Description

  • Freehold Mixed Investment Arranged as Ground Floor Retail Unit with Residential Upper Parts Producing £10,240 Per Annum
  • One Flat Let, One Vacant & Two Sold on 73 Leases
  • Prominent Corner Location Close to Town Centre and Railway Station
DESCRIPTION This end of terrace property is arranged over three floors with retail premises located on the ground floor, three self-contained flats on the first and second floors and a one bedroom self-contained flat to the rear accessed from Ockley Road. The retail premises are currently let on 3 year lease from 15th October 2014 on internal repairing and insuring terms at a passing rent of £5,400 per annum. Two of the flats on the upper floors have been sold on 99 year leases offering ground rent income, with the third currently let on an assured shorthold tenancy at £395 per calendar month. The flat to the rear is currently vacant but was recently let at £450 per calendar month.

Solicitors

Wannops LLP, York Road Chambers, York Road, Bognor Regis, PO21 1LT Tel: 01243 864001 FAO: Paul Green

Accommodation

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GROUND FLOOR
RETAIL UNIT
FRONTAGE TO LINDEN ROAD: 5.7m WIDTH: 4.8m
FRONTAGE TO OCKLEY ROAD: 5.3m DEPTH: 4.9m
Door to cloakroom with low level WC and wash hand basin.
REAR TREATMENT ROOM: 5.9m x 3m. Electric heater. Door to under stairs kitchen: sink unit, meters and storage.
REAR STORE ROOM: 2.7m x 1.9m
Flats 1 (First Floor Front) & Flat 3 (Second Floor) have been sold on long leases
FLAT 2 – First Floor Rear
HALLWAY: Storage cupboard, access to roof space.
LOUNGE: 4.7m (into bay) x 3m narrowing to 1.4m. Night storage heater and door entry phone. Door to:
KITCHEN: 1.9m x 1.5m. Comprising white units with sink and washing machine.
BEDROOM: 2.8m narrowing to 2.7m x 1.6m. Recessed wardrobe cupboard and night storage heater.
SHOWER ROOM: Comprising pedestal wash basin, low level WC, tiled shower cubicle with fitted electric shower unit.
FLAT 13A Own street access from Ockley Road
LOUNGE: 3.8m x 3.9m narrowing to 2.6m. Open staircase to first floor.
BEDROOM: 2.1m x 2.9m. Built in storage cupboards.
KITCHEN: 2.9m narrowing to 2.5m x 2.5m. Comprising white units, sink and space for two large kitchen appliances.
SHOWER ROOM: Comprising pedestal wash basin, low level WC, fully tiled shower cubicle with fitted electric shower unit.
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TENANCY SCHEDULE
GROUND FLOOR RETAIL: Currently let on 3 year term on an internal repairing and insuring lease at a passing rent at £5,400 per annum. FLATS 1 & 3: Both sold on 99 year leases from 1st June 1989 (73 years remaining)
Ground Rent: £50 per annum for first 25 years followed by an increase of £25 for every 25 year increment thereafter.
Service Charge: Contribution of 1/5 towards maintenance and insurance.
FLAT 2: Currently let on an Assured Shorthold Tenancy from 23rd August 2011 at £395 per calendar month. The term comes to an end on 22nd February 2015 whereupon they will be on a rolling contract. FLAT 13A: Currently vacant but recently let at £450 per calendar month

Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.