MIXED COMMERCIAL AND RESIDENTIAL INVESTMENT FOR SALE

• Mixed commercial and residential investment

• Consists of 3 ground-Floor shops, and 8 Flats on the upper floors

• Rental income of £108,160 Per Annum

• Prominent location on worthing seafront, with sea views

LOCATION AND DESCRIPTION

A substantial mixed commercial and residential investment for sale producing rental income of £108,160 per annum. There are three shops on the ground floor and eight flats on three upper floors. The property has the benefit of a front forecourt used by the retailers for car parking. At the back of the building there is a rear yard and alley access.

The ground floor comprises a retail unit occupied as a tattoo parlour, a lower ground floor retail space used as physiotherapy practice with the largest retail unit on the ground floor used as a fishing tackle shop.

Seven of the flats are self-contained. One is non self-contained having a bathroom approached across the landing. This part of the premises is licenced with the Worthing Borough Council as a house in multiple occupation.

The property is in a prominent location, situated on Worthing seafront overlooking Worthing Pier and in the town centre within walking distance of the main shopping areas of Montague Street and South Street. It is also within walking distance of a modern leisure complex, as well as cinema and other amenities.

ACCOMODATION (COMMERCIAL)

Retail Units

Lower Ground Floor Shop – 27 Marine Parade

• Currently a physiotherapist practice.
• Net Internal Area approximately 300 sq ft

Ground Floor Shop – 27 Marine Parade

• Currently a tattoo parlour.
• Net Internal Area approximately 478 sq ft

Ground Floor Shop – 26 Marine Parade

• Currently a fishing tackle shop.
• Net Internal Area approximately 922 sq ft

First, Second, Third & Fourth Floors

Operating as an HMO since one flat is non self-contained.

EXTERIOR:

There is forecourt car parking at the front of the building, currently used by the retail units.

COMMERCIAL TENANCIES:

Lower Ground Floor – 27 Marine Parade

Held under the terms of a full repairing lease which expired in May 2022 at a current rent of £4,000 per annum.

Ground Floor – 27 Marine Parade

Held under the terms of a full repairing lease which expires on 13th July 2028 at a current rent of £9,500 per annum.

Ground Floor – 26 Marine Parade

Held under the terms of a full repairing lease expiring on 9 April 2024 at a rent of £16,000 per annum. The lease is outside the security provisions of the Landlord & Tenant Act.

RESIDENTIAL TENANCIES

All of the flats are let on assured shorthold tenancies. They are all metered separately, with tenants responsible for ALL bills.

THE RENT SCHEDULE FOR 2023

26-

• Flat 1: £1035 pcm
• Flat 2: £580 pcm
• Flat 3: £850 pcm
• Flat 4: £650 pcm
• Total: £3115 pcm
• £37,380 pa

27-

• Flat 1: £875 pcm
• Flat 2: £975 pcm
• Flat 3: £865 pcm
• Flat 4: £725 pcm
• Total: £3440 pcm
• £41,280 pa

Combined total: £78,660 pa

PRICE

Offers in Excess of £2 Million Pounds Freehold subject to unfurnished assured shorthold tenancies and commercial leases.

LEGAL FEES

Each side to bear their own legal costs in the transaction.

EPC RATING(S)

COMMERCIAL:

• 26: TBC
• 27: C
• 27 Basement: TBC

RESIDENTIAL:

• 26 Flat 1: E
• 26 Flat 2: D
• 26 Flat 3: D
• 26 Flat 4: E
• 27 Flat 1: E
• 27 Flat 2: D
• 27 Flat 3: D
• 27 Flat 4: E

ACCOMODATION (RESIDENTIAL)

26 Marine Parade

Flat 1:

• Lounge
• 2 Bedrooms
• Kitchen
• Bathroom/W.C.
• Exterior Balcony

Flat 2:

• Lounge
• 2 Bedrooms
• Kitchen
• Separate Bathroom/
• W.C. on Mezzanine Landing

Flat 3:

• Lounge
• 2 Bedrooms
• Kitchen
• Bathroom/W.C.

Flat 4:

• Lounge
• 1 Bedroom
• Kitchen/Dining Room
• Bathroom/W.C

27 Marine Parade

Flat 1:

• Lounge
• Kitchen Area
• 2 Bedrooms
• Bathroom/W.C.
• Exterior Balcony

Flat 2:

• Lounge
• 2 Bedrooms
• Kitchen
• Bathroom/W.C

Flat 3:

• Lounge
• 1 Bedroom
• Kitchen
• Bathroom/W.C

Flat 4:

• Lounge
• 1 Bedroom
• Kitchen
• Bathroom/W.C

VIEWINGS AND FURTHER INFO:

Nicole Evans

Ne@sprattandson.co.uk

01903 234343