£650,000

• Rare Opportunity
• Situated in the Popular Kemp Town Area
• Overall Income £50,000 Per Annum (including Lower Ground Floor)
• Recently Re-decorated

Location:

Situated in the heart of the vibrant area of Kemp Town, on the south side of St George's Road and close to popular St James's Street which house a number of restaurants, bars and commercial occupiers. Royal Sussex County Hospital and Brighton College are to the north and Brighton seafront is within walking distance to the south. 

You can locate the property by typing in the following postcode to Google Maps: BN2 1EF.

Description:

A rare opportunity to purchase this mixed use, four storey property made up of a two bedroom, lower ground floor flat, which is currently let on an AST and producing a rental income of £1,395pcm, a ground floor shop, recently let to a French Art Dealer, producing an income of £11,000pax, and a maisonette, which is let on an AST at a rental of £1,700pcm. Overall, the income is £48,140 per annum, which includes the lower ground floor.

Accommodation:

The ground floor commercial element has the following approximate floor areas:

Total floor area: 261.13sqft / 24.26sqm

Tenure:

Retail investment

Price:

Offers are invited in the region of £750,000 for the freehold interest.

Rent:

The maisonette is currently let and producing £1,700pcm.
The shop is let on a five year lease from November 2023, at a rent of £11,000pax.
The lower ground floor flat is vacant and on the market for £1,395pcm.

Business Rates:

The rateable value from April 2023 provided by the Valuation Office Agency is £7,500. The small business rates for the financial year (2023 - 2024) is 49.9p in the £ making the rates payable approx. £3,742.50. 

However, since the premises have a rateable value of lower than £12,000, occupiers can expect to benefit from 100% rate relief, subject to status.

EPC:

The shop has an EPC rating of B - 35.
The basement has an EPC rating of C - 71.
The maisonette has an EPC rating of - D - 64.

VAT:

We are informed that VAT is applicable on the terms quoted.

Use:

We understand the premises benefit from Class E use however, we would advise any potential tenant to check with the Planning Department to ascertain if their use is permitted.

Legal fees:

Each party is responsible for their own legal fees in this transaction.

Viewing:

Strictly by appointment with Sole Agents, Jacobs Steel.

Contact:

Leigh Doherty 

Jacobs Steel - Commercial Manager

t: 01903 792785 e: leighdoherty@jacobs-steel.co.uk