Brighton Office:
01273 70 10 70
Crawley Office:
01293 40 10 40
Brighton Residential:
01273 60 10 60
Haywards Heath:
01444 45 84 44
Under Offer: Well Secured Commercial Investment

76 Boundary Road, Hove, BN3 5TD

Interested in this property? Call our Brighton Office : 01273 70 10 70

Situated on a mid point within the busy retail parade of Boundary Road in Hove and adjacent to Greggs Bakery, KFC and Iceland Frozen Foods. Other well known retailers in the vicinity include Peacocks, Tesco's Metro, Ladbrokes, Domino's and Boots Pharmacy.

Boundary Road is at the border of Hove with Portslade and is surrounded by a densely populated residential area. The A259 Coast Road is to the south and the A270 Brighton by pass to the north, with excellent main road links to all parts of the city. Portslade railway station is only less than 200m further north.

KEY FEATURES

  • Well Secured Retail Investment
  • Freehold For Sale
  • Potential for Residential Part Development (stp)
  • Busy Retail Location

A two storey, mainly brick built building forming part of a terrace of commercial properties fronting Boundary Road, Hove. Many multiple traders are located in the vicinity. Leased to the well known multiple retailer 'Card Factory' on a lease which is due to expire October 2022. Potential to re-gear the lease and develop the upper parts to residential (stp).

PROPERTY DETAILS

Ground Floor Retail Unit plus First Floor Staff/Storage 3026 sq ft (281.12 m2)

ACCOMMODATION

Ground floor retail premises, recently refurbished by the occupier and arranged as follows:

Gross Frontage 20'10" Internal Width 19" Internal Depth 96'10" (max depth) Total Retail Sales Area 1,695 sq ft (157.4 sq m)

The rear section of the premises have been divided to form some storage accommodation.

There is a rear access from Portland Road/Blackberry Way into a lobby area and an internal staircase leading to;

First Floor - approximately 1,246 sq ft (115.7 sq m) made up of storage space, offices, staff kitchen and male/female wc's.

TENANT COVENANT

Leased in it's entirety to Sportswift Limited trading as 'Card Factory' (www.cardfactory.co.uk) who have in excess of 800 stores in the UK with an annual turnover of £379.5m and net assets of £63.7m (info DueDil) - purchasers should make their own enquiries to satisfy themselves as regards the tenant.

LEASE INFORMATION

A Full Repairing & Insuring lease dated 16th October 2017 for a term of 5 years inside the provisions of the Landlord & Tenant Act 1954 (as amended).

A Schedule of Condition forms part of the lease.

Rent £27,500 per annum, exclusive and fixed for the term of lease.

PROPOSAL

Offers are invited in the region of £406,000 (four hundred and six thousand pounds), subject to contract for the Freehold interest and subject to the existing lease and tenancy. A purchase at this level would reflect a Net Initial Yield of approximately 6.5% after standard purchaser costs at 4.21%

POTENTIAL RESIDENTIAL DEVELOPMENT

The current tenant leases the entire premises, but has limited use of the first floor area, which has a separate rear access (or a new access from the front by agreement). Subject to planning and re-gearing the current lease, the upper parts could be developed into residential accommodation increasing the capital value of the premises.

Ground Floor Retail Unit plus First Floor Staff/Storage For Sale: £406,000

VAT

The building is elected for vat and therefore vat will be charged on the terms quoted.

Legal Fees

Each party to be responsible for their own legal costs for the transaction.

Viewing Arrangements

Strictly via prior appointment through sole selling agents Graves Jenkins

CONTACT

Phil Graves
[email protected]

James Haywood
[email protected]


These particulars are believed to be correct but their accuracy is not guaranteed. They do not form any part of any contract. You should be aware that the Code of Practice on Commercial Leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licensed conveyancer before agreeing or signing a business tenancy agreement.