A rare opportunity to acquire a fully let and income producing Town Centre investment property.
The property comprises of a ground floor retail premises which has been let for several years to an IT and mobile phone repair centre with internal stairs leading to first and second floor levels which currently provide accommodation for a 3 bedroom maisonette flat.
The property benefits from single glazing, ample electrical points, slat walling (to ground floor), laminate flooring / carpeted flooring, suspended ceiling with inset LED lighting (to ground floor) and electric heating.
This is seen as an excellent asset management opportunity and viewing is highly recommended
Location
Worthing with a population in excess of 100,000 is a popular seaside town located in between the cities of Brighton (13 miles east) and Chichester (18 miles west) on the southcoast of England.
Worthing is famed for its pier and promenade and both are within 500 yards of the subject property which is situated along Warwick Street in the heart of the town centre. Warwick Street is known for its versatile choice of independent retailers, drinking establishments and eateries.
A short walk away is Montague Street, Chapel Road and South Street where major retailers such as Boots, Marks & Spencer, H&M and the new Pret A Manger are situated.
Worthing mainline railway station with its regular service along the southcoast and north to London (journey time of 1 hour and 25 minutes) is located one mile to the north of the property whilst the town's major bus route is 50 yards from the property.
Accommodation
The property has the following approximate floor areas:
Ground Floor Retail Area - 524 sq ft
1st & 2nd Floor Residential Flat - 1,281 sq ft
TOTAL AREA - 1,805 sq ft
Terms
Terms & Tenancy - The property is available freehold subject to the below mentioned Tenancy.
The property is let to a private individual on an FR&I Lease for a term of 10 years from 7th April 2019. The current passing rent is £18,000 Per Annum. There are no further breaks or rent reviews.
Guide Price & VAT - Offers In Excess of £365,000 (Three Hundred & Sixty Five Thousand Pounds)
VAT is not to be charged on the quoting terms.
Business Rates & Council Tax - According to the VOA (Valuation Office Agency) the property has a rateable value of £16,500. Interested parties are asked to verify this information with the local authority.
The residential flat has a Council Tax Band of B
Legal Costs - Each party to pay their own legal costs
EPC:
Commercial = C(61)
Residential = E(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
- Situated in Heart of Worthing Town Centre with Nearby Occupiers Including HSBC Bank, Kokoro, Robert Dyas, B&M Bargains & Greggs
- Currently Producing £18,000 Per Annum Exclusive
- Excellent Asset Management Opportunity – Potential To Break Up / Increase Rent
- Excellent & Rare Freehold Opportunity
- Viewing Highly Recommended