Mixed Retail Investment in Lancing, West Sussex

LOCATION  
The Queens Way development is situated within Lancing town centre, close by to the main high street banks & retailers including, HSBC, Barclays, Natwest, Lloyds, WH Smith & William Hill. Parking is located directly behind the parade with a pay and display cark park.

DESCRIPTION
The building is a detached development of ground floor commercial and 1st floor residential units, all commercial units are ground floor retail units with two units having the benefit of A3/A5 consent.

The upper parts are all sold off on long leases, the sold off flats (x5) above pay a ground rent of £100 per annum per unit, total income £500 per annum.

(Three of the retail units are currently occupied with three currently vacant)

LEASES
Unit 1 – Let on 20 year lease from 23rd August 2001 to Truffles Bakery, Rental £16,000 per annum
Unit 2 – Let on 15 year lease from 18th October 2004 to Shaunz Barbers, Rental £10,000 per annum
Unit 3 – Let on 15 year lease from February 2002 to Queens Cafe, Rental £10,000 per annum
Ground rental income - £500 per annum
Units 4,5 & 6 currently vacant, asking rental of £10,000 per annum for each unit.

Total Rental income £36,500 per annum   (Potential for £66,500 when fully let) 

FREEHOLD
Offers are invited in the region of £600,000 for the freehold interest, subject to the existing leases in place.

A purchase at this level would offer a Net initial yield of 5.72% after standard purchaser’s costs at 5.85%. There is potential to increase this to 10.43% upon the vacant units being rented.

Consideration would be given to the break-up of the development.

LEGAL COSTS
Each party will be responsible for their own legal costs in relation to the transaction.

BUSINESS RATES
Interested parties should contact the local council for the Business rates payable upon the properties.

EPC
An EPC report is currently being prepared and will be available for all interested parties.

VAT
May be chargeable on this transaction, interested parties must make their own enquiries.

VIEWING
For further information or to arrange a viewing then please contact Sol Agents:

Bacon & Co Commercial
Richard Lowrey      
richard@bacon-commercial.co.uk    
Tel: 01903 767679 or 07725723021

These particulars are set out as a general outline of the property and are prepared only for the guidance of an intended purchaser or lessee.  They do not constitute or constitute part of any offer or contract.  All descriptions, dimensions, conditions and necessary permissions for use or occupation are given in faith but should not be relied upon as an accurate statement.  Any purchaser or tenant should make their own enquiries prior to making any form of offer on the premises.  The vendors, lessors or any representative of Bacon & Co Commercial do not have any authority to give any representation or warranty whatsoever in relation to the premises.