For Sale
St. Georges Road,
Brighton,
East Sussex,
BN2 1EA
Back to Results
Retail, Food and Beverage, Development, Investment
2,656 Sq Ft (246.74 Sq M)
- Mixed residential and commercial use investment property
- Providing an opportunity to add value through active asset management
- Situated in the popular St Georges Road area of Kemp Town, Brighton
- Comprising retail/ cafe premises over ground floor and a 6 bed HMO / flat over the uppers
- Secure rear courtyard and storage area
- Located within close proximity of Royal Sussex Hospital and the seafront
- To be sold with vacant possession of the residential parts
- Freehold for sale with offers in excess of £750,000.
Location
The property is located in the popular Kemp Town area of Brighton and is situated within the principle commercial area of St Georges Road.
The immediate vicinity is characterised by a mix of residential, retail and restaurant uses, together with a diverse range of hotels, B&B's and other types of short stay accommodation. The Royal Sussex County Hospital and Brighton College are located close by to the north. Nearby occupiers include Co-op and numerous other independent retailers,
Description
Mixed use investment Property FOR SALE
Accommodation
The building comprises an attractive double fronted period property arranged as retail premises over the ground and lower ground floor, with ancillary storage accommodation, and a 6 bedroom HMO / flat arranged over the upper 2 floors, together with a lounge and shared kitchen and bathroom facilities.
The property has been well maintained by the current owner and with the residential parts having recently been redecorated throughout, together with the installation of new carpeting. The front bay sash windows have been fully refurbished, and a new fire alarm system has been installed to comply with the latest Fire Risk Assessment.
We understand the commercial parts to have the following approximate
Net Internal Areas:
Ground floor (retail) 65.21 sq m 702 sq ft
Lower ground (retail) 49.51 sq m 533 sq ft
Upper parts (residential) 132 sq m 1,421 sq ft
Total 247 sq m 2,656 sq ft
Energy Performance Rating
Ground & lower ground = C
Upper parts = E
Planning
The ground and lower ground floors are consented for retail use falling within use Class E.
The upper parts are licensed and consented for use as a six bedroom HMO premises.
Tenancy Information
The ground and lower ground floor parts are let to a independent cafe operator who have been successfully trading from the premises for over 15 years.
The lease is an effective full repairing and insuring lease, granted outside of the 1954 Landlord & Tenant Act expiring in March 2031, at a passing rent of £30,250 per annum, and subject to a rent review in March 2027.
The HMO / residential parts are to be sold with the benefit of vacant possession in order to allow allow the buyer to manage the letting of the accommodation as they see fit.
We understand the accommodation was previously let to 6 tenants at £585 per room, per month, providing an annual rental of £42,120 pa
The total annual rental income achievable therefore is in the region of £72,370 per annum
Terms
We have been instructed to seek offers in excess of £750,000
(seven hundred and fifty thousand pounds) for our client's freehold interest.
VAT
We understand that the property is not elected for VAT.
Legal Fees
Each party to bear their own legal costs incurred.
Flude Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Property Consultants has any authority to make or give any representation or warranty whatsoever in relation to this property.
Please note that whilst we endeavour to confirm the prevailing approved planning use for properties we market, we can offer no guarantees in this regard. Planning information is stated to the best of our knowledge. Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.
We advise interested parties to make their own enquiries to the local authority to verify the above and the level of business rates payable in view of possible transitional arrangements and any reliefs.