Old Steine Location, Adjacent City Centre
- PROPERTY TYPE
Commercial Property
- SIZE
Ask agent
Key features
- For Sale by Auction on 27th June 2024
- Mixed Freehold Investment
- Annual Income of 109,860
- Percentage Yield of 8.3%
- Extremely Rare and Significant Investment Opportunity
- Prime City Centre Location
- FFF 61 sq m EPC Rating C
- SFF 64 sq m EPC Rating C Upgradable to B
- TFF 53 sq m EPC Rating D Upgradable to C
- Commercial EPC B
Description
Guide Price £1.3m+
Freehold retail/residential investment for sale.
The property is a Grade II Listed building offering a double fronted ground floor commercial premises having the benefit of a rear extension that was, just a few years ago, fully refurbished. To the upper floors and with their own private access, are 3 self contained 2 bedroom flats whilst helpfully and somewhat unusually, each flat has its own separate kitchen and is therefore do not form part of the lounge.
Brighton is a large conurbation within the south east of England with a residency (according to the 2011 Census) of 273,400 residents and is positioned approximately 56 miles south of London.
There are excellent road links with the A23 and M23 motorway whilst Gatwick Airport's south and north terminals are 20 and 22 miles north, respectively. Brighton Mainline Railway Station offers direct trains to London Bridge and Victoria.
Situated within this dominant position to the north side of St James Street opposite Manchester Street with local retailers being represented by Boots, Sainsbury's Local, Morrisons and Starbucks whilst the European headquarters of American Express is on John Street. The seafront and Palace Pier is immediately adjacent.
Commercial
Ground Floor 144.28 SQ M/1,553 SQ FT
Basement 61.13 SQ M/ 658 SQ FT
TOTAL 205.41 SQM/2,211 SQ FT
The ground and basement are let to Merkur Slots UK Ltd (Co no: 01038403) on a 15 year lease from 11 November 2021 as a passing rent of £43,500 per annum with 5-yearly, upward only, rent reviews. The lease is of a FRI nature and contributes to 61% of the service charge.
The lease is subject to an ongoing schedule of condition and the tenant has break options in November 2026 and 2031.
Passing Rent
3 x 2 bed flats have an annual rent £66,360
Commercial rent received annually is £43,500
TOTAL £109,860
VAT is chargeable however it is anticipated the sale will be by way of a TOGC
Brochures
Old Steine Location, Adjacent City CentreOld Steine Location, Adjacent City Centre
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Brighton Station0.6 miles
- London Road (Brighton) Station1.1 miles
- Hove Station1.8 miles
About the agent
Parsons Son & Basley, Brighton
32 Queens Road, Brighton, BN1 3YE
PS&B have been providing professional property services since 1825 and is one of the oldest independent firms of Chartered Surveyors, Valuers and Estate Agents in the UK. We are responsible for the letting and management of thousands of properties throughout the UK and are well established in Brighton & Hove, Bognor Regis and Portsmouth.
With nearly 200 years of experience in selling and letting property, PS&B is steeped in a wealth of history and offers an unrivalled experience. Our de
Industry affiliations
Notes
Disclaimer - Property reference 32979508. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Parsons Son & Basley, Brighton. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Parsons Son & Basley, Brighton on 01273 109882.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”
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