Portsmouth redevelopment plans to move forward

Plans for the redevelopment of a site in Portsmouth could soon advance to its latest stage.The site – known as 32, 34, 42, 56, 58 and 60 Middle Street – was let post-WWII on long leaseholds at now nominal rents for industrial use, with terms of a minimum of 33 years remaining.The buildings are considered to be “out of date and the site would benefit redevelopment, as the area is no longer suitable for the industrial use specified in the original leases”.While Portsmouth City Council would normally seek to retain income generating assets, in this case the potential for a capital receipt “outweighs the long-term rental”.As such, Cabinet is being asked to delegate authorisation and negotiate final terms for the disposal of the site to PV1 Developments.”The developer has an interest in the site, with existing freehold ownership at both ends of middle street, a leasehold interest of two units, and is believed to have the ability to deliver the scheme,” said a report drawn up ahead of the meeting on 22 November.”The proposal demonstrates the council’s ability to work with the community and private housing providers to find an equitable solution for delivery.”