Land for sale in Campbell Road, Southsea, Hampshire PO5

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 £60 p.a.; 2028-2053 £120 p.a.; 2053-2078 £240 p.a.; 2078-2103 £275 p.a.
Flat £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.

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