Price Offers in excess of £200,000

Rates Payable £3,293.40 per annum Subject to status this property may benefit from 100% small business rate relief.

EPC Rating This property has been graded as D (93)

Description

Comprising an attractive corner freehold property arranged over 4 levels with a space to the rear which is designated to the 2nd floor flat. The ground floor & basement are let to The Worthing Well ltd t/a the Signal Post Tap Room & Wine Bar. The tenants have been in situ since September 2022 & have carried out an extensive refurbishment to the property bring it back to its former glory. There are 2 flats above that have been sold off by way of long leaseholds & pay a peppercorn rent. We are advised by the landlord that in last few years in addition to those carried out the commercial unit internally significant works have been carried out externally which include roof works, valley rendering, pointing & new doors.

Terms

The ground floor is let to The Wishing Well ltd by way of an effective full repairing & insuring lease for a term of 10 years from 16-9-2022 at a rental of £16,500 per annum. There is a tenant only break on the 5th anniversary along with an upward only rent review. The lease is contracted outside of the landlord & tenant act. The landlord currently hold a rent deposit of £3750 & has a personal guarantee from Joel Penny. The flats on the upper floors have been sold off by way of long leases until 21 March 2175 & pay a peppercorn rental.

Section 5 Notice

Following agreement of a purchase price a section 5 notice will be required to be served on the residential leaseholders.

AML

Purchasers will be required to provide ID & Proof of address in normal manner