2-4 Montague Street &, 13-15 South Street,
Worthing, West Sussex, BN11 3AP
For Sale
Investment, Retail
Asking Price £1,500,000
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Currently occupied by T G Jones, the property provides ground floor open plan sales area to include the towns only Post Office with internal stairs leading to further open plan retail accommodation. The remaining first, second and third floors provide ancillary accommodation which includes offices, staff breakout area, kitchen area, storage and WC’s.
The property has rear access into a ground floor warehouse area for deliveries via the Montague Centre. The property further benefits from sweeping single glazed glass frontage, 3 phase electricity, separate water and gas connections and is presented in good condition giving the age of the property. This is seen as a rare opportunity to acquire a substantial town centre Freehold with superb asset management potential and viewing is therefore highly recommended.
VAT is to be charged on the quoting terms
The upper parts could be converted into a series of residential apartments subject to gaining the necessary planning consents and could either be let as an investment or broken up and sold off individually on long leases.
Substantial and Prominent Town Centre Freehold Opportunity with Residential Conversion Potential (STPC)
Location
Worthing with a population of 100,000 is a popular seaside town located in between the city of Brighton (13 miles East) and the cathedral city of Chichester (18 miles West) on the South coast of England. Worthing is famed for its pier and promenade and both are situated close to the subject property, which is located on the corner of Montague Street and South Street in the heart of the town centre. Montague Street is known for its choice of national and independent retailers with a number of bars and restaurants a short walk away in nearby Marine Parade and Warwick Street. Worthing mainline railway station with its services along the South coast and North to London (journey time of 1hr and 30 minutes) is located 1 mile to the North of the property which also sits on a major bus route
Description
Justice and Co are delighted to offer to the market this prestigious four storey, town centre, building which for over three decades has provided retail accommodation on ground and first floor with ancillary accommodation on the second and third floors.Currently occupied by T G Jones, the property provides ground floor open plan sales area to include the towns only Post Office with internal stairs leading to further open plan retail accommodation. The remaining first, second and third floors provide ancillary accommodation which includes offices, staff breakout area, kitchen area, storage and WC’s.
The property has rear access into a ground floor warehouse area for deliveries via the Montague Centre. The property further benefits from sweeping single glazed glass frontage, 3 phase electricity, separate water and gas connections and is presented in good condition giving the age of the property. This is seen as a rare opportunity to acquire a substantial town centre Freehold with superb asset management potential and viewing is therefore highly recommended.
Accommodation
The property has the following approximate floor areas.| Ground Floor | |
| Sales Area | 3,550 Sq Ft |
| Ancillary | 997 Sq Ft |
| First Floor | |
| Sales Area | 3,243 Sq Ft |
| Ancillary | 1,260 Sq Ft |
| Second Floor | |
| Ancillary | 4,537 Sq Ft |
| Third Floor | |
| Ancillary | 1,163 Sq Ft |
| TOTAL AREA | 14,750 Sq Ft |
Terms and Tenancies
The property is available freehold subject to the occupational tenancy to T G Jones Retail Holdings Ltd which expires 22nd March 2030 at a current passing rent of £80,000 per annum. A copy of the lease is available to serious applicants upon request.Guide Price & VAT
£1,500,000 (One Million and Five Hundred Thousand Pounds)VAT is to be charged on the quoting terms
Opportunity
It is felt that this rare and substantial commercial freehold provides a superb asset management opportunity for a new owner. The ground floor could be re-let in its entirety to a national or local occupier or alternatively the ground floor could be converted into a series of retail or restaurant opportunities.The upper parts could be converted into a series of residential apartments subject to gaining the necessary planning consents and could either be let as an investment or broken up and sold off individually on long leases.
Business Rates
According to the Valuation Office Agency (VOA) the property has a rateable value of £92,000.Legal Costs
Each party to pay their own costs in this transactionEPC
C(53)Anti-Money Laundering
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the tenant and any beneficial owner together evidence /proof Identifying the source of funds being relied upon to complete the transaction.Summary
- Prime Freehold Retail Building in Heart of West Sussex Town Centre
- Nearby Occupiers Include Café Nero, Starbucks, H&M, Muffin Break & McDonalds
- Potential to Convert Upper Parts to Residential Accommodation (subject to obtaining the necessary planning consents)
- Currently Let to T G Jones High Street Ltd at a Passing Rent of £80,000 Per Annum Until 2030
- Rare Freehold Opportunity
- Viewing Highly Recommended
