Freehold Retail and Residential Ground Rent Investment
Prominent High Street Location
Four Retail Units with Residential Above
Nearby occupiers include Iceland, Morrisons Supermarket, JD Wetherspoon, Natwest, William Hill and HSBC
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 80
Auction 13th October 2016
Rent
Status Sold
Price £500,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
7 miles south-east of Chichester, 24 miles west of Brighton, 37 miles south of Guildford
Roads
A3, A27, A280
Rail
Bognor Regis Rail
Air
London Gatwick International
Situation
The property is situated at the western end of the High Street at its junction with Lennox Street. Nearby occupiers include Iceland, Morrisons Supermarket, JD Wetherspoon, Natwest, William Hill and HSBC.
Tenure
Freehold.
Location
Miles
7 miles south-east of Chichester, 24 miles west of Brighton, 37 miles south of Guildford
Roads
A3, A27, A280
Rail
Bognor Regis Rail
Air
London Gatwick International
Situation
The property is situated at the western end of the High Street at its junction with Lennox Street. Nearby occupiers include Iceland, Morrisons Supermarket, JD Wetherspoon, Natwest, William Hill and HSBC.
Tenure
Freehold.
Description
The property comprises three retail units fronting the High Street, two of which have been combined to create one large unit. Additionally there is one retail unit fronting Lennox Street trading as a cafe and benefiting from an outdoor seating area. There are three residential flats on the above floors which have been let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises three retail units fronting the High Street, two of which have been combined to create one large unit. Additionally there is one retail unit fronting Lennox Street trading as a cafe and benefiting from an outdoor seating area. There are three residential flats on the above floors which have been let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
61 High Street - Unit 1
Ground
Estate Agent
49.24 sq m
(530 sq ft)
LEADERS LIMITED t/a Leaders Estate Agents (1)
15 years from 06/11/2009 (2)
£12,000
06/11/2019 (05/11/2024)
63 High Street - Unit 2
Ground
Estate Agent
98.01 sq m
(1,055 sq ft)
LEADERS LIMITED t/a Leaders Estate Agents (1)
10 years from 28/03/2013 (3)
£18,600
28/03/2018 (27/03/2023)
65 High Street - Unit 3
Ground
Retail
41.16 sq m
(443 sq ft)
INDIVIDUAL t/a Tonsorial Parlor
10 years from 14/07/2015
£9,500
14/07/2020 (13/07/2025
2 Lennox Street
Ground
Retail
76.18 sq m
(820 sq ft)
SIMPLY DELICIOUS (BOGNOR REGIS) LIMITED
12 years from 24/09/2008
£11,250
(23/09/2020)
1
Uppers
Residential
Not Measured
INDIVIDUAL
99 years from 25/12/1986 until 24/12/2085
£50
25/12/2019 and 25/12/2052
2
Uppers
Residential
Not Measured
INDIVIDUAL
99 years from 25/12/1986 until 24/12/2085
£50
25/12/2019 and 25/12/2052
3
Uppers
Residential
Not Measured
INDIVIDUAL
99 years from 25/12/1986 until 24/12/2085
£50
25/12/2019 and 25/12/2052
Total Approximate Commercial Floor Area
264.59 sq m
(2,848 sq ft)
£51,500
(1) Leaders is one of the UK's premier letting and estate agents, with more than 100 branches across the country offering a host of property services. (Source: www.leaders.co.uk 12/09/2016) (2) The lease provides an option to determine on 06/11/2019 (3) The lease provides an option to determine on 26/03/2020