A two storey terraced building with brick faced elevations under a pitched slate roof. The ground floor comprises a retail unit and at the first floor there is storage space, a kitchen and a WC.
At the rear there is access to Haddington Close which could be used to access the first floor independently from the retail unit.
( Agency Pilot Software ref: 4468 )
Location
Hove forms a constituent part of the city of Brighton and Hove, located on the East Sussex coast approximately 14 miles east of Worthing and 24 miles west of Eastbourne with a total population of 290,395 (2018 ONS). George Street is Hove's established prime retailing street, connecting Blatchington Road with Church Road, and linking to a Tesco superstore. The property occupies a 100% prime position on the west side of George Street. Other near by occupiers include Grape Tree, Boots, Waterstones, Claire's, WH Smith, Costa and Robert Dyas.
Accommodation
Ground Floor 86.86sq m ( 935 sq ft )
First Floor 26.29sq m( 283 sq ft )]
TOTAL 113.15sq m ( 1,218sq ft )
Terms
TENANCY The lease has been renewed to Claire’s Accessories UK Ltd, on a new five year FRI lease from 20/10/2023 to 19/10/2028 at a rent of £20,000 pa paid monthly. The lease is outside of the Landlord & Tenant Act 1954. There are break options at 20/10/2025 and 20/10/2026 both on three months’ notice. The rent equates to £38 ITZA.
COVENANT CLAIRE'S ACCESSORIES UK LTD, Company number 03115188, reported in their accounts, for the period to 23/01/2023, a turnover of c.£132m and net assets/shareholders funds of £8,488,000.
TENURE Freehold EPC The property has an EPC rating of B.
RATES The property has a Rateable Value of £17,500 (2023 list).
VAT The property has been elected for VAT. It is anticipated that the sale will be treated as a TOGC.
PROPOSAL Offers in excess of £260,000 are invited. A purchase at this level, allowing for normal costs, will show a net initial yield of 7.5%
Specification
• Prime retail location in popular Hove
• Semi pedestrianised location opposite WH Smith and adjacent to Waterstones
• Let to a national multiple retailer who has occupied the unit since 1999
• EPC rating is B
• Residential conversion and extension potential
• Rear access to Haddington Close
• Offers in excess of £260,000 are invited for the freehold. A purchase at that level shows a net initial yield of 7.5%