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Freehold Substantial Seafront Mixed-Use Investment for Sale (Potential for Residential Development – Stpc)

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Freehold Substantial Seafront Mixed-Use Investment for Sale (Potential for Residential Development – Stpc) Freehold Substantial Seafront Mixed-Use Investment For Sale (Potential for Residential Development – stpc) Connaught House, 32-34 Marine Parade, Worthing, BN11 3QA Guide Price: £1,800,000 Freehold Substantial Seafront Mixed-Use Investment For Sale (Potential for Residential Development – stpc) Summary Worthing is a thriving and prosperous seaside town situated on the south coast Excellent road communications with the A24 providing a predominantly short carriageway link to the M25. The A27 trunk road provides direct access to the M27, Chichester and Portsmouth to the west and the A23/M23 (M25) and Brighton to the east Prominent corner position on Marine Parade, overlooking the sea and has return frontages on to Bath Place and Royal Arcade Strategically located opposite the Pavilion Theatre which provides the entrance to Worthing Pier Period property comprising approximately 23,902 Sq Ft (2,221 sqm) Freehold – potential to obtain vacant possession of the upper floors within 12 months Current rental income of £137,480 per annum Potential to convert the upper floors into residential apartments, subject to gaining the necessary planning consent Offers are sought in excess of £1,800,000 subject to contract and exclusive of VAT. Location Worthing is a thriving and prosperous seaside town located on the south coast approximately 12 miles west of Brighton and 20 miles east of Chichester. It has a population in excess of 100,000 and an estimated catchment population of 500,000 people. Road communications are excellent with the A24 providing a predominantly short carriageway link to the M25. The A27 trunk road provides direct access to the M27, Chichester and Portsmouth to the west and the A23/M23 (M25) and Brighton to the east. Worthing Central Station provides a frequent service to London with a fastest journey time to London Victoria of 1 hour 20 minutes. In addition, rail services connect to Brighton and Gatwick Airport. Situation The subject property is situated in a prominent corner position on Marine Parade, overlooking the sea & popular Pavilion Theatre and has return frontages on to Bath Place and The Royal Arcade. The immediate surrounding area is a mixture of residential, retailers and bars/restaurants, with occupiers including Marks & Spencer’s, Café Nero, H&M, Iceland and Ladbrokes. The property itself is of traditional brick construction with a stone façade. The premises were originally constructed in 1908 however were refurbished in the 1920’s but still retains many of its traditional features. Description The Property comprise of a substantial income producing seafront building of approximately 23,902 sq ft over basement, ground and four upper floors. At present the property is occupied under several different uses operated by both tenants and the vendor themselves. Included is a fish and chip restaurant, amusement arcade, snooker/pools rooms, sports bars, entertainment suite, roof terrace and separate burger bar located in The Royal Arcade. There is also a 2 bedroom flat located on the fourth floor which could be self contained with its own access from Bath Place. The property itself is of traditional brick construction with a stone façade. The premises were originally constructed in 1908 and has retained many of its traditional features however was partly refurbished back in the 1920’s and partly in 2011. TENANCY SCHEDULE Connaught House & 1 Royal Arcade Premises Tenancy Tenant Name Rent Term Comments 1 The Royal Arcade Lease dated 15 March Tony Motreb and £10,000 per annum 10 years from 15 Initial rent deposit of (Burger Bar) 2016 between the Vendor Sandra Kuiteklyte March 2016 £2,500 (1) and Sam Baden (2) Ground Floor Shop Part Basement, Ground Lease dated 10 November Slicks Sports & Bars £60,000 per annum 2 years from 1st Guarantor (Linda Floor, First Floor, Second 2017 Limited September 2019. There is Margaret Connor) and Floor and Third Floor of between Connaught a mutual break clause on initial rent deposit of Connaught House Leisure Limited and the 1st September 2020 £10,000 (Leisure) Vendor (1) Slicks Sports subject to two months & Bars Limited (2) and prior written notice Linda Margaret Connor (3) Ground Floor (East) Lease dated 18 July Larentia Limited £37,000 per annum 15 years from 18 July Guarantor (Larentia (Restaurant) 2011 between (t/a Harry Ramsdens) 2011 Capital Limited) Connaught Leisure Limited (1) H S Catering Limited (2) and Oliver Silverthorne and Paul Hills (3) Ground Floor (West) A new lease to be granted Connaught Leisure £30,000 per annum 12 months from Vendors taking a short (Amusement Arcade) for a period of 12 months Limited completion of the sale leaseback upon from completion of the completion prior to sale relocation. Fourth Floor Assured Shorthold Andrew Matthew £480 per annum but A new 6 month Assured (2 Bedroom Flat) Tenancy dated 10 Connor (Deceased) included in Slicks Shorthold Tenancy to be ERV - £,9600 Per Annum November 2017 Lease rent entered into ASAP. between the Vendor and Connaught Leisure Limited (1) and Andrew Matthew Connor (2) Accommodation The property has the following approximate GIA: Basement 2,303 Sq Ft Ground Floor 4,723 Sq Ft First Floor 6,017 Sq Ft Second Floor 5,543 Sq Ft Third Floor 3,724 Sq Ft Fourth Floor 1,227 Sq Ft 1 Royal Arcade (G Floor) 365 Sq Ft TOTAL AREA 23,902 Sq Ft NB – Measurements have been taken by previous survey reports. Interested parties are asked to verify these measurements prior to putting forward any offer. Tenure The property is available freehold, subject to the tenancies in the Tenancy Schedule below. Price Guide Price of £1,800,000 (One Million, Eight Hundred Thousand pounds). VAT No VAT is to be charged on the purchase price. Further Documents The agents have a ZIP file document containing all Leases, Title Plans, Floorplans etc. EPC A full EPC is available within the ZIP file. The property has a current rating of C75. Legal Costs Each party to pay their own legal costs unless otherwise agreed. Viewing Strictly by appointment through Worthing Commercial Office 1st Floor Chapelworth House, 1 Chatsworth Road, Worthing, West Sussex, BN11 1BE All dimensions are approximate and quoted for guidance only. 01903 201212 Reference to appliances and/or services does not imply they are necessarily in working order or fit the purpose. Buyers are advised to [email protected] www.michaeljones.co.uk obtain verification from their solicitors as to the Freehold/Leasehold status of the property and any fixtures and fittings..
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