Portsmouth is predominantly located on Portsea Island on the south coast in Hampshire, approximately 19 miles south-east of Southampton and 70 miles south-west of London.
The city has one of the strongest marine and maritime economies in the UK, as well as being home to the Royal Navy. Global giants in the advanced manufacturing, defence, technology and aerospace are located in the city, including BAE Systems, IBM, Babcook, QinetiQ, Airbus and PALL Europe.
Portsmouth is the 27th largest population centre in the UK which currently stands at 215,000 and is projected to grow to 250,000 by 2050, also accommodating 18,000 new homes by 2034. The city's working population is 4% higher than the national average. The University of Portsmouth is ranked within the top 50 with a student population of 23,000. The first University Technical College opened in 2017 in the city to boost regional employment and to supply a highly skilled advanced workforce.
The site is split into phases allowing greater flexibility and liquidity.
Part of Phase 4 is held on 999 year leases.
We understand the property has been elected for VAT and it is anticipated that the transaction will be treated as a transfer of a going concern.
Offers invited in the region of £56,000,000 (Fixty-Six Million Pounds) subject to contract and exclusive of VAT. An acquisition at this level would reflect a Net Initial Yield of 6.76% rising to approximately 6.9% within two years (owing to expected uplifts at rent review, renewal and RPI) assuming purchaser's costs of 6.8%.