14 North Street Chichester West Sussex PO19 1LB

14 North Street
Chichester
West Sussex
PO19 1LB

Freehold Retail Investment

Let to Paperchase Products Limited (t/a Paperchase)
New 5 year Lease Renewal from June 2020 (no breaks) at a re-based rent
Future potential to convert uppers to residential (subject to lease)
Highly affluent and historic South East Cathedral City
Nearby occupiers include Marks & Spencer, Greggs, Holland & Barrett, H. Samuel, Boots the Chemist, The White Company and various banks

Lot
9
Auction
23rd September 2020
Rent
£87,500 per Annum Exclusive
Status
Sold
Price
£980,000
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

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Freehold Retail Investment

Let to Paperchase Products Limited (t/a Paperchase)
New 5 year Lease Renewal from June 2020 (no breaks) at a re-based rent
Future potential to convert uppers to residential (subject to lease)
Highly affluent and historic South East Cathedral City
Nearby occupiers include Marks & Spencer, Greggs, Holland & Barrett, H. Samuel, Boots the Chemist, The White Company and various banks

Lot 9
Auction 23rd September 2020
Rent £87,500 per Annum Exclusive
Status Sold
Price £980,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

Property Information

Location

Miles: 16 miles east of Portsmouth; 30 miles west of Brighton; 32 miles east of Southampton
Roads: A3 (M), A27, M27
Rail: Chichester Station
Air: London Gatwick, Southampton Airport

Situation

Chichester is an historic Cathedral City and popular retail centre, approximately 30 miles west of Brighton. The property is located in a prominent position on the west side of the pedestrianised North Street, one of Chichester's primary retailing thoroughfares. Nearby occupiers on North Street include Marks & Spencer, Greggs, Holland & Barrett, H. Samuel, Boots the Chemist, The White Company and various banks.

Tenure

Freehold.

Location

Miles: 16 miles east of Portsmouth; 30 miles west of Brighton; 32 miles east of Southampton
Roads: A3 (M), A27, M27
Rail: Chichester Station
Air: London Gatwick, Southampton Airport

Situation

Tenure

Freehold.

Description

The property comprises a three storey building, arranged as a ground floor shop with first floor ancillary accommodation, which is separately accessed from the rear. The second floor is accessed via a hatch and is currently sealed off.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band C. See legal pack at www.acuitus.co.uk.

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Band C. See legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x
Ground First Second	Retail/Ancillary Ancillary Not used	151.98 sq m 50.63 sq m 56.94 sq m	(1,636 sq ft) (545 sq ft) (613 sq ft)	PAPERCHASE PRODUCTS LIMITED (1) t/a Paperchase)	5 years from 24/06/2020 on a full repairing and insuring lease	£87,500 (2)
Total		193.51 sq m	(2,083 sq ft)			£87,500 (2)

(1) Established over 50 years ago, Paperchase is the UK's number 1 retailer for exciting and innovative design-led stationary. Paperchase operates from over 130 stores in the UK, with over 30 sites across Ireland, Netherlands, Denmark, France, Germany and the Middle East (www.paperchase.com).
(2) The tenant will benefit from 3 months rent free from 01/10/2020, however the Vendor has agreed to adjust the completion monies, so that the property effectively produces 87,500 pa from completion of the sale until the expiry of the rent free period.

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.