Freehold Commercial And Residential Investment For Sale In Littlehamptron | | Littlehampton West Sussex | | Freehold main road investment comprising two shops, one office, rear workshop and six flats sold on long leases. One shop vacant and to let at £ 5,500 per annum. Current and estimated income some £ 19,140 per annum. Price £ 250,000, subject to contract. Freehold to buy Freehold Commercial And Residential Investment For Sale In Littlehamptron is located in West Sussex. | | BUSINESS FOR SALE ADVERT DETAILS ADVERT NUMBER : 10497
ADVERT IMPRESSIONS : 18,121 TIME(S) | | | | BUSINESS SECTOR: | Commercial Property | | TRADE TYPE: | Investment Properties | | SALE: | Private Sale | FREEHOLD: | £250000 | | | | | | | | | | Add this business advert to your: | | | | | | | | | | | | | | | BUSINESS DETAILS: | FREEHOLD
INVESTMENT
FOR SALE
WITH PART VACANT POSSESSION
31/33/35 Beach Road
Littlehampton
West Sussex BN17 5JA
LOCATION
A shopping street close to the Town Centre off the High Street.
There is a large public car park immediately to the rear of the property.
DESCRIPTION
The property comprises adjoining terraced buildings built over ground, first and second floor levels dating from around 1900. It includes three shops, a workshop and six residential flats.
The shop at 31 has a floor area of about 51m². The shop at 33 has a floor area of about 29 m². The shop at 35 has a floor area of about 75 m². The single-storey workshop is approached from a public car park to the rear of the buildings and has a floor area of just under 48 m².
The six flats are located above the shops and are self-contained each having a living room, bedroom, kitchen and bathroom.
There is a small rear yard for car parking.
LEASES
The shop at 31 is let to Ace Car Hire (Worthing) Ltd and used as offices by a car/van hire firm. The lease is for a term of 99 years from the 24 June 1985 at a ground rent of £ 75 per annum which rises from the 25 June 2010 to £ 150, from the 25 June 2035 to £ 225 and from the 25 June 2060 to £ 300 until the end of the lease.
The three residential flats at 31/33 are each let on a similar lease as the shop at 31 with rent reviews at the same dates, but with the current rent for each flat being £ 25 per annum with increases as per the shop but to £50, £75 and £100 per annum respectively.
The shop at 33 is vacant and being offered for letting at a rent of £ 5,500 per annum exclusive.
The shop at 35 is let to Goring Pet Supplies Ltd with a personal guarantor and is a pet supplies shop. The lease is full repairing and insuring for 15 years from the 25 December 2005 at £ 9,900 per annum with upward only market rent reviews at the 24 June 2011 and 2016.
The three flats over the shop at 35 are each let on a lease of 99 years from the 25 March 1981 with a ground rent of £30 per annum until the 25 March 2021, £ 40 per annum until the 25 March 2041 and then £ 50 per annum for the remainder of the term.
The workshop to the rear of 35 Beach Road is let to a Mr B A Stacey who runs a car washing and valeting business. The lease expires on the 8 July 2012 at £ 3,500 per annum rising on the 24 June 2008 to £ 3,900 per annum. There is a tenant’s option to break in July 2010. Vacant possession could be secured.
All of the premises are let on what amount to full repairing and insuring leases through service charge arrangements, but with the rear workshop the tenant’s liability is limited by a Schedule of Condition.
The current and estimated income is some £ 19,140 per annum but rising and assuming the vacant shop at 33 Beach Road lets at £ 5,500 per annum.
PRICE
£ 250,000, subject to contract.
FURTHER INFORMATION
For further information please contact
Peter D King
Telephone No. 01903 770846
E-mail pking1942@aol.com | | | | | | EXPIRED - AWAITING DELETION | | | | | REFERENCE: | 10497 / RightBiz | | | | | | Request more information about this business.. | | ENQUIRIES: | | | | CONTACT SELLER TO GET THE SELLERS DIRECT CONTACT DETAILS AVAILABLE TO MEMBERS ONLY | | | | | | | | | | | |
