MIXED FREEHOLD INVESTMENT FOR SALE

DESCRIPTION:

An opportunity to purchase a substantial freehold investment comprising a ground floor convenience shop with two self-contained flats.

A three storey, late Victorian, end terrace building in need of some refurbishment. The ground floor is let on an effectively full repairing commercial lease.  The two flats on the upper floors which have gas central heating are let on unfurnished assured shorthold tenancies.

The combined gross income totals £26,000 per annum.

LOCATION:

Worthing is the largest town in West Sussex, located on the coast between Brighton and Chichester.  The town has a resident urban population  of approximately 100,000 people and a population of around 500,000 within a 13 mile catchment area.

The property is situated in a good secondary commercial parade, close to the principal pedestrian area of Montague Street and within walking distance of all town centre amenities and the seafront.

 ACCOMMODATION:

Ground Floor Shop

Retail Area Approximately 236 sq ft

The back of the ground floor is approached via a separate entrance accessed from Montague Street comprising four rooms with a total floor area of approximately 510 sq ft.

First Floor

FLAT 5A:

Kitchen/Lounge   15’8 x 16’5

Bedroom               7’10 x 12’5

Bedroom               8’1 x 9’7

Shower/W.C.

Second Floor

FLAT 5B:

Kitchen/Lounge   15’2 x 16’5 max

Bedroom               12’7 x 10’6

Bedroom               10’ x 8’1

Shower/W.C.

EXTERIOR:

Small Rear Yard

TENANCIES:

Ground floor held on a lease for a term of five years ending on 19 November 2024.  The tenant covenants to pay the landlord a proportion of the cost of keeping the structure and exterior in good repair.  The current rent is £9,500 per annum.

FLAT 5A:

Let under the terms of an unfurnished assured shorthold tenancy at a rent of £725 per calendar month.

FLAT 5B:

Let under the terms of an unfurnished assured shorthold tenancy at a rent of £650 per calendar month.

ASKING PRICE:

Offers in Excess of £435,000 Freehold subject to unfurnished assured shorthold tenancies and a commercial lease.

LEGAL FEES:

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

VAT:

We understand there is no VAT payable in respect of this property, but purchasers must make their own enquiries.

VIEWING:

Strictly by prior appointment with Spratt & Son.

ENERGY PERFORMANCE CERTIFICATES:

Shop:      D

Flat 5A:  C

Flat 5B:  D

Copies of the Energy Performance Certificates and accompanying Recommendation Report are available upon request.