Includes two self contained flats with entrance on attractive Clarence Square
February 2021 Tenant option to determine NOT exercised
Potential to develop further Residential (Subject to consents)
Opposite substantial Primark Store
First time on the market for 20 years.
Lot 4
Auction 10th December 2020
Rent £63,800 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
12 miles east of Worthing, 21 miles west of Eastbourne, 54 miles south of Central London
Roads
A23, A27, A270, M23 (Junction 1)
Rail
Brighton Railway Station (55 mins to London Victoria)
Air
London Gatwick Airport
Situation
The property is situated in a prominent position on the south side of Western Road, opposite substantial Primark store, approximately 100 metres from The Churchill Square Shopping Centre, which houses occupiers including McDonalds, Costa Coffee, H&M, Debenhams, Zara and Apple Store. Other neighbouring occupiers include Argos, KFC, Poundland, Vodafone, Halifax and TSB Bank.
Tenure
Freehold.
Location
Miles
12 miles east of Worthing, 21 miles west of Eastbourne, 54 miles south of Central London
Roads
A23, A27, A270, M23 (Junction 1)
Rail
Brighton Railway Station (55 mins to London Victoria)
Air
London Gatwick Airport
Situation
The property is situated in a prominent position on the south side of Western Road, opposite substantial Primark store, approximately 100 metres from The Churchill Square Shopping Centre, which houses occupiers including McDonalds, Costa Coffee, H&M, Debenhams, Zara and Apple Store. Other neighbouring occupiers include Argos, KFC, Poundland, Vodafone, Halifax and TSB Bank.
Tenure
Freehold.
Description
The property comprises a substantial building with retail accommodation on the ground floor and ancillary accommodation in the basement, a 2 bed maisonette on part first and second floor and a studio apartment on part first floor fronting the attractive Clarence Square. The property benefits from being double fronted with the residential entrance from the Clarence square with attractive central gardens. The property may benefit from further residential accommodation with the addition of further floors (subject to consents).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Description
The property comprises a substantial building with retail accommodation on the ground floor and ancillary accommodation in the basement, a 2 bed maisonette on part first and second floor and a studio apartment on part first floor fronting the attractive Clarence Square. The property benefits from being double fronted with the residential entrance from the Clarence square with attractive central gardens. The property may benefit from further residential accommodation with the addition of further floors (subject to consents).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground Basement
Retail Ancillary
73.20 sq m 42.00 sq m
(788 sq ft) (452 sq ft)
GREGGS PLC t/a Greggs (1)
10 years from 05/02/2016
£39,500
05/02/2021 (04/02/2026)
First and Part Second
Residential
2 Bedroom Maisonette
INDIVIDUAL
6 month Assured shorthold tenancy from 30/07/2020
£15,000 (2)
(29/07/2020)
Part Second Floor
Residential
Studio Apartment
INDIVIDUAL
1 year assured shorthold tenancy from 28/10/2020
£9,300
(27/10/2020)
Total Commercial Floor Area
115.20 sq m
(1,240 sq ft)
£63,800
(1) For the year ending 28th December 2019, Greggs Plc reported a turnover of £1,167,900,000, a pre-tax profit of £108,300,000 and shareholders funds of £351,000,000 (NorthRow 19/11/2020). (2) The rent reserved under the Assured Shorthold Tenancy is £1,250 per calendar month. The rent shown above has been annualised.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
