11-14 Southgate, Chichester PO19 1ES
11
12
11-14 Southgate, Chichester PO19 1ES Multi Let Freehold Retail Investment
13
14
East Street
INVESTMENT SUMMARY
South Street
West Street
South Pallant Car Park
Sout
hgat e
Southgate Car Park
Long Stay Car Park
11-14 Southgate Train and Bus Stations
ᗌᗌ
Chichester is an affluent Cathedral City in West Sussex
ᗌᗌ
Four self-contained retail units and large one bedroom flat
ᗌᗌ
Fully let intact freehold
ᗌᗌ
Future asset management opportunities
ᗌᗌ
Total NIA 391.03 sq m (4,209 sq ft)
ᗌᗌ
Total current rent £68,200 per annum for the whole
ᗌᗌ
ERV of £74,250 per annum for the whole
ᗌᗌ
Property not registered for VAT
ᗌᗌ
Offers sought in excess of £1,100,000 subject to tenancies and contract
ᗌᗌ
A purchase at this level would reflect an attractive net initial yield of 6.5% on the commercial element, after usual purchaser’s costs of 6.8%
ᗌᗌ
Reversionary yield of 7% for commercial element based on ERV
LOCATION AND SITUATION The Cathedral City of Chichester is located approximately 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton. The city has excellent road communications being situated on the A27 dual-carriageway which runs east to Worthing and Brighton and west to Portsmouth and Southampton. By rail there are frequent services to London, as a result Chichester is a popular commuter location for those working in London’s City and West End.
Plans for indicative purposes only.
BRIGHTON
SOUTHAMPTON
IOW
50 metres
The property is situated in central Chichester, positioned on the western side of Southgate, just to the north of its junction with Market Avenue. Southgate is a busy location in terms of pedestrian and vehicular prominence, and forms a thoroughfare to South Street, and the centre of the city from the Avenue De Chartres car park and train station.
CHICHESTER
Experian Goad Plan Created: 30/08/2017 Created By: Flude Commercial
West Sussex PO19 1ES
DESCRIPTION The property comprises an unbroken and intact terrace of four lock-up shops and a large self-contained one bedroom flat. 11 and 12 Southgate comprise ground floor lock-up retail units. The flat is located directly above these two shops. 13 and 14 Southgate are each arranged over the ground and first floors. These two shops are Grade II Listed. To the rear of the property is a two story structure, which is used as a garage and store. This building is positioned at the bottom of what would be the garden of 11 Southgate. Attached to the garage, to the north, is a single storey room which is located at the bottom of what would be the garden of 13 Southgate. There is vehicular and pedestrian access to the rear of the property through an underpass in Avenue House, on Avenue De Chartres; and access to the flat is only available from the rear of the property. The flat is accessed up a flight of external stairs and over a rooftop patio area, and is known as 13a Southgate.
West Sussex PO19 1ES
TENNANCY AND ACCOMMODATION SCHEDULE Unit Tenant
11 12
Creations Hair Salon (UK) Limited MJB Property Management Limited
NIA
NIA
sq m
sq ft
37.25
Term
ITZA EPC
Use
401
230
G
A1
10
EFRI
25/03/2015 26/03/2022
55.37
596
420
C
A2
10
EFRI
(Years)
Repair Start
Break
Rent
Passing
Expiry
L&T Act
26/03/2022
24/03/2025
In
£13,500
£14,000
(1)
10/07/2012 N/A
10/07/2017
10/07/2022
Out
£17,500
£18,750
(2)
Review
Rent
ERV
Notes
13
Tara Cussans
91.60
986
C
A1
10
FRI
24/05/2017 24/05/2022
24/05/2022
23/05/2027
In
£15,000
£15,000
(3)
14
Umit Kelec
76.83
827
E
A3
20
FRI
25/03/2002 N/A
25/03/2018
24/03/2022
Out
£13,500
£15,000
(4)
Rear Garage
50.72
546
£1,000
(5)
Rear Store
16.63
179
£1,500
£1,500
(6)
£61,000
£65,250
£7,200
£9,000
£68,200
£74,250
Commercial Total 13a
One bedroom flat
62.62
674
Total
391.03 4,209
F
C3
(7)
Notes: (1) Lease benefits from a personal guarantee. Break option subject to three months notice. Rent review to open market (upward only). EPC of D can be achieved by changing lights to LED. (2) The landlord holds a three month rent deposit. The lease is subject to a photographic schedule of condition. Rent review to open market (upward only) and has not been initiated. (3) The landlord holds a three month rent deposit. The lease is subject to a photographic schedule of condition. (4) The lease was assigned to to Umit Kelec in May 2017. Rent review to open market (upward only). (5) Currently occupied by the freeholder, who will vacate on completion of a sale. (6) Let to Creations on a temporary basis. (7) The flat is let on an AST. An EPC rating of D can be achieved by installing modern electric heating.
