LOT 26 - Fareham

Mitchell Close, Segensworth East, Fareham, Hampshire, PO15 5SE

South East Industrial Investment let to Hampshire County Council

Withdrawn

Gross Initial Yield 7.48%Commercial - 23rd March 2021
Key Features
  • Entirely under let to Hampshire County Council on a full repairing and insuring lease expiring 2030
  • Comprising a total of 45,238 sqft over 28 units ranging from 474 sqft to 4,900 sqft
  • Site area of 1.33 ha (3.3 acres) - only 31% site cover
  • Three yearly upwards only rent reviews based on rents receivable
  • Prominently located in Hampshire's largest industrial location, Segensworth Business Park
  • Excellent communication links, lying adjacent to the M27 motorway (J9)
  • Six Week Completion

Total Current Gross Rent Reserved
£435,000 p.a.
Total Current Net Rent Reserved
£348,000 p.a.
Tenure

Leasehold. Held from Hampshire County Council on a lease for 99 years from 19.12.1980 at a current ground rent of £87,000 per annum, subject to review on 19.12.2023 and every third anniversary thereafter. The rent is reviewed to the greater of the current passing rent or 20% of the aggregate rental income receivable from subtenants of the estate (2).
The lease provides for an option to renew for a further 26 years effectively offering an unexpired term of 84 years. On 19th December 2030 and every 25th anniversary the intervals between the rent review dates can be reviewed.


Location
  • Fareham lies 8 miles northwest of Portsmouth and 7 miles east of Southampton, London is 80 miles to the north-east
  • The town benefits from immediate access to Junctions 9, 10 and 11 of the M27 Motorway, with links to the M3 & A3
  • Segensworth Business Park is the principal industrial and distribution location for the South Coast offering over 3.5m sqft of employment space
  • Fareham Railway Station provides direct access to Southampton (from 20 minutes) and Portsmouth (from 18 minutes)
  • Nearby occupiers close by include Screwfix, Halfords, Yodel, CEF, Saab, Makro, Coopervision and Lloyds Banking Group
Additional Information
  • The industrial estate comprises 28 industrial units arranged in 7 terraces
VAT

VAT is applicable to this lot.

Additional Charges
  • Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts.
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