Prime High Street Retail Investment With Asset Management Opportunities
Chichester is a historic cathedral city located on the south coast in West Sussex between Portsmouth and Worthing, and lies approximately 70 miles south west of London. The city benefits from good road links via the A27 dual carriageway which runs along the south coats between Portsmouth in the west and Brighton in the east. There are also regular rail links to London Victoria.
The subject property is situated on the western side of North Street in central Chichester, towards the southern end of the street and within sight of the central Market Cross. North Street is one of prime retailing streets in the city. The area benefits from being centrally located and the city centre is well serviced by public car parks, a number of major bus routes, and Chichester train station lies 15 minutes' walk to the south of the property.
Nearby occupiers include M and S, The White Company, Caffe Nero, WHSmith, Paperchase and Boots.
We understand the property is elected for VAT. It is anticipated that the sale will be treated as a Transfer Of a Going Concern (TOGC).
The property comprises two adjoining 3-storey mid-terraced grade II listed buildings, comprising two independent retail units at ground floor separated by doorways leading to stairs to the upper parts. Internally the upper parts are formed of unused office accommodation, which would lend itself to residential redevelopment (STP).
To the rear, service access for No.24 is granted via Chapel Street and provides for some limited parking to the property but which also allows further potential for the development of ancillary areas.
We understand the property to have the following EPC ratings:
No. 23 (current lease) B
No. 23 (uppers) E
No. 24 D
No. 24 (uppers) C
Each party to bear their own legal costs incurred.
We are instructed to market the freehold interest, subject to tenancies and seek offers at a guide price of £1,200,000 - £1,300,000. ( Agency Pilot Software ref: 4128 )