Magnus Court , St Martins Street, Chichester, West Sussex
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial property for sale
Key features
- Head lease for sale with seven sub leases
- Two x 1 bedroom flats and 4 x 2 bedroom flats, plus commercial ground floor element
- Current income £1,200 pax
- 100% increase in ground rent every 25 years
- Next review 2030 - rent increases to £2,400 pax
- Ground floor retail is peppercorn rent
- Sub long leaseholders responsible for maintenance via service charge
- Price £13,000, which reflects a gross initial yield of 9.2% and a reversion in 2030 of 18.4%
- TENURE Long leasehold interest for a term of 125 years from 1 January 2005 at a peppercorn rent.
Description
Head Long Leasehold Ground Rent Investment (Expiry 2129) at Peppercorn Rent
Location
The Cathedral City of Chichester is a historic and thriving administrative 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton.
The premises are situated in a recent development behind Marks and Spencer, between St Martins Street and Little London car park. St Martins Street leads from the main pedestrianised shopping area of East Street and is linked by a pedestrian route leading from North Street.
VAT
We understand property is VAT elected.
Accommodation
The property was constructed in 2007, and comprises a mixed use investment over ground, first and second floors. The two upper floors comprise six residential apartments, which are accessed from a ground floor entrance on the west side of building; from St Martins Street. All flats are sold off and produce ground rent income.
The ground floor retail space is configured as two self-contained shops.
Business Rates / Council Tax Band
Residential Element:
Flat 1 2 3 4 5 6
Band B C B X B C
Commercial Element:
Shop 1 : Rateable Value (2017) : £24,250
(2023) : £19,500
Shop 2 : Rateable Value (2017) : £34,500
(2023) : £27,500
EPC
Further information on request
Legal Fees
Each party to bear their own legal costs incurred.
AML
In accordance with current Government legislation, we are legally required to conduct Anti-Money Laundering (AML) checks on all prospective purchasers or tenants where the transaction involves a capital value of €15,000 (EUR) or more, or a rental value of €10,000 (EUR) per calendar month or greater.
This process includes verifying identity, as well as confirming the source and availability of funds. Please note that we must obtain and record this information before any transaction can be formalised or contracts exchanged.
Brochures
Magnus Court , St Martins Street, Chichester, West Sussex
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Chichester Station0.4 miles
- Fishbourne Station1.7 miles
- Bosham Station3.1 miles
About Flude Property Consultants, Chichester
1 Old Market Avenue, Chichester, West Sussex, PO19 1SP
Notes
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