Estate among auction lots

Mutiny Festival brought over �2m to the local economy Picture: Paul Windsor

Mutiny Festival brings £2.7m into Portsmouth economy

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SEVENTEEN industrial units converted from the arches of a large Victorian fort called The Galleries at Fort Fareham Industrial Estate are to go under the hammer with a reserve price no higher than £90,000.

Rob Marchant, auctioneer, said: ‘We’ll be humming the same tune too, given the keen interest we expect to be shown by bidders.

‘This is a high-yielding, long leasehold commercial investment which is bound to have investors whistling away – all total annual rent is just over £35,000, with just one unit vacant.’

Occupiers are unaffected by the sale.

At the same site, units 6A and 6B, part-let at £12,500 per annum, have a leasehold guide of £125,000 to 135,000.

The properties are being sold at the Ageas Bowl on Wednesday, November 5.

In the last year £130m of land and property has been sold.