A rare opportunity to acquire the freehold of a substantial town centre three storey building.
The property which is well positioned in the centre of the town just off Montague Street comprises of a versatile Class E ground floor commercial premises with the first and second floors providing 8 self-contained residential flats which have been sold off on long leases.
The ground floor has recently been let to an international supermarket who have completely re-fitted the premises to include non-slip flooring, LED strip lighting, air conditioning (not tested), ample electrical points, CCTV (not tested) and superb triple fronted double glazed window frontage.
This is seen as an excellent asset management opportunity and viewing is therefore highly recommended.
Location
The premises are situated on the east side of Portland Road, a short distance from Montague Street, Worthing's prime pedestrianised thoroughfare. The main retailers include Boots, Superdrug, Marks & Spencer and Poundland are all nearby. Portland Road has an attractive mix of retail, bars, restaurants and coffee shops and has recently received substantial local authority capital investments. It has become an attractive pedestrian-friendly location with new street paving, landscaping and planting plus extensive seating. The subject premises adjoin Guild Care, and are close to the Efes Turkish Restaurant, Cucinetta Bistro, the Montague Gallery, the Libertine Bar and other coffee and retail outlets.
Accommodation
The property has the following approximate floor areas:
Main Retail Area - 2,280 sq ft
Store - 200 sq ft
Office - 56 sq ft
Store - 186 sq ft
TOTAL AREA - 2,722 sq ft
Terms
Terms & Tenancies - The property is available freehold subject to the below mentioned Tenancies.
Ground Floor
The property is let to A&S Food & Drink Ltd for a term of 15 years from 12th November 2024. The Lease contains a Tenant only break clause on 12th November 2029 and an open market rent review at the same date. The current passing rent is £33,000 Per Annum exclusive. The rent rises to £37,200 Per Annum from 12th November 2027. The Lease has a personal guarantor included.
Upper Floors
The upper parts comprise of 8 self-contained flats which have been sold off on long 125 year leases. Each flat pays a peppercorn ground rent. Further details available upon request.
Guide Price & VAT - £585,000 (Five Hundred & Eighty Five Thousand Pounds)
VAT is not to be charged on the quoting terms
Business Rates - The April 2023 Rateable Value of the property is £25,750.
Legal Costs - Each party to pay their own legal costs incurred with this transaction
EPC - B(44)
Anti-Money Laundering - 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
- Superb Asset Management Opportunity in Heart of Worthing Town Centre
- Nearby Occupiers Include Marks & Spencer, Boots, Superdrug, Saltrock, JD Sports & H&M
- Net Initial Yield of 8%
- Ground Floor Let to Supermarket on 15 Year Lease From November 2024. Superbly Fitted Out
- Viewing Highly Recommended