For Sale
170 North Street,
Brighton BN1 1EA
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Investment
6,831 Sq Ft (634.6 Sq M)
- Prime opportunity to acquire a prominent mixed-use investment
- Strategically located on North Street, directly opposite The Lanes
- Excellent city centre position, with the property backing directly onto the Pavilion Gardens
- Attractive period building offering character and strong long-term occupier appeal
- Significant asset management and value-add opportunities
- Offers sought in the region of £1.5 million
Location
The subject property is located on the northern side of North Street, adjacent to Lloyds Bank and opposite the Hanningtons Brighton Scheme, a former department store sitting on 1.3 acres which has been extensively redeveloped to create a new 'Lane' to the rear as well as providing retail stores fronting North Street.
North Street is a popular location for leisure operators to include Wahaca, Smashburger and Bella Italia. Numerous other bars and restaurants are located immediately off North Street and The Lanes and North Laine areas. The historic Brighton Pavilion, Pavilion Gardens and North Laine are situated immediately to the north.
Description
The property is of traditional brick construction with an attractive sandstone façade beneath a combination of pitched slate, flat and mansard roofs. It comprises a period mid-terrace building arranged over five storeys to the front (basement to third floor) and three storeys to the rear (basement to first floor).
The ground floor and basement are let to Cornish Bakehouse, providing a prominent retail unit fronting North Street.
The rear part of the ground floor, together with the first, second and third floors, provides self-contained office accommodation accessed independently from North Street. Ancillary storage is located within the basement.
Vehicular access is available to the rear of the property via Prince's Place, where there is a shared service area currently used for refuse storage.
Energy Performance Rating
EPCs are available on request. Ratings range from Bs to Cs.
Terms
Offers are invited in the region of £1.5 million reflecting a net initial yield of 7.97%, assuming the property is fully let and after usual purchasers costs.
VAT
The building is not VAT elected.
Legal Fees
Each party to bear their own legal costs incurred.
Anti-Money Laundering Regulations 2017
In accordance with current Government legislation, we are legally required to conduct Anti-Money Laundering (AML) checks on all prospective purchasers or tenants where the transaction involves a capital value of €15,000 (EUR) or more, or a rental value of €10,000 (EUR) per calendar month or greater.
This process includes verifying identity, as well as confirming the source and availability of funds. Please note that we must obtain and record this information before any transaction can be formalised or contracts exchanged.
Flude Property Consultants 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 Property Consultants has any authority to make or give any representation or warranty whatsoever in relation to this property.
Please note that whilst we endeavour to confirm the prevailing approved planning use for properties we market, we can offer no guarantees in this regard. Planning information is stated to the best of our knowledge. Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.
We advise interested parties to make their own enquiries to the local authority to verify the above and the level of business rates payable in view of possible transitional arrangements and any reliefs.