An attractive mid terrace property arranged over ground, first and second floors with ancillary outside yard area to the rear of the ground floor shop which benefits from vehicular access. The residential accommodation is fully self contained and comprises two 1 bedroom flats
( Agency Pilot Software ref: 34532 )
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. Goring Road is approximately 1.5 miles East of Worthing Town Centre, it serves as a bustling local High Street offering a mix of independent retailers and well-known national multiples.
Accommodation
56b (1 bedroom - second floor flat) 42.46 sq m (457 sq ft )
56a (1 bedroom - first floor flat) 38.93 sq m (419 sq ft )
56 (Ground Floor Shop) 111.53 sq m (1,200sq ft )
TOTAL 192.92 sq m (2,076 sq ft )
Terms
TENANCY The entire property is let on a single lease to Mutual Services (Portsmouth) Limited (MS(P)L) from the 25th of December 2016 to the 24th of December 2026 at a passing rent of £31,000 pa, paid quarterly in advance, inside the Landlord & Tenant Act 1954.
COVENANT MS(P)L is a subsidiary of The Southern Co-operative Limited (TSCL) who are the ultimate parent company but are not a party to the lease. MS(P)L reported a turnover of £2,595,813 in 2024 and current assets of £57,593,081. Founded in 2006 MS(P)L has an Experian rating of 82 Low Risk.
DATA ROOM Further documentation can be accessed from this link - Click here EPC See data room.
VAT The property has not been elected for VAT, and VAT will not be chargeable on the sale.
TENURE Freehold.
PROPOSAL Offers in excess of £370,000 are invited. A purchase at this level will show a net initial yield, after normal purchasers costs, of 8.06%
Specification
- Worthing is an attractive costal town and the largest in West Sussex.
- Whole building let to Mutual Services (Portsmouth) Limited, who form part of The Southern Co-operative.
- Lease expiring 24th December 2026.
- Potential to re-gear lease on ground floor commercial and sell off or let the residential upper parts.
- Passing rent of £31,000 per annum exclusive.
- Offers invited in excess of £370,000. A purchase at this level shows a net initial yield of 8.06%, after normal purchaser's costs.