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.
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.
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.
