Multi Let Retail and Ground Rent Investment
The Cathedral City of Chichester is a historic and thriving administrative centre for West Sussex. The city is located approximately 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton.
Chichester City Centre is a vibrant and attractive retail centre with a core retail floor space totaling around 700,000 sq ft. The retail on offer is concentrated within the city walls. The historic nature of the retail core limits scope for future development and as a result, Chichester has one of the lowest vacancy rates in the UK.
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.
The property is VAT elected. It is therefore assumed that any sale will be treated as a TOGC
(Transfer of Going Concern) where possible.
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.
The ground floor retail space is configured as two self-contained shops. Shop 1 is occupied by Stephen Lawrence Ladieswear and Shop 2 by The Establishment.
Business Rates / Council Tax Band
Shop 1: Rateable Value (2017): £24,250
Shop 2: Rateable Value (2017): £34,500
Flat: 1 2 3 4 5 6
Council Tax Band: C B C C B C
Shop 1: C - 73
Shop 2: C - 66
The EPC's for the flats are as follows:
Flat: 1 2 3 4 5 6
EPC: TBC C 77 C80 C80 B85 B84
Each party to bear their own legal costs incurred.
Long leasehold interest for a term of 125 years from 1 January 2005 at a peppercorn rent.
£980,000, which reflects a net initial yield of 7.84%, after purchaser's costs of 5.73%.
( Agency Pilot Software Ref: 3532 )