VERY LOW CAPITAL VALUE (£49 PER SQ FT) ASSET MANAGEMENT OPPORTUNITY

GOSPORT 131-133 STOKE ROAD, , PO12 1SD INVESTMENT CONSIDERATIONS

Gosport is an established Hampshire town Fully let parade of three units at ground floor. Various asset management initiatives including We are instructed to seek offersin excess of located on the south coast with a population of Upper floors consist of a snooker hall (above future development potential of the upper £1,190,000 (One Million One Hundred and approximately 82,000 people. No.131) and 2-storey offices (above No.133). floors to residential uses and potential to Ninety Thousand Pounds), subject to contract extend floor areas to the rear subject to and exclusive of VAT. Prominently located on the edge of Gosport Passing rent of £126,000 per annum (very low planning. town centre serving the affluent average of £5.23 per sq ft). A purchase at this level reflects anet initial suburb and wider area. Freehold. yield of 10.00%, assuming purchasers costs of AWULT of 5.7 years to expiry and 3.9 years to 5.92%. break. Very low capital value of only £49 per sq ft.

GOSPORT 131-133 STOKE ROAD, GOSPORT, HAMPSHIRE, PO12 1SD WINCHESTER

A3057 A272

A3

Twyford A272

Petersfield M3 A32

A3057 LOCATION Eastleigh A3 M27 B3354 South Downs Gosport is an established Hampshire town located on the south coast approximately 3 miles (4.8 km) AIRPORT National Park south west of , 6 miles (9.7 km) south east of and 15 miles (24.1 km) south east ofM27 Southampton. M271 B2150 Cadnam A32 A286 The town is located on a peninsula with to the west and Portsmouth harbour to the east. A336 A334 SOUTHAMPTON Hedge End Portsmouth is linked via a pedestrian ferry that runs throughout the day with a journey time of four A3(M) Wickham minutes. A35 Waterlooville The A32 (Fareham Road) is the principal arterial route to Gosport providing good access to the M27 at Hythe M27 junctions 10 and 11, which links to the M3 at Southampton and the A3 (M) at Havant. A326 A27 Fareham Rail services to London Waterloo are via Portsmouth with a fastest journey time of 1 hour 40 minutes. Havant A27 Portchester Portsmouth town centre and train station are easily accessed via the harbour ferry. Cosham

A337 Chichester M275 Southampton International airport is located 20 miles (32.2 km) to the north west. A32 A27 The Solent Chichester Blackfield PORTSMOUTH Harbour AONB Lee-on-the-Solent North Solent Hayling Island SITUATION National Nature Reserve GOSPORT Alverstoke The property is prominently situated approximately 0.5 miles to the west of Gosport town centre, adjacent to a Waitrose supermarket, providing excellent access for shoppers travelling from the wider The Solent Cowes area. The building is located between Stoke Road and South Street with good frontage and profile onto both. It is also within walking distance from the town centre and the high street retail and leisure offer as well ISLE OF WIGHT as other out-of-town retail units including those occupied by Argos, Halfords, Asda, Morrison’s and

Iceland. Royal Clarence Marina National Museum A 3 of the Royal Navy 2 ST QUEEN FORTON ROAD AD O A R 32 H Gosport B T

CATCHMENT & DEMOGRAPHICS S D Portsmouth 2 R A Marina P Y RO 1 O M B 5

R M U -Gosport 4

W I

N T Ferry Terminal I

G

H

Gosport has a catchment of 360,000 within a 10km radius and a town population of approximately G D W

A A

R O

D R 82,000. The demographic profile of the Gosport area is typically an older, affluent and skilled worker E A3

L N 2 L

GUN WHARF I

L

A H Town Centre QUAYS N in employment (or now retired). The CACI Lifestyle groups percentage of skilled workers for the area is S

’ E T D SUECT PROPERTY GH S REET N I A H

N O

A 36.7% as opposed to the average for Great Britain of 12.8%. R AD N O E R OUTH ROA D O K S D R O Gosport F D T Gosport War S R R Ferry Terminal A O This affluent population is highlighted further by 66% of the population owning their homes outright Memorial 33 H

G 3 3 W Hospital B Portsmouth N or owning with a mortgage compared to the Great Britain average of 63.5%. Unemployment within IOW Car U G OAD B3333 Ferry Terminal B3 BURY R Gosport is only 1.1% of the economically active population in comparison to the Great Britain average 333 OAD UTH R B SO R of 4.9%. Furthermore, 72% of the local population are aged 35 or over. E O E A U G D

N D Lake I S E R T V ALVERSTOKE B R A E R Haslar E E A T L H S Marina T A D H A O R

D Y E A The Royal Navy

S O

E R

L Submarine Museum

G K

N R

A A P Gosport Park

AD O R R LA Royal Haslar AS H Luxury Waterfront Residential Village

VERY LOW CAPITAL VALUE (£49 PER SQ FT) ASSET MANAGEMENT OPPORTUNITY TENANCY The property is let as set out in the below tenancy schedule providing a total income of £126,000 per annum (average of £5.23 psf) and an AWULT of 5.7 years to expiry and 3.9 years to break.

