Hammer to fall on Portsmouth property
We’ve been instructed as the joint auctioneer to a property in Portsmouth.
The mixed-use leasehold investment at 7 and 13 Somers Road, Southsea, is among 16 lots going under the hammer with regional land and property auctioneers Clive Emson.
Currently let at £12,000 per annum, with the ground floor shop occupied by a fish and chip shop, and a one-bedroom flat above, the property has a guide of £90-100,000. Summers, the fish and chip shop, is unaffected.
Tenancy: the shop and flat are held under the terms of a 20-year lease, expiring on 4th November 2029, at a current rental of £12,000 per annum. Tenure: subject to a 99-year lease from 7th November 1966 from the City of Portsmouth at a fixed ground rent of £45 per annum.
Starting at 11am, the auction takes place at the Ageas Bowl, near Southampton, on Wednesday, February 11.
We’ve been instructed as the joint auctioneer to a property in Portsmouth. The mixed-use leasehold investment at 7 and 13…