Commercial Property for sale

Boughtons Newsagents, Bracklesham Lane, Bracklesham Bay, Chichester, West Sussex, PO20 8JA

£1,200,000

Property Description

Commercial information

  • Business for sale

Key features

  • Freehold retail/residential investment
  • Net annual income of 67,052
  • Strong retail covenant
  • Six self contained flats
  • Flats let via Chichester District Council
  • Energy Rating C

Full description

Tenure: Freehold

Description

A three storey building, being brick built under a pitched tiled roof.

The flats are all accessed either via a staircase to the side of the building, or to the rear, and there is private parking to the rear for five/six cars.

There is also public parking available directly outside the store.

Location

The site is situated in Bracklesham Bay, which is located approximately 41 miles west of Brighton and 75 miles south west of London. Nearby Chichester train station offers a journey time to London of around 1 hour 30 minutes.

Tenancy & Covenant

TENANCY:
The ground floor retail unit is let to WS Retail Limited (trading as Central Convenience Stores) with no breaks for a term of 20 years from 5 March 2012, on FRI terms and subject to five yearly rent reviews. The commencing rental is £26,000 per annum.

NB: The first rent review of the retail premises is currently being undertaken. The current rent of £26,000 pa is therefore subject to change, although CANNOT be revised downwards.

The flats are all let via Chichester District Council on Assured Shorthold Tenancy (AST) agreements, providing a total annual rent of £41,052.

COVENANT:
WS Retail Limited (trading as Central Convenience Stores) operate in excess of 100 stores in the south and south west of England.

For the year ending April 2016:
Turnover - £54.98m
Gross profit - £11.63m

The Opportunity

A freehold retail/residential investment consisting of a ground floor retail unit and a total of six flats, comprising 2 x 2 beds, 1 x 1 bed and 3 x studios.

Trading Information

Total net rental income is currently £67,052 per annum. This represents a net initial yield of 5.3%, based on the asking price of £1.2m, assuming purchaser costs of 4.9%.

It should also be noted that, by letting the flats privately, the rental income achieved could be substantially increased.


More information from this agent

Nearest station

  • Chichester (5.7 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Maidstone

Kestrel House Knightrider Street Maidstone ME15 6LU

01622 922113 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest station

  • Chichester (5.7 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Christie & Co , Maidstone

Kestrel House Knightrider Street Maidstone ME15 6LU

01622 922113 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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