36 / 36A London Road Brighton East Sussex BN1 4HW

36 / 36A London Road
Brighton
East Sussex
BN1 4HW

Freehold Retail and Residential Investment

Predominantly let to Coral Racing Limited until 2023 (no breaks)
Large self-contained maisonette above let to Lorgan Housing Co-Operative Limited (with annual RPI increases)
Potential redevelopment of self-contained upper parts (subject to lease and consents)
Adjacent to W H Smith and opposite recently completed 350 unit Student Housing development
Close to Brighton Mainline and London Road Stations in popular student location
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
46
Auction
10th December 2015
Status
Sold
Price
£864,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Retail and Residential Investment

Predominantly let to Coral Racing Limited until 2023 (no breaks)
Large self-contained maisonette above let to Lorgan Housing Co-Operative Limited (with annual RPI increases)
Potential redevelopment of self-contained upper parts (subject to lease and consents)
Adjacent to W H Smith and opposite recently completed 350 unit Student Housing development
Close to Brighton Mainline and London Road Stations in popular student location
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 46
Auction 10th December 2015
Status Sold
Price £864,000
Sector
High Street Retail
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 11 miles east of Worthing, 21 miles north-west Eastbourne, 52 miles south of Central London
Roads: A23, A259, A2270
Rail: Brighton Railway Station
Air: Gatwick Airport

Situation

The property is situated in a prominent location on the western sideof London Road (A23) opposite Baker Street and about 1/2 mile from the seafront. Opposite the property is Abacus House, a recently completed student housing development comprising 350 residential dwellings. Nearby retailers include Sainsbury’s, Poundworld, 99p Stores, Co-operative Supermarket, Costa, W.H. Smith, Superdrug and Ladbrokes.

Tenure

Freehold.

Location

Miles: 11 miles east of Worthing, 21 miles north-west Eastbourne, 52 miles south of Central London
Roads: A23, A259, A2270
Rail: Brighton Railway Station
Air: Gatwick Airport

Situation

Tenure

Freehold.

Description

The property comprises ground floor retail (betting office) accommodation with a large self-contained maisonette on the first and second floors with parking for two cars.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Reviews
Ground	Betting Office	120.59 sq m	(1,298 sq ft)	CORAL RACING LIMITED (1)	15 years from 20/05/2008 until 19/05/2023	£55,000	20/05/2018
Ground (part)/ First/Second	Residential – Maisonette comprising One Single Bedroom, Three Double Bedrooms, Storeroom, Reception, Kitchen, Playroom, Bathroom & WC			LORGAN HOUSING CO-OPERATIVE LIMITED (2)	5 years from 01/11/2014 until 31/10/2019 (3)	£12,000	01/11/2016 and yearly thereafter (4)
Total Commercial Area		120.59 sq m	(1,298 sq ft)			£67,500

(1) For the year ending 27th September 2014, Coral Racing Limited reported a turnover of £668,107,000, pre-tax profits of £56,703,000 and a total net worth of £153,383,000 (Source: Experian Group 11/11/2015).
(2) Lorgan Housing Co-Operative Limited are a housing association and are part of Co-Operative Housing in Brighton & Hove, which is dedicated to supporting and developing co-operative housing in the Brighton & Hove area. (Source: www.chibah.org 11/11/2015)
(3) The lease is subject to rolling tenant break options, subject to 3 months notice.
(4) The lease is subject to annual RPI increases.
N.B. The property is subject to an annual licence fee of £500 payable by the adjoining tenant (35 London Road) in respect of a right of way.