125 High Street, Selsey, Chichester, PO20 0QB

Description
The property comprises a detached single storey premises of brick construction and pitched tiled roof.

The ground floor comprises a convenience store with open plan shop floor area with ancillary back of house area to the rear and side.
Externally there is a parking area with parking provision for 23 vehicles(2 accessible) and also provides loading to the side of the property.

Location
125 High Street is situated in the heart of Selsey, a charming seaside town on the southern coast of West Sussex. This prime High Street location benefits from strong footfall and excellent visibility.

Selsey is well known for its vibrant mix of independent shops, cafes, and essential amenities, attracting both residents and visitors. The property enjoys proximity to key local services, including supermarkets, banks, and post offices, ensuring a steady flow of potential customers.

The town is easily accessible via the B2145, which connects Selsey to Chichester (approximately 9 miles away), where additional transport links, including the A27 and mainline train services to London and the South Coast, are available.

Viewings
Inspections are by appointment only and can be arranged by contacting a member of the Vail Williams team.

AML
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser and any beneficial owner together with evidence/ proof identifying the source of funds being relied upon to complete the transaction.

Proposal
We are instructed to seek offers in excess of £1,140,000 (One Million, One Hundred and Forty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 5.8%, assuming purchasers costs of 5.88%.

Tenancy
Tenant - The Southern Co-operative Limited

Rent - £70,000 pax

Lease - A new 10 year FRI lease will be granted simultaneously to completion, inside the Landlord and Tenant act 1954.

Rent Review - The lease will benefit from a CPI linked rent review at year 5, annually compounded (1-3% cap and collar).

Schedule of Condition - The lease will be subject to a photographic schedule of condition (a copy is available on request).

Other - The tenant will have the option to renew lease for a for a further 10 years, with the rent for the first 5 years of that second lease determined by upward only open market rent review on day 1 of the new lease term.

Covenant
The Southern Co-operative is a regional, independent co-operative operating more than 300 food, funeral and Starbucks coffee branches across the south of England.

The year end 28th January 2024 accounts show a £458,186,000 turnover and Gross Profit of £122,812,000.

Full accounts are available on request.