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.