For Sale
Magnus Court ,
St Martins Street,
Chichester,
West Sussex
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Investment
- Head lease for sale with seven sub leases
- Two x 1 bedroom flats and 4 x 2 bedroom flats, plus commercial ground floor element
- Current income £1,200 pax
- 100% increase in ground rent every 25 years
- Next review 2030 - rent increases to £2,400 pax
- Ground floor retail is peppercorn rent
- Sub long leaseholders responsible for maintenance via service charge
- Price £13,000, which reflects a gross initial yield of 9.2% and a reversion in 2030 of 18.4%
- TENURE Long leasehold interest for a term of 125 years from 1 January 2005 at a peppercorn rent.
Location
The Cathedral City of Chichester is a historic and thriving administrative 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton.
The premises are situated in a recent development behind Marks and Spencer, between St Martins Street and Little London car park. St Martins Street leads from the main pedestrianised shopping area of East Street and is linked by a pedestrian route leading from North Street.
Description
Head Long Leasehold Ground Rent Investment (Expiry 2129) at Peppercorn Rent
Accommodation
The property was constructed in 2007, and comprises a mixed use investment over ground, first and second floors. The two upper floors comprise six residential apartments, which are accessed from a ground floor entrance on the west side of building; from St Martins Street. All flats are sold off and produce ground rent income.
The ground floor retail space is configured as two self-contained shops.
Energy Performance Rating
Further information on request
Planning
Taxation
Residential Element:
Flat 1 2 3 4 5 6
Band B C B X B C
Commercial Element:
Shop 1 : Rateable Value (2017) : £24,250
(2023) : £19,500
Shop 2 : Rateable Value (2017) : £34,500
(2023) : £27,500
Terms
We have been instructed to market the head long leasehold interest, which has a term of 125 years from 1 January 2005, subject to the existing sub long leasehold interests, as set out in the Tenancy and Accommodation Schedule.
VAT
We understand property is 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.