180 , South Street, Lancing, West Sussex, BN15 8AU
|Size||359 sq ft|
|Business Rates||(based on rateable value of £3,550)|
The property is located at the southern end of South Street close to its junction with the A259 South Coast Road. 180 South Street is situated on the western side of the road adjoining a public house to the south and a shop to the north.
This section of South Street comprises a variety of well established retail, pub and restaurant units.
A small single- storey retail unit in a prominent position currently trading as a hair and beauty salon. Internally, the shop is arranged as a main salon room with additional treatment room and fitted kitchen and wc. The unit is in good decorative order throughout. Floor Areas ( Approximate NIA) Salon/Shop - 230 sq ft (21.3 sqm) Treatment Room - 95 sq ft (8.82 sqm) Kitchen/WC - 34 sq ft (3.15 sqm)
The property is let to Richard Roy Munday t/a Glamour Lengths Hair & Beauty for a term expiring 13th December 2022. The current rent is (we are advised) £2,400 per annum exclusive.. The occupational lease has a Rent Review provision as at 14/12/2017 which has not been enacted.We consider the property to be under-rented and that any purchaser will bring the rent in line with market level. Whilst it cannot be guaranteed, we would normally expect the rent to be reviewed above £4,000 pax on review. At the current rent a purchase at £65,000 would show a net initial yield of circa 3.7%. At a reviewed rent of (say) £4,500 pax this improves to circa 6.75-7%.