On a mid-point within the busy thoroughfare of York Place, directly opposite the local landmark of St Peter’s Church and forming part of the main A23 Brighton to London routeway, adjacent to London Road and the North Laine conservation area.
The parade is made up of a mixed range of retail outlets, licenced premises and takeways, price a major ALDI supermarket some 200m away. Brighton City College, the recently developed New England Quarter and Brighton mainline station are only a short walking distance.
KEY FEATURES
- A substantial three-storey semi-detached property
- Three self-contained residential units above
- Freehold Investment for sale
- Total rental income £44,000
A substantial three-storey semi-detached property with restaurant at ground floor level with self-contained three residential units on first and second floors.
PROPERTY DETAILS
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Restaurant and Residential Investment
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1413 sq ft
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(131.27 m2)
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ACCOMMODATION
A substantial three-storey semi-detached property with restaurant at ground floor level with self-contained three residential units on first and second floors, all arranged as follows.
Restaurant
Gross frontage 17’ 6”
Internal width 17’
Existing restaurant depth 58’ 8”
Total existing restaurant area 996 sq ft (92.5m2)
Rear Kitchen/Preparation Area 17’ x 21’10” - 370 sq ft (34.4m2)
Incorporating walk in fridge/freezers
Rear office/store 6’3” x 7’ 6” 47 sq ft (4.4m2)
Plus covered rear yard utilised for further storage and preparation area.
Total ground floor area 1413 sq ft (131.27m2)
Self-contained residential upper parts comprising:
Flat 1
Large one bedroom accommodation comprising open plan lounge/kitchen into bay fronted window, separate bathroom/WC and rear double bedroom with doors leading out to patio area
Flat 2
Two bedroom accommodation at rear of first floor (not inspected)
Flat 3
Large one bedroom accommodation comprising open plan lounge/kitchen into bay fronted window, separate bathroom/WC and rear double bedroom, with ‘Juliette’ windows
TENURE
Freehold subject to the following tenancies:
Ground Floor Restaurant – leased to Mr Sung Zhou trading as ‘Spicy Wok Chinese Restaurant’, lease dated 9th June 2004 for a term of 25 years at a rent of £20,000 per annum exclusive with rent review every 4 years. Next review: June 2012. The lease is effective Full Repairing and Insuring by way of a contribution towards the maintenance and insurance of the entire building.
Residential Upper Parts – all three flats are leased to Brighton & Hove City Council for a period of 5 years from 29th May 2011 on the following rental terms.
Flat 1 - £600 pcm
Flat 2 - £800 pcm
Flat 3 - £600 pcm
Total Residential Income: £2,000 pcm – (£24,000 per annum)
TOTAL RENTAL INCOME FOR THE ENTIRE PROPERTY: £44,000 per annum
PRICE
Guide price £495,000 (four-hundred and ninety-five thousand pounds) for the freehold interest and subject to the existing tenancies and income.
A purchase at this level would show a net initial yield (NIY) of approximately 8.5% after deducting standard purchase costs of 4.75%. It represents a gross yield of approximately 8.9%.
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Restaurant and Residential Investment
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For Sale: £495,000
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VAT
Will not be chargeable on this property.
Legal Fees
Each party to pay their own legal costs incurred in the transaction.
Viewing Arrangements
Strictly via prior appointment through Agents Graves Jenkins