High Street, Portishead, Bristol BS20 6EL

£695,000 - Sold Subject to Contract

  • Substantial Mixed Commercial Investment
  • 2x Shops & 2 First Floor Units
  • Fully let
  • Producing approx. £61,520a
  • Due to increase Nov 2020
  • Agreement for Parking to rear.

Telephone: 0117 973 4940

Email: admin@maggsandallen.co.uk

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Property Details

A substantial commercial freehold investment property comprising 2 ground floor shops, a first floor Insurance Agency and a first floor tattoo studio. The property is offered for sale fully let and subject to an imminent rent increase, will produce a gross annual rent of £61,520 pa (due to increase to £64,520 pa in November 2020). The property occupies a corner position on the High Street in Portishead, on the corner of Stoke Road, opposite the Impero Lounge and Post Office. Early enquiries are recommended.

DESCRIPTION -

A substantial commercial investment property comprising two ground floor shops and two further first floor suites.

The ground floor shop fronting the High Street is let and trading as Reeds Rains estate agents.
To the rear is a further shop fronting Stoke Road let to Winning Post bookmaker.
The first floor provides an office suite to the front which is let to an Insurance Agency.
The rear of the first floor provides a further suite let as a Tattoo Studio.

The various parts will produce a total annual rent of £61,520 pa (as at July 2020), although this is due to increase to £64,520 pa in November 2020.

LOCATION -

The property is situated in a prominent corner position on the High Street in Portishead, adjacent to the Impero Lounge.
Other notable occupiers include Costa Coffee, Natwest Bank and McColls Convenience Store.

Portishead is a popular coastal town with a Marina, located just off the M5, providing easy access to Bristol and the Southwest.

PARKING -

Our client also benefits from a lease for the rear car park from Bristol City Council for a term of 10 years from December 2018, subject to a rent of £2,500 pa (tenant break option and rent review in December 2023).

This provides approximately 9 car parking spaces.

Our client in turn sublets the parking to the various tenants (and another local occupier) on license agreements, at £30pcm per space, which equates to an additional income of £3,240 pa.
Subject to the landlords consent, this arrangement could be transferred to the prospective purchaser.

We are informed evidence of Japanese Knotweed has been detected within the rear car park, a programme of treatment with insurance backed guarantee has been agreed.
Our client is in the process of investigating the treatment required.

LEASE DETAILS -

GROUND FLOOR SHOP - 58 HIGH STREET -

Let to CEMB Limited (trading as Reeds Rains) for £22,000 pa for 10 years from May 2017, although we understand this will increase to £25,000 pa from 15th November 2020. In addition to the rent, the tenant is liable for 25% of the service charge costs in regard to maintaining the structure.

GROUND FLOOR SHOP - 8 STOKE ROAD -

Let to an individual (Trading as Winning Post) for 10 years from February 2011 at £14,800 pa.
We understand the tenant does not plan to renew in February 2021.

FIRST FLOOR FRONT - 58 HIGH STREET -

Let to an Insurance Agency for a term of 5 years from 1st July 2015 at a rent of £12,000 pa subject to a 25% share of the service charge costs in respect of maintaining the structure and roof.
We understand a lease renewal for a further 5 years has been agreed subject to an increase in the rent to £12,720 pa, subject to a 3 year tenant break option and rent review.

FIRST FLOOR REAR - 8 STOKE ROAD -

Let as a Tattoo Studio for a term of 5 years from 18th May 2018 for £12,000 pa subject to a rent review in May 2021, and a 25% share of the service charge costs in regard to maintaining the structure and roof.

REAR CAR PARK -

Our client also benefits from a lease for the rear car park from Bristol City Council for a term of 10 years from December 2018, subject to a rent of £2,500 pa (tenant break option and rent review in December 2023).

This provides approximately 9 car parking spaces.

Our client in turn sublets the parking to the various tenants (and another local occupier) on license agreements, at £30pcm per space, which equates to an additional income of £3,240 pa.
Subject to the landlords consent, this arrangement could be transferred to the prospective purchaser.

We are informed evidence of Japanese Knotweed has been detected within the rear car park, a programme of treatment with insurance backed guarantee has been agreed.
Our client is in the process of investigating the treatment required.

BUSINESS RATES -

The ratable value with effect from April 2017 is:
Ground floor shop - 58 High Street - £10,250
Ground floor shop - 8 Stoke Road - £8,900
First floor front office - 58 High Street - £5,600
First floor rear office - We have been unable to locate this listing.
Rear of 54-58 High Street - £3,600pa

ENERGY PERFORMANCE CERTIFICATE -

58 High Street (Estate Agents) Rating: E (101) Jan 17
8 Stoke Road (Bookkeepers) Rating: B (38) Feb 19
First floor Rear, 8 Stoke Road (Tattoo Studio) Rating: F (132) Feb 17
First floor Front, 58 High Street (Offices) Rating: E (117) Feb 19

FLOOR PLAN -

A floor plan is provided for indicative purposes only and should not be relied upon.

VAT -

All figures quoted are exclusive of VAT unless otherwise stated.

CONTROL OS ASBESTOS REGULATIONS -

As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.

VIEWINGS -

Strictly by Appointment with Maggs and Allen.

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Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.