TENANT INFORMATION Creations Hair Salon (UK) Limited have been in occupation for over 12 years and have been in Chichester for around 20 years. MJB Property Management Limited is a franchise of Martin & Co and have been in occupation for over five years. This franchise also has a premises in Portsmouth. Ms Cussan has recently taken a new lease, but has been trading in Chichester for about six years, so already has a good client base. 14 Southgate has been a restaurant for over 20 years with the current tenant taking on the lease in 2014.
West Sussex PO19 1ES
PRICING Offers sought in excess of £1,100,000 (One Million One Hundred Thousand Pounds), subject to tenancies and contract.
Garage and Store
A purchase at this level would reflect an attractive net initial yield of 6.5% on the commercial element, after usual purchaser’s costs of 6.8% and a reversionary yield of 7% based on the ERV of the commercial element. The above figures are based on a value of £225,000 for the residential element.
TENURE Freehold.
VAT The property is not registered for VAT.
West Sussex PO19 1ES
FURTHER INFORMATION Please contact the sole agents Flude Commercial: Sebastian Martin [email protected] 01243 929135 07800 562509
Mark Minchell [email protected] 01243 929136 07711 630113
Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property.
West Sussex PO19 1ES
12
11-14 Southgate, Chichester PO19 1ES Multi Let Freehold Retail Investment
13
14
East Street
INVESTMENT SUMMARY
South Street
West Street
South Pallant Car Park
Sout
hgat e
Southgate Car Park
Long Stay Car Park
11-14 Southgate Train and Bus Stations
ᗌᗌ
Chichester is an affluent Cathedral City in West Sussex
ᗌᗌ
Four self-contained retail units and large one bedroom flat
ᗌᗌ
Fully let intact freehold
ᗌᗌ
Future asset management opportunities
ᗌᗌ
Total NIA 391.03 sq m (4,209 sq ft)
ᗌᗌ
Total current rent £68,200 per annum for the whole
ᗌᗌ
ERV of £74,250 per annum for the whole
ᗌᗌ
Property not registered for VAT
ᗌᗌ
Offers sought in excess of £1,100,000 subject to tenancies and contract
ᗌᗌ
A purchase at this level would reflect an attractive net initial yield of 6.5% on the commercial element, after usual purchaser’s costs of 6.8%
ᗌᗌ
Reversionary yield of 7% for commercial element based on ERV
LOCATION AND SITUATION The Cathedral City of Chichester is located approximately 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton. The city has excellent road communications being situated on the A27 dual-carriageway which runs east to Worthing and Brighton and west to Portsmouth and Southampton. By rail there are frequent services to London, as a result Chichester is a popular commuter location for those working in London’s City and West End.
Plans for indicative purposes only.
BRIGHTON
SOUTHAMPTON
IOW
50 metres
The property is situated in central Chichester, positioned on the western side of Southgate, just to the north of its junction with Market Avenue. Southgate is a busy location in terms of pedestrian and vehicular prominence, and forms a thoroughfare to South Street, and the centre of the city from the Avenue De Chartres car park and train station.
