London Clancy - Industrial Sale - Portsmouth, 2 Limberline Road

Date: 19 Jul 2002

Southampton commercial property consultants, London Clancy, have sold the 113 year leasehold interest in 2 Limberline Road Portsmouth, for private property company, Novelfile Ltd.

“This had everything,” says James Clay of London Clancy. In the mid nineties the building was divided into two industrial units and one was sold off to a local pharmaceutical distribution company and the other was let. When the tenant of 2A vacated last year, Novelfile decided the time was right to sell their overriding ground lease interest with vacant possession of the 5,100 sq ft unit.

“First a schedule of Dilapidations was served on the outgoing tenant and then we agreed the rent review at £8,750 with the freeholder, Portsmouth City Council, while we marketed the ground lease. We soon had two parties bidding and we sold to a local investment and development company, Knightsbridge Developments,” continues Clay.

The lease sold for £185,000.

“This is a good example of how complicated and drawn out some property transaction can get,” says Clay “and that’s what London Clancy are here to help with”.

London Clancy and Vail Williams acted for Novelfile Ltd and Labyrinth Properties advised Knightsbridge Developments.

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