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Mixed Use for sale

179 - 181 Edward Street and 9/9a Princes Street, Brighton, BN2

Sold STC £700,000

Property Description

Full description

**SOLD AT AUCTION ON 8 SEPTEMBER 2016**
Freehold mixed use investment producing £53,056 pa with substantial development potential, subject to the necessary consents

Freehold mixed use investment producing £53,056 pa with substantial development potential, subject to the necessary consents




Situation

The building is situated on a prominent corner site on the southern side of Edward Street, on the junction with Princes Street and close to the junction with Old Steine and the Royal Pavilion. The area has recently undergone huge investment with the construction of the new American Express headquarters building and the imminent demolition of the former Amex House building which is subject to proposals for 15-20,000sqft of new office space and 65 residential units. The Police HQ, Law Court and County Court nearby are also under consideration for redevelopment.


Description

The property comprises 3 retail units, 3 x 1 bedroom flats, a large garage/store unit and an office/workshop situated on a substantial corner site. There is a central court yard which provides access to the rear of the retail units and entrance to the flats. All parts are currently let on short term tenancies producing £53,056pa and it is our opinion that the site would be suitable for development subject to obtaining the usual consents. The total site area at ground floor level is approximately 2,930sqft.


Tenancies

Each commercial tenant is in occupation under an individual licence which expires 31.12.2016. The following rents are being received:

179 Edward Street, Frankie’s Grinder, £4,600pa.
180 Edward Street, Frankie's Trolley, £4,400pa.
181 Edward Street, D2D Sussex, £4,400pa.
9 Princes Street, MBI Sound and Light, £10,100pa
9a Princes Street, Seven Brides, £6,936pa.

Each residentail unit is let on an AST at the following rents.

179a Edward Street, £565pcm (£6,780pa) on a periodic tenancy.
180a Edward Street, £645pcm (£7,740pa) expiring 13.7.2017
181a Edward Street, £675pcm (£8,100pa) expiring 14.9.2016



Map & Street View

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*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.”

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 Austin Gray, Auction House Sussex on 01273 20 19 80.


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