Retail Investment
Retail Investment
Worthing is a popular and affluent coastal town with a population of approximately 110,000 situated 10 miles west of Brighton. The property is situated on the eastern side of Chapel Road, a busy retail and leisure location in close proximity to the Guildbourne Shopping Centre and Worthing Pier. Nearby occupiers include Waitrose, Lidl, JD Wetherspoons, KFC, Tesco and Leaders Estate Agent.
Virtual Freehold. Held for a term of 999 years at a fixed peppercorn rent.
Worthing is a popular and affluent coastal town with a population of approximately 110,000 situated 10 miles west of Brighton. The property is situated on the eastern side of Chapel Road, a busy retail and leisure location in close proximity to the Guildbourne Shopping Centre and Worthing Pier. Nearby occupiers include Waitrose, Lidl, JD Wetherspoons, KFC, Tesco and Leaders Estate Agent.
Virtual Freehold. Held for a term of 999 years at a fixed peppercorn rent.
The property comprises self contained ground floor retail accommodation and forms part of a larger building.
VAT is not applicable to this lot.
Six week completion
Band C.
The property comprises self contained ground floor retail accommodation and forms part of a larger building.
VAT is not applicable to this lot.
Six week completion
Band C.
| Floor | Use | Floor Areas | Tenant | Term | Rent p.a.x. | Reviews/(Reversion) | |
|---|---|---|---|---|---|---|---|
| Ground | Retail | 97.84 sq m |
(1,053 sq ft) |
INDIVIDUAL t/a Global Food & Drink (2) |
15 Years from 25/09/2020 until 2035 (4) |
£18,000 |
25/09/2025 25/09/2030 (24/10/2035) |
| Total Approximate Floor Area |
97.84 sq m |
(1,053 sq ft) (1) |
£18,000 (3) |
||||
(1) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk)
(2) The lease is in he process of being assigned to Mr Moosa Raffiquddeen of Indo Asian Foods Ltd (CRN 08568323) who operates a number of other retail outlets. The assignment will be subject to an Authorised Guarantee Agreement (AGA).
(3) The current rent reserved under the lease is £16,000 per annum exclusive until 25/09/2022. The lease provides for a fixed increase in rent to £18,000 p.a.x. on 25/09/2022. The Seller will pay to the Buyer the difference between the current rent reserved of £16,000 p.a.x. and £18,000 p.a.x from completion of the sale until 25/09/2022. Therefore the property will produce a total of £18,000 p.a.x from completion of the sale.
(4) The lease provides for a tenant option to determine the lease on 25/09/2025 and 25/09/2030.
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.
By clicking the Submit button I confirm that I would like to get updates on this Property. Please email me updates when they are published.
If you have a query, please fill in the box below, otherwise click the Submit button.
We will keep you updated about lot xthis property.
In the meantime, if you would like to speak to the Surveyor about this property, please call on .
Are you sure you want to remove this property from your Watch List?
Are you sure you are no longer interested in this property?
Are you sure you want to delete your Account?
