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
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.
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
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.
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.
Contacts
Seller's Solicitors
Addleshaw Goddard LLP 60 Chiswell St London EC1Y 4AG
