Freehold Mixed Investment In Central Worthing Producing A Contractual Rent Of £20,000 Per Annum

The building forms part of a terrace on the north side of Montague Street. This three storey building comprises of a ground floor commercial unit - currently used as an electrical sales/repair shop. Over the first and second floor is a 2 bedroom maisonette, with living room, kitchen and shower room. The flat can be accessed via the rear of the shop at 2G Graham Road. Situation The property is situated in Worthing Town Centre and is surrounded by a variety of independent & commercial traders. Worthing seafront & mainline station are within walking distance of the property - providing direct links to London Victoria. Accommodation Total Floor Area - 144 sq.m. NB WE DRAW YOUR ATTENTION TO THE SPECIAL CONDITIONS IN THE LEGAL PACK, REFERRING TO OTHER CHARGES IN ADDITION TO THE PURCHASE PRICE. PLEASE ENSURE YOU READ THE SPECIAL CONDITIONS THOROUGHLY Tenure - Freehold Tenancy The entire building is let on a 15 year lease - from 25th March 2017 with rent review dates on 25th March 2022 and 25 March 2027, with a Break clause on the fifth and tenth anniversary of the lease. Rent At an initial rent of £18,500 pa from 25th March 2017 until 24th March 2018, then at a rate of £19,000 pa from 25th March 2018 until 25th March 2019 and then £20,000 pa and then revised pursuant to this lease and interim rent determined under the 1954 Act. Full repairing and insuring terms. Rateable Value - £10,250 EPC Rating - C

Lot Type

Mixed commercial/residential Investment

Additional Fees

Administration Charge - Purchasers will be required to pay an Administration fee of 0.5% (inc VAT) of the sale price, subject to a minimum of £1,500 (£1,250 plus VAT)

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.