Description
Easebourne is a village in the Chichester District of West Sussex. It is 0.5 mile north of Midhurst, across the River Rother on the A272 and A286 roads. The subject property is situated on the corner of Easebourne Lane (A272) and Lutener Road.
The property comprises of a ground floor retail space which is configured to provide main retail area, lobby with WC, office and under stairs storage. There is a residential two storey maisonette which we understand has been sold off on a long leasehold basis.
Accommodation
NIA - 894 sq.ft (83 sq.m)
Planning
Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, caf�, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.
EPC Text
Asset Rating - B(50)
Rating
Rateable Value £11,500
Source www.voa.org.uk The 2024/2025 small business multiplier is 0.499 (49.9p payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.
Terms
Offers considered in the region of £147,000 subject to contract for the freehold interest and subject to the agreements outlined.
A purchase at this level shows a Net Initial Yield of 9.9% after allowing
usual buyers costs.
Anti Money Laundering
Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.
Lease Terms
The ground floor is let by way of a lease dated 17th May 2013 for a term of 10 years at a passing rent of £15,000 per annum, expiring 16th May 2023. Cook Trading Limited are currently holding over.
The lease is subject to an open market upward only rent review on every fifth anniversary.
It is understood that the maisonette is sold off on long leasehold for a period of 125 years dated March 2004.
We understand there is a ground rent payable of:-
£50 per annum for first 33 years.
£100 per annum for next 33 years.
£150 per annum for next 33 years.
£200 per annum for the remainder of the term. ( Agency Pilot Software ref: 10264 )
