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105-109 Montague Street, Worthing, BN11 3BP
13,837 Sq Ft / Other
Withdrawn - Last updated: 23 December 2022
Summary
Comprising a prominent 3 storey building with parking for 7/8 cars to the rear which has recently been let to The Department Of Work & Pensions with Instant Managed Offices Limited as the head leaseholder. A major refurbishment is currently in progress which we understand to be at a cost in excess of £2.5 million.
Key Points
LET TO INSTANT MANAGED OFFICES LIMITED & SUB LET ON SIMULTANEOUS TERMS TO THE DEPARTMENT OF WORK & PENSIONSLONG TERM DEVELOPMENT POTENTIALCURRENTLY UNDER MAJOR REFURBISHMENT
Tenancies
The building is let to INSTANT MANAGED OFFICES LIMITED (08093543), with THE DEPARTMENT OF WORK & PENSIONS as a sub tenant on a lease with repairing obligations limited by a schedule of condition. The leases are for terms of 5 years from 15th April 2021 (excluded from the landlord & tenant act 1954 sections 24-28 part II) with provision for a tenant only break on the 3rd anniversary subject to 8 months prior notice at a rental of £140,000 per annum payable quarterly in advance. A rent free period of 6 months was given that expires 14th October 2021. The vendor will top up at completion.
VAT
We are advised that the building is elected for VAT, but it is proposed that any purchase will be by way of a TOGC
Location
The subject property is located on the southern side of Montague Street, Worthing's main shopping thoroughfare, surrounded by a variety of high street occupiers including The Body Shop, Greggs, O2, Yours & Millets. The seafront is 100m to the south whilst several community amenities such as AMF bowling, Lido and the well-known Worthing Pier are all only a short walk away. Worthing is a large seaside town in West Sussex located on the south coast 11 miles (18km) west of Brighton, 20 miles (32 km) east of Chichester and 60 miles (96.5 km) south of London. The town is affluent with a growing residential population in excess of 100,000 and an annual footfall of 5.5 million.Terms
An asking price of £2,350,000 is required for the property which would show a net yield of 5.6% after purchasers costs
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