An opportunity to acquire a mixed freehold investment situated in Worthing Town Centre. The Grade II Listed semi-detached property comprises commercial premises at ground floor level and three letting rooms together with a self-contained one bed flat arranged over the first, second and third floors. The commercial aspect comprises a well presented daytime cafe of approximately 470 sq ft with kitchen, storage, WCs and small yard to the rear. The residential parts are accessed via separate entrance at street level with staircase leading to first floor offering a large communal kitchen, one bedsitting room, shower room with WC and a further separate shower. The second floor comprises of two further bedsitting rooms whilst the top floor consists of a self-contained flat with lounge, open plan kitchenette, bedroom and bathroom.
The building occupies prominent position on a busy vehicular thoroughfare through the town. The property is situated opposite the High Street multi-storey car park and is within walking distance of Steyne Gardens, the seafront and Worthing Town Centre with its full range of shopping facilities and amenities. Worthing mainline railway station is approximately 1 mile distant and local bus services pass immediately outside the property.
The ground floor commercial premises are occupied by a private tenant operating a Cafe. They have a 20 year full repairing and insuring lease of the premises from March 2010 with the current rent being £9,750 per annum. A full copy of the lease is available upon request.
The flats/rooms are currently let on Assured Shorthold Tenancies with rents inclusive of rates, electric, water and heating. The current gross income for the flats is £16,800 per annum with one flat currently vacant. We would anticipate the income rising to approximately £21,500 per annum when fully let.
A breakdown of the current rents comprises:
Room 1 £440 pcm
First Floor Bedsit
Room 2 VACANT
Second Floor Bedsit
Room 3 £410 pcm
Second Floor Bedsit
Flat 4 £550 pcm
Self-contained third floor one bed flat
We are advised that under the current levels of occupation an HMO licence is not required, however we would recommend that interested parties make their own enquiries with the local authority.
Freehold, subject to the ground floor lease and ASTs on the upper parts.
Each side to be responsible for their own costs
Under the Finance Act 1989, VAT may be chargeable on the rent or sale price and it recommended that prospective tenants or purchasers should make their own enquiries to establish whether or not VAT is chargeable prior to entering into an agreement.
Strictly by appointment with Spratt & Son