ADDRESS1 The Parade, High Street, Findon, Worthing, West Sussex, BN14
TYPEOther, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON12th January 2022
End of terrace neighbourhood mixed use investment Ground floor retail / beauty premises First floor - 2 self contained flats For sale
The subject property is situated 0.5 miles south of the village centre, at the junction of High Street and Steep Lane.
The property occupies an end of terrace position on a mixed use retail parade, consisting of 4 ground floor commercial units let to local/ independent retailers with residential accommodation above.
The surrounding area is otherwise predominantly residential in nature with a public house situated opposite.
The property comprises an end of terrace mixed use building configured as a ground floor retail unit and 2 self-contained flats on the 1st floor; a 1 bedroom (1a) and a 2 bedroom flat (1b).
The ground floor is currently let to a hair and beauty business and is divided into 2 sections. The left hand side (salon) is accessed via the main shop front and is predominantly open plan with a kitchen/WC to the rear. The right hand side is arranged as a number of stud partitioned beauty and treatment rooms accessible from both the salon and from separate double doors leading out to the front car park. There is also a side entrance which leads to a side passage from which access can be obtained both to the rear garden and front car park.
The flats are accessed via a communal entrance and internal stairwell at the side of the building. Flat 1a comprises a large 1 bedroom flat with separate kitchen and reception room. Flat 1b is of a similar size albeit offers 2 bedrooms. Both flats comprise modern kitchens, basic bathroom fittings, gas fired central heating and uPVC double glazing
Residential (measured GIA) Flat 1A (1 bed flat)547 sq ft /50.81 sq m
Flat 1B (2 bed flat)467 sq ft /43.35 sq m
Commercial unit (measured NIA) 824 sq ft /79.14 sq m
The ground floor shop is let to the Hair and Beauty Lounge (Findon) Ltd on a full repairing and insuring lease for a term of 5 years from 1 October 2019. Therefore expiring on 30 September 2024. The passing rent is £15,500 per annum exclusive.
The demise includes front parking area and the front half of the rear garden. The lease is contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954.
Flat 1a is let to a private individual on a 12 month Assured Shorthold Tenancy (AST) at a rent of £9,600 per annum exclusive.
Flat 1b is let to a private individual on a 12 month AST at a rent of £8,700 per annum exclusive.
EPC to the commercial unit: D (92) EPC to the residential parts: Flat 1A: D Flat 1B: D
Each party to bear their own legal costs incurred.
Freehold - Subject to the leases/tenancies as summarised above.
For sale with offers invited in the region of £575,000 ( Agency Pilot Software Ref: 4010 )