Duke Street

Brighton

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1648 sq ft

£675,000

LOCATION
The City of Brighton is an established retail and commercial centre and popular tourist destination on the South Coast approximately 50 miles south of London
The city is accessed by road via the A23 dual carriageway leading to the M23 (18 miles) and the M25 (30 miles) to the north
Brighton Station has direct services running every 10-15 minutes to London Bridge and London Victoria with a fastest journey time of 52 minutes
London Gatwick Airport is located 22 miles north of Brighton with easy access from the M23 motorway
The property is situated on the busy Duke Street in the iconic Lanes district and close to Churchill Square Shopping Centre in the Old Town Conservation Area
Brighton's cultural quarter and fashion retailers are all in close proximity to the east, while Brighton Rail Station is to the north
Occupiers close by include Nando's (adjacent), Whistles, Honest Burgers, Hotel Chocolat, Heals The Ivy and Brown's amongst many others

DESCRIPTION
An attractive building arranged over Ground, basement, 1st, 2nd & 3rd Floors. The upper parts 3 residential dwellings which are sold off by way of a single Long leasehold interest, whilst the ground floor & basement have recently been let to Brewz Bar Limited t/a Bangerz 'n' Brewz with Gaurnatee from James Russell Stone & Qiying Cheng Stone.

ACCOMMODATION
Ground Sales 37.3 sq m/ 401 sq ft
Ground Ancillary 6.47 sq m/ 70 sq ft
Basement 56.55 sq m/ 609 sq ft
Basement Vaults 5.85 sq m/ 63 sq ft
Subtotal 106.17 sq m /1,143 sq ft
Upper floors 3 residential dwellings sold off by way of long lease.

TERMS
AVAILABLE IN THE ALLSOP AUCTION NOVEMBER 3RD 2020-5 storey Freehold of which the Ground floor & basement are let to Brewz Bar Limited (12105570) t/a Bangerz 'n' Brewz with Guarantee from James Russell Stone & Qiying Cheng Stone for a term of 10 years from the 3rd August 2020 on an effective full repairing & insuring lease with provision for a rent review & tenant only break clause on the 5th anniversary subject to 6 months written notice at a rent of £50,000 per annum exclusive payable quarterly in advance. The landlord holds a 3 month rent deposit & the lease has also been excluded from sections 24-28 inclusive of the landlord & tenant act 1954. The tenant benefits from a 6 month rent free period from completion of the lease which the vendor will top up upon completion of the sale. The1st, 2nd & 3rd floors are sold of by way of a long lease for a term of 999 years until 7th August 3018 at a peppercorn rent. A purchase at the guide price would show a Gross Initial Yield of 7.41%.
https://auctions.allsop.co.uk/lot-overview/attractive-freehold-restaurant-and-residential-ground-rent-investment-in-brighton/c201103-039?searchid=vPAdiEG98Mt41Tv5pNWUK4aJxn%20%20gs%2FTYGKjeFk%2FPsw%3D&idx=8

OUTGOINGS
Rateable Value:£43,500 UBR 49.1p (April 2019/2020).

VAT
All rents & prices are quoted exclusive of VAT.

OTHER
Certificate Reference Number: 0490-9115-6430-6600-8403
The energy efficiency rating for this property is D94 and a full copy of the report can be found at www.ndepcregister.com

VIEWING
Through Landlords joint auctioneers Allsop or Eightfold Property

Philip Parsons
Tel: 07887 898305
E-mail Philip Parsons
Tom Hanson
Tel: 0207 543 6807
E-mail Tom Hanson
Eightfold Property 01273 672999
Max Pollock
E-mail max@eightfold.agency
07764794936