The property comprises a 2 storey corner building that was completely rebuilt in 1986 and has now been extensively fitted out by the tenant, Starbucks Coffee Company for their own use.
The ground floor trades as a coffee shop and at first floor level, with its own access, are staff offices, WCs and training facilities. The building is rendered and has a slate pitched roof together with an asphalt covered flat roof to the rear.
( Agency Pilot Software Ref: 10201 )
Location
The City of Brighton is the largest conurbation in the South East with a resident population of 273,400 (2011 Census) and is located approximately 56 miles south of London and 25 miles west of Eastbourne. The City benefits from excellent road communications with the A23 dual carriageway providing a direct link to the M23 motorway and Gatwick Airport, 20 and 22 miles north respectively.
Brighton railway station provides regular and direct services to London Bridge and Victoria with a fastest journey time of approximately 50 minutes. St James’s Street is the main retail thoroughfare connecting Brighton City Centre with the densely populated suburb of Kemp Town.
The property is close to the European Headquarters of American Express in Edward Street, the seafront, the Brighton Pier and the new Brighton Wheel. The building is situated in a dominant position on the south side of St James Street on the corner of Charles Street and opposite Morrisons supermarket. It’s within a Conservation area
Accommodation
Ground Floor Sales 1,342 sq ft (ITZA 985 units)
1st Floor staff, training and toilets 650 sq ft
Total 1,992 sq ft
Terms
Planning. Planning consent (APP/Q1445/C/08/2092192 and APP/Q1445/A/08/2090672) was granted on appeal in March 2008 for a change of use from A1 retail to A1/A3 mixed use as a coffee shop. The first floor to be ancillary to the ground floor and not for customer seating.
Covenant We have summarized below some financial details of the tenant, which are for information purposes only. Purchasers are advised to make their own enquiries as to the financial standing of the tenant. For the 2013 financial year the company reported the following figures: Turnover £XXX Pre-tax profit (£XXX 20,465,123) Shareholders’ Funds £XXX
VAT VAT will NOT be chargeable on this sale.
Price £XXX is required for the freehold interest. A purchase at this level will show a net initial yield of 6.02% after deducting standard purchasing costs of 5.8%.