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COMMERCIAL

Campbell Road, Southsea, Hampshire, PO5 1RP

Offers Over

£95,000

Nesbits, Southsea

PROPERTY TYPE: Residential Development
SIZE: Ask agent

Floor/Site plan 1

Description

We invite offers for this well-situated, speculative DEVELOPMENT OPPORTUNITY, being roof space with PLANNING PERMISSION in place for the construction of TWO 2-BEDROOM PENTHOUSE APARTMENTS having a projected G.D.V. of £400,000-£500,000 and to include the Freehold of the building, being vested in fifteen units, all sold on Long Leasehold terms, with a reversionary interest in 5 flats. Within a desirable and varied Conservation Area (No. 15: Campbell Road), Campbell Mansions is a 1930s-built, three-storey residential development occupying a prominent, tree-planted corner position at the junction of Campbell Road with Lorne Road, some three-quarters of a mile only from Southsea Town Centre (Palmerston Road Shopping Precinct) and a similar distance from The Seafront.

PLANNING

Consent (under Appeal) has been granted for the construction of a third floor roof extension comprising two 2-bedroom penthouse apartments, each of around 73 sq m (785 sq ft). Details are available via Portsmouth City Council's planning portal (Ref: 21/00157/FUL). When built, the new units are considered ideal for sale to owner-occupiers, or for lucrative letting (having a projected rental return of around £1,400 p.c.m. each).

COMMUNITY INFRASTRUCTURE LEVY (CIL)

A CIL payment of £25,323.60p has been calculated as applying to the proposed scheme.

NOTICES

The necessary Section 5 Notices will be served upon the various leaseholders by the seller once sale terms are agreed.

LEASE/GROUND RENT SCHEDULE

Of the 15 existing apartments, ten are held on extended lease terms, the remaining five having a little under 80 years to run. Details are as follows:

Flat 1

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

Flat 2

125 years from 1.1.78 (78.5 years remaining).
Current Ground Rent: £60 p.a.

Flat 3

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

Flat 4

125 years from 1.1.78 (78.5 years remaining).
Current Ground Rent: £60 p.a.

Flat 5

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

Flat 6

125 years from 1.1.78 (78.5 years remaining).
Current Ground Rent: £60 p.a.

Flat 7

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

Flat 8

125 years from1.1.78 (78.5 years remaining).
Current Ground Rent: £60 p.a.

Flat 9

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

Flat 10

125 years from 1.1.78 (78.5 years remaining).
Current Ground Rent: £60 p.a.

Flat 11

215 years from 1.1.78 (170 years remaining).
Current Ground Rent: £200 p.a.

Flat 12

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

Flat 13

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

Flat 14

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

Flat 15

215 years from 1.1.78 (170 years remaining).
Ground Rent: a peppercorn.

TOTAL CURRENT INCOME

£560 p.a.

REVIEWS

Flats 1. 3, 5, 7, 9, 12, 13, 14 and 15 not applicable.
Flats 2, 4, 6, 8 and 10 - 2003-2028 £60 p.a.; 2028-2053 £120 p.a.; 2053-2078 £240 p.a.; 2078-2103 £275 p.a.
Flat 11 - 1978-2028 £200 p.a.; 2028-2053 £300 p.a.; 2053-2078 £400 p.a.; 2078-2103 £500 p.a.; 2103-2128 £600 p.a.; 2128-2153 £700 p.a.; 2153-2178 £800 p.a.; 2178-2193 £900 p.a.

VIEWING

OPEN SITE.

Brochures

Campbell Road, Southsea, Hampshire, PO5 1RP

Open map Street View

NEAREST STATIONS

Fratton Station0.5 miles
Portsmouth & Southsea Station0.8 miles
Portsmouth Harbour Station1.3 miles

About the agent

Nesbits, Southsea

7 Clarendon Road, Southsea, PO5 2ED

Nesbits, Southsea

Established in 1921 as an independent practice of Estate Agents, Chartered Surveyors & Auctioneers, and at our address in the heart of Southsea Town Centre since 1965, Nesbit & Co are very much a recognised and trusted name in Estate Agency.

We have carved out a strong reputation among our competitors, based upon the highest standards of service, true professionalism, and a tenacious attitude to our clients' interests - qualities which, when combined with deep local knowledge and a leve

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Industry affiliations

Royal Institute of Chartered Surveyors

Notes

These notes are private, only you can see them.

Disclaimer - Property reference S395013. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Nesbits, Southsea. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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