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Freehold Investment Opportunity

For sale: £750,000.00|Mixed use, Flat, House, General Retail, Retail - High Street, Other Property Types & Opportunities, Residential, Retail

Property details

FOR SALE£750,000.00
ADDRESSChapel Road, Worthing
TYPEMixed use, Flat, House, General Retail, Retail - High Street, Other Property Types & Opportunities, Residential, Retail
TENUREInvestment Opportunity, Under Offer, For Sale Freehold
POSTED ON14th May 2021

Description

Freehold mixed-use investment comprising a ground floor shop with 6 room HMO above let and producing £56,100 per annum. The building has just been refurbished to a high standard and comes with the option of a guaranteed rent for three years, to offer hassle-free income. Centrally located in Worthing town centre, 0.2 miles to Worthing Pier and seafront.

Shop

The ground floor is let to a barber shop on a 10 year lease from 27th October 2020. There is a tenant only break clause at year 2 and a landlord break clause at year 5. The current rent is £9,000 per annum however increases to £10,000pa for the second year, £11,000pa for the third, fourth and fifth year and £12,000pa for the years following.

HMO

The HMO is arranged over 4 storeys with a shared living room and laundry facilities on the ground floor, with 6 bed/sitting rooms over with two full shower rooms.

The rooms are in the process of being let however when fully let will produce an income of £47,100 per annum. Please ask for an up to date rent schedule.

Each of the rooms have been refurbished to a high standard and come with a kitchen area, television and WIFI.

Total rent £56,100 per annum.

Guaranteed rent

There is an option to purchase the property subject to a 3 year lease of the whole building at a rent of £46,500 per annum. This offer will include payment of electric, water, council tax, broadband, management charges, interior repairs and void periods. The purchaser will be responsible for external repairs only, however the exterior has very recently been refurbished and decorated.

This is a fantastic opportunity for a 'turn key' investment with income from day one.

Location

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Location: Chapel Road, Worthing

Worthing (0.5 miles)

East Worthing (0.9 miles)

West Worthing (1.1 miles)

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