Eastgate Square, Chichester
- PROPERTY TYPE
Studio
- SIZE
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- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Key features
- Auction Date: 25th November 2021
- Commercial Freehold Investment
- Let and Producing 36,500 Per Annum
- Immediate Potential For 10% Return
- City Centre Location
- Extremely Rare Opportunity
- Buyers Fee Applicable
Description
Extremely rare opportunity to purchase this exceptional freehold commercial investment let and producing £36,500 per annum but with immediate potential to increase to a figure approaching £40,000 per annum thereby being able to provide a yield of 10%.
Ground Floor
Let to St Wilfreds Hospice on a FRI lease for a period of 10 years from 6th June 2014 expiring on the 5th June 2024 at a passing rent of £25,000 per annum. Under the terms of the lease, the tenants are liable for two thirds of the cost towards any repair and all insurance contributions. We are advised this lease has been granted outside of the 1954 Landlord & Tenant Act.
First & Second Floor
Let to Eastgate Hairdressing on a IRI lease for a period of 10 years from 31st November 2003 expiring on 31st December 2013 and has been holding over for the past 8 years at a passing rent of £11,500 per annum. Under the terms of the lease, the tenant is responsible for one third of the cost of all insurance contributions.
Total current passing rent £36,500 per annum (with immediate potential to increase).
It is considered that subject to planning permission, the the first and second floors may be able to be converted into residential however all interested buyers are advised to make their own enquiries with the local authority.
We are advised by our client that as the property is Grade II* Listed, in the event any part of it were to become vacant, it would be 100% exempt from empty business rates. All interested buyers should seek clarification from the relevant local authority on this point prior to making a commitment to purchase
Brochures
Eastgate Square, ChichesterEnergy performance certificate - ask agent
Council TaxA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council tax in our glossary page.
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Eastgate Square, Chichester
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Chichester Station0.5 miles
- Fishbourne Station1.8 miles
- Bosham Station3.3 miles
About the agent
Lextons Auctions, Sussex
174 Church Road, Hove, BN3 2DJ
Having worked at the top of the London property market, we know estate agents often get a bad rap and it's easy to see why. But Lextons is different.
Choose Lextons and you will discover an estate agency founded on honesty, straight-talking advice and a service that puts our clients' interests above our own.
Industry affiliations
Notes
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Visit our security centre to find out moreDisclaimer - Property reference 32846441. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Lextons Auctions, Sussex. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Lextons Auctions, Sussex on 01273 109874.
*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.
Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”
*This is the average speed from the provider with the fastest broadband package available at this postcode. The average speed displayed is based on the download speeds of at least 50% of customers at peak time (8pm to 10pm). Fibre/cable services at the postcode are subject to availability and may differ between properties within a postcode. Speeds can be affected by a range of technical and environmental factors. The speed at the property may be lower than that listed above. You can check the estimated speed and confirm availability to a property prior to purchasing on the broadband provider's website. Providers may increase charges. The information is provided and maintained by Decision Technologies Limited. **This is indicative only and based on a 2-person household with multiple devices and simultaneous usage. Broadband performance is affected by multiple factors including number of occupants and devices, simultaneous usage, router range etc. For more information speak to your broadband provider.
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