Majority let to DP Realty Limited (t/a Domino's) on lease expiring in August 2036, subject to rent review in August 2021 (2)
Part let to tenant trading as Lancing Local Express on new 15 year lease from August 2020 (3)
Residential upper parts let on long leases
Nearby occupiers include Boots the Chemist, Royal Mail and Co-operative Food
Attractive West Sussex Town
VAT-Free investment
Lot 22
Auction 25th March 2021
Rent £42,500 per Annum Exclusive
Status Sold
Price £487,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
3 miles east of Worthing
8 miles west of Brighton
21 miles east of Chichester
Roads
A23, A27
Rail
Lancing Station
Air
London Gatwick
Situation
Lancing is an attractive coastal town in West Sussex, approximately 3 miles east of Worthing and 8 miles west of Brighton. The town is served by the A27, providing access to the A23, M23 and London. The property is located in a prominent position on the east side of North Road, less than 150m from Lancing train station. Nearby occupiers include Boots the Chemist, Royal Mail and Co-operative Food.
Tenure
Freehold.
Location
Miles
3 miles east of Worthing
8 miles west of Brighton
21 miles east of Chichester
Roads
A23, A27
Rail
Lancing Station
Air
London Gatwick
Situation
Lancing is an attractive coastal town in West Sussex, approximately 3 miles east of Worthing and 8 miles west of Brighton. The town is served by the A27, providing access to the A23, M23 and London. The property is located in a prominent position on the east side of North Road, less than 150m from Lancing train station. Nearby occupiers include Boots the Chemist, Royal Mail and Co-operative Food.
Tenure
Freehold.
Description
The property comprises a detached, double fronted building arranged as two ground floor shops and two self-contained flats, both of which have been let on long leases.
VAT
VAT is not applicable to this lot.
Note
Please note the buyer will pay 1% VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion Available
EPC
Available from the legal pack at www.acuitus.co.uk.
Description
The property comprises a detached, double fronted building arranged as two ground floor shops and two self-contained flats, both of which have been let on long leases.
VAT
VAT is not applicable to this lot.
Note
Please note the buyer will pay 1% VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion Available
EPC
Available from the legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
44
Ground
Retail/Takeaway
165.18 sq m
(1,778 sq ft)
DP REALTY LIMITED (t/a Domino’s) (1)
20 years from 26/08/2016 until 25/08/2036 (2)
£25,000
26/08/2021 and five yearly thereafter
44a
First
Residential (2 Bedrooms, Kitchen, Bathroom & Living Room)
63.17 sq m
(680 sq ft)
INDIVIDUAL
150 years from 29/09/2017 until 28/09/2167
£250
-
46
Ground
Retail
72.46 sq m
(780 sq ft)
N. FRANCIS (t/a Lancing Local Express)
15 years from 07/08/2020 until 06/08/2035 (3)
£17,000
07/08/2025 07/08/2030
46a
First
Residential (2 Bedrooms, Kitchen, Bathroom & Living Room)
49.24 sq m
(530 sq ft)
INDIVIDUAL
150 years from 29/09/2017 until 28/09/2167
£250
-
Total
350.05 sq m
(3,768 sq ft)
42,500
(1) For the year ending 29/12/2019, DP Realty reported a turnover of £27,781,000, pre-tax profits of £1,093,000 and shareholder's funds of £5,654,000 (NorthRow 01/03/2021). (2) The lease is subject to a tenant option to determine between 25/08/2026 and 25/08/2027. There is an automatic option to renew the lease on terms specified from 26/08/2030 expiring in 25/08/2036 - please see legal pack for further details. (3) The lease is subject to a tenant option to determine on 07/08/2025.
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.
