The Corner House

53 & 53a Richmond Road, Worthing, West Sussex, BN11 4AF

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SOLD
Property Type Investments
Availability For Sale
Size 5,300 sq ft
Price Offers In Excess Of £775,000
Service Charge Not Applicable
Energy Performance Rating This property has been graded as 62 C

Substantial/Well Let Freehold Town Centre C2 Investment

Location

Worthing is the largest town in West Sussex with a population of over 100,000 and a further catchment of 250,000. This prosperous town is located on the south coast between Brighton and Chichester. 53/53a Richmond Road is located in the town centre. SAT NAV: BN11 4AF

The Property is situated in a prominent position on the corner of Richmond Road and Shakespeare Road within walking distance of the main town centre shops and facilities.

Key Points

  • Substantial Property Currently 8 Apartments + Ancilliary
  • Investment Underpinned By Residential Use (STP)
  • Town Centre Location
  • Rental Income £53,000 pax
  • No VAT on the Sale
  • Net Initial Yield approx 6.85%
  • Upgraded Modern Accomodation

The Opportunity

To purchase a well let town centre investment property at an attractive yield. The investment is underpinned by residential use (STP). There is potential to increase the number of apartments, should the tenant vacate,by converting the large common area rooms.

Description/Floor Areas

A substantial detached building with large two storey annex, attractive gardens, basement,garage and private driveway. The building is currently occupied as a whole by a national healthcare provider and is divided into 8 self contained apartments (four 1 bed & 4 studio) , an office, large kitchen/dining room, lounge with a modern attractive conservatory and various utility rooms. Externally, landscaped gardens and a private driveway leading to a detached garage are also present. (Please note we have been unable to inspect all apartments. Potential purchasers should satisfy themselves as to the size/specification of these as appropriate). The accommodation was refurbished and upgraded recently including new kitchen and bathroom areas to each apartment. The building is currently well maintained and presented in very good decorative order throughout. Each apartment is well appointed and has good natural light. In all approximately 5,300 sq ft (including a basement of 397 sq sq ft) A copy of the floor plans are available to download from our website.

Lease Terms/Covenant

The Property is held under an 1954 Act excluded full repairing and insuring lease for a term expiring 7th February 2023. The passing rent is £53,000 pax with no review. The Tenant is New Start Supported Housing Limited (Co No 07099186) an established UK-wide non-profit organisation working with local authorities, the NHS and private sector companies providing accommodation to vulnerable adults. They currently have 1000 assured shorthold tenancies in the UK and currently turnover £1.85m pa. A copy of the occupational lease is available on request. NB: The Lease makes reference to an extensive Inventory of items and Schedule of Condition. Further details on request. We are informed that the Property currently operates under a C2 Residential use (formerly C3 residential). Potential purchasers are advised to verify planning with the local authority.

Terms

A sale of our client's freehold interest subject to the existing lease. Offers in excess of £775,000 (subject to contract) are sought.