Warren Road, Brighton

£500,000 For Sale

Property Description

  • Unbroken Freehold
  • Fully occupied mixed use investment
  • Current income £26,200 pax
  • Income considered reversionary
  • Corner location with prominent frontages

LOCATION The premises occupy a prominent corner position on a busy crossroads in the centre of Woodingdean, close to Brighton and Rottingdean. Situated in a busy fully let parade, which includes a fish and chip shop, a patisserie, an Indian takeaway and a nail bar with a Co-op supermarket, pharmacy, Coral bookmaker’s and café opposite. A number of schools are also nearby.

DESCRIPTION The fully let unbroken freehold investment comprises 2 adjoining shops trading as Woodies Barber Shop, and Alina Homecare with 2 self-contained one-bedroom flats above.

Shop 2: Retail area 356 sq ft (33.07 sq m) Lobby/WC

Shop 4: Retail area 371 sq ft (34.46 sq m) Rear staff room / kitchen 106 sq ft (9.82 sq m) WC

Flat 2A: Open plan lounge/kitchen, bedroom, bathroom/WC

Flat 4A: Open plan lounge/kitchen, bedroom, bathroom/WC (Both flats benefit from gas central heating with new boilers and double glazing).

TENURE Sale of the freehold interest subject to the following leases: The shops are currently subject to leases granted as follows: Shop 2: tenant holding over on an internal repairing and insuring lease at £7,000 pax. Shop 4: a 5-year term on internal repairing and insuring terms subject to photographic schedule expiring 9 September 2024 at £5,500 pax.

The flats are let as follows: Flat 2A: ‘Periodic’ AST at £600 pcm / £7,200 pax. Flat 4A: ‘Periodic’ AST at £541.67 pcm / £6,500 pax.

GUIDE PRICE Offers in the region of £500,000 for the freehold interest subject to the existing leases. (Rental income is considered reversionary).

RATES & COUNCIL TAX Valuation Office Agency lists the Rateable Value of the shops as: No.2 - £4,350. No.4 - £4,750. Both flats are assessed in Council Tax Band B.

VAT We understand that the property is not elected for VAT so VAT will not be payable on the purchase price. All rents, prices and premiums are stated exclusive of VAT under the Finance Act 1989. LEGAL COSTS Each party to be responsible for their own legal costs in the transaction.

EPCs The properties are rated as follows. 2 Warren Road – C (64). 4 Warren Road – C (58). 2A Warren Road – D (59). 4A Warren Road – D (64).

VIEWING Strictly by prior appointment only through sole agents: ROBINSONS T: 01737 229200 E: sl@robinsonsmb.com www.robinsonsmb.com

 

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