Church Road, Hove

Freehold Commercial Investment In Central Hove, Currently Let At £68,000pa

Description - Freehold end of terrace property arranged as a ground floor retail unit, with rear office/store, kitchenette, WC, basement storeroom and parking for two vehicles and is currently operating as Pier 1 bathroom store. The first and second floor office space which has separate access at the rear and two parking spaces is let to Hove Business Centre Limited.

The current passing rent is £68,000 per annum.

Situation - The building forms part of a terrace in the busy thoroughfare on the South side of Church Road, on the corner of Albany Villas. The area is populated by many well established independent traders, including restaurants, bars and coffee shops. Numerous buses serve the area and Hove Railway Station is within walking distance.

Accommodation - Ground Floor - 130 sq m (1,399sq ft)
Basement Storage - 36.3 sq m (390 sq ft)
First Floor Office - 70.6 sq m (759 sq ft)
Second Floor Office - 67.8 sq m (729 sq ft)

Lease Details - The ground and basement floors are let to BAGSVAERD LTD on a 15 year FRI lease from 12th December 2018 with a tenants break clause on the 12th December 2028 requiring 6 months notice.

Current rent £45,000 pa until the 11th December 2024, then as per rent review clause in the Lease to be reviewed every 3 years (2024/2027/2030). There is a schedule of condition attached to the lease. Copy Available

The first and second floor office space which has separate access at the rear is let to Hove Business Centre Limited, on a 16 year FRI lease from the 7th April 2019, break clause on the 10th May 2027 and 10th May 2031. Current rent £23,000 pa, rent review every fourth anniversary from 7th April 2023.

Rateable Value - Ground Floor & Basement - £43,581
First & Second Floor Offices - £16,540

Tenure - Freehold

Epc - Band E

Legal Fees - Each party will be responsible for their own costs incurred in relation to the transaction.