ADDRESS1-8 Water Tower Buildings, 53- 59 London Road, Bognor Regis, PO21 1PN
TYPEOther, Other Property Types & Opportunities
TENUREInvestment Opportunity, Under Offer, For Sale Freehold
POSTED ON21st September 2019
INVESTMENT | Multi Let Retail & Residential Investment
Bognor Regis is an affluent and popular resort town in West Sussex ideally located on the south coast approximately 55 miles south west of London 24 miles west of Brighton and six miles south east of Chichester.
The town benefits from excellent transport links with easy access to the A259 which links Bognor Regis to the A27 (seven miles north of the town) and therefore the wider national road network.
Bognor Regis Railway Station offers direct and regular services to London Victoria with a fastest time of 1 hour and 40 minutes. The station provides regular services to Brighton with a journey time of approximately 45 minutes and Chichester is accessed within 15 minutes both requiring one change.
We understand that the premises benefit from Class A1 Retail Use and C3 Residential Use within the Use Classes Order 1987 (as amended).
We understand that the property is elected for VAT and if so that any sale can be treated by way of a Transfer of a Going Concern (TOGC).
The property comprises a parade of four self-contained retail units at ground floor located at the northern end of London Road which is considered the prime retail pitch in Bognor Regis.
Rear access is available via a yard accessed from Sudley Road. This also provides access to the four maisonettes above, which have been sold off on long leases with proximately 70 years to expiry.
Business Rates / Council Tax Band
We have made enquiries regarding the present rating tax assessment for the property, as follows:
Address Description Rateable Value Unit 1Retail and Premises£12,500 Unit 3Retail and Premises£12,000 Unit 5Retail and Premises£12,000 Unit 7Retail and Premises£12,000
As the RV is below £12,000 we believe 100% small business rate relief is possible.
We also confirm the Council Tax bands for the residential units are all Council Tax Band B.
Retail Unit 1 D 81 Unit 3C 51 Unit 5C 54 Unit 7C 70
Each party to bear their own legal costs incurred.
We have been instructed to quote a price of £825,000 which reflects a net initial yield of 7.80% after graduated purchaser's costs of 5.53%.
Based on our ERV of £71,900 per annum this would give a purchaser a potential reversionary yield of 8.25%.
S5 notices under the Leasehold Reform Housing and Urban Development Act 1993 will be served on the residential long leaseholder as part of the sale process. ( Agency Pilot Software Ref: 3317 )