Situated on a prominent corner fronting both Brighton Place and Meeting House Lane, adjacent to the main entrance to Brighton Square.
In the heart of Brighton’s famous Lanes District and experiencing a high pedestrian flow at all times of the year, with increased footfall during the summer months. Retailers close by include Apple Inc, Costa Coffee, Karen Millen and a range of high quality restaurants and bars, plus a mix of antique shops, collectibles and jewellery shops, for which the Lanes is renowned.
KEY FEATURES
- Prominent Brighton Lanes location
- Effective freehold investment
- Current income £26,000 per annum
- Net Initial Yield of 6.9%
A retail investment on ground and lower ground floors with a prominent retail window frontage within the central Brighton Lanes area. Fully let and income producing with the upper parts comprising a three bedroom maisonette - leased on an assured shorthold tenancy and is to be retained by the existing freeholder.
PROPERTY DETAILS
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Ground floor shop with basement
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337 sq ft
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(31.31 m2)
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ACCOMMODATION
A ground floor retail unit with triple window frontage and basement stores.
First floor kitchen staff area and wc, all arranged as follows.
Ground Floor Shop
Main frontage to Brighton Place 12’
Return frontage to Meeting House Lane totalling approximately 25’
Internal width 11’10” narrowing to 8’5” to rear
Total shop depth: 31’8”
TOTAL APPROXIMATE RETAIL AREA 337sq ft (31.3 m2 )
With attractive shop front and internally well-fitted.
Stairs down to basement area.
Storage facility 10’6” x 11’4” – 118 sq ft (11m2)
Stairs up to first floor.
Comprising kitchen, staff area and separate WC.
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Ground floor shop with basement
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For Sale: £360,000
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Lease
A new 125 year lease to be granted over the commercial accommodation at a nominal ground rental of £50 per annum, with a 50% share of the freehold interest, with the residential upper parts.
Tenancy and Income
Commercial retail premises leased to Dollydaggers Limited for a term of 5 years at a rent of £26,000 per annum exclusive, on effective Full Repairing & Insuring terms, from July 2010. The lease is personally guaranteed by Ms Emma Ayres plus 2 month rent deposit deed held by the landlord.
Price:
Offers invited in the region of £360,000 (three hundred and sixty thousand pounds) for the long leasehold interest to include a share of the freehold interest, existing tenancy and income.
A purchase at this level would show a Net Initial Yield (NIY) of approximately 6.9% after deducting standard purchase costs at 4.75%. It represents a gross yield of approximately 7.2%.
VAT
We understand that the property has not been elected for VAT and therefore VAT would not be charged on the sale price.
Legal Fees
Each party to pay their own legal costs incurred in the transaction.
Viewing Arrangements
Strictly via prior appointment through Agents Graves Jenkins