The property is situated in Preston Street which sits just off Western Road and the main seafront in close proximity to the new i360 tower amongst a host of other restaurant & drinking establishments.
The building comprises of a ground floor restaurant with lower ground floor basement storage space including W.C’s and a small rear courtyard.
The Residential element above is a 3x bed maisonette, (not currently self-contained) with lounge, kitchen, W.C and seperate bathroom with three good sized double bedrooms.
The GF & LGF of the property are currently let for £14,400pa on a 5 year lease from 28/09/2017 with stepped increase in the rental to £19,200pa on 27/09/20 there is also a tenant break option on 28/09/20 which required six months prior written notice.
**Agents Note: Clause 22.2 within the tenants lease allows for the landlord to self-contain the upper parts of the property, by re-instating a wall to create a corridor leading up to the staircase for the flat.
LGF – 248sq.ft
GF – 692sq.ft
Residential – 945sq.ft
Offers are invited in the region of £425,000 for the freehold interest in the property, subject to the existing lease on the commercial element with VP of the upper parts.
We are advised that the commercial element of the property has a rateble value of £10,000. Interested parties are advised to contact the local authority to confirm the rates payable.
Each party will be responsible for their own costs incurred in relation to the transaction.
An EPC is available for interested parties to view on request.
May be chargeable on this transaction, interested parties must make their own enquiries to confirm.
Strictly by appointment with SOLE AGENTS, PARSONS SON AND BASLEY
- Mixed use investment
- Income producing
- Potential to self-contain upper parts
- Close to i360 Tower