Montague Street (F)

Worthing

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23035 sq ft

£2,250,000

LOCATION
The subject property is located on the southern side of Montague Street Worthing's main shopping thoroughfare, surrounded by a variety of high street occupiers including The body Shop, Greggs, O2, Yours, Berts & Millets. The seafront is 100m to the south whilst several community amenities such as AMF bowling, Lido and the well-known Worthing Pier are all only a short walk away. Worthing is a large seaside town in West Sussex located on the south coast 11 miles (18km) west of Brighton, 20 miles (32 km) east of Chichester and 60 miles (96.5 km) south of London. The town is affluent with a growing residential population in excess of 100,000 and an annual footfall of 5.5 million.

DESCRIPTION
Prominent 3 storey building which previously traded as Poundland & provides Ground floor sales area with ancillary space at ground, 1st & 2nd floor with parking/loading to the rear from Augusta Place. Planning consent obtained to demolish the extsiting building & construct a new triple aspect mixed-use scheme totalling 26 residential units and a 4,025 sq ft ground floor retail/commercial space that could be split to create up to 3 units. It is thought that the proeprty could be suitable for a variety of uses such as Offices, Gym or megastore with the benefit of the new E class usage. It is thought that the triple aspect will assist in the construction & site management of the development.

ACCOMMODATION
Ground Floor 6035 sq ft (560.7 sq m)
1st Floor 6316 sq ft (586.8 sq m)
2nd Floor 1485 sq ft (138 sq m)
Total 13,837 SQ FT (1285.5 sq m)
Parking for 7/8 cars

Consented scheme:
Ground floor Retail 4,025 sq ft (374 sq m)
Residential Apartments Total 15,399 Sq ft (1,430 sq m)
Residential Ancillary Total 3,610 sq ft (335 sq m)
Total consented scheme 23,035 sq ft (2140 sq m)

TERMS
Asking Price of £2,250,000 for the freehold interest with vacant possession & the benefit of planning permission.

OUTGOINGS
Rateable Value £107,000
UBR APR 2020/21 51.2p

VAT
We are advised that the building is elected for VAT & as such VAT will be payable on the purchase if vacant or by way of TOGC if occupied.

LEGAL COSTS
Each side to pay their own legal costs.

PARKING NOTES
To the rear is an existing car parking area/loading forecourt.

PLANNING
On the 1st of May 2019 planning consent (Ref: AWDM/1763/18) was granted for demolition of existing building and re-development set over 4 no.floors, comprising Retail space at ground floor, 26 no. 1, 2 and 3 bedroom units with communal courtyard and balconies.
The CIL total amount is £122,584.33. There is no affordable
contribution under the Section 106 agreement. A benefit of the consented scheme is that there are no restrictions on residents applying for parking permits.

OTHER
EPC Certificate Reference Number: 0970-0238-9070-0191-9002
The energy efficiency rating for this property is C70 and a full copy of the report can be found at www.ndepcregister.com

VIEWING
Through Vendors agent Eightfold Property 01273 672999 or email max@eightfold.agency