41 East Street, Chichester, West Sussex, PO19
£202.70 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
2,294 sq ft
213 sq m
- SECTOR
High street retail property for sale
Key features
- Chichester is a busy and attractive Cathedral city
- Strong retail centre with limited vacancies and good occupier demand
- Prime position on East Street
- Grade II Listed Building
- Ground floor sales area - 1,017 sq ft
- Let to Vapouriz Limited (D&B rating of 2A 2) until 17 March 2031 (over 6 years term certain)
- Passing rent £40,000 pax, subject to a rent review in 2029
- Guide Price of £465,000, which reflects, subject to a rent review in 20129, a NIY of 8.04% after usual purchasers costs of 6.80%
- Nearby occupiers include Caffe Nero, New Look, The Body Shop, Pret A Manger, Sports Direct, TK Maxx, and Ask Italian
Description
The property is comprises a three storey, Grade II Listed building, plus an attic and basement. Internally, the ground floor provides open plan sales area with the upper floors used as ancillary storage and staff break out areas.
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 building is located on the northern side of East Street, close to its junction with Little London, which is one of the principal retailing streets in the city centre. Nearby occupiers include Caffee Nero, New Look, The Body Shop, Pret A Manger, Sports Direct, TK Maxx, and Ask Italian.
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Tenancy Information
The retail unit is let to Vapouriz Limited, for a term of five years from 19 March 2021. The passing rent is £40,000 per annum which reflects £87 Zone A.
A reversionary lease has been agreed, five years from 18 March 2026, with no break options (over 6 years term certain) for £40,000 pa. Open market rent review on 18 March 2029 (with cap of 13% on passing rent).
The leases are full repairing and insuring lease with a schedule of condition.
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 has the following approximate NIA:
EPC
The property as an EPC rating of C-74, which expires 19 August 2030.
Legal Fees
Each party to bear their own legal costs incurred.
AML
Anti-Money Laundering Regulations 2017 Due to Government legislation we are legally obliged to undertake Anti-Money Laundering checks on prospective purchasers on transactions which involve a capital value of 15,000 euros or more. We are also required to request proof of funds.
Further information available on request.
Brochures
41 East Street, Chichester, West Sussex, PO19
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Chichester Station0.4 miles
- Fishbourne Station1.8 miles
- Bosham Station3.2 miles
Notes
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