Retail property (high street) to rent
Property description & features
- Conversion works commenced
- Ground floor commercial space
- Prime town centre location
- Flexible unit sizes
- Suitable for wide variety of uses
Conversion of the existing former department store building is underway to provide a mixed use scheme with commercial space at ground floor level and residential apartments over the upper floors. The scheme will preserve key architectural assets such as entrances, stairwells and glazing. Part of the commercial space at ground floor level is set to be occupied by a GP surgery and pharmacy. The remaining space is capable of occupation as a whole or in part. An indicative scheme showing division into 5 commercial units has been prepared, incorporating back of house, plant and delivery areas, but there is flexibility depending on occupier requirements. The intention is to provide the commercial units in shell condition, with glazing & entrance doors and separate mains services as required.
Location
The building occupies a prime location fronting both Palmerston Road and Osborne Road in Southsea’s main shopping area. The centre is anchored by a Waitrose store and benefits from various shopper car parking. Palmerston Road is a busy thoroughfare with the pedestrianised section accommodating retail and leisure occupiers including Loungers, Coffee#1, New Look, Robert Dyas and WH Smith. Osborne Road has a thriving independent occupier scene, with retailers, coffee shops, bars and restaurants.
Terms
Available on new lease basis for a term to be agreed, subject to 5 yearly rent reviews.
Planning
The ground floor currently benefits from a Class E use but is suitable for a wide variety of alternative uses that could include retail, leisure and office.
Rateable Value & EPC
To be assessed.
Legal Costs
Each party to bear their own legal costs.
VAT
Unless otherwise stated terms are strictly exclusive of Value Added Tax and interested parties must satisfy themselves as to the incidence of this tax in the subject case.
AML
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser or tenant and any beneficial owner together with evidence/proof identifying the source of funds being relied upon to complete the transaction.
Property information from this agent
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