50 Chapel Road Worthing West Sussex BN11 1BE

50 Chapel Road
Worthing
West Sussex
BN11 1BE

  • 50 Chapel Road<br>Worthing<br>West Sussex<br>BN11 1BE

Retail Investment

  • 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
    18/May/2022
  • Rent
    £18,000 per Annum Exclusive
    (3)
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Update
  • Expand
  • Photos
  • Map

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

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.

Property Documents

  • Brochure
    Updated Date
    29.04.22
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Alexander AuteracAlexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk
Seller's Solicitors
Bright Solicitors Ground Floor, Studio 5-11, 5 Millbay Rd
Plymouth
PL1 3LF
Sam James 01752 388883sam.james@brightllp.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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