25 & 25a Goring Road, Goring-by-Sea, Worthing

25 & 25a Goring Road, Goring-by-Sea,
Worthing, West Sussex, BN12 4AR

For Sale
Investment

Offers in excess of £485,000

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Substantial Freehold Commercial & Residential Investment Opportunity on Popular Goring Road

Location

The property is situated in the heart of the popular Goring Road shopping district approximately 1.5 miles to the east of Worthing town centre. The popular beach and promenade are within a 5 minute walk of the property. Nearby occupiers include Boots, Tesco Express, Iceland, Card Factory and Costa Coffee. Worthing is a popular seaside town on situated between the cities of Brighton & Hove (13 miles east) and the cathedral city of Chichester (18 miles to the west). Worthing benefits from three mainline railway stations all with regular services along the southcoast and north to London. The nearest station to the subject property is at West Worthing which is 1 mile to the north.

Description

An excellent and rare opportunity to purchase the freehold interest of a four storey mid-terrace property situated on the popular Goring Road in Worthing. The property which is considered suitable for investment, development or owner occupation is deceptive in size and viewing is highly recommended. The ground floor is currently let to a long established hair salon who have agreed in principal to extend their occupation on a new 5 year lease. The self contained upper parts comprise of a recently refurbished large 4 bedroom maisonette flat. The four bedrooms are all doubles whilst there is also a good sized kitchen, two bathrooms and separate WC. It is felt that the property could be let instantly as a four bedroom flat or alternatively permission could be sought to split the flat into two units or multiple rooms via obtaining a HMO licence.

Accomodation

Name/FloorSq FtSq MAvailability
Ground Hair Salon84078.04Available
1st Kitchen12511.61Available
1st Shower Room272.51Available
1st WC272.51Available
2nd Dining Room / Office / Bedroom One19518.12Available
2nd Lounge30728.52Available
3rd Bedroom Two12211.33Available
3rd Bathroom514.74Available
4th Bedroom Three18517.19Available
4th Bedroom Four30728.52Available
Total2,186203.09 

Terms

The property is available freehold subject to the below mentioned ground floor tenancy and vacant possession of the upper floor flat.

Tenancy

The ground floor retail premises is let to Shh... Limited at a current rent of £15,500 per annum. Terms have been agreed for a new 5 year lease with tenant only break clause at the 3rd year at a new rent of £17,250 per annum. The new lease could start simultaneously with any purchase. The lease would be inside the provisions of the 1954 Landlord & Tenant Act (Part II) as amended.

Business Rates & Council Tax

According to the VOA (Valuation Office Agency) website the ground floor has a rateable value of £12,250.

We are verbally informed that the upper floor flat has a Council Tax Band of C

Summary

  • Nearby Occupiers Include Costa Coffee, Tesco Express, Boots & Card Factory
  • Potential to Break Up Residential Unit Into Multiple Flats / Rooms (stpc)
  • New Lease on Ground Floor Shop With Income of £17,250 Per Annum
  • Potential To Produce Income of £38,000 Per Annum (Net Yield of 7.5%)
  • Rare Freehold Opportunity
  • Presented In Superb Condition
  • Viewing Highly Recommended