The property comprises of a recently converted ground floor retail premises which has been fully refurbished by the Vendor and newly found commercial tenant (fitness studio). The premises is accessed via shared common parts directly off High Street and benefits from LVT flooring, air conditioning (not tested), ample electrical points and LED strip lighting. The property has a single pain 10ft window frontage onto the main High Street. At the rear of the property is a small kitchenette and WC.
Location
Littlehampton is a popular West Sussex town located on the south coast of England, midway between the cities of Brighton (21 miles east) and Chichester (13 miles west) and is served by the A259 and A27 trunk roads. Littlehampton main line railway station is close by with services to Brighton (40 minutes), Southampton (1 hour 20 minutes) and London Victoria (1 hour 40 minutes). The property is situated within the pedestrianised High Street with nearby occupiers including Greggs, Costa Coffee, Sainsburys, Boots Pharmacy and Superdrug.
Accommodation
The property has the following approximate floor areas:
Retail Area - 975 sq ft
WC - Unmeasured
Total Area - 975 sq ft
Terms
Terms - The property is available to purchase on a freehold basis with the upper parts sold off on a new 999 year lease with a peppercorn ground rent.
Guide Price & VAT - £135,000 (One Hundred & Thirty Five Thousand Pounds)
VAT is to be charged on the quoting terms
Tenancy - The property is let to a private individual on a new 5 year FR&I Lease commencing on the 3rd March 2025 at a passing rent of £12,500 per annum. The Tenant has the right to break the Lease at the 3rd year anniversary date. There is an upward only open market rent review at the 3rd year of the lease. A copy of the Lease is available to serious applicants upon request.
Business Rates - The property has a rateable value of £9,900. Interested parties are asked to make their own enquiries via Arun District Council.
Legal Costs - Each party to pay their own legal costs
EPC - B(36)
AML - In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser or tenant and any beneficial owner together with evidence/proof identifying the source of funds being relied upon to complete the transaction
Specification
- Situated in Heart of Littlehampton, West Sussex
- Nearby Occupiers Include Sainsburys, Costa Coffee, The Works, Greggs & Boots Pharmacy
- Recently Let to Leisure Occupier
- Producing £12,500 Per Annum until March 2030
- Potential for Future Rental Growth
- Net Initial Yield of 9.10%
- Viewing Highly Recommended