Prominent Freehold Retail and Residential Ground Rent Investment
Former Bank let to Natwest Plc
Lease expires in June 2025 (no breaks)
Includes four flats above let on long leases
Development potential to the rear (subject to consents)
Prominently situated within an established local parade on London Road (A23)
VAT free investment
Nearby occupiers include Sainsbury's, Aldi, Superdrug, McDonald's, Costa Coffee, Greggs, Poundland, Boots Opticians, Domino's and WHSmith
Lot 43
Auction 13th July 2023
Rent £48,400 per Annum Exclusive
Status Sold
Price £510,000
Sector High Street Retail, Residential
Auction Venue Live Streamed Auction
On Behalf of a Charitable Foundation
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 minutes to London Victoria)
Air
London Gatwick Airport
Situation
The property is situated in a prominent location on London Road (A23) close to the intersection of York Hill and about 1/2 mile from the seafront. Nearby occupiers include Sainsbury's, Aldi, Superdrug, McDonald's, Costa Coffee, Greggs, Poundland, Boots Opticians, Domino's and WHSmith.
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 minutes to London Victoria)
Air
London Gatwick Airport
Situation
The property is situated in a prominent location on London Road (A23) close to the intersection of York Hill and about 1/2 mile from the seafront. Nearby occupiers include Sainsbury's, Aldi, Superdrug, McDonald's, Costa Coffee, Greggs, Poundland, Boots Opticians, Domino's and WHSmith.
Tenure
Freehold.
Description
The property comprises a former bank arranged on the ground floor, basement and part first floors with four residential flats arranged over three upper floors, let on long leases.
VAT
VAT is not applicable to this lot.
Note
Please note the buyer will pay 1% excluding VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
See Legal Pack
Description
The property comprises a former bank arranged on the ground floor, basement and part first floors with four residential flats arranged over three upper floors, let on long leases.
VAT
VAT is not applicable to this lot.
Note
Please note the buyer will pay 1% excluding VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
See Legal Pack
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Ground/Basement/Part First
Retail/Ancillary
288.52
(3,105)
NATWEST PLC
20 years from 10/06/2005
£48,000
Flat 41A
Residential Flat
-
-
AN INDIVIDUAL
125 years from 10/11/2003
£100
Flat 42A
Residential Flat
-
-
AN INDIVIDUAL
125 years from 14/11/2003
£100
Flat 42B
Residential Flat
-
-
AN INDIVIDUAL
125 years from 10/11/2003
£100
Flat 42C
Residential Flat
-
-
LIMITED COMPANY
125 years from 10/11/2003
£100
Total Commercial Area
288.52
(3,105)
£48,400
(1) Areas provided by VOA (www.gov.uk/find-business-rates) (2) For the year ending 31st December 2022, Natwest Plc reported a turnover of £15,776,000,000, a pre-tax profit of £5,132,000,000 and a net worth of £29,372,000,000 (www.northrow.com). Please note the tenant is not currently in occupation. NB: The seller has served notices on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987. No acceptance notices have been received from the tenants within the permitted period.
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.
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