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    Key features

    • Planning permission has been granted and implemented for change of use of building (1st-8th floor) to form a student hall of residence (Class C1), comprising 97 study bedrooms
    • GIA of the entire building totals 29,687 sq.ft.
    • The university of Portsmouth is only located 0.8 miles away
    • There are 3 ground floor retail units, one let to Ladbrokes at £20,000 p.a. and another let Dominos at £21,000 p.a., the third unit is vacant and has an estimated Rental Value of £10,000 per annum
    • Potential to create further rooms within the existing building (subject to necessary consents)
    • A number of the planning conditions have already been discharged and all financial obligations due to the local authority have been paid

    Description

    Venture Tower is a building situated in Portsmouth, a great development opportunity with 3 street level commercial properties and 8 floors of office space above.

    Floors 1 – 8 were granted planning permission for change of use to 97 student rooms in 2017, planning has been implemented.

    This lot sits in a great location surrounded by shops and easy access around the city, including to the nearby universities. The building also holds three parking spaces placed in the back courtyard.

    Additional information

    Tenure

    Freehold.

    Accommodation

    Ground floor

    57 Fratton Road (Vacant)

    59 - 61 Fratton Road (Ladbrokes)

    63 - 65 Fratton (Domino's)


    Floor 1- 8

    Office Space


    GIA of the entire building totals 29,687 sq.ft.


    Tenancy

    Ladbrokes -

    Let at £20,000 per annum


    Domino's -

    Let at £21,000 per annum


    Third unit -

    ERV of £10,000 per annum


    The airspace has been sold off to AP Wireless II

    (UK Ltd) has 28 years unexpired.


    Rent

    Total income £41,000 per annum

    Notes

    Joint Agent:

    Matthew Sheldon

    07786 445 645

    M.Sheldon@estate-office.com

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      Local information

      The building is based along the A2047 adjacent to Somers Road in the centre of Portsmouth.

      A good selection of shops and restaurants are all within close proximity to the property.

      Recreational opportunities are offered nearby, including adventure golf, children’s playgrounds, gyms, shopping mall and park lands.

      The property is also well located for the University of Portsmouth, which can be found approximately 0.8 miles away.

      The M275 allows access out of Portsmouth and to other prime south coastal areas, such as Southampton and Bournemouth.

      Transport

      National Rail - Fratton (GWR, South Western Railway & Southern)

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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