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FOR SALE

1 Magnus Court,
St. Martins Street,
Chichester,
West Sussex,
PO19 1AF

Investment

857 Sq Ft (79.62 Sq M)

Features

  • Chichester is an affluent Cathedral City in West Sussex
  • The City benefits from a diverse mix of retailers, strong occupier demand and consistently low vacancy rates
  • Investment comprises a self-contained ground floor retail unit
  • The shop is let to Stephen Lawrence Ladieswear Ltd until 31 January 2027 (eight years unexpired)
  • Total ground floor NIA 79.61 sq m (857 sq ft)
  • Rent £45,000 per annum exclusive
  • Tenure - long leasehold interest for a term of 125 years from 1 January 2005 at a peppercorn rent
  • Price £625,000, which reflects a net initial yield of 6.85%, after purchaser's costs of 5.12%

Location

The Cathedral City of Chichester is a historic and thriving administrative centre for West Sussex. The city is located approximately 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton.

Chichester City Centre is a vibrant and attractive retail centre with a core retail floor
space totalling around 700,000 sq ft. The retail on offer is concentrated within the
city walls. The historic nature of the retail core limits scope for future development and as a result, Chichester has one of the lowest vacancy rates in the UK.

Description

INVESTMENT | SINGLE LET LONG LEASEHOLD RETAIL INVESTMENT

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.

The ground floor retail space is configured as two self-contained shops. Shop 1 is occupied by Stephen Lawrence Ladieswear.

Planning

Planning Use: A1

User Clause: A1/A2/A3/A5

VAT

The property is VAT elected. It is therefore assumed that any sale will be treated as a TOGC (Transfer of Going Concern) where possible.

Legal Fees

Each party to bear their own legal costs incurred.

Terms

Price £625,000 which reflects a net initial yield of 6.85%, after purchasers costs of 5.12%.

Energy Performance Rating

Shop 1: C - 73

Viewing

For further information or to arrange a viewing, please contact Flude Commercial incorporating Garner Wood on 01243 819000 or via email to chichester@flude.com.

Key Contacts

Contact Photo

Mark Minchell

01243 929136