CHICHESTER
Experian Goad Plan Created: 30/08/2017 Created By: Flude Commercial
West Sussex PO19 1ES
DESCRIPTION The property comprises an unbroken and intact terrace of four lock-up shops and a large self-contained one bedroom flat. 11 and 12 Southgate comprise ground floor lock-up retail units. The flat is located directly above these two shops. 13 and 14 Southgate are each arranged over the ground and first floors. These two shops are Grade II Listed. To the rear of the property is a two story structure, which is used as a garage and store. This building is positioned at the bottom of what would be the garden of 11 Southgate. Attached to the garage, to the north, is a single storey room which is located at the bottom of what would be the garden of 13 Southgate. There is vehicular and pedestrian access to the rear of the property through an underpass in Avenue House, on Avenue De Chartres; and access to the flat is only available from the rear of the property. The flat is accessed up a flight of external stairs and over a rooftop patio area, and is known as 13a Southgate.
West Sussex PO19 1ES
TENNANCY AND ACCOMMODATION SCHEDULE Unit Tenant
11 12
Creations Hair Salon (UK) Limited MJB Property Management Limited
NIA
NIA
sq m
sq ft
37.25
Term
ITZA EPC
Use
401
230
G
A1
10
EFRI
25/03/2015 26/03/2022
55.37
596
420
C
A2
10
EFRI
(Years)
Repair Start
Break
Rent
Passing
Expiry
L&T Act
26/03/2022
24/03/2025
In
£13,500
£14,000
(1)
10/07/2012 N/A
10/07/2017
10/07/2022
Out
£17,500
£18,750
(2)
Review
Rent
ERV
Notes
13
Tara Cussans
91.60
986
C
A1
10
FRI
24/05/2017 24/05/2022
24/05/2022
23/05/2027
In
£15,000
£15,000
(3)
14
Umit Kelec
76.83
827
E
A3
20
FRI
25/03/2002 N/A
25/03/2018
24/03/2022
Out
£13,500
£15,000
(4)
Rear Garage
50.72
546
£1,000
(5)
Rear Store
16.63
179
£1,500
£1,500
(6)
£61,000
£65,250
£7,200
£9,000
£68,200
£74,250
Commercial Total 13a
One bedroom flat
62.62
674
Total
391.03 4,209
F
C3
(7)
Notes: (1) Lease benefits from a personal guarantee. Break option subject to three months notice. Rent review to open market (upward only). EPC of D can be achieved by changing lights to LED. (2) The landlord holds a three month rent deposit. The lease is subject to a photographic schedule of condition. Rent review to open market (upward only) and has not been initiated. (3) The landlord holds a three month rent deposit. The lease is subject to a photographic schedule of condition. (4) The lease was assigned to to Umit Kelec in May 2017. Rent review to open market (upward only). (5) Currently occupied by the freeholder, who will vacate on completion of a sale. (6) Let to Creations on a temporary basis. (7) The flat is let on an AST. An EPC rating of D can be achieved by installing modern electric heating.
TENANT INFORMATION Creations Hair Salon (UK) Limited have been in occupation for over 12 years and have been in Chichester for around 20 years. MJB Property Management Limited is a franchise of Martin & Co and have been in occupation for over five years. This franchise also has a premises in Portsmouth. Ms Cussan has recently taken a new lease, but has been trading in Chichester for about six years, so already has a good client base. 14 Southgate has been a restaurant for over 20 years with the current tenant taking on the lease in 2014.
West Sussex PO19 1ES
PRICING Offers sought in excess of £1,100,000 (One Million One Hundred Thousand Pounds), subject to tenancies and contract.
Garage and Store
A purchase at this level would reflect an attractive net initial yield of 6.5% on the commercial element, after usual purchaser’s costs of 6.8% and a reversionary yield of 7% based on the ERV of the commercial element. The above figures are based on a value of £225,000 for the residential element.
TENURE Freehold.
VAT The property is not registered for VAT.
West Sussex PO19 1ES
FURTHER INFORMATION Please contact the sole agents Flude Commercial: Sebastian Martin [email protected] 01243 929135 07800 562509
Mark Minchell [email protected] 01243 929136 07711 630113
Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property.
West Sussex PO19 1ES
