The premises comprise of a striking four storey victorian building situated on Worthing seafront in the heart of the Town Centre. The property provides accommodation for a ground floor bar / restaurant premises with first, second and third floors providing residential living accommodation. The ground floor has recently been let to a new Tenant and is currently being refurbished. The bar has a capacity for 120 persons both internally and externally although it is felt this could be increased if required and upon gaining the necessary consents. The property has superb natural daylight supplied via its impressive window frontage and the ground floor accommodation provides a large open plan seating area with bar located to front.
The upper floors are all sold off on 125 year leases from January 2015. This is seen as a rare opportunity to acquire a rare income producing freehold and viewing is therefore highly recommended.
Location
Worthing with a population of 100,000 is a popular seaside town located in between Brighton (13 miles east) and Chichester (18 miles west) on the south coast of England. Worthing is famed for it's pier and promenade and both are directly opposite the property which is situated in Marine Parade in the heart of the town centre. Marine Parade is known for its versatile choice of independent and national bars and restaurants whilst a short walk away is Montague Street, home to a plethora of national and independent retailers and further eateries. Worthing mainline railway station with its service along the south coast and north to London (journey time of 1 hour and 25 minutes) is located one mile to the north of the property, whilst the property sits on the major bus route.
Accommodation
The property has the following approximate floor areas:
Ground Floor - 1,348 sq ft
First Floor - 1,270 sq ft
Second Floor - 1,302 sq ft
Third Floor - 506 sq ft
TOTAL AREA - 4,426 sq ft
Terms
Terms - The property is available freehold, subject to the effective FR&I Lease on the ground floor and the long leaseholds at first, second and third floors.
Guide Price & VAT - £450,000 (Four Hundred & Fifty Thousand Pounds)
VAT is not to be charged on the quoting terms
Tenancies - The ground floor is let to Soundcheck Rock and Metal Bars Ltd on an effective FR&I Lease for a term of 10 years from 11/02/25 at a passing rent of £30,000 Per Annum. The Tenant has the right to break from the Lease at the 5th year anniversary date. The Lease is subject to a 5th and 9th year rent review (upward only) and a 6 month rental deposit.
Flat One is sold off on a 125 year lease from 1st January 2015. A ground rent of £300 per annum is payable.
Flat Two is sold off on a 125 year lease from 1st January 2015. A ground rent of £300 per annum is payable.
Flat Three is sold off on a 125 year lease from 1st January 2015. A ground rent of £300 per annum is payable.
Business Rates & Council Tax - The ground floor has a Rateable Value of £18,500.
Flats 1, 2 & 3 all have a Council Tax banding of A.
Legal Costs - Each party to pay their own legal costs
EPC:
Ground Floor: C(51)
Flat One: D(64)
Flat Two: C(74)
Flat Three: D(68)
Anti-Money Laundering - In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser alongside proof of funds & where they have been obtained from.
Specification
- Situated on Worthing Seafront Opposite Popular Pier & Promenade
- Nearby Occupiers Include Costa Coffee, Cakebox, H&M, Pandora & Marks & Spencers
- Currently Producing £30,900 Per Annum Exclusive
- Net Yield of 6.57%
- Rare Freehold Opportunity
- Viewing Highly Recommended