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
    23/Sep/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
  • 14 North Street<br>Chichester<br>West Sussex<br>PO19 1LB
  • Expand
  • Photos
  • Map

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

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.

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

FloorUseFloor Areas
(Approx)
TenantTermRent 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 £1,000 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
    14.09.20
    File Size
    10 MB
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  • Catalogue Page
    Updated Date
    02.09.20
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    02.09.20
    File Size
    900 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
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Addleshaw Goddard LLP 60 Chiswell St
London
EC1Y 4AG
Luke Harvey 0207 788 5060Luke.Harvey@addleshawgoddard.com

Useful Links

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