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Agent's details

The Norfolk Scheme, Chapel Road, Worthing, West Sussex, BN11 1BY

For sale: £2,000,000.00|9,935 Sq Ft|Other, Other Property Types & Opportunities

Property details

FOR SALE£2,000,000.00
SIZE9,935 Sq Ft
ADDRESSThe Norfolk Scheme, Chapel Road, Worthing, West Sussex, BN11 1BY
TYPEOther, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON29th March 2022

Description

Description

Prominent Road Side Retail Investment with Parking
Total accommodation 923 sq m (9,935 sq ft)

Location

Worthing is the largest town in West Sussex, strategically located on the south coast, 55 miles (88.5 km) south west of London and 10 miles (16 km) west of Brighton.

This regional retail centre benefits from excellent road communications. The A24 provides dual carriageway access to the M25 and the A27 links to the east and west with Brighton and Chichester respectively. Direct rail services run from Worthing to London Victoria, Gatwick Airport and Brighton.

New developments in the area are aiding rapid regeneration of the town. Developments include Bayside by the seafront and Teville Gate where the initial phase of redevelopment has been implemented, and which can be seen on the map.

The town appeals to people of all ages with beautiful outdoor spaces along the beach and the south downs, a thriving cultural scene and delightful wining and dining.

Planning




VAT

We understand that the property is elected for VAT and therefore VAT will be payable. It is anticipated that the sale will be treated as a TOGC.

Accommodation

The Norfolk Scheme is a prominent mixed use development comprising of 48 apartments on the upper floors and commercial space at ground floor.

The freehold of the whole was sold to Worthing Homes and the long leasehold interest was retained by the vendor for the commercial element on the ground floor with full rights over the use of the car park with exclusive parking.

The commercial space has been divided into two units:

Unit Sq m Sq ft

A - Majestic Wine 337 sq m 3.627 sq ft

B - Anytime Fitness (Worthing) 586 sq m 6,308 sq ft

Total 923 sq m 9,935 sq ft

To the rear of the building is the self-contained car park providing 17 allocated spaces and loading for the commercial element.


Business Rates / Council Tax Band

Majestic Wine RV £47,000

Anytime Fitness RV £54,500

Should you require further information on Business Rates, please contact our in house rating surveyor Daniel Green (d.green@flude.com).

EPC

We understand the property to have the following EPC ratings:

Unit A - B42

Unit B - C54

Legal Fees

Each party to bear their own legal costs incurred.

Terms

Price: £2,000,000 (Two Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.64%, assuming purchaser's costs of 6.28%.

The property is held under a 999 year long leasehold interest on the ground floor element from 16 February 2010 at a peppercorn rent.

Anti-Money Laundering Regulations 2017 Due to Government legislation we are legally obliged to undertake Anti-Money Laundering checks on prospective purchasers on transactions which involve a capital value of 15,000 euros or more. We are also required to request proof of funds. Further information available on request.


( Agency Pilot Software ref: 1303 )

Location

marker
Location: The Norfolk Scheme, Chapel Road, Worthing, West Sussex, BN11 1BY

Worthing (0.2 miles)

East Worthing (0.8 miles)

West Worthing (0.9 miles)

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