Brighton Office:
01273 70 10 70
Crawley Office:
01293 40 10 40
Brighton Residential:
01273 60 10 60
Haywards Heath:
01444 45 84 44
Investment For Sale: Freehold Prime Retail Investment

11 George Street, Hove, BN3 3YA

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

Situated on a mid point within a terrace of retail outlets in the busy thoroughfare of George Street, Hove.

Directly opposite is Robert Dyas and close by is Costa Coffee, WH Smith, Waterstones, Ladbrokes and The Cliftonville Inn (Weatherspoons) public house.

George Street is pedestrianised and is one of Hove';s most established retail locations linking Church Road to Blatchington Road and surrounded by a densely populated residential area.

KEY FEATURES

  • Prime Retail Thoroughfare
  • Close to Many Multiple Retailers
  • Retail over Two Floors
  • Freehold Investment For Sale

Fully let and income producing freehold retail investment in a well known retail location surrounded by many multiple concerns.

PROPERTY DETAILS

Ground & First Floor Retail 882 sq ft (81.94 m2)

ACCOMMODATION

Gross Frontage 15' 6"

Internal Width 15' 3"

Total Shop Depth 38' 7"

Sales Area (approx) 475 sq ft plus rear lobby with kitchenette and wc.

Access out to rear enclosed yard area.

Aluminium glazed shopfront with open plan retail area with porcelain tiled flooring, air conditioning, spot and recessed lighting and well presented throughout.

First Floor - consultancy rooms.

Room 1 - 10' 3" x 11' 3" - 116 sq ft.

Room 2 - 15' 6" x 11' 3" - 175 sq ft.

First Floor accommodation 291 sq ft, plus separate wc and landing area.

LEASE TERMS

Lease - the entire property is leased to the Venus Beauty Salon Ltd (Company Number 9895783) and personally guaranteed by Ms Huyen Chu for a period of 10 years from 10th February 2016. The tenancy is excluded from the L&T Act 1954.

Rent - £24,200 per annum, exclusive for the remainder of the term.

Repairs - Full Repairing & Insuring.

Permitted Use - Beauty salon and nail bar plus storage and any use within Class A1 retail now Class E within the Town & Country Planning Use Classes Order 1987 (as amended).

Rent Deposit - the landlord holds a rent deposit of £5,500 (five thousand five hundred pounds) for the term of the lease.

SALE PRICE

Offers are invited in the region of £340,000 (three hundred and forty thousand pounds) subject to contract.

A sale at this level would represent a gross yield of 7.1% and a net initial yield (NIY) of 6.86% after standard purchaser costs.

Ground & First Floor Retail For Sale: £340,000

VAT

The property is not elected for vat and therefore vat is not payable on the rent and price quoted.

Legal Fees

Each party to be responsible for their own legal costs.

Viewing Arrangements

Strictly via prior appointment through sole agents Graves Jenkins

CONTACT

Oliver Graves MBA
oli@gravesjenkins.com


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.