For Sale
140 Preston Drove,
Brighton,
East Sussex,
BN1 6FJ
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Investment
494 Sq Ft (45.89 Sq M)
Location
The property is located at the eastern end and is situated on the southern side of Preston Drove, near its junction to Ditchling Road and Five Ways, a busy interchange. Preston Drove runs west to east through a predominantly residential area and alongside Preston Park. The area is an established residential location with commercial units located around the Five Ways junction, with independent retailers including shops, salons, restaurants and pubs, and a Coop supermarket.
Description
The subject property comprises a terraced, three-storey, mixed-use building constructed beneath a tiled pitch roof. The ground floor unit consists of a glazed frontage with private access into the unit, which is also accessible from the rear garden.
The retail unit is arranged over the ground and lower ground floor, and the residential flat is on the first floor.
The garden can also be accessed from the rear, with an additional studio / outbuilding which is not included within the commercial lease and is currently used by the Freeholder as a studio workshop. There is a separate outside WC too.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
Energy Performance Rating
We understand the property has an EPC rating of C (expiry date - 14/08/2033).
Planning
A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.
Taxation
Rateable Value (2026): £9,700
Occupiers will pay approximately 38% of this per annum.
Tenancy Information
The freehold sale is subject to the lease dated 17th October 2023 to Summer Hill Gallery Limited for a term of 12 years at a passing rent of £16,000 per annum.
There are 4 yearly reviews dates, specifically 17/10/2027 & 17/10/2031. There are tenant only break options dated 17/10/2027 & 17/10/2031.
The first floor flat is subject to a 125 year lease dated 24/06/1988.
Terms
We have been instructed to market the freehold interest, subject to the existing tenancy and contract, at a guide price of £235,000.
VAT
Rents and prices are quoted exclusive of, but may be subject to VAT.
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.