Lot 44 - Freehold Mixed Use Investment

Guide Price* : £525,000 - £550,000 Currently let at £38,500 per annum Estimated rental £58,500 per annum Two detached contemporary-style properties of part-tile hung/part cement rendered elevations beneath a flat roof. Havant House is arranged over three floors as four self-contained flats, all sold on long leases with two commercial units on the ground floor producing £20,000 per annum in total. Dems House is arranged over two floors as four self-contained commercial units with the two ground floor units producing £18,000 per annum in total with the two first floor units vacant but being marketed at present with a combined potential rental of £20,900 per annum. There is potential to convert the two vacant commercial units to residential, including the possibility of an additional floor on both of the properties, subject to all necessary consents being obtainable. It is also considered that there is the potential for rental growth on the existing shops. The units are approached via a shared driveway and there are 10 parking spaces shared between the commercial and residential elements. In the town centre of Storrington, the properties adjoin the main car park with multiples such as Waitrose, Boots and Costa represented and other independent and national retailers in close proximity, please see www.storrington.org.uk for more information. There are excellent road links to Worthing, Horsham and all surrounding areas via the nearby A24/A27. Havant House - Ground Floor Retail Unit T/A Marakesh Spice Tenancy Let on a 20-year repairing and insuring lease from 25th December 2009 with five yearly rent reviews at a passing rental of £12,000 per annum. Retail Unit T/A Storrington Fish Company Tenancy Let on 15-year lease, from 6th December 2010, at a passing rental of £8,000 per annum. Residential Tenure Four flats occupying the first and second floors, each sold on a long lease at a combined ground rental of £500 per annum. Dems House - Ground Floor Retail Unit Trading As Bits & PCs Tenancy Let on a 20-year lease, from 29th September 2019, with five yearly rent reviews at a passing rent of £8,000 per annum. Retail Unit T/A Flower Wise - Ground Floor Tenancy Let on a 20-year lease from 29th September 2019 at a passing rent of £10,000 per annum. Unit 3 First Floor Open plan retail unit with kitchen and W.C. Tenancy Vacant. Currently marketed at a rental of £9,500 per annum. Unit 4 First Floor Open plan retail unit with smaller rooms, kitchen and separate W.C. Tenancy We understand the unit is in the process of being let for a term of 10 years with a five-year review/break clause with a rental of £11,400 per annum. Further information will be provided within the legal pack. Consent has been granted for units 3 & 4 for Class E use. Outside Ten parking spaces to the rear of the properties divided between the commercial and residential units and accessed by a shared driveway. Site Measurements The entire site extends to approx. 0.095 hectares (0.23 acres). Freehold with Part Vacant Possession