Garage and lock-up site in Portsmouth to be auctioned for £500,000

The freehold plot of land at 174 Eastney Road, comprises a car sales lot occupied by the Milton Motor Company, a vehicle repair garage and more than 40 lock-up stores.

It is thought that it could attract interest from buyers wanting to redevelop the site.

Currently part let at £40,920 per annum, the site is among 153 lots being sold across southern England and Wales by Clive Emson Auctioneers, a member of Portsmouth Property Association.

Rob Marchant, the firm’s Hampshire auctioneer, said: ‘The site has been let on an informal basis for many years with no formal letting or tenancy agreements in place.

‘Prospective purchasers may wish to continue utilising the site as an income-producing investment, though perhaps on a more formal basis.

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‘Alternatively, it is considered that the site may have scope for re-development, subject to all necessary consents being obtainable.’

Chinneck Shaw are joint auctioneers.

Another property up for auction is a commercial and residential investment at 337 London Road, Portsmouth, which is currently let at £20,400 a year.

The guided freehold price is £320,000 to £340,000, and the semi-detached, four-storey property has a commercial tenant, with residential tenants in the two self-contained flats on the upper floors.

A mixed freehold investment at Cosmopolitan House, 3 Delta Business Park, Salterns Lane, Fareham, could go for about £480,000 to £520,000. It’s currently let for £19,100 a year.

Rob said: ‘Close to Fareham Creek and the A32, around one-third of the building is let to two commercial tenants and a residential tenant in a two-bedroom flat.

‘The majority of the building is at present vacant, having last been in use as a children’s nursery – this section of the premises requires significant upgrading and refurbishment.’

Clive Emson Auctioneers’ online auction ends on Wednesday, November 2, with bidding opening 48 hours beforehand.