High Yielding Prestigious and Historic City Centre Retail Investment
Landmark building in historic City Centre
Let to tenants including Bill’s Restaurant and Pressley's Jewellers
Bill’s let on two leases expiring in August 2032 (no breaks)
Two new lettings in 2023 including boutique tearoom
Asset management opportunities
Nearby occupiers include Marks & Spencer, Boots the Chemist, Jigsaw, The White Company, Mint Velvet, Costa and Starbucks
Affluent and historic Cathedral City and popular retail and tourist destination
Lot 18
Auction 9th July 2024
Rent Gross: £169,300 per Annum Exclusive Net: £88,883 (6)
Status Available
Guide* £570,000 - £590,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
16 miles east of Portsmouth, 32 miles west of Brighton
Roads
A3, A27, A259, M27, M275
Rail
Chichester Station
Air
London Gatwick
Situation
Chichester is a historic Cathedral City and popular retail centre. The property is situated on the east side of the pedestrianised North Street in a prime retailing location, close to The Cross and the junction with East Street, South Street and West Street. Nearby occupiers include Marks & Spencer, Boots the Chemist, Jigsaw, The White Company, Mint Velvet, Costa, Starbucks and numerous high street banks.
Tenure
Leasehold. from Chichester City Council for a term of 99 years from 17th December 2009 (approximately 84 years unexpired). The rent payable to Chichester City Council is calculated annually by way of a fixed “base rent” of £50,000 per annum, plus a “turnover rent” (i.e. total annual rent less various deductions as defined in head lease). Please see legal pack for the headlease and recent turnover rent calculations/certificates.
Location
Miles
16 miles east of Portsmouth, 32 miles west of Brighton
Roads
A3, A27, A259, M27, M275
Rail
Chichester Station
Air
London Gatwick
Situation
Chichester is a historic Cathedral City and popular retail centre. The property is situated on the east side of the pedestrianised North Street in a prime retailing location, close to The Cross and the junction with East Street, South Street and West Street. Nearby occupiers include Marks & Spencer, Boots the Chemist, Jigsaw, The White Company, Mint Velvet, Costa, Starbucks and numerous high street banks.
Tenure
Leasehold. from Chichester City Council for a term of 99 years from 17th December 2009 (approximately 84 years unexpired). The rent payable to Chichester City Council is calculated annually by way of a fixed “base rent” of £50,000 per annum, plus a “turnover rent” (i.e. total annual rent less various deductions as defined in head lease). Please see legal pack for the headlease and recent turnover rent calculations/certificates.
Description
Dating from 1808, The Buttermarket was originally built to provide accommodation for small traders. The property was extensively refurbished and re-opened in 2011 to provide a magnificent Grade II listed building, arranged as five shops/restaurants on the ground and first floors.
VAT
VAT is applicable to this lot.
EPC
See Legal Pack
Description
Dating from 1808, The Buttermarket was originally built to provide accommodation for small traders. The property was extensively refurbished and re-opened in 2011 to provide a magnificent Grade II listed building, arranged as five shops/restaurants on the ground and first floors.
JOANNA'S BOUTIQUE TEAROOM (CHICHESTER) LIMITED with a guarantee from JOANNA'S BOUTIQUE TEAROOM LIMITED (t/a Joanna's Boutique Tearoom) (4)
10 years from 23/03/2023 (5)
£35,000 with annual fixed rental increases (5)
-
Total
534.74
(5,755)
£169,300
(1) Pressleys is an independent family jewellers established in 1909 (www.pressleys.co.uk) (2) The lease is subject to mutual rolling break from 01/03/2024, subject to one month's notice. (3) Bill’s is a British Restaurant and Bar chain that opened its first restaurant in 2000 and now trades from about 45 sites across the UK (www.bills-website.co.uk) (4) Joanna's Boutique Tearoom were established in 2015 and run one other tearoom in Storrington as well as The Mowing Shed Café in Pulborough. (5) The tenant is benefitting from half rent until 10/09/2024. The Seller shall make an allowance against the Purchase Price as detailed in the Extra Special Conditions of Sale in the Legal Pack. Please note the rent is subject to the following fixed increases: £35,000 p.a.x. from 11/09/2024 - 23/03/2025 £37,500 p.a.x. from 24/03/2025 - 23/03/2026 £40,000 p.a.x. from 24/03/2026 - 23/03/2027 £42,500 p.a.x. from 24/03/2027 - 23/03/2028 Please note that the lease is subject to a tenant only option to determine on 23/03/2028 - please see lease. (6) Please see Legal Pack for turnover rent calculations and certificates.
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.
