(STP) Former Kings Beach Hotel
Convenience Store Investment with Further Development Land (STP) Former Kings Beach Hotel The Parade, Pagham, Bognor Regis, West Sussex PO21 4TW Let to
■■ Located in a densely populated residential area in Pagham close to the seafront ■■ New lease to Co-Op Group Food Ltd ■■ 15 year lease (no break) ■■ Commencing rent of £85,000 per annum ■■ Large overall site of 0.877 acres (0.355 ha) ■■ Retained land of 0.392 acres (0.159 ha) presents an opportunity to form a residential development (S.T.P)
savills.co.uk
Location
Accommodation
Pagham is a semi-rural, semi-urban coastal village and civil parish in the Arun district of West Sussex. The village catchment has a total population of around 5,900 (2011 census).
We understand the following approximate areas on a Gross Internal Area basis.
The Kings Beach Hotel is located close to the Sea Front approximately 0.5 miles from Pagham town centre. The immediate area is made up of predominantly residential uses, albeit there is a small parade of retail shops adjacent.
Description The property comprises of a large community bar to the front with function room at the rear. Also at ground floor is the commercial kitchen, cellar and WC facilities. The upper floors provide 11 bedrooms with a 2 bedroom managers flats also. Externally there is a 40 space car park, garages, large beer garden and scrub land. The public house is being converted to a convenience store and will provide in excess of 20 customer parking spaces externally. Proposed plans are provided below. The store is scheduled to open in Q3/Q4 2014.
Floor
Tenant
Accommodation
G.I.A Sq ft
G.I.A Sq m
Ground
Co-Op Group Food Ltd
Sales
5,175
480
First
Co-Op Group Food Ltd
Ancillary
Not measured
Second
Co-Op Group Food Ltd
Ancillary
Not measured
Tenure
Lease
Freehold.
The whole building is let on an a new 15 year full repairing and insuring lease to Co-Operative Group Food Ltd at a commencing rent of £85,000 per annum. The lease is subject to 5 yearly rent reviews in an upwards only direction.
Tenant The Co-Operative Group is the UK’s largest mutual business and has over 5,000 outlets, employing more than 100,000 people and has an annual turnover in excess of £13bn. The CoOperative Group Food Limited forms part of The Co-Operative Group and the food division recorded an underlying operating profit in 2013 of £247 million. Second half like for like performance in 2013 saw an overall 0.6% increase, with a 5.3% increase in convenience. The Co-Op acquired 57 stores in 2013 and have an acquisitive growth strategy also planned for 2014.
Development Potential An area of approximately 0.392 acres (0.159 ha) has been retained by the vendor which in our opinion provides development potential for residential houses and flats, subject to planning. Rights of way for access have also been retained over the land demised to Co-Op Group Food Ltd. See our OS plan below and our proposed illustrative drawing overleaf.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
Price
VAT
Viewing
Unconditional offers are invited in the order of £1,400,000 for the freehold interest in the whole site. Assumes a guide price of £1,275,000 for the convenience store Investment, which represents a net initial of approximately 6.3% NIY allowing for purchasers costs of 5.8%. The adjoining land therefore has a guide price of £125,000.
The sale price is exclusive of any VAT which, if applicable, will be in addition at the appropriate rate.
Strictly by appointment with Savills for a formal viewing.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
Important Notice Savills, their clients and any joint agents give notice that: 1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Savills Southampton 2 Charlotte Place Southampton, SO14 0TB + 44 (0) 23 8071 3900
savills.co.uk
Adam Bullas + 44 (0) 23 8071 3957 [email protected]
■■ Located in a densely populated residential area in Pagham close to the seafront ■■ New lease to Co-Op Group Food Ltd ■■ 15 year lease (no break) ■■ Commencing rent of £85,000 per annum ■■ Large overall site of 0.877 acres (0.355 ha) ■■ Retained land of 0.392 acres (0.159 ha) presents an opportunity to form a residential development (S.T.P)
savills.co.uk
Location
Accommodation
Pagham is a semi-rural, semi-urban coastal village and civil parish in the Arun district of West Sussex. The village catchment has a total population of around 5,900 (2011 census).
We understand the following approximate areas on a Gross Internal Area basis.
The Kings Beach Hotel is located close to the Sea Front approximately 0.5 miles from Pagham town centre. The immediate area is made up of predominantly residential uses, albeit there is a small parade of retail shops adjacent.
Description The property comprises of a large community bar to the front with function room at the rear. Also at ground floor is the commercial kitchen, cellar and WC facilities. The upper floors provide 11 bedrooms with a 2 bedroom managers flats also. Externally there is a 40 space car park, garages, large beer garden and scrub land. The public house is being converted to a convenience store and will provide in excess of 20 customer parking spaces externally. Proposed plans are provided below. The store is scheduled to open in Q3/Q4 2014.
Floor
Tenant
Accommodation
G.I.A Sq ft
G.I.A Sq m
Ground
Co-Op Group Food Ltd
Sales
5,175
480
First
Co-Op Group Food Ltd
Ancillary
Not measured
Second
Co-Op Group Food Ltd
Ancillary
Not measured
Tenure
Lease
Freehold.
The whole building is let on an a new 15 year full repairing and insuring lease to Co-Operative Group Food Ltd at a commencing rent of £85,000 per annum. The lease is subject to 5 yearly rent reviews in an upwards only direction.
Tenant The Co-Operative Group is the UK’s largest mutual business and has over 5,000 outlets, employing more than 100,000 people and has an annual turnover in excess of £13bn. The CoOperative Group Food Limited forms part of The Co-Operative Group and the food division recorded an underlying operating profit in 2013 of £247 million. Second half like for like performance in 2013 saw an overall 0.6% increase, with a 5.3% increase in convenience. The Co-Op acquired 57 stores in 2013 and have an acquisitive growth strategy also planned for 2014.
Development Potential An area of approximately 0.392 acres (0.159 ha) has been retained by the vendor which in our opinion provides development potential for residential houses and flats, subject to planning. Rights of way for access have also been retained over the land demised to Co-Op Group Food Ltd. See our OS plan below and our proposed illustrative drawing overleaf.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
Price
VAT
Viewing
Unconditional offers are invited in the order of £1,400,000 for the freehold interest in the whole site. Assumes a guide price of £1,275,000 for the convenience store Investment, which represents a net initial of approximately 6.3% NIY allowing for purchasers costs of 5.8%. The adjoining land therefore has a guide price of £125,000.
The sale price is exclusive of any VAT which, if applicable, will be in addition at the appropriate rate.
Strictly by appointment with Savills for a formal viewing.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
Important Notice Savills, their clients and any joint agents give notice that: 1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Savills Southampton 2 Charlotte Place Southampton, SO14 0TB + 44 (0) 23 8071 3900
savills.co.uk
Adam Bullas + 44 (0) 23 8071 3957 [email protected]
