An opportunity to acquire a mixed freehold investment comprising a ground floor lock-up shop with a self-contained two bedroom maisonette arranged over first and second floors.
The ground floor shop has been occupied by a Tattoo Studio for approximately ten years. The premises benefit from a main retail area of approximately 330 sq ft, together with office/storage, kitchenette and WC to the rear.
The maisonette has the benefit of a private entrance at street level with stairs leading to first floor accommodation comprising a good sized lounge, kitchen and bathroom whilst on the second floor there are two double bedrooms.
Externally the property benefits from an enclosed south facing garden which is shared between the two tenant occupiers.
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 trading as ’13 Tattoo’. They have traded from the premises for the last ten years and currently occupy under the terms of a 12 month lease from 5th July 2020. The rent is £7,200 per annum.
The first and second floor maisonette is let under the terms of an Assured Shorthold Tenancy at a rent of £790 pcm (£9,480 per annum)
The gross annual income for the property at full occupancy currently stands at £16,680.
Freehold, subject to the lease and Assured Shorthold Tenancy.
Each side to be responsible for their own costs.
Under the Finance Act 1989, VAT may be chargeable on the sale price and it is recommended that prospective purchasers make their own enquiries to establish whether or not VAT is chargeable prior to entering into an agreement.
The Rateable Value for the ground floor is £7,200.
The Council Tax Band for the maisonette is Band A.
We would recommend that all interested parties make their own enquires to clarify the rates payable.
As the building is currently occupied, viewings are strictly by prior appointment with Spratt & Son.
ENERGY PERFORMANCE CERTIFICATE:
Copies of the Energy Performance Certificates and Recommendation Reports are available by request.