1-8 Water Tower Buildings, 53- 59 London Road, Bognor Regis, West Sussex

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Description

INVESTMENT | Multi Let Retail and Residential Investment

Location

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.

Planning

We understand that the premises benefit from Class A1 Retail Use and C3 Residential Use within the Use Classes Order 1987 (as amended).


VAT

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).

Accommodation

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.



EPC

Retail
Unit 1 D 81
Unit 3C 51
Unit 5C 54
Unit 7C 70


Legal Fees

Each party to bear their own legal costs incurred.

Terms

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 )