'Substantial' block of flats and shops in 'popular' Fareham area to go under hammer with guide price of £1m

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A freehold block of seven shops and seven flats will be auctioned off this month - for upwards of £1m.

Going under the hammer on July 24 is an investment opportunity consisting of seven flats and seven shops in a well known part of Fareham. Let at £89,050 per annum, the property at 98-124 Miller Drive is among 165 lots listed across England by Clive Emson Auctioneers, which has its regional office at Whiteley.

Mike Marchant, a senior auction appraiser in Hampshire for the firm, said: “We anticipate keen interest from investors – the gross yield at the guide price represents nearly 9 per cent, a respectable return.

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A block of seven flats and seven shops will be going under the hammer on Wednesday, July 24 for a guide price of £1m. 
A block of seven flats and seven shops will be going under the hammer on Wednesday, July 24 for a guide price of £1m.
A block of seven flats and seven shops will be going under the hammer on Wednesday, July 24 for a guide price of £1m. | Clive Emson Auctioneers

“Located in a popular residential area of Fareham, this substantial freehold block comprises seven flats and seven shops.

“Five of the flats have been sold under the terms of long leases, with the remaining two let under the terms of assured shorthold tenancy agreements.

“The seven commercial units are let to a variety of occupiers, with three operating as a day nursery.”

The multiple commercial units will continue to operate in accordance with their existing leases. Good Manors Day Nursery, which is one of the units at the site, has a lease of 28 years from 2004 and they will continue to operate as usual as well as the other tenants.

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