Summary - Flat 5, 77 Castle Road PO5 3AY
1 bed 1 bath Mixed Use
Turnkey central Southsea property with immediate rental income and refurbishment potential.
Freehold mixed-use investment producing £38,720 pa gross income
This freehold mixed-use building on Castle Road offers an immediate, income-producing investment in central Southsea. The ground-floor retail unit plus two self-contained one-bedroom flats are currently fully let, producing a combined gross annual income of £38,720. Separate access to the flats via a side passage simplifies management and preserves tenant privacy.
The property is a large Victorian end-terrace (approx. 1,824 sq ft) with period character—high ceilings, large bay windows and exposed brick in parts—that will appeal to tenants and support long-term capital growth. It sits in a busy retail and leisure corridor close to Southsea Common, Palmerston Road and local transport links, sustaining strong footfall for the commercial tenant.
Buyers should weigh clear positives against material considerations. The building is solid-brick and likely lacks wall insulation, so energy performance and heating costs may need addressing. The surrounding area is classified as deprived with higher-than-average local crime; this can affect lettings and insurance costs. Some parts may benefit from refurbishment to maximise yields and capital value.
Overall, this is a turnkey freehold investment for purchasers targeting rental income with scope for value-add refurbishment. The property is not elected for VAT and both flats are in Council Tax Band A (Portsmouth City Council). Prospective buyers should commission standard surveys and tenancy/lease reviews to confirm condition and income durability.
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