140 Preston Drove, Brighton, East Sussex, BN1 6FJ

Description

The subject property comprises a terraced, three-storey, mixed-use building constructed beneath a tiled pitch roof. The ground floor unit consists of a glazed frontage with private access into the unit, which is also accessible from the rear garden.

The retail unit is arranged over the ground and lower ground floor, and the residential flat is on the first floor.

The garden can also be accessed from the rear, with an additional studio / outbuilding which is not included within the commercial lease and is currently used by the Freeholder as a studio workshop. There is a separate outside WC too.

Location

The property is located at the eastern end and is situated on the southern side of Preston Drove, near its junction to Ditchling Road and Five Ways, a busy interchange. Preston Drove runs west to east through a predominantly residential area and alongside Preston Park. The area is an established residential location with commercial units located around the Five Ways junction, with independent retailers including shops, salons, restaurants and pubs, and a Coop supermarket.

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.

Tenancy Information

The freehold sale is subject to the lease dated 17th October 2023 to Summer Hill Gallery Limited for a term of 12 years at a passing rent of £16,000 per annum.

There are 4 yearly reviews dates, specifically 17/10/2027 & 17/10/2031. There are tenant only break options dated 17/10/2027 & 17/10/2031.

The first floor flat is subject to a 125 year lease dated 24/06/1988.

VAT

Rents and prices are quoted exclusive of, but may be subject to VAT.

Accommodation

The accommodation has the following approximate Net Internal Area (NIA):

Business Rates / Council Tax Band

Rateable Value (2026): £9,700

Occupiers will pay approximately 38% of this per annum.

EPC

We understand the property has an EPC rating of C (expiry date - 14/08/2033).

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.