56a, America Lane, Haywards Heath, RH16 3QB

Summary

The property is a converted former public house now comprising a mixed use building. At ground floor, the property is of commercial use, currently trading as a convenience store. The c-store lease also incudes a large basement which is accessed externally along the left-hand elevation via external concrete steps.

At first floor there are two self-contained flats which are accessed via a common ground-floor entrance along the right hand elevation of the property adjacent to the car park. Externally, the property benefits from a customer car parking area to the right hand side providing a total of 10 spaces (including designated disabled parking), two of which are demised with the residential parts with the balance forming of the c-store demise.

Key Points

Tenancies

The ground and lower-ground floors are let to Alliance Property Holdings Limited by way of an assignment of a 10yr FRI lease expiring 8th September 2029. The lease contains a Tenant-only break option September 2024 which has not been exercised. The annual rent is £68,000 exclusive.

The two first floor flats have been sold-off on 150 year leases commencing August 2013. Each flat is liable for an annual ground rent of £150.00. The ground rent doubles on each 25yr anniversary until the end of the term. Therefore, the next fixed uplift is 2038 to £300.00 p.a. per flat.

There is also a telecommunications lease over parts of the roof. The lease is vested in AP Wireless II (UK) Limited for a 30yr term expiring in 2046 at a peppercorn rent.

Tenure

The property is held by way of two titles and it is intended that both titles shall be transferred as part of the transaction.

Freehold title: WSX174422 & Long-leasehold title: WSX359346 (999yrs from 2013).

VAT

We are informed that the commercial property is VAT elected. However, it is envisaged that the transaction will
be treated as a ‘transfer of a going concern’ (TOGC).

Proposal

Offers sought in excess of £850,000 (Eight Hundred and Fifty Thousand Pounds) for the combined Freehold and LLH titles.

A purchase at this level reflects a Net Initial Yield of 7.64%, assuming purchaser’s costs of 5.23%.

Location