207 & 207A Tarring Road, Worthing,
West Sussex, BN11 4HN
For Sale
Investment, Residential, Retail
Guide Price £300,000
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The property comprises of a ground floor retail premises which has been let to an established barber's salon with a self contained residential flat above which has been sold off on a long leasehold basis. At the rear of 207 Tarring Road is a single storey development known as Gardiner Place. Comprising two self contained flats, one of which has been sold on a long lease with a peppercorn ground rent attributed and the other a modern two- bedroom flat let out on an AST.
207 Tarring Road is a small ground floor lock up class E premises comprising of an open plan retail area to front with small kitchen and WC located to the rear. The property benefits from laminate flooring, ample electrical points, LED spot lighting, electric heating and 20ft single glazed window frontage.
1 Gardiner Place, accessed at the rear of the property via UPVC door. The property comprises of a well presented two bedroom, ground floor flat with spacious lounge and kitchen, two double bedrooms and family bathroom. The flat is presented in superb internal condition having been refurbished within the last 5 years and benefits from laminate flooring throughout, spot lighting, double glazing and gas central heating.
VAT is to be charged on the quoting terms
207 Tarring Road
The property is let to a private individual on a 10-year FR&I lease commencing 6th April 2021 at a current passing rent of £9,000 per annum, the lease does not contain any break clauses, but the Landlord has the right to review the rent at the 3rd, 6th & 9th year anniversaries to open market value.
207a Tarring Road
The property is sold off on a long leasehold basis, expiring in 2189. The property contributes a peppercorn ground rent.
1 Gardiner Place
The property is let to two private individuals on an Assured Shorthold Tenancy (AST) for a term of 12 months expiring 19th March 2027 at a passing rent of £15,300 per annum.
2 Gardiner Place
The property is sold off on a long leasehold basis for a term of 250 years from 2023. The property contributes a peppercorn ground rent.
The total current income is £24,300 Per Annum Exclusive.
207 Tarring Road = B
1 Gardiner Place = B
2 Gardiner Place = A
Income Producing / Mixed Use/ Investment Opportunity For Sale
Location
Worthing is a popular seaside town with a population in excess of 100,000, located within the cities of Brighton (13 miles East) and Chichester (19 miles West). This prominent property is situated on Tarring Road close to the level crossing at West Worthing. With both the A259 coastal road, A24 and A27 trunk roads within a short distance. The property is also situated on a popular bus route as well as being almost adjacent to West Worthing mainline railway station where regular services along the South coast and North to London can be located. The main town centre with its array of shops, eateries and popular pier and promenade is located just over one mile to the south. Tarring is a busy secondary shopping parade home to a number of independent retailers, offices and takeaway outlets.
Description
An opportunity to acquire a mid-terrace, income producing, commercial and residential investment situated along the popular Tarring Road.The property comprises of a ground floor retail premises which has been let to an established barber's salon with a self contained residential flat above which has been sold off on a long leasehold basis. At the rear of 207 Tarring Road is a single storey development known as Gardiner Place. Comprising two self contained flats, one of which has been sold on a long lease with a peppercorn ground rent attributed and the other a modern two- bedroom flat let out on an AST.
207 Tarring Road is a small ground floor lock up class E premises comprising of an open plan retail area to front with small kitchen and WC located to the rear. The property benefits from laminate flooring, ample electrical points, LED spot lighting, electric heating and 20ft single glazed window frontage.
1 Gardiner Place, accessed at the rear of the property via UPVC door. The property comprises of a well presented two bedroom, ground floor flat with spacious lounge and kitchen, two double bedrooms and family bathroom. The flat is presented in superb internal condition having been refurbished within the last 5 years and benefits from laminate flooring throughout, spot lighting, double glazing and gas central heating.
Accommodation
The property has the following approximate floor areas:| 207 Tarring Road | 370 Sq Ft |
| 207a Tarring Road | 1,722 Sq Ft |
| 1 Gardiner Place | 522 Sq Ft |
| 2 Gardiner Place | 636 Sq Ft |
| TOTAL AREA | 3,250 Sq Ft |
Guide Price & VAT
£300,000 (Three Hundred Thousand Pounds)VAT is to be charged on the quoting terms
Terms and Tenancies
The property is available Freehold subject to the below mentioned tenancies.207 Tarring Road
The property is let to a private individual on a 10-year FR&I lease commencing 6th April 2021 at a current passing rent of £9,000 per annum, the lease does not contain any break clauses, but the Landlord has the right to review the rent at the 3rd, 6th & 9th year anniversaries to open market value.
207a Tarring Road
The property is sold off on a long leasehold basis, expiring in 2189. The property contributes a peppercorn ground rent.
1 Gardiner Place
The property is let to two private individuals on an Assured Shorthold Tenancy (AST) for a term of 12 months expiring 19th March 2027 at a passing rent of £15,300 per annum.
2 Gardiner Place
The property is sold off on a long leasehold basis for a term of 250 years from 2023. The property contributes a peppercorn ground rent.
The total current income is £24,300 Per Annum Exclusive.
Business Rates & Council Tax
According to the VOA (Valuation Office Agency) 207 Tarring Road has a rateable value of £8,000. It is therefore felt that an occupier subject to their status maybe eligible for 100% small business rates relief. The residential flats have the following council tax bands.207 Tarring Road = B
1 Gardiner Place = B
2 Gardiner Place = A
Legal Costs
Each party to pay their own legal costsEPC
C(73)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
- Situated on Busy Thoroughfare & Popular Location of Tarring Road in Worthing, West Sussex
- Fully Let Mixed Use Property Producing Current Income of £24,300 Per Annum
- Net Initial Yield Of 7.85%
- Potential to Increase Rents
- Asset Management Potential
- Viewing Highly Recommended
