126-127 Queens Road Brighton

Brighton

8731 sqft

£1,500,000

  • Freehold £1,500,000
  • City centre location
  • Let to mountain warehouse limited

Description

Developed in approximately 2015 the building comprises a retail unit arranged over ground floor, 1st floor & basement let to Mountain Warehouse Limited . The upper floors comprise 9 residential apartments that are sold off by way 125 year leases from 2006 paying ground rents of £200 per annum which double every 25 years of the term. There is also a further building located at 10 Windsor Street which has been sold off by way of a 999 year lease at a peppercorn ground rent. In the year ending February 2022 Mountain Warehouse Limited had a Turnover of £302,564,000 & had an EBITDA of £10,918,000, whilst showing Net Assets of £122,298,000.

Location

The property occupies a prime position on Queens Road close to the junction of North Street and South of Brighton's main line station. Nearby occupiers include Boots, Run Company, Yi Fang Bubble Tea, Evans Cycles, ITSU and Trespass. Churchill Square is approximately 100 metres to the south with Brighton Seafront a little further beyond that and Brighton's Lanes a short walk to the east.

Terms

Based on a purchase price of £1,500,000 a purchase at this level would show a blended net yield of 5.45% after allowance of purchasers costs at 6.1%

Income & Tenancies

Retail 126-127 Queens Road £85,000 PA - Let to Mountain Warehouse Limited on an EFRI lease for a term of 5 years from December 2022. Residential ground rents £200 x 9 = £1,800 PA - 9 x residential flats sold off on 125 year leases from 2006. Total Income £86,800 PA