radius and a town population of approximately 82,000. The demographic profile of the Gosport area is typically an older, affluent and skilled worker in employment (or now retired). The CACI
Lifestyle groups percentage of skilled workers for the area is 36.7% as opposed to the average for Great Britain of 12.8%.
This affluent population is highlighted further by 66% of the population owningtheir homes outright or owning with a mortgage compared to the Great Britain average of 63.5%. Unemployment within Gosport is only 1.1% of the economically active population in comparison to the Great Britain average of 4.9%. Furthermore, 72% of the local population are aged 35 or over.
The property is situated on Wych Lane, adjacent to Bridgemary School, a secondary school for 570 pupils.
Bridgemary is a densely populated residential suburb to the north west of Gosport town centre.
The entire property is let to Southern Co-operative Retailers Limited on an FRI lease (subject to schedule of condition) for a term of 15 years with effect from 2 August 2010, expiring 1 August 2025 (5.1 years unexpired).
The current rent of £61,000 per annum (£18 psf) is subject to one further review on 2nd August 2020 to the open market rental value.
There is a reversionary lease in place with the sub-tenant, Badrunisa Limited on identical terms to the over-riding lease for a term of 13 years from 2 August 2025, expiring 1 August 2038.
The reversionary rent is the current passing sub-let income of £35,000 per annum and is reviewed to uncapped RPI on 2 August 2025, 2 August 2030 and 2 August 2035.
Therefore, the current estimated rental value is £38,520 per annum (base month January 2017 – 265.5 current RPI – 292.2)
Freehold
The property extends to a total of 3,003 sq ft on the ground floor. The residential accommodation extends to 1,514 sq ft providing a total area of 4,509 sq ft.
The property sits on a site of 0.23 acres (0.93 hectares) which includes a delivery yard to the rear and 8 car parking spaces to the front.
Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.