An opportunity to acquire a mixed freehold investment comprising a commercial retail premises at ground floor level and three self-contained flats arranged over the first and second floors. The commercial aspect comprises a main retail area of approximately 685 sq ft with kitchen, store and WCs to the rear. The residential parts comprise of two one bedroom flats and one studio which are accessed via a communal entrance at street level. One flat is currently held under the terms of the commercial lease, whilst the remaining two flats are let on Assured Shorthold Tenancies. Viewing is strongly recommended.
The property is situated in an established secondary area of Worthing Town Centre, to the west of the principal shopping area and within easy reach of the seafront. Worthing mainline railway station is within 1 mile distant and local bus services pass nearby.
The commercial lease includes the ground floor retail premises and a one bedroomed flat at first floor level. The tenants have a 20 year lease of the premises from May 2007. The current rent is £20,000 per annum with reviews in 2019 and 2023.
The remaining two flats are let on Assured Shorthold Tenancies at the following rents:
Flat 2, First Floor: £465 pcm
Flat 3, Second Floor: £550 pcm
The gross annual income for the property at full occupancy currently stands at £32,180.
Freehold, subject to the various leases and ASTs
Each side to be responsible for their own costs
Under the Finance Act 1989, VAT may be chargeable on the rent or sale price and it recommended that prospective tenants or purchasers should make their own enquiries to establish whether or not VAT is chargeable prior to entering into an agreement.
Strictly by appointment with Spratt & Son:
ENERGY PERFORMANCE CERTIFICATE:
Copies of the Energy Performance Certificates and Recommendation Reports are available by request.
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