No longer on the market
This property is no longer on the market
Floorplan
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Auction
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5371
Features and description
- By auction 13 th december 2023 with savills
- Guide £795,000 +
- £77,500 income pa
- Planning consent obtained for further development of 2 further apartments
- Modern building
- Close to new edward street quarter & circus street developments
A 5 storey modern purpose built block of 9 apartments which have been sold of by way of long leasehold interests at peppercorn rents in addition to 3 commercial units arranged at ground & lower ground floor levels let to Rooms for Therapists Limited (lease term expiring 4/6/2029 with a tenant only break clause on the 4/6/2024 subject to 6 months prior notice, paying a rent of £15,000 per annum exclusive), Synertial Technologies Ltd (3 years from 10 October 2022 with provison for an 18 month break clause at a rent £20,000 per annum exclusive) & Maximus UK Services Limited (4 years from 13 February 2023 with provision for a tenant only break on the 3rd anniversary subject to 6 months notice at a rent of £42,500 per annum exclusive
(year end September 2021 had a turnover of £177,759,643 & net assets of £56,042,174)). Planning consent has been obtained to construct 2x2 bedroom apartments at 4th floor level under planning application number BH2022/00717 & appeal number APP/Q1445/D/22/3301047.
The building is situated on the corner of Carlton Hill & Mighell Street adjacent to the new Amex Building & Edward Street Quarter development where Octopus Energy, NatWest & Knights Solicitors have recently taken a significant space. The Circus Street Development is also nearby with Southern Dance as a key tenant. The popular Queens park is a few minutes walk away where Starfish & Coffee is situated, whilst Brighton City Centre & The seafront can also be easily accessed.
The property be sold by way of auction in Savills Auction on the 13th December 2023. A guide of £795,000 + has been set for the freehold interest with the benefit of the existing tenancies & planning consent. The property is elected for VAT & it is therefore proposed the purchase will be by way of a TOGC. Based on the income of £77,500 this would produce a gross yield of 9.75% with the benefit of the planning consent to develop further.
Savills, 33 Margaret Street, London, W1G 0JD
FAO Steven Cane
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(year end September 2021 had a turnover of £177,759,643 & net assets of £56,042,174)). Planning consent has been obtained to construct 2x2 bedroom apartments at 4th floor level under planning application number BH2022/00717 & appeal number APP/Q1445/D/22/3301047.
The building is situated on the corner of Carlton Hill & Mighell Street adjacent to the new Amex Building & Edward Street Quarter development where Octopus Energy, NatWest & Knights Solicitors have recently taken a significant space. The Circus Street Development is also nearby with Southern Dance as a key tenant. The popular Queens park is a few minutes walk away where Starfish & Coffee is situated, whilst Brighton City Centre & The seafront can also be easily accessed.
The property be sold by way of auction in Savills Auction on the 13th December 2023. A guide of £795,000 + has been set for the freehold interest with the benefit of the existing tenancies & planning consent. The property is elected for VAT & it is therefore proposed the purchase will be by way of a TOGC. Based on the income of £77,500 this would produce a gross yield of 9.75% with the benefit of the planning consent to develop further.
Savills, 33 Margaret Street, London, W1G 0JD
FAO Steven Cane
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Mobile :[use Contact Agent Button]
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Website:
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About this agent
With a wide range of clients, ranging from tenants looking to assign leases to institutional property investment companies and local authorities, we are able to assist in the letting of all types of commercial property thanks to our wealth of experience in the field. This includes retail, office, leisure, medical, licensed premises, and all other types of commercial premises. Once a suitable party has been sourced, we will issue comprehensive Heads of Terms to solicitors, whilst also obtaining references. We will then manage the process, keeping in constant contact with all relevant parties in the transaction to bring satisfactory completion to the process, swiftly and efficiently. Our experienced & knowledgeable commercial agency department act for a wide variety of clients. Our clients range from Independent Occupiers and Private Individuals to Institutional Property Investment Companies and Funds as well as Local Authorities.