Description
The subject accommodation comprises the ground floor of a substantial, three-storey building. The building is of a traditional construction, beneath a pitched slate-tiled road, and incorporates stucco-rendered and painted elevations above a traditional timber-framed shop front.
Internally, the ground floor is configured as a lock-up shop, which is currently occupied as a convenience store by Tesco Express. The configuration of the ground floor allows the premises to be occupied as a whole, or as three individual units.
Location
Worthing is a large seaside town, located in the county of West Sussex. It is conveniently located along the A27 south coast trunk road, and lies approximately 15 miles west of Brighton, and 38 miles east of Portsmouth.
The property occupies a prominent corner position on the western side of South Farm Road, at its junctions with Teville Road, Tarring Road and Clifton Road. This location is a neighbourhood shopping area, with high levels of passing vehicular traffic, about a quarter of a mile to the northwest of Worthing town centre
Tenancy Information
The premises is let to Tesco Stores Limited (D&B rating 5A 1 and company number 00519500) on an effectively full repairing and insuring sublease for a term of 15 years from 25 September 2023 (expiring 24 September 2038) having been in occupation since 2008. It is a protected lease under the 1954 L & T Act.
The passing rent is £62,000 per annum, with provision for upward only open market reviews at the 5th (25.09.2028) and 10th (25.09.2033) anniversaries of the lease.
There is a tenant break at the 10th anniversary of the lease, being 25 September 2033, subject to 6 months notice.
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
We calculate the property to have a Gross Internal Area (GIA) of 4,000 sq ft (371.60 sq m).
Business Rates / Council Tax Band
Rateable Value (2026): £63,000
EPC
We understand the property has an EPC rating of B.
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.
Let to Tesco Stores Limited (D&B rating 5A 1).
Well located in South East, close to Worthing town centre
Strong neighbourhood shopping area, with high levels of passing vehicular traffic
Ground floor unit configured as a lock-up shop with a GIA 4,000 sq ft
EPC rating of B
Let to Tesco Stores Limited (D&B rating 5A 1) who have been in occupation since 2008
FRI lease until March 2038 with just under 8 years to a break
Tenure: long leasehold at a peppercorn rent
Rent £62,000 pax
Open market upward only rent reviews in 2028 and 2033
Reduction: Offers in excess of £800,000 which would reflect a NIY of 7.35% (after purchasers costs of 5.49%)
