YHA Old Steine Brighton East Sussex BN1 1NP

  • YHA<br>Old Steine<br>Brighton<br>East Sussex<br>BN1 1NP

YHA
Old Steine
Brighton
East Sussex
BN1 1NP

Major City Centre Hotel Investment

  • Let to YHA (England and Wales) until 2155 (subject to option)
  • Prominent historic building with Brighton City Centre
  • 5 yearly RPI linked Rent Reviews
  • Located near Brighton’s major attractions including The Royal Pavilion, Sealife, Brighton Pier and Brighton Museum and Art Gallery
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot
    10
  • Auction
    10th December 2015
  • Rent
    £200,000 per Annum Exclusive
  • Status
    Sold Prior
  • Price
     
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
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Major City Centre Hotel Investment

  • Let to YHA (England and Wales) until 2155 (subject to option)
  • Prominent historic building with Brighton City Centre
  • 5 yearly RPI linked Rent Reviews
  • Located near Brighton’s major attractions including The Royal Pavilion, Sealife, Brighton Pier and Brighton Museum and Art Gallery
  • Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
  • Lot 10
  • Auction 10th December 2015
  • Rent £200,000 per Annum Exclusive
  • Status Sold Prior
  • Price  
  • Sector
    Leisure
  • Auction Venue
    Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
11 miles east of Worthing, 21 miles north-west of Eastbourne, 52 miles south of London
Roads
A259, A23, A2270
Rail
Brighton Rail (55 minutes to London Victoria)
Air
Brighton City Airport
Situation

The property is situated in a prominent location on Old Steine, the southern terminus of the A23 into Central Brighton. The property is highly accessible with Brighton Bus and Coach Terminal located to the rear of the property, a local bus stop located opposite the main entrance and Brighton Rail Station around a 10 minute walk away.
The property is conveniently located for all the town’s major attractions, being within a short walk of Brighton Pier and Beach to the south and the Royal Pavilion to the north. Other nearby attractions include Sealife, Brighton Museum and Art Gallery and Brighton’s medieval Lanes shopping area. Nearby occupiers include a number of hotel and leisure establishments, including The Pitcher & Piano, Grosvenor Casino and The Royal Albion Hotel.

Tenure

Long Leasehold. Held for a term of years until 30th August 2155 at a peppercorn rent.

Location
Miles
11 miles east of Worthing, 21 miles north-west of Eastbourne, 52 miles south of London
Roads
A259, A23, A2270
Rail
Brighton Rail (55 minutes to London Victoria)
Air
Brighton City Airport
Situation

The property is situated in a prominent location on Old Steine, the southern terminus of the A23 into Central Brighton. The property is highly accessible with Brighton Bus and Coach Terminal located to the rear of the property, a local bus stop located opposite the main entrance and Brighton Rail Station around a 10 minute walk away.
The property is conveniently located for all the town’s major attractions, being within a short walk of Brighton Pier and Beach to the south and the Royal Pavilion to the north. Other nearby attractions include Sealife, Brighton Museum and Art Gallery and Brighton’s medieval Lanes shopping area. Nearby occupiers include a number of hotel and leisure establishments, including The Pitcher & Piano, Grosvenor Casino and The Royal Albion Hotel.

Tenure

Long Leasehold. Held for a term of years until 30th August 2155 at a peppercorn rent.

Description

The property comprises a prominent Grade II listed building, formerly known as the 4* Royal York Hotel. The property is currently operating as a YHA hotel arranged over ground, first, second and third floors providing 51 rooms varying from dormitories to private rooms and providing approximately 180 beds. YHA Brighton also offers a café and bar, self-catering kitchen, bike store, meeting room and karaoke/movie room on site.

The fourth floor has recently been refurbished and subdivided into residential apartments. In addition, there is a self-contained retail unit to the rear.

For a virtual tour of the property, please go to http://www.yha.org.uk/hostel/brighton

Six Week Completion

NB. 11-12 Pool Valley Retail Unit will be offered as Lot 3 in this catalogue.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a prominent Grade II listed building, formerly known as the 4* Royal York Hotel. The property is currently operating as a YHA hotel arranged over ground, first, second and third floors providing 51 rooms varying from dormitories to private rooms and providing approximately 180 beds. YHA Brighton also offers a café and bar, self-catering kitchen, bike store, meeting room and karaoke/movie room on site.

The fourth floor has recently been refurbished and subdivided into residential apartments. In addition, there is a self-contained retail unit to the rear.

For a virtual tour of the property, please go to http://www.yha.org.uk/hostel/brighton

Six Week Completion

NB. 11-12 Pool Valley Retail Unit will be offered as Lot 3 in this catalogue.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Reviews
Ground
First
Second
Third
Basement		 Hotel
2,790 sq m
(30,042 sq ft)
 YHA (ENGLAND
AND WALES) (1)		 Approx. 141 years from
23/05/2014 until 26/08/2155
(2)		 £200,000 23/05/2019 and
five yearly linked
to RPI (3)
Fourth Residential Apartments
–
–
 – Term expiring 30/08/2155 Peppercorn  
Ground/
Basement 		Retail
–
–
 – Term expiring 30/08/2155 Peppercorn  
Total (YHA Area Only)
2,790 sq m
(30,042 sq ft)
     £200,000

(1) Established in 1930, YHA is one of the top 50 charities in the UK. The YHA network operates from over 180 locations throughout the UK from castles and Grade I Listed buildings, to camping pods and campsites, employing over 1,000 team members annually. (Source: YHA.org.uk 16/11/2015)
(2) The lease provides an option to determine on 23/05/2044.
(3) The rent reviews are linked to the Retail Price Index subject to a minimum of 1% and a maximum of 4% compounded per annum.

Contacts

Seller's Solicitors
Eversheds LLP 1 Wood Street
London
EC2V 7WS
Tom Goldsmith 0207 919 0939tomgoldsmith@eversheds.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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