Situated on the south side of this extremely popular trading thoroughfare linking Brighton city centre through to the sought-after area of Kemp Town. A mid-terrace property almost directly opposite the junction with Cavendish Street and enjoying a high pedestrian flow. Well-known retailers close by include Superdrug, The Cooperative and Morrisons Supermarkets.
- Busy Retail Location
- High Pedestrian Flow - Day & Night
- Income Producing Investment For Sale
- Popular Kemp Town area
An opportunity to acquire the property as a freehold investment with income from the retail element and four ground rent incomes totalling £13,600 per annum.
Ground Floor Accommodation
499 sq ft
Ground Floor shop as follows;
- Gross Frontage - 16'
- Internal Width - 13'42 (max)
- Total Depth - 43'2 (max)
* Total Accommodation - 499 sq ft (46.3 sq m)
Operating as an International Food Store trading as 'Green City' and recently refitted to include fluorescent strip lighting and extensive glass window display frontage. To the rear of the unit is a separate kitchenette area and single use w/c facility plus access to a rear store.
A commercial recording studio is situated in the basement and three separate residential units over on each floor - each part has been sold on long term leasehold interests.
TENURE & INCOME
Ground floor retail premises let to Mr Sherko Karim trading as 'Green City' international food store on a new 8 year lease from March 2021 at a commencing rent of £13,200 per annum, exclusive. An effective Full Repairing & Insuring lease with 100% maintenance collection from all tenants plus buildings insurance cover. Tenant only Break Clause at the 4th anniversary of lease commencement.
The basement is sold to a commercial recording studio and the three upper floors are sold individually as residential accommodation - all four pay £100 per annum ground rent each.
Total Income £13,600 (thirteen thousand six hundred pounds) per annum, exclusive.
Offers invited in the region of £180,000 (one hundred and eighty thousand pounds) for the freehold interest to include all income as stated above. A purchase at this level would offer a Net Initial Yield of 7.4% after standard purchaser costs.
Ground Floor Accommodation
For Sale: £180,000
A new lease is offered for a term to be negotiated.
Commencing rent - £13,200 per annum exclusive
Effective Full Repairing and Insuring.
- Billing Authority: Brighton & Hove
- Description: Shop and Premises
- Rateable Value: £9,500
- Rates Payable: £4,664
- Valid from: April 2019 (current)
The property is elected for VAT and therefore VAT is payable on the terms quoted.
Each party to be responsible for their own legal fees.
Strictly via prior appointment through sole agents Graves Jenkins