'Substantial' block of flats and shops in Fareham sells for over £1m following 'keen interest'

Going under the hammer on July 24, the investment opportunity, located at 98-124 Miller Drive, consists of seven flats and seven shops - and it has sold for £1,060,000. The flats and shops are let at £89,050 per annum. 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.

Mike Marchant, a senior auction appraiser in Hampshire for Clive Emson Auctioneers, said: “We anticipated keen interest from investors, and this proved to be the case, with the final bid of 18 coming in at £1,060,000, which was £60,000 more than the guide price, and representing a healthy gross yield of 8.4 per cent.”

 “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 lot was sold with Clive Emson Auctioneers and joint auctioneers, Chapplins. For more information about Clive Emson Auctioneers, click here.