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FOR SALE

11 - 14 Southgate,
Chichester,
West Sussex,
PO19 1ES

Retail and Leisure, Investment

4209 Sq Ft (391.02 Sq M)

Features

  • Four self-contained retail units and large one bedroom flat
  • Fully let intact freehold
  • Future asset management opportunities
  • Total NIA 391.03 sq m (4,209 sq ft)
  • Total current rent £68,200 per annum for the whole
  • ERV of £74,250 per annum for the whole
  • Property not registered for VAT
  • Price £1,000,000 subject to tenancies and contract
  • 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%
  • Reversionary yield of 7.90% for commercial element based on ERV

Location

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.

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.

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.

Planning

We understand that the premises benefit from A1/ A2/ A3/ A4/ A5 use within the Use Classes Order 1987 (as amended).

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.

Terms

Price £1,000,000 (One Million Pounds), subject to tenancies and contract.

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% and a reversionary yield of 7.90% based on the ERV for the commercial element.

The above figures are based on a value of £225,000 for the residential element.

Energy Performance Rating

We understand the property has an EPC rating of C.

Key Contacts

Contact Photo

Sebastian Martin

01243 929135