Double fronted retail & residential investment opportunity situated within a popular secondary parade in Worthing, West Sussex. The property which is constructed of traditional brick elevations under a mixture of pitched and flat roofs, comprises of two retail units with a self-contained two bedroom residential flat at first floor level.
30 Lyndhurst Road comprises of a deceptively large retail premises which until recently was let to an upholstery company and provides open plan retail space to front with rear storage, kitchen and WC. The property is in need of complete refurbishment throughout.
40 Selden Road comprises of a small retail premises which for many years has traded as a successful ladies hair salon. The property benefits from laminate flooring, spot lighting, ample electrical points and is presented in reasonable condition given the use of the premises.
30a Lyndhurst Road comprises of a self-contained two bedroom residential flat. Accessed from the rear of the property the flat is laid out with kitchen, lounge, two bedrooms and a family bathroom. The property benefits from double glazing.
This is seen as an ideal opportunity for an owner occupier or an investor to acquire a substantial commercial freehold with excellent asset management potential in a prominent location and viewing is therefore highly recommended.
Location
Worthing is one of the largest towns in West Sussex, with a population in excess of 105,000 people. The popular seaside town is located on the south coast approximately 60 miles south of London, 13 miles west of the city of Brighton & Hove and 18 miles east of the cathedral city of Chichester. The town benefits from superb transport links with connectivity to the A27, A24 and A259 road network whilst the town has three railway stations providing services along the coast and north to London (journey time of 1 hour and 30 minutes). Lyndhurst Road is a mixed commercial and residential road which is home to Worthing Hospital. The property is situated on the southern side of Lyndhurst Road within a popular secondary parade of retail shops.
Accommodation
The property has the following approximate floor areas:
30 Lyndhurst Road (Retail) - 893 sq ft
30a Lyndhurst Road (Residential) - 818 sq ft
40 Selden Road (Retail) - 284 sq ft
TOTAL AREA - 1,995 sq ft
Terms
Terms & Tenancies - The property is available freehold with 30 Lyndhurst Road being sold with vacant possession and 30a Lyndhurst Road and 40 Selden Road being sold subject to the occupational tenancies listed below.
30a Lyndhurst Road
Let to three private individuals on a 6 month AST Agreement from 2nd August 2023. The current rent is £1,500 Per Month. A copy of the AST Agreement is available upon request.
40 Selden Road
The property is let on an effective FR&I Lease for a term of 10 years ending 24th December 2027 to a private individual with a current passing rent of £4,000 Per Annum. A copy of the Lease is available to serious applicants upon request.
Guide Price & VAT - Offers in Excess of £375,000 (Three Hundred & Seventy Five Thousand Pounds)
VAT is not to be charged on the quoting terms
Business Rates & Council Tax - According to the VOA (Valuation Office Agency) 30 Lyndhurst Road has a Rateable Value of £9,700.
According to the VOA (Valuation Office Agency) 40 Selden Road has a Rateable Value of £3,400.
Interested parties are asked to contact Adur & Worthing Councils Business Rates Department on 01903 221061.
30a Lyndhurst Road has a Council Tax banding of A.
Legal Costs - Each party to pay their own legal costs
EPC:
30 Lyndhurst Road - C(72)
30a Lyndhurst Road - D(55)
40 Selden Road - C(60)
Anti-Money Laundering - In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser or tenant and any beneficial owner together with evidence/ proof identifying the source of funds being relied upon to complete the transaction.
Specification
- Situated in Popular Secondary Shopping Parade on Outskirts of Worthing Town Centre
- Nearby Occupiers Include Worthing Hospital, Waitrose & Host of Independent Retailers & Office Occupiers
- Superb Mixed Use Investment Opportunity (Suit Owner Occupier or Investor)
- Potential To Produce £36,000 Per Annum
- Excellent Freehold Asset Management Opportunity
- Viewing Highly Recommended