Unit 2 is a ground floor corner retail unit situated in a prime position on Montague Street at its junction of Montague Place.
The ground floor provides good open plan retailing space with frontage to Montague Street.
The whole building was formerly occupied by Woolworths. Unit 1 (ground and first floors) is occupied by H and M. At second floor level and above there is an exciting residential development currently being constructed.
( Agency Pilot Software ref: 5165 )
Location
Worthing is the largest town in West Sussex with a population over 105,000. It is 55 miles south of London, 12 miles west of Brighton and 18 miles east of Chichester. The town is a centre for retail, leisure and business with large employers such as GSK, Bowers & Wilkins, Southern Water, Equiniti, Rayner Optics, LEMO UK and HMRC all having large facilities in the town. Retailers including Marks & Spencer, River Island, New Look, Waterstones, Game, H Samuel, Berts Homestore and H&M are all represented
Accommodation
Area 157.93 sq m (1,700 sq ft )
Storage 6.13 sq m (66 sq ft )
TOTAL 164.06sq m( 1,766sq ft |)
Terms
TENANCY The entire property is let to Mountain Warehouse Ltd on a 5 year fully repairing and insuring lease from 29/2/2024 to 28/2/2029. The lease is outside the Landlord and Tenant Act and the rent is £37,500 pax plus VAT, payable monthly. There is a tenant only break option (six months notice minimum) on 1/3/2027. The lease is outside the Landlord & Tenant Act 1954.
COVENANT The accounts for Mountain Warehouse Ltd (03417738) dated 26th Feburary 2023, report a turnover of £371,035,000, a net profit (loss) after tax of (£1,987,000) and Shareholers Funds at £120,311,000.
TENURE The property is held on a 999 year lease from 16/10/2018 to 15/10/3017. The passing rent is at a peppercorn and there is no rent review. The use clause is wide ranging for commercial uses and contributions to repairs and maintenance limited to “reasonable and proper”.
PROPOSAL Offers in excess of £330,000 are invited. A purchase at that level, after allowing for normal purchaser’s costs, would show a net yield of 11%.
RATES The current 2023 Rateable Value of the property is £32,250.
Specification
• Largest town in West Sussex.
• Montague Street is the main retailing thoroughfare of Worthing.
• Prime corner retail unit in Montague Street.
• Let to national multiple with a turnover of £371m.
• Recently renewed 5 year lease, tenant has been in occupation since 2012.
• OIEO £330,000 – a purchase at that level shows a net initial yield of 11%