3, 4 & 5 Station Parade, South Street, Lancing

3, 4 & 5 Station Parade, South Street,
Lancing, West Sussex, BN15 8AA

For Sale
Investment, Retail

£575,000

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Unbroken Retail & Residential Investment Opportunity in Popular Sussex Village

Location

The property is located in central Lancing, which has a population of approximately 20,000. Lying 3 miles east of the popular seaside town of Worthing & 7 miles west of the City of Brighton, Lancing benefits from good coastal road links via the A259 & A27. The mainline railway station, which is situated opposite the subject properties, has regular services along the coast and north to London (journey time of 1 hour and 25 minutes) and regular bus services to the local area. South Street is one of Lancing’s main commercial roads which links the popular seafront with the A27. Nearby commercial occupiers include Asda, Boots, One Stop and a host of independent and regional retailers.

Description

A rare opportunity to acquire the unbroken freehold of a substantial commercial and residential building situated in the heart of Lancing village. The opportunity comprises of 3x ground floor retail premises with 2x self contained two bedroom flats above. There is potential, subject to gaining the necessary planning consents to convert further space above the middle shop into a residential apartment whilst it is felt there is further planning potential to build into the air space above. A brief description of each entity included within the sale is as follows: 3 Station Parade Comprising of a part refurbished ground floor retail / office premises. Internally the premises benefit from 19ft window frontage and have been stripped ready for a new Tenant to fit out as required. Currently no lighting or power points have been installed whilst there is a void for the kitchenette at the rear where a newly installed WC is located. 4 Station Parade Internally the premises benefit from 19ft window frontage, old fashioned ceiling tiles with LED strip lighting, carpeted flooring, ample electrical points and single glazing. At the rear of the property is a small store area, lean to store, WC and kitchenette. This unit does require some modernisation. 5 Station Parade Internally the premises benefit from 19ft window frontage, plasterboard ceiling with inset spotlighting, vinyl flooring, ample electrical points and double glazing. There is a WC and kitchenette located at the rear. 3a Station Parade Comprises of a self contained recently refurbished two bedroom residential flat. Comprising of open plan lounge / kitchen, two double bedrooms with separate bathroom and utility room. Superbly presented ready for immediate occupation. 4a Station Parade Comprises of storage and office accommodation situated directly above the ground floor retail premises. In need of modernisation throughout and could, subject to planning be converted into a residential apartment. 5a Station Parade Comprises of a small self contained two bedroom residential flat. Comprising of lounge / kitchen, one double, one single bedroom and bathroom. This flat requires some modernisation.

Accomodation

Name/FloorSq FtSq MPriceAvailability
Ground 3 Station Parade - Retail Premises43540.41On ApplicationAvailable
1st 3a Station Parade - 2 Bedroom Residential Flat62658.16On ApplicationAvailable
Ground 4 Station Parade - Retail Premises55251.28On ApplicationAvailable
1st 4a Station Parade - Storage / Offices42839.76On ApplicationAvailable
Ground 5 Station Parade - Retail Premises52348.59On ApplicationAvailable
1st 5a Station Parade - 2 Bedroom Residential Flat55051.10On ApplicationAvailable
Total3,114289.30 

Terms

The property is available freehold, subject to the aforementioned Tenancies.

Tenancies

The ground floor retail units known as 4 & 5 Station Parade are let by way of two independent Licences for a term of 2 years from 8th July 2024 to Lancing & Sompting Lions. The current passing rent is £15,000 Per Annum.

The remainder of the properties are vacant and sold with vacant possession.

Opportunity

This is seen as a rare opportunity to acquire a substantial unbroken freehold with significant potential. It is felt there is planning potential to gain a further residential flat within the existing envelope of the building whilst there is scope subject to planning to building a further development on the roof (subject to gaining any required planning consents). The ground floor leases need regulating and it is felt that there is potential for rental growth throughout the whole property. There is potential to break up the opportunity if required into multiple lots. A superb and unique asset management opportunity in one of Sussex's most popular villages.

Business Rates & Council Tax

According to the VOA (Valuation Office Agency) the commercial elements have the following Rateable Values:

3 Station Parade: £7,300
4 Station Parade: £7,300
5 Station Parade: £7,200

Both Flats (3a & 5a) have a current Council Tax banding of A

Summary

  • Comprising of 3x Retail Units & 2x Self Contained Residential 2 Bedroom Flats
  • Potential To Convert Remaining First Floor Offices / Storage into Residential (stpc)
  • Potential For Air Space Development (subject to planning)
  • Potential To Produce Circa £50,000 Per Annum
  • Nearby Occupiers Include ASDA Supermarket, Lancing Mainline Railway Station, Poundstretcher and Boots
  • Superb Transport Links to A259 & A27 Roads
  • Viewing Highly Recommended