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Freehold buildings with full planning permission for conversion to form four new apartments on ground, first and second floors with double fronted ground floor retail unit let on a new lease

For sale: £1,000,000.00|1,000 Sq Ft|Commercial Land, Land

Property details

FOR SALE£1,000,000.00
SIZE1,000 Sq Ft
ADDRESS60-62 Blatchington Road Hove, East Sussex, BN3 3YH
TYPECommercial Land, Land
TENUREFreehold, For Sale Freehold, For Sale Freehold
POSTED ON13th October 2021

Description

Location:
Blatchington Road is a busy mixed-use area in central Hove. The property is close to the shopping amenities of George Street and within easy walking distance of Church Road, the seafront promenade and Hove railway station.

Description:
A pair of mid-terraced two storey buildings currently arranged as ground floor retail space and first floor offices and storage.

Full planning permission has been granted for a clever and well-designed scheme involving conversion and part demolition of the existing buildings to form –
1 x ground floor retail unit with double width frontage
1 x ground floor studio flat with courtyard
2 x front first and second floor 1/2 bedroom maisonettes
1 x 2 bed maisonette on three floors with roof terrace

Full approved plans and planning conditions are available through our offices or can be viewed online on the Brighton and Hove Council website under planning reference BH2021/02771. Planning permission was granted on 21st September 2021.

Tenancy of the retail unit:
The retail unit has been let on a new 9 year FRI lease from 25th June 2021. The rent has been agreed at £20,000pa in year 1, £22,000 in year 2 and £25,000 in year 3. There will then be a rent review after year 3.

The tenant has provided a personal guarantee and paid a 3 month rent deposit. The lease requires a contribution from the tenant of 30% towards the annual buildings insurance policy. The initial service charges are capped at £1500pa, increasing to £2000pa through the lease term.

Offers invited in excess of £1 million for the freehold interest

Location

marker
Location: 60-62 Blatchington Road Hove, East Sussex, BN3 3YH

Hove (0.3 miles)

Aldrington (0.4 miles)

Portslade (1.3 miles)

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