147 - 149 Dyke Road,
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Investment, Retail and Leisure
- Popular Seven Dials location in affluent Hove
- Self contained upper parts in residential HMO use
- Ground and lower ground floors let to Subway Realty Ltd
- Nearby occupiers include Co-Op, Coral, Flourpot Bakery and Small Batch Coffee
- Within 600 metres of Brighton Station
- Within 800 metres of Brighton City Centre
- Offers in the region of £800,000 reflecting a NIY of 5.21% on the contracted rents after purchaser costs of 5.49%
The property is situated in a prominent position on the western side of Dyke Road a short distance to the north of Seven Dials.
Seven Dials is a popular residential and commercial area benefiting from easy access to Brighton Station. There are a good range of shops and services around Seven Dials to include The Co-Op, Ashton's pharmacy, Small Batch coffee, Flour Pot Bakery.
Retail and residential investment in the popular Seven Dials
Freehold FOR SALE
The property comprises a 3-storey building plus basement. The ground and basement floors comprise commercial premises currently occupied by Subway. The upper parts are self contained and comprise a maisonette currently used as a house in multiple occupation (HMO) arranged as 3 bedrooms, lounge, kitchen and 2 shower rooms with WC's and wash hand basins.
We have measured the property to comprise the following floor areas:.
Ground floor 571 sq ft - 53.05 sq m - ITZA 404
Lower ground floor 111 sq ft - 10.31 sq m
1st and 2nd (HMO) floors 1,133 sq ft - 105.27 sq m
NB - The ground and lower ground floors have been measured on a Net Internal basis.
The maisonette has been measured on a Gross Internal basis.
Rents and prices are quoted exclusive of, but may be subject to VAT.
Each party to bear their own legal costs incurred.
Offers are invited in the region of £800,000. A purchase at this price would reflect a Net Initial Yield of 5.21% on the contracted rents after allowing for purchasers costs of 5.49%.
The freehold interest in the property is offered subject to the following leases:
The ground and basement floors are let to Subway Realty Ltd on a full repairing and insuring lease (subject to a schedule of condition) for a term of 15 years commencing on 04/01/2018 and contracted inside the security of tenure provisions of the Landlord & Tenant Act 1954. The passing rent is £20,000 per annum exclusive of other outgoings. The lease contains upward only rent reviews in years 5 and 10 and a tenant break option on 4 January 2025 operable subject to at least 6 months notice. The rent to equates to approximately £48.50/sq ft ITZA with £3.60/sq ft applied to the basement.
The HMO to the first and second floors are let to 3 private individuals on an AST. The passing rent is £24,000 per annum albeit a concession has been granted to the tenant under which the rent was reduced to £21,000 per annum.
Energy Performance Rating
The ground and basement floors have an EPC rating of C (72).
The maisonette has an EPC rating of E (40).