Dial House is an important, elegant, Listed building built with a Caen stone facade at ground and first floor levels on the southern elevation. Originally constructed as a house, and later used as offices, the upper parts have been converted into 10 apartments and the ground floor is in retail use.
( Agency Pilot Software ref: 10379 )
Location
Lewes is the County Town of East Sussex and is located nine miles east of Brighton and 45 miles south of London. It is served by mainline trains east to Eastbourne, west to Brighton, and north to London Victoria and Gatwick.
Accommodation
Ground Floor 252.21 sq m (2,718 sq ft )
Terms
TENURE Freehold.
ETTINGS The ground floor is let to Waterstones Booksellers Ltd, on a newly renewed FRI lease which runs until 31/01/2030, with no break option and inside the Landlord & Tenant Act 1954. There is no Schedule of Condition. The passing rent is £48,500 per annum, paid monthly in advance. In 2014, the 10 apartments were “sold off” on 125 leases at ground rent of £150 per annum per lease, making a total ground rent of £1,500 per annum. The total rent is therefore £50,000 per annum.
COVENANT Waterstones was founded in 1982 and Waterstones Booksellers Ltd has an Experian rating of 100 Very Low Risk. In the published accounts from 27/04/2024, Turnover was £528,000,000, Post Tax Profit was £43,000,000 and Net Assets/Shareholders funds stood at £104,000,000.
Specification
INVESTMENT SUMMARY
• Historic County Town of Lewes
• Grade II Listed heritage asset
• Pedestrianised prime retail location
• Waterstones in occupation since 2014
• Newly renewed lease
• External repairs programme recently completed
• Offers invited in excess of £550,000
• A purchase at this level shows a net initial yield of 8.67%