For Sale
North House,
North Street,
Chichester,
West Sussex,
PO19 1LR
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Investment
6,377 Sq Ft (592.42 Sq M)
- Chichester is a busy and attractive Cathedral city
- Strong retail centre with limited vacancies and good occupier demand
- Various asset management opportunities, such as re-gearing commercial leases and re-configuring the residential element
- Flat 8 was refurbished recently to demonstrate how the space can be used to unlock better layouts
- The property has undergone some refurbishment, including new roof, new windows to the rear elevation and some windows refurbished to the front elevation
- Total rent £193,240 pax
- Guide Price of £1,900,000 stc
- A purchase at this level would reflect a NIY of 9.52% after usual purchasers costs of 6.80%
- No VAT applicable
- Matterports available through the Data Room
Location
Chichester is an attractive cathedral city, and the county town of West Sussex. It is conveniently located along the A27 south coast trunk road, and lies approximately 15 miles to the east of Portsmouth and 30 miles west of Brighton. A mainline railway service to London reinforces commerce.
The subject property is situated within the pedestrianised part of North Street, towards the southern end of the street and within sight of the central Market Cross. North Street is one of prime retailing streets in the city.
Nearby occupiers include Marks and Spencer, Vinegar Hill, Katie Loxton, White Company, Lakeland and Toni & Guy.
Description
The property comprises a three storey mid-terrace building. The ground floor, and part basement, are configured as three lock-up shops together with two separate accesses to the upper floors. The upper floors form six self-contained flats.
The six flats are presently configured as one Studio apartment (with separate kitchen), two 2-bedroom flat and three 1-bedroom flats. Two of which (4/4a) are accessed from the front directly on North Street and the remaining four via a passageway between Shops 1&2 on North Street.
Comic Shop Matterport - https://my.matterport.com/show/?m=zTx7GgCdLV4
Gallery Matterport - https://my.matterport.com/show/?m=PEnso5ZDbL5
Accommodation
Please refer to marketing details.
Energy Performance Rating
Please refer to marketing details.
Planning
There is an opportunity to reconfigure the upper floors to form 2 x 1-bedroom flats and 4 x 2-bedroom flats. Generally, all of the newly configured flats would have open living/kitchen space and shower rooms.
Flat 8 was refurbished recently to demonstrate how the space can be used to unlock better layouts, the result allowed the rent to rise to market otherwise the rest.
The recent refurbishment also included re-roofing over the residential part and new windows to the whole of the residential part of the rear elevation and four refurbished (overhauled frames, new sashes/ double glazing) to the front elevation. The common parts serving flats 5-8 have also been recently been redecorated.
Any such alterations would be subject to obtaining any necessary consents. All enquiries should be made with the local authority.
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Tenancy Information
Please refer to marketing details.
Covenant
Shop 1 is let to Comics, Games and Coffee Limited, stablished in September 2015, is a UK-based retailer specializing in comics, tabletop games, and related merchandise. They also have another shop in Winchester and have a D&B rating of C 3 and a tangible net worth of £129,587. The landlord holds a three month rent deposit.
Shop 2 is let to Cloud Gallery Limited who are a fine art specialist renowned for offering a diverse collection of collectible artwork in the UK and trade from four shops in Brighton, Worthing, Horsham and Chichester. They have a D&B rating of F3 and a tangible net worth of £28,119.
Shop 3 is let to Rohan Designs Limited, founded in 1972, is a British company specialising in the design and manufacture of outdoor and travel clothing. They operate from around 50 stores across the UK and have a D&B rating of 3A 2 and a tangible net worth of £9,777,000.
Terms
We have been instructed to market the freehold interest at a Guide Price of £1,900,000, which reflects a NIY of 9.52% after usual purchasers costs of 6.80%.
Covenant
Shop 1 is let to Comics, Games and Coffee Limited, stablished in September 2015, is a UK-based retailer specializing in comics, tabletop games, and related merchandise. They also have another shop in Winchester and have a D&B rating of C 3 and a tangible net worth of £129,587. The landlord holds a three month rent deposit.
Shop 2 is let to Cloud Gallery Limited who are a fine art specialist renowned for offering a diverse collection of collectible artwork in the UK and trade from four shops in Brighton, Worthing, Horsham and Chichester. They have a D&B rating of F3 and a tangible net worth of £28,119.
Shop 3 is let to Rohan Designs Limited, founded in 1972, is a British company specialising in the design and manufacture of outdoor and travel clothing. They operate from around 50 stores across the UK and have a D&B rating of 3A 2 and a tangible net worth of £9,777,000.
VAT
We understand that the property is not elected for VAT.
Legal Fees
Each party to bear their own legal costs incurred.
Anti-Money Laundering Regulations 2017
Due to Government legislation, we are legally obliged to undertake Anti-Money Laundering checks on prospective Purchasers / Tenants where a transaction has a capital value of €15,000 (Euro) or more or a rental value of €10,000 (Euro) per calendar month or more. This includes checking proof and source of funds.
Please note that we need to obtain the relevant information and record this on file before a transaction can be contracted.
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.