Located within the vibrant Little Chelsea Shopping and Dining Quarter
Close to Eastbourne Town Centre
Tenants trading as South Street Cellar, On Trend and Pannarai Therapy
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 8
Auction 8th December 2016
Rent £36,500 per Annum Exclusive
Status Sold
Price £350,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
22 miles east of Brighton, 62 miles south of London
Roads
A259, A22
Rail
Eastbourne Rail
Air
London Gatwick
Situation
The property is located on the southern side of South Street within the vibrant town centre area of Little Chelsea, a shopping and dining quarter boasting a number of independent businesses
specialising in art, interior design, antiques, designer clothes and jewellery, food, drink, music and bookshops.
Tenure
Freehold.
Location
Miles
22 miles east of Brighton, 62 miles south of London
Roads
A259, A22
Rail
Eastbourne Rail
Air
London Gatwick
Situation
The property is located on the southern side of South Street within the vibrant town centre area of Little Chelsea, a shopping and dining quarter boasting a number of independent businesses
specialising in art, interior design, antiques, designer clothes and jewellery, food, drink, music and bookshops.
Tenure
Freehold.
Description
The property comprises three retail units with four residential flats above 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 with four residential flats above 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
Reversion
16
Ground/ Basement
Retail
98.01 sq m
(1,055 sq ft)
SOUTH ST CELLAR LIMITED
5 years from 11/05/2016
£12,500
10/05/2021
18
Ground/ Basement
Retail
80.36 sq m
(865 sq ft)
ON TREND BOUTIQUE LIMITED (t/a On Trend)
6 years from 27/09/2016 (1)
£12,000
26/09/2022
20
Ground/ Basement
Retail
86.40 sq m
(930 sq ft)
INDIVIDUALS (t/a Pannarai Therapy)
5 years from 29/06/2016
£12,000
28/06/2021
Beaumont House - Flat 1
Residential
INDIVIDUALS
125 years from 25/12/2004
24/12/2129
Beaumont House - Flat 2
Residential
INDIVIDUAL
125 years from 25/12/2004
24/12/2129
Beaumont House - Flat 3
Residential
INDIVIDUAL
125 years from 03/06/2005
02/06/2130
Beaumont House - Flat 4
Residential
INDIVIDUAL
125 years from 03/06/2005
02/06/2130
Total
264.77 sq m
(2,850 sq ft)
£36,500
N.B. The seller has served notices on the residential lessees under Section 5B of the Landlord and Tenant Act 1987. (1) The lease provides an option to determine on 28/09/2019. The tenant is currently benefitting from a 6 month rent free period. The seller has agreed to adjust the completion monies so that the unit effectively produces £12,000 per annum exclusive from completion of the sale.