The property comprise two ground floor retail units, one larger (No. 41-43) and one smaller (No. 39). At the rear of the retail units is a small yard area.
The upper floors comprise three self-contained flats accessed from the rear, which have been sold off on sub-leases.
Location
Lancing has a population of 18,800 (2011 Census) and is located on the south coast 10 miles west of Brighton and 3.6 miles east of Worthing. The A27 provides access to the A23 and the M23 and the national motorway network vua the M25.
Lancing rail station is located within three mnutes walk (300m) with services to Brighton and London Victoria, Worthing, Portsmouth Harbour and Southampton. The Seafront is 0.6 miles (11 minutes walk) to the south.
The property is situated on the west side of North Road in Lancing town centre. Occupiers nearby include Barclays Bank, Boots Pharmacy, Asda, The Co-Op and HSBC.
Accommodation
No. 41-43 (Occupied by WH Smith)
Gross Frontage - 11.75 m (38' 6")
Net Frontage - 11.15 m (36' 7")
Shop Depth - 22.95 m (75' 4")
Built Depth - 23.35 m (76' 7")
Ground Floor Sales Area - 2,614 sq ft (242.85 sq m)
Ground Floor Floor Ancillary - 213 sq ft (19.8 sq m)
ITZA - 1314
No 39 (Sublet to Age UK )
Gross Frontage - 6.15 m (20' 2")
Net Frontage - 5.55 m (18' 3")
Shop Depth - 10.30 m (33' 9")
Built Depth - 16.25 m (53' 4")
Ground Floor Sales - 971 sq ft (90.2 sq m
ITZA - 602
Terms
Proposal - We are instructed to seek offers in the region of £695,000 for our client's freehod interest, subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 6.2% assuming purchaser's costs of 5.49%
VAT - will be chargable upon the sale
EPC Rating - C (71)
Building Service Charge - Details on application
Tenancy - The entire property, nos 39,41 & 43 are let to W H Smith Retail Holdings Ltd for a term of 15 years from 1s t August 2011 at a rent of £45,300 per annum
The lease dated 1st August 2011 provides for rent reviews every fifth year of the term and contains full repairing and insuring covenants. There is a tenant's option to determine the lease on 1st August 2021 subject to giving not less than 6 months notice.
No 39 is let ona reversionary sub-lese to Age UK Ltd from 23rd December 2009 to 22nd December 2029 at a rent of £14,000 per annum. There are tenant options to determine the lease on 16th June 2021 and 16th June 2026 respectively subject to giving not less than 6 months notice. At the expiry of the lease to W H Smith Retail Holdings Ltd in 2026 the sub-lease to Age UK will revert to the freeholder.
The three flats above have been sold off on subleases for terms of 125 years from April/Mau 2002 at ground rents of £100 pa each and the total income receivable in respect of all of these properties is currently receivable by W H Smith Retail Holdings Ltd.