Unit Tenant Use Floor Basis of Sq Ft Sq M Lease Start Lease End Break Rent Review Rent Rent Car EPC Comments Measurement (pa) (psf) Parking Band 131 LTL Fitness Ltd t/a Gym Ground GIA 4,636 430.7 12/03/2015 11/03/2030 11/03/2025 12/03/2020 £25,000 £5.39 6 D Rent deposit held of £15,000. Service Stoke Road Anytime Fitness 12/03/2025 Charge cap of £1,500 pa subject to RPI increases, cap expires 12/03/2022. WJR Pullman & Snooker First GIA 4,624 429.6 28/11/2003 27/11/2018 £20,000 £4.33 6 E BJ Lomax t/a Mayfair Hall Snooker Club 133 A The Rowans Hospice Retail Ground NIA 4,300 399.5 30/04/2015 29/04/2025 29/04/2020 30/04/2020 £20,000 £4.65 4 C Photographic Schedule of Condition Stoke Road Trading Company attached to lease. Service Charge cap of Limited £1,000 pa subject to RPI increases. 133 B Gosport D1 Ground NIA 2,416 224.5 23/10/2015 22/10/2025 23/10/2020 £19,000 £7.86 4 C Service Charge cap of £750 pa subject to Stoke Road Chiropractic Clinic Medical/ RPI increases. Limited Clinic 133 The Hampshire Offices First NIA 4,055 376.7 01/10/2007 30/09/2017 £42,000 £5.18 12 D We understand it is currently the tenant’s Stoke Road County Council intention to vacate at lease expiry. Second 4,051 376.4 Total 24,082 2,237.3 £126,000 £5.23 32

DESCRIPTION The ground floor of the property comprises three self contained retail units (one with the benefit of D1 medical and one with D2 gym use). The first floor of No.131 is currently in use as a snooker hall. The first and second floors of No.133 are currently used as offices, occupied by the local County Council. The total floor area is 24,082 sq ft over ground, first and second floors and the building is of concrete frame construction. Customer access to the property is from the front, whilst there is loading to the rear of the property. The property benefits from approximately 32 allocated car parking spaces in the dedicated car park shared with Waitrose to the rear. Waitrose, adjacent, have been in occupation for over 43 years and have recently regeared for a further 10 year term.

TENURE Freehold.

GOSPORT 131-133 STOKE ROAD, GOSPORT, HAMPSHIRE, PO12 1SD ISLE OF WIGHT

Fort Monckton Gosport & Golf Club Institute of Naval Medicine

CLAYHALL RD

Royal Haslar Luxury Waterfront Residential Village Gosport Park

ALVERSTOKE HASLAR ROAD

Haslar Marina

BURY ROAD

SOUTH STREET SUECT PROPERTY

STOKE ROAD

Town Centre

HIGH STREET

VAT DATA ROOM The property is elected for VAT and it is proposed that the sale will be treated as a Transfer of a Going There is a data room for the property with key tenancy information, title documents and EPC Concern (TOGC). certificates. Access can be provided on request.

VERY LOW CAPITAL VALUE (£49 PER SQ FT) ASSET MANAGEMENT OPPORTUNITY ASSET MANAGEMENT OPPORTUNITIES

· Refurbish 1st and 2nd floors to provide modern office accommodation and re-let at an improved rent. · Consider future development of upper floors of No.133 as residential (under permitted development rights). The plans below show reconfiguration as 4 x 1 bed and 6 x 2 bed flats (subject to planning). · Explore planning to extend upper parts at rear over single storey block (subject to planning). · Explore either a regear of snooker hall lease or a surrender for conversion to residential (subject to planning). · Possible future amalgamation of ground and first floor of No.131 as a larger gym / for which Anytime Fitness have expressed interest. · Low base rents show good prospects for growth at review.

FLOORPLANS

COMMUNAL COMMUNAL LIFT LIFT STORAGE STORAGE

S S

LIVING LIVING LIVING LIVING 2 1 ED 1 ED 1

3 S ED 1 ED 1 S ED 2 ED 2 S S

LIVING LIVING ED 1 ED 1 E E S S S LIVING S LIVING ED 2 ED 2

E E ED 1 E ED 1

ED 1 S ED 1 S ED 2 ED 2

4 1 9 LIVING LIVING

FIRST FLOOR PLAN SECOND FLOOR PLAN

GOSPORT 131-133 STOKE ROAD, GOSPORT, HAMPSHIRE, PO12 1SD PROPOSAL FURTHER INFORMATION We are instructed to seek offers in excess of£1,190,000 (One Million, One Should you require further information or wish to view the property please contact either: Hundred and Ninety Thousand Pounds), subject to contract and exclusive of VAT. Matthew Brown James Elkington Tel: 020 7493 3330 Tel: 020 7493 3330 A purchase at this level reflects anet initial yield of 10.00%, assuming Mob: 07836 724 420 Mob: 07810 722 459 purchasers costs of 5.92% and a very low capital value of only £49 per sq ft. Email: [email protected] Email: [email protected]

VERY LOW CAPITAL VALUE (£49 PER SQ FT) ASSET MANAGEMENT OPPORTUNITY

Lewis Ellis LLP for themselves or nominees or lessors of this property whose agents they give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers or lessees, and do not constitute part of an offer or contract; (2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: 01282 858200. February 2017.