11-14 Southgate, Chichester PO19 1ES. Multi Let Freehold Retail Investment

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Duane Perkins
5 years ago
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1 Southgate, Chichester PO19 1ES Multi Let Freehold Retail Investment

West Street East Street South Street INVESTMENT SUMMARY ᗌ ᗌ Chichester is an affluent Cathedral City in West Sussex ᗌ ᗌ Four self-contained retail units and large one bedroom flat ᗌ ᗌ Fully let

2 West Street East Street South Street INVESTMENT SUMMARY ᗌ ᗌ Chichester is an affluent Cathedral City in West Sussex ᗌ ᗌ Four self-contained retail units and large one bedroom flat ᗌ ᗌ Fully let intact freehold South Pallant Car Park ᗌ ᗌ Future asset management opportunities ᗌ ᗌ Total NIA sq m (4,209 sq ft) ᗌ ᗌ Total current rent 68,200 per annum for the whole Southgate Car Park ᗌ ᗌ ERV of 74,250 per annum for the whole ᗌ ᗌ Property not registered for VAT ᗌ ᗌ Price 1,000,000 subject to tenancies and contract Southgate ᗌ ᗌ A purchase at this level would reflect an attractive net initial yield of 7.4% on the commercial element, after usual purchaser s costs of 6.8% ᗌ ᗌ Reversionary yield of 7.90% for commercial element based on ERV Long Stay Car Park Southgate Train and Bus Stations

LOCATION AND SITUATION The Cathedral City of Chichester is located approximately 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton.

3 LOCATION AND SITUATION The Cathedral City of Chichester is located approximately 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton. The city has excellent road communications being situated on the A27 dual-carriageway which runs east to Worthing and Brighton and west to Portsmouth and Southampton. By rail there are frequent services to London, as a result Chichester is a popular commuter location for those working in London s City and West End. Plans for indicative purposes only. The property is situated in central Chichester, positioned on the western side of Southgate, just to the north of its junction with Market Avenue. Southgate is a busy location in terms of pedestrian and vehicular prominence, and forms a thoroughfare to South Street, and the centre of the city from the Avenue De Chartres car park and train station. SOUTHAMPTON BRIGHTON IOW CHICHESTER

DESCRIPTION The property comprises an unbroken and intact terrace of four lock-up shops and a large self-contained one bedroom flat. 11 and 12 Southgate comprise ground floor lock-up retail units.

To the rear of the property is a two story structure, which is used as a garage and store. This building is positioned at the bottom of what would be the garden of 11 Southgate.

4 DESCRIPTION The property comprises an unbroken and intact terrace of four lock-up shops and a large self-contained one bedroom flat. 11 and 12 Southgate comprise ground floor lock-up retail units. The flat is located directly above these two shops. 13 and 14 Southgate are each arranged over the ground and first floors. These two shops are Grade II Listed. To the rear of the property is a two story structure, which is used as a garage and store. This building is positioned at the bottom of what would be the garden of 11 Southgate. Attached to the garage, to the north, is a single storey room which is located at the bottom of what would be the garden of 13 Southgate. There is vehicular and pedestrian access to the rear of the property through an underpass in Avenue House, on Avenue De Chartres; and access to the flat is only available from the rear of the property. The flat is accessed up a flight of external stairs and over a rooftop patio area, and is known as 13a Southgate.

5 TENNANCY AND ACCOMMODATION SCHEDULE Unit Tenant NIA sq m NIA sq ft ITZA EPC Use Term (Years) Repair Start Break Rent Review Expiry L&T Act Passing Rent ERV Notes Creations Hair Salon (UK) Limited MJB Property Management Limited G A1 10 EFRI 25/03/ /03/ /03/ /03/2025 In 13,500 14,000 (1) C A2 10 EFRI 10/07/2012 N/A 10/07/ /07/2022 Out 17,500 18,750 (2) 13 Tara Cussans C A1 10 FRI 24/05/ /05/ /05/ /05/2027 In 15,000 15,000 (3) 14 Umit Kelec E A3 20 FRI 25/03/2002 N/A 25/03/ /03/2022 Out 13,500 15,000 (4) Rear Garage ,000 (5) Rear Store ,500 1,500 (6) Commercial Total 61,000 65,250 13a One bedroom flat F C3 7,200 9,000 (7) Total ,209 68,200 74,250 Notes: (1) Lease benefits from a personal guarantee. Break option subject to three months notice. Rent review to open market (upward only). EPC of D can be achieved by changing lights to LED. (2) Tenant not in occupation. The landlord holds a three month rent deposit. The lease is subject to a photographic schedule of condition. Rent review to open market (upward only) and has not been initiated. (3) The landlord holds a three month rent deposit. The lease is subject to a photographic schedule of condition. (4) The lease was assigned to to Umit Kelec in May Rent review to open market (upward only). (5) Currently occupied by the freeholder, who will vacate on completion of a sale. (6) Let to Creations on a temporary basis. (7) The flat is let on an AST. An EPC rating of D can be achieved by installing modern electric heating.

This franchise also has a premises in Portsmouth.

6 TENANT INFORMATION Creations Hair Salon (UK) Limited have been in occupation for over 12 years and have been in Chichester for around 20 years. MJB Property Management Limited is a franchise of Martin & Co and have been in occupation for over five years. This franchise also has a premises in Portsmouth. Ms Cussan has recently taken a new lease, but has been trading in Chichester for about six years, so already has a good client base. 14 Southgate has been a restaurant for over 20 years with the current tenant taking on the lease in 2014.

40% on the commercial element, after usual purchaser s costs of 6.8% and a reversionary yield of 7.

7 PRICE Price 1,000,000 (One Million Pounds), subject to tenancies and contract. Garage and Store A purchase at this level would reflect an attractive net initial yield of 7.40% on the commercial element, after usual purchaser s costs of 6.8% and a reversionary yield of 7.90% based on the ERV of the commercial element. The above figures are based on a value of 225,000 for the residential element. TENURE Freehold. VAT The property is not registered for VAT.

FURTHER INFORMATION Please contact the sole agents Flude Commercial: Sebastian Martin Mark Minchell s.martin@flude.com m.minchell@flude.

give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form

8 FURTHER INFORMATION Please contact the sole agents Flude Commercial: Sebastian Martin Mark Minchell Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property.

FOR SALE. The Co operative, High Street, Selsey, Nr Chichester PO20 0QG. Secure Supermarket Investment Opportunity sq m (8,000 sq ft)

FOR SALE. The Co operative, High Street, Selsey, Nr Chichester PO20 0QG. Secure Supermarket Investment Opportunity sq m (8,000 sq ft) FOR SALE Secure Supermarket Investment Opportunity 861.12 sq m (8,000 sq ft) Agency Lease Advisory Management Valuation Investment Development Key Features Co- operative supermarket investment Located