Link House, 44a, High Street, FAREHAM, Hampshire, PO16 7BQ
starts 09:30 AM at Grand Connaught Rooms
Part Let at £79,956 Per annum with 1,732 sq ft Vacant
ERV when fully let circa £135,000 p.a
Ideal SIPP Investment Opportunity
Conversion Potential Subject to Consents
The property is set within the heart of Fareham off the High Street in this historic and vibrant town. Fareham is a market town lying at the North West tip of Portsmouth Harbour between the cities of Portsmouth and Southampton. The town was the beneficiary of an urban renewal project that commenced in 1999 involving the renovation of the Town Centre and historic buildings but to also include a new shopping and entertainment complex. The town is well served by road and rail links with the M27 motorway passing around is northern fringe which provides easy access to Portsmouth and Southampton but also links to the M3 motorway and A3 (M). The A27 and A32 both pass directly through Fareham further enhancing road links. Bus services link to the surrounding and outlying areas whilst Fareham rail station (West Coast line) provides services to Southampton, Brighton and Portsmouth together with direct services to London Victoria and London Waterloo.
With access via a right of way leading from the High Street the property comprises this brick built office building set in an almost parkland style setting whilstproviding extensive on-site parking for a total of some 34 vehicles. The building is arranged principally as two interlinking “wings” providing great scope for subdivision for letting either as a whole or part. Currently the ground floor offices space is let as single use offices to one tenant and comprises at this level some 394.7 sq m (4,248 sq ft). The first floor is divided into two “wings “ , the south side wing comprising some 197.6 sq m ( 2,126.9 sq ft) and this area is occupied by a single tenant. The north wing was until recently occupied by Countrywide Estate Agents and this area is sold with vacant possession and comprises some 161 sq m(1,732 sq ft). In total the building provides some 743.3 sq m (8,108 sq ft) of offices and ancillary space plus communal areas for access etc.
Clearly the property as is provides a great investment opportunity. Whilst buyers are deemed to rely upon their own enquiries, initial research by the auctioneers suggests that the current rental value for the office space could be in the region of £17.50 per square foot. Given this value, on letting the vacant space and following the review due August this year for the ground floor, the estimated rental value for the whole could be in the region of £135,000 per annum. Alternatively buyers may wish to consider opportunities through permitted development or full planning for the conversion of the existing space and potential conversion of the roof to a mansard to create a number of self-contained flats which could be a superior residential development within its own grounds yet in the heart of Fareham. Buyers considering development and/ or rental values must rely on their own enquiries and independent advice.
Tenancies / Accommodation:
Ground Floor Offices:
Ground Floor office area 1 – 197.1 sq m (2,121.5 sq ft)
Ground Floor office area 2 – 173.5 sq m (1,867.5 sq ft)
Staff WC Facilities 16.8 sq m (180.8 sq ft)
Plant Room 7.2 sq m (77.5 sq m)
Total 394.7 sq m (4,248.5 sq ft)
Outside 18 Parking Spaces
The ground floor offices together with 18 car parking spaces are let to Prosig Limited on effective full repairing and insuring terms (via service charge) for a term of 15 years from 1st August 2015 at an initial and current rent of £49,800 per annum. The lease provides for tenant options to break in 2018, 2021 and 2025. The tenant has NOT exercised their break option. The lease also provides for upward only rent reviews every three years. There was no increase in rent demanded as a result of the 2018 rent review – next review due August 2021.
VAT is applicable to this lot, however it is envisaged that the sale shall be treated as a “TOGC”, provided the buyer is VAT registered.
Prosig Limited (company number 09099121) was originally founded in 1977 and incorporated in its current structure since 2014. The company is a leading provider of noise and vibration measurement equipment and have offices on the UK, USA and partners around the globe.
First Floor Offices South Wing:
Office Area 197.6 sq m (2,126.9 sq ft)
Shared WC Facilities
Outside 8 Parking Spaces
This area is let to Sure Telecommunications Limited for five years from 4th April 2019 at a current rent (as per stepped rent increases within the lease) of £30,156 per annum. The lease is effective full repairing and insuring terms (via service charge) and with no break clauses.
Note: Sure Telecommunications Limited is a provider of delivering telecom solutions to the business environment together with other energy and procurement solutions. Company No. 11545802 incorporated 1/9/2018.
First Floor Offices North Wing:
Office Area 161.0 sq m (1,732 sq ft)
Shared WC Facilities
Outside 8 Parking Spaces
This part of the building together with the allocated 8 parking spaces is sold with vacant possession.
Total Current Rents Reserved
£79,956 per annum with rent review due August 2021 and 1,732 sq ft office available to let. ERV following review and when full let circa £135,000 per annum (see “potential” as above)
To View: Strictly and only by prior arrangement with the auctioneers
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