No longer on the market
This property is no longer on the market
Floorplan
MapCommercial development
Auction
Commercial development
Features and description
- Auction Date: 14th July 2022
- Freehold Commercial Investment
- Over 4 Floors
- PD Rights Potential for Residential to Upper Floors
- Separate Rear Entrance
- Courtyard
- Superb North Laine Location
- Sold Either Vacant or Tenanted for 6 Months
FOR SALE BY AUCTION ON 14th July 2022
Revised Auction Guide £500,000+
FREEHOLD INVESTMENT WITH DEVELOPMENT POTENTIAL FOR RESIDENTIAL ON THE UPPER FLOORS (SUBJECT TO PD RIGHTS)
Extremely rare opportunity to be able to purchase the freehold of this commercial property located within the heart of the North Laines and considered to be one of Brighton's busiest and most popular shopping thoroughfares. The amount of footfall per day running through Sydney Street is significantly high, something that has been prevalent over the past few decades. The property can be acquired either vacant or tenanted for a period of 6 months by way of a licence immediately following completion at a rental income of £15,000 for the 6 month period.
It is considered that the current rent for the property should be £30,000 per annum once fully let whilst there are also possibilities under Permitted Development Rights for the upper two floors to be turned into residential, assisted by the fact that the building enjoys the benefit of a rear access and courtyard thereby potentially allowing any residential part to have its own separate entrance.
Relevant Planning History
21/11/18 under application number BH2018/00959, planning permission was granted for the erection of a two storey rear extension and change of use from retail (A1) to mixed use retail and caf/juice bar (A1/A3) with the A3 use restricted to the rear extension and first floor area.
24/12/2009 under planning application number BH2009/02436, planning permission was granted for a rear ground floor extension with open undercroft at lower ground floor.
It is understood that numbers 25 and 30 Sydney Street have benefited from 3 storey rear addition therefore is is possible that the current 2 storey rear extension to number 36 may be able to extended by another floor perhaps allowing for a 2 bedroom flat within the upper floors (STNC).
Revised Auction Guide £500,000+
FREEHOLD INVESTMENT WITH DEVELOPMENT POTENTIAL FOR RESIDENTIAL ON THE UPPER FLOORS (SUBJECT TO PD RIGHTS)
Extremely rare opportunity to be able to purchase the freehold of this commercial property located within the heart of the North Laines and considered to be one of Brighton's busiest and most popular shopping thoroughfares. The amount of footfall per day running through Sydney Street is significantly high, something that has been prevalent over the past few decades. The property can be acquired either vacant or tenanted for a period of 6 months by way of a licence immediately following completion at a rental income of £15,000 for the 6 month period.
It is considered that the current rent for the property should be £30,000 per annum once fully let whilst there are also possibilities under Permitted Development Rights for the upper two floors to be turned into residential, assisted by the fact that the building enjoys the benefit of a rear access and courtyard thereby potentially allowing any residential part to have its own separate entrance.
Relevant Planning History
21/11/18 under application number BH2018/00959, planning permission was granted for the erection of a two storey rear extension and change of use from retail (A1) to mixed use retail and caf/juice bar (A1/A3) with the A3 use restricted to the rear extension and first floor area.
24/12/2009 under planning application number BH2009/02436, planning permission was granted for a rear ground floor extension with open undercroft at lower ground floor.
It is understood that numbers 25 and 30 Sydney Street have benefited from 3 storey rear addition therefore is is possible that the current 2 storey rear extension to number 36 may be able to extended by another floor perhaps allowing for a 2 bedroom flat within the upper floors (STNC).
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The landscape of selling property at auction has changed a lot in recent years. No longer is it seen as simply an option for properties in need of complete modernisation or repair. Today, almost any kind of property is suitable for sale at auction, regardless of value, age, size, condition or style. Here are just some of the other property types we help vendors sell at auction: Residential investments Commercial investments Mixed investments Freehold ground rents Garages Tenanted flats and houses Repossessions Flats with short leases Properties not suitable for a mortgage, such as flying freeholds Flats above commercial properties where mortgages are difficult to obtain Ready to find out how your property could perform at auction? Get in touch now for your free auction appraisal.