Summary - SOUTH, 166, HASLEMERE ROAD PO4 9AS
1 bed 1 bath Commercial Property
Large income-producing warehouse with telecoms revenue and redevelopment upside nearby transport links..
Freehold multi-let commercial investment generating £64,200 pa.
A substantial freehold, multi-let commercial investment in central Southsea offering immediate income and strong headline yield. The building produces a passing rent of £64,200 pa and a quoted net initial yield of 9.77% after purchaser costs of 5.12%, with two additional telecoms mast licences enhancing income stability. The property extends to c.14,782 sq ft and is presented in a modern industrial style: open-plan warehouse ground floor with ancillary first-floor offices and two roller shutter loading doors with full-width forecourt access.
The site is well positioned on Haslemere Road close to Albert Road’s retail and leisure offer and about one mile from Fratton Station, supporting easy access for tenants and customers. Construction is rendered cavity brick with metal cladding and a double-pitched rear roof replaced in 2005, indicating some recent maintenance to the envelope. There is no VAT currently charged on the sale (VAT/TOGC to be confirmed) and the tenure is freehold.
Material considerations are straightforward: the building sits in a mixed commercial/residential street with on-street parking only and no private amenity space. Lease lengths are mixed (5- and 10-year terms) and several leases sit inside the Landlord & Tenant Act, which can restrict landlord remedies and affect reversion risk. The wider area is described as a cosmopolitan, student neighbourhood within a hampered aspiration district — a factor for tenant profile and future rental growth.
For an investor the asset offers immediate rental income, diversified by traditional tenants and telecoms rents, plus clear scope for rental reversion or change of use subject to planning. Capital expenditure requirements appear limited: roof works were undertaken in 2005 and the exterior shows recent cladding, but a purchaser should budget for standard maintenance and fit-out costs to optimise occupancy and rental levels. Anti-money laundering ID and source-of-funds checks will be required prior to completion.
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