Summary
24 West Street
The property comprises a two-storey retail premises currently let under two separate leases, with a Hairdresser occupying the main ground floor retail and the remainder of the building (part Ground floor rear and First floor) being let to a Tattoo Studio.
25 West Street
The property comprises a two-storey retail premises currently in use as an opticians on the ground and part first floor, with the same operator running a café from the remainder of the first-floor accommodation.
Rear of 24-25 West Street
There is a large rear workshop area which is presently unlet (but provides a rear fire escape for both present tenants of 24 West Street). Subject to the
necessary planning consents being put in place, we consider this area to be suitable for redevelopment subject to planning and further details upon request.
Key Points
Accommodation
The premises have the following approximate net internal areas:-
24 West Street (Hairdressers)
Retail 40.53 sq m (436 sq ft)
Kitchen 8.62 sq m (93 sq ft)
Total 49.15 sq m (529 sq ft)
24 West Street (Tattoo Studio)
Ground Floor Store 24.60 sq m (265 sq ft)
First Floor 45.71 sq m (492 sq ft)
Total 70.31 sq m (757 sq ft)
25 West Street (Opticians/Cafe)
Ground Floor 37.44 sq m (403 sq ft)
First Floor 21.28 sq m (229 sq ft)
Total 58.72 sq m (632 sq ft)
24-25 West Street (Rear Store)
77.78 sq m (837 sq ft* (GIA)
*Part area behind 25 West Street not inspected/measured
Grand Total 434.14 sq m (4,673 sq ft)
Total site area 0.029 of a hectare (0.073 of an acre)
Tenancies
24-25 West Street is presently producing a total combined income of £51,000 per annum exclusive, broken down per tenancy as follows:
24 West Street (Hairdressers) – presently let to Dab Hands Just Cuts Limited by way of a 5-year lease from 16th September 2021 at a rent of £20,000 per annum exclusive. The lease is granted outside of the security provisions of the Landlord & Tenant Act 1954.There is a mutual break option exercisable on 15th September 2024, subject to both parties providing no less than 6 months’ notice. The lease is drafted on an effectively full repairing and insuring basis with the tenant being responsible to keep the interior in good repair (limited to a photographic schedule of condition) and to contribute towards exterior and common maintenance & repairs up to a maximum of £416.67 plus VAT, per annum. There is a personal guarantee from the sole director of the tenant.
24 West Street (Tattoo Studio) – presently let to Mr Jeremy Peter Saunders t/a Skins & Needles Tattoo Studio by way of a 5-year lease from 19th October 2017 at a rent of £11,000 per annum exclusive. The lease is granted within the security Provisions of the Landlord & Tenant Act 1954. The lease is drafted on an effectively full repairing and insuring basis with the tenant being responsible to keep the interior in good repair and to contribute towards exterior and common maintenance & repairs.
25 West Street (Optician / Café) – presently let to Dixey CB Limited by way of a 10-year lease from 16th September 2014 at an initial rent of £20,000 per annum exclusive. The lease is granted within the security provisions of the Landlord & Tenant Act 1954. The lease is drafted upon a full repairing and insuring basis.
Tenure
The properties are available by way of a sale of the freehold interest, subject to the existing tenancies.
VAT
VAT will be applicable on the terms quoted.
Business Rates
The Rateable Values are as follows, with a UBR of 49.9 p in £.
No.24 – Ground Floor - £24,500
No.24 – Ground Floor Part & 1st Floor - £6,900
No.25 – Ground & 1st Floor - £18,250
We advise that you contact the Local Rating Authority for confirmation of the actual amounts payable.
Legal Costs
Each party is to be responsible for their own legal costs.
Location
The property is situated within West Street, being the prime pedestrianised retailing area of the town, along with Swan Walk Shopping Centre. Nearby
traders include Vision Express, Millets and Caffé Nero. The entrance to Swan Walk, the Carfax and the semi-pedestrianised East Street are all situated close by.
Horsham, being one of the largest West Sussex towns, is located on the A24 close to its junction with the A264 which provides a direct link to the South-East motorway network. Horsham’s mainline railway station is a short walk from the town centre and provides direct services to London Victoria in approximately 50 minutes.