Paston Place

Brighton

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1114 sq ft

£350,000

LOCATION
The property is located on the Eastern side of Paston Place in a desirable spot in Kemptown Village a predominately residential area however with good mix of commercial operators as well. The Royal Sussex County Hospital as well as Brighton College are both a short walk away along with the A259 Coast Road. Nearby occupiers include Proud Cabaret, Real Patisserie, Pizza Face & The CO-OP. Brighton City Centre is approximately a 20 minute walk away.

DESCRIPTION
Comprising the ground floor & basement of this attractive period property. The existing tenants trade as Woodbox Pizzeria & have occupied since April 2017. The ground floor consists of well presented open plan restaurant space with benefits such as a dumb waiter & a Pizza oven with extraction to the rear. The basement space comprises male & female WC's along with a well fitted kitchen & walk in freezer.

ACCOMMODATION
Ground Floor 689 sq ft / 64.01 sq m
Basement
WC's
Kitchen 426 sq ft / 39.58 sq m
Walk in freezer- not measured

TERMS
The property is currently let to Woodbox Pizzeria Limited with a personal Guarantee from ND Barclay for a term of 15 years from the 28th April 2017 at aren't of £25,000 per annum exclusive. There is provision for 5 yearly rent reviews & a tenant only break option on the 27th April 2022 subject to 6 months prior notice. Offers are invited in excess of £350,000 for a new long leasehold interest of 999 years with the benefit of the existing tenancy, a purchase at this level would show a net yield after purchasers costs of 6.88% or a Gross yield before purchasers costs of 7.14%.

OUTGOINGS
Rateable Value £10,000
UBR APR 2020/2021 49.9p

LEGAL COSTS
Each side to pay their own legal costs.

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