The property comprises a ground floor lock up shop premises which is open plan in nature with a WC and storage area to the rear along with access to a cellar which is currently being used as additional storage. The shop and flat are accessed via a communal entrance door to the front of the premises, a two bedroom flat occupies the first and second floor and comprises lounge, kitchen, bathroom and two double bedrooms split over two levels. The flat benefits from carpeting throughout, gas central heating (not tested) and is presented in good decorative order.
Location
The historic town of Arundel with its castle and cathedral boasts well over 1000 years of history and enjoys an all year round tourist trade. It has a mixture of independent shops, contemporary art galleries, local and national restaurants and cafes. Arundel mainline railway station offers easy access to London and along the east and west coast while both the A27 and A29 trunk roads offer easy commuting. The cathedral city of Chichester is approximately 10 miles to the west, the town of Worthing and its popular seaside is 9 miles to the south and the cities of Brighton and Hove are approximately 20 miles to the East. The subject property is located along Tarrant Street which is a busy street off the main high street.
Accommodation
The property has the following approximate floor areas:
Ground Floor
Retail Area - 233 Sq Ft
Kitchen / Store / WC Unmeasured
First & Second Floor Flat
Lounge - 14 x 13 182 Sq Ft
Kitchen - 9’1 x 6’6 60 Sq Ft
Bedroom One - 14’8 x 11’5 170 Sq Ft
Bedroom Two - 12’2 x 13’1 160 Sq Ft
Bathroom Unmeasured
TOTAL AREA - 805 Sq Ft
Terms
Tenure - The property is available by way of the remainder of a 999 year lease which has approximately 956 years outstanding.
The property is sold subject to the below tenancies.
The shop is currently let on a 5 year lease which commenced on the 1st February 2023 and ends on the 31st January 2028. The current rental income is £13,750 per annum for the first 2 years and 6 months, then increasing to £14,250 per annum for the remainder of the term (this is excluding VAT), the lease is a FR&I and within the Landlords & Tenants Act 1954 (part 2 as amended).
The flat is currently generating a rental income of £13,800 per annum and is let on a 12 month AST agreement which concludes on the 6th July 2024.
Price - Offers in the Region of £575,000
VAT - We are informed that VAT is not to be charged on the purchase price.
Business Rates/Council Tax - According to the valuation office the ground floor has a rateable value of £9,300.
The flat falls into group C for council tax.
EPC - The flat has a valid EPC with a rating of E48.
The ground floor retail premises has a valid EPC with a rating of C66.
Legal Fees - Each party to pay their own legal costs unless otherwise agreed.