41/42 London Road Brighton East Sussex BN1 4JB

41/42 London Road
Brighton
East Sussex
BN1 4JB

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
Auction Venue
Live Streamed Auction
On Behalf of a Charitable Foundation

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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

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.