Fareham mixed-use parade sells after being held by the same family for over a century

The freehold of 76–78 High Street, a multi-let mixed-use parade at the southern end of Fareham town centre, has completed, with Fareham’s Nick Holtby acting as sole agent throughout the sale.

The parade had been held by the same family for over 100 years before being brought to market as an investment, with a guide price of £1,000,000. It comprises five ground-floor commercial units, let to independent traders including a barbershop, a hairdressers’ and a framing centre, together with four self-contained flats above, producing a total gross income of £102,120 a year. The parade sits within a conservation area, and three of the units are Grade II listed.

The asset

The commercial units are let on a mix of internal repairing and insuring terms, whilst the four flats are let on assured shorthold tenancies managed by a local agent. At the marketed guide price, the parade reflected a gross yield of 7.80%.

The location

The parade occupies a prominent position at the junction of Fareham's High Street, East Street and West Street, close to the town's pedestrianised shopping precinct and Fareham Live. It also sits within reach of Junction 10 of the M27 and Fareham train station, which runs a direct line to London Waterloo. Welborne Garden Village, a new development of up to 6,000 homes to the north of the town, is under construction nearby.

"A rare chance"

Nick Holtby, who handled the sale, said: "This was a rare chance to buy a town-centre parade that has been in the same hands for generations. Interest was strong throughout the marketing process. Situated just a mile south of the new Welborne Garden Village development should drive footfall into the future."

What the sale demonstrates is continued appetite for mixed-use town centre investments, even where individual lot sizes are modest.

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