Retail property (high street) for sale
Property description & features
- Tenure: Freehold
- Situated in High Street, Littlehampton
- Converted & Rented in Q4 2023
- Producing £12,750 Per Annum until September 2033
- Net Initial Yield of 7.94%
- Nearby Occupiers Include Sainsburys, Costa Coffee, The Works, Greggs & Boots Pharmacy
- Freehold Investment Opportunity
The property comprises of a recently converted ground floor retail premises which has been fully refurbished by the Vendor and newly found commercial tenant (nail salon) to an excellent specification. The retail unit is accessed via shared common parts directly off High Street and benefits from tiled flooring, air conditioning (not tested), ample electrical points and spotlighting. Other than the main retail area there is a spacious treatment room, storage room with kitchen and WC located at the rear.
Location
Littlehampton is a popular West Sussex town located on the south coast of England, midway between the cities of Brighton (21 miles east) and Chichester (13 miles west) and is served by the A259 and A27 trunk roads. Littlehampton main line railway station is close by with services to Brighton (40 minutes), Southampton (1 hour 20 minutes) and London Victoria (1 hour 40 minutes). The property is situated within the pedestrianised High Street with nearby occupiers including Greggs, Costa Coffee, Sainsburys, Boots Pharmacy and Superdrug.
Terms
The property is available on a freehold basis, subject to the terms mentioned in the Tenancy section of these marketing details with the upper parts sold off on a new 999 year lease with a peppercorn ground rent to be agreed.
Tenancy
The property is let to a private individual on a new 10 year FR&I lease commencing on 7th September 2023 at a passing rent of £12,750 per annum. The Tenant has a right to break from the lease at the 5th year anniversary date. There is an upward only open market rent review at the 5th year of the lease. A copy of the Lease is available to serious applicants upon request.
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