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49-50 Providence Place,
- Let to an NEO Orthodontics Ltd on a lease expiring 2030 (no breaks)
- NEO are THE largest provider of orthodontic services in the South East and are backed by long term NHS contracts across all of their sites
- NEO have paid rent in full across all their sites throughout the Pandemic
- Recently fitted-out accommodation extending to 225 sq m (2,422 sq ft)
- Situated just off London Road, 0.75 miles from the seafront
- Occupiers close by include Costa Coffee, Santander, Sainsbury's & McDonalds and London Road multi storey car park
- 350 metres from Brighton Rail Station
- VAT is applicable
- For sale. Offers invited in the region of £895,000 reflecting a NIY of approx 6.35% after allowing for purchase costs of 5.63%
The property forms part of the ground floor of a recently constructed mixed use building on Providence Place with commercial uses to the ground floor and 9 residential units to 2 upper floors. Providence Place runs parallel to the eastern side of the A23 London Road - the main north to south access road into Brighton city centre and a significant retail and commercial area.
The area has seen significant and ongoing investment over recent years with the redevelopment of the station goods yard in the early 2000's to the New England Quarter. A major development comprising residential, retail, office, education and hotel (Jury's Inn) accommodation. A short distance to the north of the subject property Legal & General recently commenced development of a new private residential scheme over 17 floors which will provide 201 residential units and 3,500 sq m office space. 50 metres to the east, the Co-op supermarket is currently undergoing redevelopment to a 5 storey building providing retail accommodation to the ground floor and 232 student rooms to the upper floors.
Brighton station is located 350 metres to the west of the property, the North Laine 300 metres to the south and Brighton city centre approx 900 metres to the south west.
Long Leasehold Investment For Sale
The property has been extensively fitted out by the tenant to provide three dental surgeries together with ancillary staff and customer facilities.
A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Rents and prices are quoted exclusive of, but may be subject to VAT.
Each party to bear their own legal costs incurred.
The long leasehold interest is offered for sale with offers invited in the region of £895,000 reflecting a Net Initial Yield of 6.35% after allowing for purchasers costs of 5.63%.
Long leasehold for a term of 999 years from 05.03.2020 at a peppercorn rent.
The property is let to NEO Orthodontics Ltd on a 10 year equivalent FRI lease without break from 05.03.2020 at a current rent of £60,000 pa (£24.77/sq ft).
There is an upward only rent review at the end of the 5th year.
Energy Performance Rating
We understand the property to have an EPC rating of C (65).