Entirely Let for a Term of 15 years Until 2035 (subject to option)
Ground Floor Retail Unit
No Rent Arrears
Popular and Affluent Town Centre Location
Nearby Occupiers Include Waitrose, Lidl, JD Wetherspoons, KFC, Tesco and Leaders Estate Agent
Lot 29
Auction 18th May 2022
Rent £18,000 per Annum Exclusive (3)
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
10 miles west of Brighton, 25 miles east of Crawley, 54 miles south of Central London
Roads
A27, A24
Rail
Worthing Rail Station (direct to London Victoria)
Air
London Gatwick Airport
Situation
Worthing is a popular and affluent coastal town with a population of approximately 110,000 situated 10 miles west of Brighton. The property is situated on the eastern side of Chapel Road, a busy retail and leisure location in close proximity to the Guildbourne Shopping Centre and Worthing Pier. Nearby occupiers include Waitrose, Lidl, JD Wetherspoons, KFC, Tesco and Leaders Estate Agent.
Tenure
Virtual Freehold. Held for a term of 999 years at a fixed peppercorn rent.
Location
Miles
10 miles west of Brighton, 25 miles east of Crawley, 54 miles south of Central London
Roads
A27, A24
Rail
Worthing Rail Station (direct to London Victoria)
Air
London Gatwick Airport
Situation
Worthing is a popular and affluent coastal town with a population of approximately 110,000 situated 10 miles west of Brighton. The property is situated on the eastern side of Chapel Road, a busy retail and leisure location in close proximity to the Guildbourne Shopping Centre and Worthing Pier. Nearby occupiers include Waitrose, Lidl, JD Wetherspoons, KFC, Tesco and Leaders Estate Agent.
Tenure
Virtual Freehold. Held for a term of 999 years at a fixed peppercorn rent.
Description
The property comprises self contained ground floor retail accommodation and forms part of a larger building.
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
Band C.
Description
The property comprises self contained ground floor retail accommodation and forms part of a larger building.
VAT
VAT is not applicable to this lot.
Completion Period
Six week completion
EPC
Band C.
Tenancy & Accommodation
Floor
Use
Floor Areas
Tenant
Term
Rent p.a.x.
Reviews/(Reversion)
Ground
Retail
97.84 sq m
(1,053 sq ft)
INDIVIDUAL t/a Global Food & Drink (2)
15 Years from 25/09/2020 until 2035 (4)
£18,000
25/09/2025 25/09/2030 (24/10/2035)
Total Approximate Floor Area
97.84 sq m
(1,053 sq ft) (1)
£18,000 (3)
(1) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk) (2) The lease is in he process of being assigned to Mr Moosa Raffiquddeen of Indo Asian Foods Ltd (CRN 08568323) who operates a number of other retail outlets. The assignment will be subject to an Authorised Guarantee Agreement (AGA). (3) The current rent reserved under the lease is £16,000 per annum exclusive until 25/09/2022. The lease provides for a fixed increase in rent to £18,000 p.a.x. on 25/09/2022. The Seller will pay to the Buyer the difference between the current rent reserved of £16,000 p.a.x. and £18,000 p.a.x from completion of the sale until 25/09/2022. Therefore the property will produce a total of £18,000 p.a.x from completion of the sale. (4) The lease provides for a tenant option to determine the lease on 25/09/2025 and 25/09/2030.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
