Brighton Office:
01273 70 10 70
Crawley Office:
01293 40 10 40
Brighton Residential:
01273 60 10 60
Haywards Heath:
01444 45 84 44
Freehold Investment For Sale: City Centre Freehold Licensed Premises Investment

1 Middle Street, Brighton, BN1 1AL

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

A four storey freehold building built in 2010 and occupying a prominent corner position at the south end of Middle Street at its junction with South Street. The location is known for its mainly nighttime business with West Street bar, clubs and restaurants close by and the main Kings Road A259 within 30 metres. The Grand Hotel, the Old Ship Hotel and the Hilton Metropole are all within walking distance. Middle Street is primarily made up of bars, restaurants, backpacker accommodation, some offices and the infamous Brighton Hippodrome which is due for major redevelopment with plans to transform the building into a boutique hotel, luxury apartments and spa, alongside retaining the Hippodrome as a live venue.

KEY FEATURES

  • City Centre Location adjacent to Seafront
  • Prominent Corner Building
  • Freehold Investment
  • 2nd floor apartment possibly available in addition

An attractive four storey building comprising apartments on the upper two floors sold on long leases, an apartment at second floor which could form part of this sale of the freehold and three floors of licensed bar trading as 'Mungo's Bar'.

PROPERTY DETAILS

Tenanted Licensed Bar over Three Floors 1500 sq ft (139.35 m2)

ACCOMMODATION

A licensed bar over three floors arranged as follows;

Ground Floor bar area 555sqft

First Floor bar area 627 sq ft

Basement cellar, male/female wc's and offices 332 sq ft

The premises are exceptionally well fitted throughout and we are informed the premises are licensed to sell alcohol 7 days a week from 10am to 3am.

N.B - the apartment immediately over the bar operation on the 2nd floor could also be made available which is currently let on a shorthold tenancy at £1,250 pcm - price on request.

PRICE

Offers invited on £590,000 (five hundred and ninety thousand pounds) subject to contract.

A purchase at this level would reflect a Net Initial Yield (NIY) of 6.46% after standard purchaser costs at 5.02% (commercial income only)

TENANCY

The ground, first and basement floors are let to Mr Harzem Basal t/a 'Mungo's Bar' on assignment from Mi La Group Limited.

The lease is for a term of 12 years from 1st April 2015 at the current rent of £40,000 per annum, exclusive with Rent Reviews every 4 years.

The 3 apartment ground rents are fixed at £50 pa each and contribute a further income of £150 pa.

There is a Rent Deposit held by the landlord as security to the lease of 3 months.

Tenanted Licensed Bar over Three Floors For Sale: £590,000

Business Rates

Rateable Value £35,000 UBR 2018/19 0.48p Rates Payable £16,800

VAT

The building has been elected for vat and therefore vat will be applicable to the sale.

Legal Fees

Each Party to pay their own legal costs in connection with the transaction.

Viewing Arrangements

Strictly via prior appointment through sole 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.