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 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
    28
  • Auction
    21/May/2020
  • Rent
    £180,773 per Annum Exclusive
  • Status
    Contact Us
  • Price*
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • 123 - 129 Portland Road<br>Hove<br>East Sussex<br>BN3 5QJ
  • Expand
  • Photos
  • Map

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

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.

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

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
Reversion
123-125GroundRetail
460.88 sq m
(4,961 sq ft)
SAINSBURY’S
SUPERMARKETS
LTD (1)
15 years from
06/01/2010
£116,873(05/01/2025)
127GroundRetail
94.02 sq m
(1,012 sq ft)
ST VINCENT DE
PAUL SOCIETY
(ENGLAND &
WALES)
15 years from
26/05/2017 (2)
£24,00026/05/2022
26/05/2027
(25/06/2032)
129GroundRetail
124.95 sq m
(1,345 sq ft)
COSTA LIMITED (3)10 years from
16/06/2017
£37,50016/06/2022
(15/06/2027)
 FirstResidential
12 Flats
PORTLAND HOVE
LIMITED
250 years from
03/03/2016
£2,400Rent
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).
(4) The floor areas stated above are Gross Internal Areas.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    02.05.20
    File Size
    169 MB
    Login to View
  • Catalogue Page
    Updated Date
    01.05.20
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    01.05.20
    File Size
    484 KB
    View PDF
  • Common Auction conditions
    Updated Date
    01.07.20
    File Size
    277 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    15.09.20
    File Size
    57 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@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

By clicking the Submit button I confirm that I would like to register my interest in this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

Are you sure you want to remove this property from My Catalogue?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?

Making the buying and selling of property a seamless experience
Everything you need to know whether you are a buyer or sellerHelp Centre
How can Acuitus Finance help you with bridging finance
How can Acuitus Finance help you with bridging financeObtain bridging finance now