123 - 129 Portland Road Hove East Sussex BN3 5QJ

123 - 129 Portland Road
Hove
East Sussex
BN3 5QJ

Freehold Retail Parade and Residential Investment

Majority let to Sainsbury's Supermarkets Ltd until 2025 (no breaks), part let to Costa Ltd until 2027 (no breaks) and part let to St Vincent de Paul Society until 2032
Long term residential redevelopment potential above the roof above of Sainsbury's (subject to consents)
Prominent location approximately 500 metres from Aldrington Railway Station
Neighbouring occupiers include Co-op, Ladbrokes and an eclectic mix of local retailers and restaurants

Lot
23
Auction
26th March 2020
Rent
£180,773 per Annum Exclusive
Status
Withdrawn Prior
Price
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
Marble Arch
London W1H 7TN

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Freehold Retail Parade and Residential Investment

Majority let to Sainsbury's Supermarkets Ltd until 2025 (no breaks), part let to Costa Ltd until 2027 (no breaks) and part let to St Vincent de Paul Society until 2032
Long term residential redevelopment potential above the roof above of Sainsbury's (subject to consents)
Prominent location approximately 500 metres from Aldrington Railway Station
Neighbouring occupiers include Co-op, Ladbrokes and an eclectic mix of local retailers and restaurants

Lot 23
Auction 26th March 2020
Rent £180,773 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
Marble Arch
London W1H 7TN

Property Information

Location

Miles: 2 miles west of Brighton; 5 miles east of Worthing; 55 miles south of London
Roads: A2023, A270, A27, A259
Rail: Aldrington Railway Station
Air: Gatwick Airport

Situation

The property is prominently situated on the north side of the busy Portland Road, approximately 12 minutes' walk from the famous Brighton beach and promenade and approximately 500 metres from Aldrington Station. Neighbouring occupiers include Co-op, Ladbrokes and an eclectic mix of local retailers and restaurants.

Tenure

Freehold.

Location

Miles: 2 miles west of Brighton; 5 miles east of Worthing; 55 miles south of London
Roads: A2023, A270, A27, A259
Rail: Aldrington Railway Station
Air: Gatwick Airport

Situation

Tenure

Freehold.

Description

The property includes a parade of 6 retail units, including a triple fronted Sainsbury's and a double fronted Costa. The basement, part ground floor and first floor comprise 12 flats let on on a single long lease.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Available from the legal pack at acuitus.co.uk

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Available from the legal pack at acuitus.co.uk

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Review/ (Reversion)
123-125	Ground	Retail	460.88 sq m	(4,961 sq ft)	SAINSBURY’S SUPERMARKETS LTD (1)	15 years from 06/01/2010	£116,873	(05/01/2025)
127	Ground	Retail	94.02 sq m	(1,012 sq ft)	ST VINCENT DE PAUL SOCIETY (ENGLAND & WALES)	15 years from 26/05/2017 (2)	£24,000	26/05/2022 (25/06/2032)
129	Ground	Retail	124.95 sq m	(1,345 sq ft)	COSTA LIMITED (3)	10 years from 16/06/2017	£37,500	16/06/2022 (15/06/2027)
	First	Residential	12 Flats		PORTLAND HOVE LIMITED	250 years from 03/03/2016	£2,400	Rent doubles every 25 years
Total Commercial Floor Area			679.85 sq m	(7,318 sq ft)			180,773

(1) For the year ending 9th March 2019, Sainsbury's Supermarkets Ltd reported a turnover of £24,030,000,000, pre-tax profits of £174,000,000 and a total net worth of £5,669,000,000 (Source: Experian Group 21/2/2020).
(2) The lease provides for a tenant option to determine on 26/05/2022 and 26/05/2027.
(3) For the year ending 28th February 2019, Costa Limited reported a turnover of £1,344,138,000, pre-tax profits of £139,523,000 and a total net worth of £422,802,000 (Source: Experian Group 17/2/2020).

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.