Restaurant for sale

Gregson Avenue, Gosport PO13

Investment Consideration:
Gross Initial Yield: 6.29%
Rental Income: £17,620 p.a.
VAT is not applicable to this property
Takeaway let until 2044. No breaks. Tenant in occupation for 25+ years.
Comprises ground floor takeaway and self-contained 3-bed flat above
Occupying a prominent position within this established local shopping centre, amongst a variety of local traders as well as a Co-op Food Store and a Ladbrokes.

Property Description:
Comprises mid-terrace building arranged as a ground floor takeaway with separate rear access via a communal staircase and balcony to a self-contained flat on the first and second floors. There is a rear service road for unloading and off-street parking for at least 4 cars. The property provides the following accommodation and dimensions:
Ground Floor Takeaway: 61 sq m (657 sq ft)
Counter, kitchen, storage, wc
First/Second Floor Flat: 77 sq m (835 sq ft)
3 bedrooms, living room, kitchen, bathroom
Total gia: 138 sq m (1,492 sq ft)

Tenancy:
The takeaway is at present let to an Individual for a term of 20 years from 12th September 2024 at a current rent of £9,100 per annum and the lease contains full repairing and insuring covenants. Rent review every 5th year open market upward only. No breaks.
The residential flat is at present let on AST to an Individual (Holding Over) at a current rent of £8,520 p.a. The flat is occupied by the commercial tenant.

Location
Occupying a prominent position within this established local shopping centre, amongst a variety of local traders as well as a Co-op Food Store and a Ladbrokes, being just off the main A32 serving the surrounding residential area. Gosport is a busy south coast town located 5 miles from Fareham, at the mouth of Portsmouth Harbour. The town enjoys good communications via the M27 (J11) providing access to the south coast region and the surrounding road network.