101 - 103 South Road Haywards Heath West Sussex RH16 4LR

101 - 103 South Road
Haywards Heath
West Sussex
RH16 4LR

Freehold Retail/Residential Investment

Two retail units let on new leases expiring 2026 and 2031 (subject to options)
Prominent corner position in the heart of Haywards Heath town centre
Excellent location close to The Orchards Shopping Centre
Nearby occupiers include Marks & Spencer, Boots the Chemist, Next, WH Smith, Fat Face and Caffè Nero
£36,200 per annum exclusive, subject to notes 2 & 4
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
90
Auction
13th October 2016
Rent
£36,200 per Annum Exclusive
Status
Sold
Price
£410,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of Insolvency Practitoners Deloitte

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Freehold Retail/Residential Investment

Two retail units let on new leases expiring 2026 and 2031 (subject to options)
Prominent corner position in the heart of Haywards Heath town centre
Excellent location close to The Orchards Shopping Centre
Nearby occupiers include Marks & Spencer, Boots the Chemist, Next, WH Smith, Fat Face and Caffè Nero
£36,200 per annum exclusive, subject to notes 2 & 4
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 90
Auction 13th October 2016
Rent £36,200 per Annum Exclusive
Status Sold
Price £410,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of Insolvency Practitoners Deloitte

Property Information

Location

Miles: 12 miles north of Brighton 36 miles south of Central London
Roads: A22, A23, A272, M23 (Junction 11)
Rail: Haywards Heath Railway Station
Air: London Gatwick Airport

Situation

The property is situated in a highly prominent corner position on South Road, at its junction with Haywards Road adjacent to Iceland. The Orchards Shopping Centre is in close proximity housing occupiers including Marks & Spencer, Superdrug, Fat Face and Next with other nearby occupiers including 99p Stores, Boots the Chemist, Co-operative Food, WH Smith, Iceland and Waterstones.

Tenure

Freehold.

Location

Miles: 12 miles north of Brighton 36 miles south of Central London
Roads: A22, A23, A272, M23 (Junction 11)
Rail: Haywards Heath Railway Station
Air: London Gatwick Airport

Situation

Tenure

Freehold.

Description

The property comprises two ground floor retail units with two selfcontained residential flats on the first and second floors accessed from Haywards Road.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency practitioners are acting without personal liability.

Completion Period

Six Week Completion

EPC

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

Description

The property comprises two ground floor retail units with two selfcontained residential flats on the first and second floors accessed from Haywards Road.

VAT

VAT is applicable to this lot.

Note

Completion Period

Six Week Completion

EPC

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

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
101	Ground	Retail/ Ancillary	59.28 sq m	(638 sq ft)	FLINDERS COFFEE LIMITED	15 years from completion (1)	£16,500 (2)	2021, 2026 (2031)
103	Ground	Retail/ Ancillary	70.80 sq m	(762 sq ft)	ARMSTRONGS OPTICIANS LIMITED	10 years from completion (3)	£19,500 (4)	2021 (2026)
101A	First & Second	Residential	Not Measured		INDIVIDUAL	99 years from 09/10/2002	£100	Rising to £200 in 2035 & £400 in 2068 (08/10/2101)
103A	First & Second	Residential	Not Measured		INDIVIDUAL	99 years from 09/10/2002	£100	Rising to £200 in 2035 & £400 in 2068 (08/10/2101)
Totals	Commercial Area		130.08 sq m	(1,400 sq ft)			£36,200

1) The lease is in solicitors hands and is due to complete imminently. The lease provides for tenant option's to determine on every 5th year of the anniversary of the term subject to six months prior written notice.
(2) On completion of the lease the tenant will pay to the seller a four month rent deposit and will benefit from a three month rent free period. The seller has agreed to adjust the completion monies so the unit will produce £16,500 p.a.x from completion of the sale.
(3) The tenant is currently holding over on a 10 year lease from 25th December 2000 at a rent of £19,500 p.a.x. Terms have been agreed for a new 10 year lease at a rent of £19,500 p.a.x with a tenant option to determine on the 5th anniversary of the term and is in solicitors hands due to complete imminently.
(4) From completion of the lease the tenant will benefit from 12 months half rent. The seller has agreed to adjust the completion monies so the unit will produce £19,500 p.a.x from completion of the sale.
NB: The seller has served notices on the residential lessees under Section 5B of the Landlord and Tenant Act 1987.