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    Withdrawn Prior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
     
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    Marble Arch
    London W1H 7TN
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

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
  • Status Withdrawn Prior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

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.

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

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

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 £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Property Documents

  • Catalogue Page
    Updated Date
    04.03.20
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    04.03.20
    File Size
    648 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Seller's Solicitors
RLS Law Suite 30-33 The Hop Exchange, 24 Southwark Street
London
SE1 1TY
Tom Foley 0207 836 4326tom@rlslaw.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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