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Retail & Residential Investment, 54-56 Penhill Road, Lancing, BN15 8HJ

1,654 Sq Ft / Retail / Investment

For Sale - £400,000.00

Available - Last updated: 01 November 2024

The premises comprise of a substantial and versatile corner property sitting on a plot of approx. 0.086 of an acre (3,800 Sq Ft) and comprises of a ground floor retail / showroom premises with ancillary storage with self contained upper parts. There is also a self contained refurbished one bedroom flat at first floor level.

Commercially the property comprises of a ground floor retail showroom which for many years has traded as a successful and well respected glass works company. Internally the property benefits from substantial window frontage, carpet floor covering, ample electrical points and spot lighting. To the rear of the main retail space is a further office with access out onto a hard standing and enclosed yard area which provides further access to a single skin garage and storage container located at the rear of the site. Internal stairs lead up to a small office area with ample electrical and data sockets.

Externally the commercial occupier has parking on a private forecourt for up to 10 vehicles.

The self contained one bedroom flat is accessed via Cecil Road and has been refurbished throughout. The flat is laid out over split level and comprises of a good sized kitchen / diner, one double bedroom, lounge and large bathroom. It should be noted that subject to reconfiguration and planning that further accommodation could potentially be created within the existing roof area.

Location

The property is located in Lancing a large village in West Sussex with a population of approximately 20,000. Lying 3 miles east of Worthing & 7 miles west of Brighton, Lancing benefits from good coastal road links via the A259 & A27. The mainline railway station is situated less than 0.4 miles to the subject property where regular services along the coast and north to London (journey time of 1 hour and 25 minutes) can be boarded. Regular bus services pass outside the property serving both the local area and further afield. Penhill Road is mixed residential and commercial street which leads directly to the popular seafront with links to the A27 via South Street. Nearby commercial occupiers include Gardner & Scardifield, Penhill Fish Bar, One Stop Convenience Store & a host of independent retail and office occupiers.

Accommodation

Ground Floor

Main Retail Area - 425 sq ft (39 sq m)

Office Area - 88 sq ft (8 sq m)

Storage Area - 236 sq ft (22 sq m)

External Workshop - 175 sq ft (16 sq m)

External

Yard - 148 sq ft (14 sq m)

First Floor (Commercial)

Office - 87 sq ft (8 sq m)

First Floor (Residential)

Kitchen / Dining Room - 141 sq ft (13 sq m)

Bedroom - 102 sq ft (10 sq m)

Lounge - 152 sq ft (14 sq m)

Bathroom - 100 sq ft (10 sq m)

Total - 1,654 sq ft (154 sq m) 

Terms

Terms - Freehold, subject to the aforementioned Tenancies. Copies of all agreements are available to applicants upon request.

Guide Price & VAT - £400,000 (Four Hundred Thousand Pounds)

VAT is not to be charged on the quoting terms.

Tenancies - The ground floor and part of the first floor is let to Lancing Glass Works Limited on an FR&I Lease for a Term of (x) years from (x) September 2024. The lease contains a Tenant only break clause and an upward only market rent review at the 5th year anniversary date. The passing rent is £14,000 Per Annum exclusive.

The first floor flat is let on a standard 6 month AST (Assured Shorthold Tenancy) agreement from 2nd July 2024 at a passing rent of £925 per calendar month.

Business Rates & Council Tax - According to the VOA (Valuation Office Agency) the commercial element has a Rateable Value of £5,200.

The flat has a current Council Tax banding of B

Legal Costs - Each party to pay their own

EPC - D(95) & D(66)

Specification

  • Situated in Popular Village of Lancing, West Sussex
  • Comprises of Long Established Commercial Occupier with Refurbished One Bedroom Flat Above
  • Potential For Long Term Re-Development of Site (stpc)
  • Currently Producing £24,000 Per Annum Exclusive
  • Superb Off Road Parking To Front. Double Aspect Frontage
  • Rare Freehold Opportunity
  • Viewing Highly Recommended

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Freehold £400,000.00 NA

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Jon Justice

Justice & Co

01903 650394

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