An opportunity to acquire a mixed freehold investment comprising a commercial restaurant premises at ground floor level and four self-contained studio flats arranged over the first and second floors. The commercial aspect comprises a 34 cover restaurant of approximately 385 sq ft with kitchen, WCs and small yard to the rear. The four studio flats, which are presented in good condition throughout, are accessed via a communal entrance at street level and all of the flats are currently let on Assured Shorthold Tenancies. Viewing is strongly recommended.
The property occupies prominent position within a well-established parade on the A259, one of the main arterial routes into Worthing. The property is situated within walking distance of Steyne Gardens, the seafront and Worthing Town Centre with its full range of shopping facilities and amenities. Worthing mainline railway station is approximately 1 mile distant and local bus services pass immediately outside the property.
The ground floor commercial premises are occupied by a private tenant operating as Thai Restaurant. They have a 15 year lease of the premises from March 2003 with the current rent being £12,000 per annum.
The first and second floor studio flats are let on Assured Shorthold Tenancies at the following rents:
Flat 1, First Floor: £450 pcm
Flat 2, First Floor: £500 pcm
Flat 3, Second Floor: £450 pcm
Flat 4, Second Floor: £550 pcm
The gross annual income for the property at full occupancy currently stands at £35,400.
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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