6 & 7(6a) North Street, Chichester, West Sussex, PO19

Description

Prime Retail Investment

Location

The cathedral city of Chichester is a prosperous and historic market town located in West Sussex, approximately 68 miles south-west of London, 17 miles east of Portsmouth and 34 miles west of Brighton. It is the only city in West Sussex and is the County Town.

The properties occupy a prominent location on the western side of North Street, close to the Market Cross. North Street is one of the principal retailing streets in the city and is fully pedestrianised. Nearby occupiers include Marks and Spencer, Boots, WH Smith, Nationwide, Franco Manca, The White Company and Brook Taverner.

Planning

A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.

Interested parties should make their own planning enquiries and satisfy themselves in this regard.

VAT

We understand that the property is elected for VAT and therefore it is assumed that the sale will be treated by way of a Transfer of A Going Concern (TOGC).



Accommodation

The property comprises a Grade II Listed building configured over ground and first floors. The building is arranged as two self-contained retail units known as 6 and 7(6a) North Street. The ground floor of both units provide open plan sales areas, together with first floor ancillary space, which is situated above 6 North Street and split horizontally.

We have measured and calculate the premises to have the following approximate Net Internal Area (NIA):

6 North Street
Sales Area - 1,473 sq ft
First Floor Storage - 1,148 sq ft
Total NIA - 2,621 sq ft

7 North Street
Sales Area - 1,518 sq ft
First Floor Storage - 992 sq ft
Total NIA - 2,510 sq ft

Business Rates / Council Tax Band

6 North Street Rateable Value (2023): £72,000

7(6a) North Street Rateable Value (2023): £66,000

Interested parties should make their own enquiries to satisfy themselves of their business rates liability.

EPC

We understand the property to have an EPC rating of C (95).

Legal Fees

Each party to bear their own legal costs incurred.