'Commercial investment' arises as property with unit and four flats gets ready to go under the hammer
A mixed-use property with four flats and a commercial unit will go under the hammer next month.
Clive Emson Land and Property Auctioneers is getting ready to sell a property in the heart of Southsea, which has been described as a ‘commercial investment’.
With a guide price of £495,000-plus, this mixed use building comes with four self contained flats and a ground floor commercial unit.
Currently fully let at £54,060 per annum, the freehold property in Elm Grove is among 161 lots listed across southern England by Clive Emson Auctioneers.
Joe Rocks, auction appraiser, said: “This Victorian building offers a commercial investment on the ground floor which is let under the terms of a commercial lease and four self-contained flats which are individually let on Assured Shorthold Tenancy agreements.
“Elm Grove is situated in central Southsea in a prominent position for hospitality businesses and only a short distance to Southsea seafront.
“The commercial element is currently occupied as a convenience store with a one-bedroom flat to the rear and with its own entrance, and the three flats above the shop share a communal entrance and stairwell.”
The property is being auctioned off with joint auctioneers Fry & Kent Southsea.
The auction will end on December 11, with bidding going live on December 9.