Prime and Recently Renewed Freehold Retail Investment
Let to The Works Retail Limited
Recently renewed 10 year lease from December 2019 (subject to option)
Previous rent £55,000 pax
Approximately 523.41 sq m (5,634 sq ft)
First class position on pedestrianised London Road
Nearby occupiers include Superdrug, Specsavers, Boots the Chemist, Greggs, JD Sports and Wilko
VAT-free investment
Lot 12
Auction 26th March 2020
Rent £60,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
Property Information
Location
Miles
6 miles south-east of Chichester
15 miles west of Worthing
26 miles west of Brighton
Roads
A259, A27, A3(M)
Rail
Bognor Regis
Air
London Gatwick
Situation
Bognor Regis is a seaside resort in West Sussex, 6 miles south-west of Chichester and 26 miles west of Brighton. The property is located on the east side of the pedestrianised London Road, Bognor Regis' prime retailing thoroughfare. The property is 0.2 miles south-east of Bognor Regis Train Station which provides direct rail services to London Victoria every 30 minutes. Nearby occupiers include Superdrug, Specsavers, Boots the Chemist, Greggs, JD Sports and Wilko.
Tenure
Freehold.
Location
Miles
6 miles south-east of Chichester
15 miles west of Worthing
26 miles west of Brighton
Roads
A259, A27, A3(M)
Rail
Bognor Regis
Air
London Gatwick
Situation
Bognor Regis is a seaside resort in West Sussex, 6 miles south-west of Chichester and 26 miles west of Brighton. The property is located on the east side of the pedestrianised London Road, Bognor Regis' prime retailing thoroughfare. The property is 0.2 miles south-east of Bognor Regis Train Station which provides direct rail services to London Victoria every 30 minutes. Nearby occupiers include Superdrug, Specsavers, Boots the Chemist, Greggs, JD Sports and Wilko.
Tenure
Freehold.
Description
The property comprises a large and well configured ground floor shop with ancillary accommodation on the first floor. The property benefits from a service yard to the rear with large and well configured car parking for seven cars.
VAT
VAT is not applicable to this lot.
EPC
Band D. See legal pack at acuitus.co.uk.
Description
The property comprises a large and well configured ground floor shop with ancillary accommodation on the first floor. The property benefits from a service yard to the rear with large and well configured car parking for seven cars.
VAT
VAT is not applicable to this lot.
EPC
Band D. See legal pack at acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First
Retail/Ancillary Ancillary
356.28 sq m 167.13 sq m
(3,835 sq ft) (1,799 sq ft)
THE WORKS RETAIL LIMITED (1)
10 years from 04/12/2019 until 03/12/2029 on a full repairing and insuring lease (2)
£60,000
04/12/2024
Total
523.41 sq m
(5,634 sq ft)
£60,000
(1) For the year ending 28th April 2019, The Works Stores Limited reported a turnover of £217,469,000, pre-tax profits of £7,756,000 and a total net worth of £13,605,000 (source: Experian Group 21/02/2020). (2) The lease is subject to a tenant only option to determine on 03/12/2024.
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.
