Under Offer
31 North Street,
Chichester,
West Sussex,
PO19 1LX
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Investment
5,798 Sq Ft (538.63 Sq M)
Location
The cathedral city of Chichester is a prosperous and historic market town located in West Sussex, approximately 68 miles south-west of London, 17 miles east of Portsmouth and 34 miles west of Brighton. It is the only city in West Sussex and is the County Town.
The property is situated on the western side of North Street, close to the Market Cross. This position is within the pedestrianised part of North Street, with significant levels of footfall. In retailing terms this location is considered prime.
Nearby occupiers include The White Company, Marks and Spencer, Boots, WH Smith and H. Samuel.
Description
Attractive Multi-Let Investment
Accommodation
Please see Tenancy & Accommodation Schedule for information.
Covenant
We understand the property is owned freehold under Title Number WSX297808.
The Sussex Food Co Limited is an established restaurateur, providing a high quality dining room and overnight letting rooms . They have a D&B rating of 1A 2.
https://www.purchasesrestaurant.co.uk/
Donna Ockenden is a respected and high profile health care leader with more than 35 years' experience both in the UK and internationally. Donna Ockenden Limited has a D&B rating of 1A.
https://www.donnaockenden.com/
BNP Paribas Real Estate Advisory & Property Management UK Limited, incorporating Strutt & Parker and John Clegg & Co, has existed in the UK for more than 150 years. It is a European commercial property consultancy with around 2,600 employees in 51 cities, and has a D&B rating of 1A 1.
https://www.realestate.bnpparibas.co.uk/
Energy Performance Rating
Please see Tenancy and Accommodation Schedule for information relating to the EPC's.
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Taxation
Ratable Value (2023): Ground Floor - £20,750
Ratable Value (2023): Basement - £4,850
Ratable Value (2023): Part Ground Floor - £15,750
Ratable Value (2023): Second Floor - £10,000
Interested parties should make their own enquiries to satisfy themselves of their business rates liability.
Tenancy Information
Chichester City Centre is a vibrant and attractive retail centre with a core retail floor space totalling around 700000 sq ft. The retail on offer in Chichester is concentrated within the city walls and is focused along two main shopping axes namely North Street/South Street and East Street/West Street; these intersect at the Market Cross.
There are currently no managed shopping centres in Chichester and in light of the historic nature of the retail core there is limited scope for future development. As a result Chichester has one of the lowest vacancy rates in the UK.
The city contains many national multiple retailers including; Marks and Spencer Fat Face Topshop / Topman HandM TK Maxx and River Island. This is accompanied by restaurant occupiers such as Cote Wildwood ASK Brasserie Blanc and Wagamamas.
Terms
We have been instructed to market the freehold interest at a Guide Price of £1,500,000, which reflects a NIY of 6.75% after usual purchaser's costs of 6.80%.
Tenure
We understand the property is owned freehold under Title Number WSX297808.
Anti Money Laundering Regulations 2017
Anti-Money Laundering Regulations 2017 Due to Government legislation we are legally obliged to undertake Anti-Money Laundering checks on prospective purchasers on transactions which involve a capital value of 15,000 euros or more. We are also required to request proof of funds. Further information available on request.
VAT
The property is elected for VAT and it is anticipated that the sale will be treated as a transfer of a going concern (TOGC).
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.