Comprising of a characteristic end of terrace double fronted retail property. The ground floor is accessed via pedestrian entrance leading to a main ground floor retail area with internal stairs leading to a basement which has been renovated throughout and is has been used for special functions and events, and a mezzanine floor which is accessed via a wooden staircase and is used as office space. There are 2 small kitchenette areas and WC facilities throughout. The property is currently home to a new coffee house. The property is of standard brick construction with a pitched tiled roof. The premises is configured as two adjoining retail units which have, over time, been knocked into one unit and benefits from superb 54ft single glazed window frontage, traditional stripped wooden flooring, spotlighting, ample single phase electrics, burglar alarm (not tested) and superb 13’3 ceiling height.
Location
The historic town of Arundel with its castle and cathedral boasts well over 1000 years of history and enjoys an all year round tourist trade with a mixture of independent shops, contemporary art galleries, local and national restaurants and cafes. Arundel mainline railway station offers easy access to London and along the east and west coast whilst both the A27 and A29 trunk roads provides easy commuting. The cathedral city of Chichester is approximately 10 miles to the west, the town of Worthing and its popular seaside is 9 miles to the south and the city of Brighton and Hove approximately 20 miles to the east. The subject property is located along Tarrant Street close to the junction with the main High Street.
Accommodation
The property has the following approximate floor areas:
Basement Main Room - 475 sq ft (44 sq m)
Basement Storage - 83 sq ft (8 sq m)
Ground Floor Retail Area - 656 sq ft (61 sq m)
Mezzanine - 97 sq ft (9 sq m)
Total Area - 1,311 sq ft (122 sq m)
Terms
Tenancy - The property is let to Clubhouse Coffee (Arundel) Ltd for a term of 10 years from 3rd February 2025 with a passing rent of £40,000 Per Annum exclusive. The Tenant has a break clause at the 5th year anniversary date. There is an open market rent review due on the 3rd & 5th year anniversary dates. The lease is subject to a personal guarantee by one of the company’s directors.
Full copies of the Lease & Rent Deposit Deed are available to serious applicants upon request.
Terms - The property is offered freehold subject to the aforementioned Tenancy.
Guide Price & VAT - £700,000 (Seven Hundred Thousand Pounds)
We are informed that VAT is not to be charged on the quoitng terms.
Business Rates - According to the VOA (Valuation Office Agency) the property has a rateable value of £24,500.
Legal Costs - Each party to pay their own legal costs incurred in this transaction
EPC - D(84)
Anti-Money Laundering - In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser alongside proof of how they plan to finance the purchase.
Specification
- Situated in Heart of Arundel Close to Arundel Castle, Cathedral & Cricket Ground
- Currently Producing £40,000 Per Annum Exclusive on New 10 Year FR&I Lease
- Presented In Superb Condition
- Potential For Long Term Further Development (subject to planning)
- Rare Freehold Opportunity
- Viewing Highly Recommended