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SUBSTANTIAL MIXED USE INVESTMENT FOR SALE, KEMPTOWN HOUSE, 33 MIGHELL STREET & 72 CARLTON HILL, BRIGHTON, BN2 0JF
4,036 Sq Ft / Other / Investment
Withdrawn - Last updated: 23 December 2022
Summary
A substantial commercial investment comprising 3 office suites totalling 4,036sqft (374.96sqm) let at £87,XXXa. There are 9 flats above, which are all sold off on long leases, which provide an additional income of £XXXa.
UPPER GROUND FLOOR SUITE 1 -Let to Rooms for Therapists Limited for a lease term expiring 4th June 2029 with a tenant only break clause on the 4th June 2024, subject to 6 months prior notice, paying a rent of £15,XXXa exclusive. We understand a 3 month rent deposit is held.
LOWER GROUND FLOOR EAST - Let to McLaren Construction (South) Limited for a lease term expiring 7th January 2023 with a tenant only break clause from the 8th January 2022, subject to 3 months notice, paying a rent of £24,XXXa exclusive. The lease is excluded from sections 24-28 of the Landlord & Tenant Act 1954. The tenant has served a notice to break.
LOWER GROUND FLOOR WEST- Let to Arke Agency Limited for a lease term expiring 16th May 2024 with a tenant only break clause on the 17th May 2022, subject to 6 months notice, at a rent of £48,XXXa exclusive.
Residential- There are 9 flats over part first, second and third floors which are all sold off on 125 year leases from circa 2019, producing a combined initial ground rent of £900 pa.
FREEHOLD - The sale of the freehold will be by way of a transfer of 100% share capital in the holding company. This is the only asset the company holds. Further details will be in the legal pack.
Key Points
GUIDE PRICE £1,200,000MODERN BUILDINGCLOSE TO NEW EDWARD STREET QUARTER & CIRCUS STREET DEVELOPMENTSGOOD TENANT MIXINVESTMENT OPPORTUNITY3 SELF CONTAINED OFFICE SUITESGROSS YIELD 7.3%- NET YIELD 6.88% BASED ON CURRENT FULL OCCUPANCY
Viewings
Through Vendors agents Eightfold Property
VAT
We understand that the property is elected for VAT as such it is proposed that as the property is occupied the sale will be by way of a TOGC
Location
The building is situated on the corner of Carlton Hill & Mighell Street adjacent to the new Amex building & Edward Street Quarter development that is taking shape, whilst the Circus Street Development is also nearby. The popular Queens park is a few minutes walk away as is Brighton City Centre & The seafront.Terms
Offers are invited for the Long leasehold interests of the 3 properties with a guide price of £1,200,000 The sale will be of a long leasehold interest to which a condition of which will include a transfer of 100% share capital in the holding company of the freehold. further details on request. A purchase at £1.2million based on an income of £87,500 would produce a gross yield of 7.3% & a net yield after purchaser's costs 6.88% .
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