15 High Street, Bognor Regis

15 High Street,
Bognor Regis, West Sussex, PO21 1RJ

Under Offer
Investment, Retail

Offers in excess of £525,000

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Town Centre Income Producing Commercial & Residential Investment Opportunity

Location

Set in the heart of the town centre in Bognor Regis is a busy thriving shopping precinct. This substantial property is located at the western end of the High Street and is surrounded by a variety of national and independent stores including New Look, Greggs, British Heart Foundation, WHSmiths, Sports Direct and Robert Dyas. The street is surrounded by a variety of parking opportunities whilst the towns main railway station with its regular services along the south coast and north to London (journey time of 1 hour and 45 minutes) is situated less than 0.5 miles from the subject property. London Road is a short walk to the busy & popular seafront and is located close by to the Butlins resort which brings a large number of tourists to the area throughout the year. Bognor is a popular tourist town located approx. 20 miles west of the seaside town of Worthing, 7 miles east of the cathedral city of Chichester and 25 miles east of Portsmouth.

Description

This premises comprises a substantial 4 storey building of traditional brick construction which has been rendered over under a tile hung pitched roof. To the rear of the building is a self contained mews cottage. The building is currently laid out with a commercial premises on the ground floor, with 3 self contained residential flats (1x 2 bedroom & 1x 1 bedroom) above. Flat 2 has been sold off on a long leasehold basis. The mews cottage at the rear of the property provides a further 1x Bedroom flat with outside space. The commercial unit is self contained with direct access from High Street, which is leased to Brent Lodge Charity Shop. The shop has open plan retail accommodation to front benefitting from laminate flooring, ample electrical points, spot lighting and slat walling. At the rear of the ground floor are two separate storage areas, WC and a kitchen. The shop also benefits from an allocated parking area at the rear. The residential flats are accessed via a Communal Entrance off High Street. Flat one is located on the first floor and provides two double bedrooms, bathroom, lounge and separate kitchen. The flat is in good condition throughout. Flat two which is located on the second floor has been sold off on a long leasehold basis contributing £150 per annum in ground rent. Flat three is also located on the second floor and has a spacious entrance hall, lounge, kitchen with small dining area, bedroom and bathroom. This flat does require some updating. At the rear of the property is a self contained mews cottage of standard brick construction under a flat roof. The flat comprises of a lounge, separate kitchen, bathroom and bedroom. The cottage has a small self contained courtyard to the rear and side of the property.

Accomodation

Name/FloorSq FtSq MPriceAvailability
Ground Retail - Main Shop floor49345.80On ApplicationAvailable
Ground Retail - Store 1908.36On ApplicationAvailable
Ground Retail -Back Room50546.92On ApplicationAvailable
Ground Retail - WC252.32On ApplicationAvailable
Ground Retail - Kitchen121.11On ApplicationAvailable
1st Flat 157353.23On ApplicationAvailable
3rd Flat 349045.52On ApplicationAvailable
Ground Mews Cottage48545.06On ApplicationAvailable
Total2,673248.33 

Terms

The property is available freehold subject to the aforementioned tenancies.

Tenancies

The ground floor is let to Brent Lodge Wildlife Hospital on an effective FR&I Lease for a term of 5 years from 1st September 2023 at a passing rent of £14,000 Per Annum exclusive. The Tenant has a right to break from the Lease on 1st March 2027. There is a Rent Review on 1st September 2026.

Flat One is let to a private individual on a standard AST agreement from 1st July 2024 for a term of 6 months at a rent of £875 Per Month

Flat Three is let to a private individual on a standard AST agreement from 2nd June 2024 for a term of 12 months at a rent of £750 Per Month

There is a small office on the first floor landing that is let to a private individual on a standard AST agreement from 10th November 2023 for a term of 12 months at a rent of £160 Per Month.

The Mews Cottage is let to a private individual on a standard AST agreement from 25th June 2023 for a term of 12 months at a rent of £865 Per Month

Business Rates & Council Tax

The ground floor has a Rateable Value of £12,000. Further information can be found by visiting www.voa.gov.uk

The residential flats have the following Council Tax bandings:

Flat 1: B
Flat 3: A
Mews Cottage: A

Interested parties are asked to verify this information with the relevant local authority.

Summary

  • Situated in Popular Seaside Town of Bognor Regis
  • Nearby Occupiers Include Barclays Bank, H Samuel, JD Sports & Greggs
  • Rare Freehold Opportunity
  • Currently producing £45,800 Per Annum
  • Net Yield of 8.32%
  • Long Standing Tenants with Minimal Void Periods
  • Viewing Highly Recommended