83 St. James's Street, BN2

Investment Consideration:
Gross Initial Yield: 7.44%
Rental Income: £16,000 p.a.
VAT is NOT applicable to this property
Comprises ground floor corner shop t/a florist with ancillary at basement
Tenant in occupation since 2016. Business rated 5/5 stars on Google.
Located within short walk to the seafront with occupiers nearby including Co-op Food (opposite), Superdrug and Boots, amongst many local traders.

Property Description:
The property comprises ground floor corner shop with ancillary accommodation at basement, providing the following accommodation and dimensions
Ground Floor: 30.00 sq m (323 sq ft)
Open plan retail, Storage
Basement: 26.50 sq m (285 sq ft)
Ancillary, WC

Tenancy:
The property is at present let to an Individual t/a Florist for a term of 5 years from 7th December 2022 at a current rent of £16,000 per annum and the lease contains full repairing and insuring covenants. Tenant in occupation since 2016. Rent review on 25th December 2025 open market upward only.

Tenure:
Long Leasehold. Held on a 125 Year lease from 25th December 2015 at a ground rent of £250 p.a. Fixed rental increase to £500 p.a. in 2040, £1,000 p.a. in 2065 and £2,000 p.a. in 2090 until the remainder of the lease. Reversion 2140.

Location:
The city of Brighton and Hove is a major south coast resort and commercial centre with a population of some 273,000. The city is also a major retail centre serving a wide catchment population. Brighton is located 50 miles south of London and is accessed by the A23 and A27 dual carriageways. In addition, the city benefits from regular rail services to London (Victoria) and is also within 28 miles of Gatwick Airport. This corner property is situated on the south side of St James Street, an established trading location, at its junction with Wentworth Street. Occupiers close by include Co-op Food (opposite), Superdrug and Boots, amongst many local traders. The property is some 160 metres from Brighton's sea front.