UNDER OFFER
56a, America Lane, Haywards Heath, RH16 3QB
Offers in Excess of
£850,000
£102.46 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
8,296 sq ft
771 sq m
- SECTOR
Commercial property for sale
Key features
- Freehold / long-leasehold mixed-use investment
- GF and Lower GF let to Alliance Property Holdings Limited. part of the Morrisons Group providing a total of 8,296 sq ft
- 10-year FRI lease from 9th September 2019 expiring 8th September 2009 (approx. 4.5yrs unexpired)
- Annual rent £68,300 p.a. exclusive
- Tenant break option not exercised in 2024 committing to the premises for a further 5 yrs
- First Floor compromises 2 x residential flats sold off on a 150 yr leases at a combined annual rent of £300 p.a.
- Site area of approx. 0.25 acres
- Net yield 7.61% assuming purchaser's costs of 5.23%.
Description
Description
The property is a converted former public house now comprising a mixed use building. At ground floor, the property is of commercial use, currently trading as a convenience store. The c-store lease also incudes a large basement which is accessed externally along the left-hand elevation via external concrete steps.
At first floor there are two self-contained flats which are accessed via a common ground-floor entrance along the right hand elevation of the property adjacent to the car park. Externally, the property benefits from a customer car parking area to the right hand side providing a total of 10 spaces (including designated disabled parking), two of which are demised with the residential parts with the balance forming of the c-store demise.
Location
The property is located in Haywards Heath, West Sussex, situated 14 miles North from Brighton and 13 miles South of Gatwick Airport. It fronts America Lane, just a 6-minute drive from Haywards Heath Train Station, offering rail connections to London, Brighton and Gatwick Airport. The property is situated within a high-density residential area creating a sustainable trading pitch. Various local bus services are available a short walk from the premises.
Tenancies
The ground and lower-ground floors are let to Alliance Property Holdings Limited by way of an assignment of a 10yr FRI lease expiring 8th September 2029. The lease contains a Tenant-only break option September 2024 which has not been exercised. The annual rent is £68,000 exclusive.
The two first floor flats have been sold-off on 150 year leases commencing August 2013. Each flat is liable for an annual ground rent of £150.00. The ground rent doubles on each 25yr anniversary until the end of the term. Therefore, the next fixed uplift is 2038 to £300.00 p.a. per flat.
There is also a telecommunications lease over parts of the roof. The lease is vested in AP Wireless II (UK) Limited for a 30yr term expiring in 2046 at a peppercorn rent.
Tenure
The property is held by way of two titles and it is intended that both titles shall be transferred as part of the transaction.
Freehold title: WSX174422 & Long-leasehold title: WSX359346 (999yrs from 2013).
VAT
We are informed that the commercial property is VAT elected. However, it is envisaged that the transaction will
be treated as a ‘transfer of a going concern’ (TOGC).
Proposal
Offers sought in excess of £850,000 (Eight Hundred and Fifty Thousand Pounds) for the combined Freehold and LLH titles.
A purchase at this level reflects a Net Initial Yield of 7.64%, assuming purchaser’s costs of 5.23%.
The property is a converted former public house now comprising a mixed use building. At ground floor, the property is of commercial use, currently trading as a convenience store. The c-store lease also incudes a large basement which is accessed externally along the left-hand elevation via external concrete steps.
At first floor there are two self-contained flats which are accessed via a common ground-floor entrance along the right hand elevation of the property adjacent to the car park. Externally, the property benefits from a customer car parking area to the right hand side providing a total of 10 spaces (including designated disabled parking), two of which are demised with the residential parts with the balance forming of the c-store demise.
Location
The property is located in Haywards Heath, West Sussex, situated 14 miles North from Brighton and 13 miles South of Gatwick Airport. It fronts America Lane, just a 6-minute drive from Haywards Heath Train Station, offering rail connections to London, Brighton and Gatwick Airport. The property is situated within a high-density residential area creating a sustainable trading pitch. Various local bus services are available a short walk from the premises.
Tenancies
The ground and lower-ground floors are let to Alliance Property Holdings Limited by way of an assignment of a 10yr FRI lease expiring 8th September 2029. The lease contains a Tenant-only break option September 2024 which has not been exercised. The annual rent is £68,000 exclusive.
The two first floor flats have been sold-off on 150 year leases commencing August 2013. Each flat is liable for an annual ground rent of £150.00. The ground rent doubles on each 25yr anniversary until the end of the term. Therefore, the next fixed uplift is 2038 to £300.00 p.a. per flat.
There is also a telecommunications lease over parts of the roof. The lease is vested in AP Wireless II (UK) Limited for a 30yr term expiring in 2046 at a peppercorn rent.
Tenure
The property is held by way of two titles and it is intended that both titles shall be transferred as part of the transaction.
Freehold title: WSX174422 & Long-leasehold title: WSX359346 (999yrs from 2013).
VAT
We are informed that the commercial property is VAT elected. However, it is envisaged that the transaction will
be treated as a ‘transfer of a going concern’ (TOGC).
Proposal
Offers sought in excess of £850,000 (Eight Hundred and Fifty Thousand Pounds) for the combined Freehold and LLH titles.
A purchase at this level reflects a Net Initial Yield of 7.64%, assuming purchaser’s costs of 5.23%.
Brochures
56a, America Lane, Haywards Heath, RH16 3QB
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Haywards Heath Station0.8 miles
- Wivelsfield Station3.0 miles
- Burgess Hill Station3.8 miles
About Hurst Warne & Partners Surveyors Limited, Guildford
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