70 & 70a Victoria Road, Worthing,
West Sussex, BN11 1UN
For Sale
Investment, Office, Retail
Guide Price £295,000
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This mid-terrace property provides ground floor retail accommodation with self-contained first and second floor offices which are currently leased on FR&I terms.
The ground floor comprises of an open plan retail area with various stores and offices located behind. Towards the rear of the property is a WC and kitchenette. Externally the property also benefits from a further outbuilding located within a walled courtyard. The ground floor which has been let to a well-respected stamp auctioneers benefits from tiled flooring, strip lighting, ample electrical / data points and electric heating.
The first and second floors were historically a residential flat which was converted in 1967 into self-contained offices. Comprising of four rooms with separate storage area, kitchen and WC. The offices benefit from carpeted flooring, strip lighting, night storage heating and ample electrical / data points.
The ground floor is let to a private individual on a FR&I Lease for a term of 10 years from 24/6/2018. The lease contains no further rent reviews or break clauses. The passing rent is £6,500 Per Annum exclusive.
The first and second floors are let to Stepping Stones Counselling Limited on a FR&I Lease for a term of 6 years from 29/6/2021. The lease contains no further rent reviews or break clauses. The passing rent is £7,800 Per Annum exclusive.
The current total passing rent is £14,300 Per Annum Exclusive.
VAT is not to be charged on the quoting terms
70 Victoria Road: £8,000
70a Victoria Road: £7,300
Interested parties are asked to contact Adur & Worthing Council's directly on 01903 221061 to verify the above information.
70a Victoria Road: D(94)
Freehold Town Centre Income Producing Commercial Investment Opportunity
Location
Worthing itself is the largest town in West Sussex with a population in excess of 105,000. Situated 10 miles west of the city of Brighton and approximately 13 miles east of Chichester. The premises are situated on Victoria Road with other occupiers within the area including takeaways, florists, spa, convenience store and a host of independent retailers and office occupiers. Worthing’s Town Centre & popular seafront is approximately 1 mile to the south. Worthing mainline railway station with its regular services along the coast and north to London (journey time of 1 hour and 30 minutes) is situated less than 100 yards from the subject property. The A259 coastal road and A24 & A27 trunk roads are all within a 10 minute drive of the property which is also situated on a main bus route. Parking outside the property is restricted to one hour however business permits can be applied for via the local authority if required.
Description
A rare opportunity to acquire a fully let, freehold and income producing town centre commercial investment with excellent asset management opportunities.This mid-terrace property provides ground floor retail accommodation with self-contained first and second floor offices which are currently leased on FR&I terms.
The ground floor comprises of an open plan retail area with various stores and offices located behind. Towards the rear of the property is a WC and kitchenette. Externally the property also benefits from a further outbuilding located within a walled courtyard. The ground floor which has been let to a well-respected stamp auctioneers benefits from tiled flooring, strip lighting, ample electrical / data points and electric heating.
The first and second floors were historically a residential flat which was converted in 1967 into self-contained offices. Comprising of four rooms with separate storage area, kitchen and WC. The offices benefit from carpeted flooring, strip lighting, night storage heating and ample electrical / data points.
Accommodation
The property has the following approximate floor areas:| Ground Floor (Retail) | |
| Main Retail Area | 206 Sq Ft |
| Secondary Retail Area | 113 Sq Ft |
| Rear Room | 165 Sq Ft |
| Kitchen | 25 Sq Ft |
| Storage | 184 Sq Ft |
| Outbuilding | Not Measured |
| First Floor (Office) | |
| Kitchen | 182 Sq Ft |
| Office | 135 Sq Ft |
| Office | 86 Sq Ft |
| Store | 73 Sq Ft |
| Office | 116 Sq Ft |
| Second Floor (Office) | |
| Office | 300 Sq Ft |
| TOTAL AREA | 1,585 Sq Ft |
Terms & Tenancies
The property is available freehold, subject to the aforementioned tenancies.The ground floor is let to a private individual on a FR&I Lease for a term of 10 years from 24/6/2018. The lease contains no further rent reviews or break clauses. The passing rent is £6,500 Per Annum exclusive.
The first and second floors are let to Stepping Stones Counselling Limited on a FR&I Lease for a term of 6 years from 29/6/2021. The lease contains no further rent reviews or break clauses. The passing rent is £7,800 Per Annum exclusive.
The current total passing rent is £14,300 Per Annum Exclusive.
Guide Price & VAT
£295,000 (Two Hundred & Ninety Five Thousand Pounds)VAT is not to be charged on the quoting terms
Opportunity
This deceptive commercial property provides a variety on ongoing opportunities for a purchaser. Part of the ground floor could, with planning permission be converted into a small studio with front retail premises whilst the first and second floors could be converted back into a residential flat or refurbished and let out as offices to either one or multiple tenants. Viewing is therefore highly encouraged.Business Rates
According to the VOA (Valuation Office Agency) the property has the following rateable values:70 Victoria Road: £8,000
70a Victoria Road: £7,300
Interested parties are asked to contact Adur & Worthing Council's directly on 01903 221061 to verify the above information.
Legal Costs
Each party to pay their own legal costsEPC
70 Victoria Road: C(73)70a Victoria Road: D(94)
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 with evidence proof identifying the source of funds being relied upon to complete the transactionSummary
- Situated on Outskirts of Worthing Town Centre Close to Worthing Mainline Railway Station
- Nearby Occupiers Include Tesco Express, Kamsons Pharmacy & Host of Independent Retailers, Takeaways & Office Occupiers
- Rare Freehold Investment Opportunity with Excellent Asset Management Opportunities
- Current Income of £14,300 Per Annum. Potential To Produce Commercially £18,000 - £20,000 Per Annum Exclusive
- Viewing Highly Recommended
