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FOR SALE

1,
2 and 3 The Parade,
Bracklesham Lane,
Chichester,
West Sussex

Investment, Development

1115 Sq Ft (103.58 Sq M)

Features

  • Busy and popular coastal town
  • Three retail units currently fully let, all on effective full repairing and insuring leases
  • Total passing rent £32,000 pax
  • Redevelopment potential
  • Freeholder had previous consent to knock down and rebuild with three shops and two flats above
  • Freehold, subject to tenancies
  • Seeking offers in excess of £375,000 STC
  • A purchase at this level would reflect a NIY of 8.2% after purchaser's costs of 4.2%
  • No VAT
  • Video tour available

Location

Bracklesham Bay is a coastal settlement in the Chichester District of West Sussex. It is situated on the western side of the Manhood Peninsula, and lies about eight miles to the southwest of Chichester.

Description

Retail Investment with Development Potential
Total Size 103 sq m (1,115 sq ft)

Accommodation

The property comprises a detached single storey building and is currently arranged as three retail units. Externally, there is a large yard to the rear.

The property has an approximate NIA of 103 sq m (1,115 sq ft).

Planning

Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.

In 2010, planning consent was granted for the demolition of the existing building and replacement with a building of two Class A3/A5 units. (Restaurants and Cafe's/Hot Food Takeaways) and one shop unit at ground floor with two flats above. This has now lapsed.

The freeholder has confirmed there is an agreement with all three tenants that by giving them two months notice they would vacate the premises in order for the freeholder to rebuild within six months and they would resume their business. There would be an increase of rent as the new units would be larger.

VAT

We understand that the property is not elected for VAT.

Legal Fees

Each party to bear their own legal costs incurred.

Terms

We have been instructed to market the property and seek offers in excess of £375,000 for the freehold interest subject to the tenancies and contract.

A purchase at this level would reflect a NIY of 8.2% after purchaser's costs of 4.2%.

Energy Performance Rating

Available on request.

Viewing

For further information or to arrange a viewing, please contact:

Mark Minchell
m.minchell@flude.com
01243 819000

Sebastian Martin
s.martin@flude.com
023 92629 007

Key Contacts

Contact Photo

Mark Minchell

01243 929136

Contact Photo

Sebastian Martin

023 9262 9007