Property for sale in 76 Boundary Road, Hove

Property - £406,000

76 Boundary Road, Hove

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First listed on: 10th October 2018

Nearest stations: Portslade (0.5 mi)Fishersgate (0.6 mi)Aldrington (1.1 mi)Southwick (1.4 mi)Hove (1.6 mi)

Interested in this property? Call See phone number 01273 601060

Property Features

  • Well Secured Retail Investment
  • Freehold For Sale
  • Potential for Residential Part Development (stp)
  • Busy Retail Location

Property Description

A two storey, mainly brick built building forming part of a terrace of commercial properties fronting Boundary Road, Hove. Many multiple traders are located in the vicinity. Leased to the well known multiple retailer 'Card Factory' on a lease which is due to expire October 2022. Potential to re-gear the lease and develop the upper parts to residential (stp). PROPERTY DETAILS Ground Floor Retail Unit plus First Floor Staff/Storage


3026 sq ft


(281.12 m2) ACCOMMODATION Ground floor retail premises, recently refurbished by the occupier and arranged as follows: Gross Frontage 20'10"
Internal Width 19"
Internal Depth 96'10" (max depth)
Total Retail Sales Area 1,695 sq ft (157.4 sq m) The rear section of the premises have been divided to form some storage accommodation. There is a rear access from Portland Road/Blackberry Way into a lobby area and an internal staircase leading to; First Floor - approximately 1,246 sq ft (115.7 sq m) made up of storage space, offices, staff kitchen and male/female wc's. TENANT COVENANT Leased in it's entirety to Sportswift Limited trading as 'Card Factory' (www.cardfactory.co.uk) who have in excess of 800 stores in the UK with an annual turnover of £379.5m and net assets of £63.7m (info DueDil) - purchasers should make their own enquiries to satisfy themselves as regards the tenant. LEASE INFORMATION A Full Repairing & Insuring lease dated 16th October 2017 for a term of 5 years inside the provisions of the Landlord & Tenant Act 1954 (as amended). A Schedule of Condition forms part of the lease. Rent £27,500 per annum, exclusive and fixed for the term of lease. PROPOSAL Offers are invited in the region of £406,000 (four hundred and six thousand pounds), subject to contract for the Freehold interest and subject to the existing lease and tenancy. A purchase at this level would reflect a Net Initial Yield of approximately 6.5% after standard purchaser costs at 4.21% POTENTIAL RESIDENTIAL DEVELOPMENT The current tenant leases the entire premises, but has limited use of the first floor area, which has a separate rear access (or a new access from the front by agreement). Subject to planning and re-gearing the current lease, the upper parts could be developed into residential accommodation increasing the capital value of the premises.
A two storey, mainly brick built building forming part of a terrace of commercial properties fronting Boundary Road, Hove. Many multiple traders are located in the vicinity. Leased to the well known multiple retailer 'Card Factory' on a lease which is due to expire October 2022. Potential to re-gear the lease and develop the upper parts to residential (stp). PROPERTY DETAILS Ground Floor Retail Unit plus First Floor Staff/Storage


3026 sq ft


(281.12 m2) ACCOMMODATION Ground floor retail premises, recently refurbished by the occupier and arranged as follows: Gross Frontage 20'10"
Internal Width 19"
Internal Depth 96'10" (max depth)
Total Retail Sales Area 1,695 sq ft (157.4 sq m) The rear section of the premises have been divided to form some storage accommodation. There is a rear access from Portland Road/Blackberry Way into a lobby area and an internal staircase leading to; First Floor - approximately 1,246 sq ft (115.7 sq m) made up of storage space, offices, staff kitchen and male/female wc's. TENANT COVENANT Leased in it's entirety to Sportswift Limited trading as 'Card Factory' (www.cardfactory.co.uk) who have in excess of 800 stores in the UK with an annual turnover of £379.5m and net assets of £63.7m (info DueDil) - purchasers should make their own enquiries to satisfy themselves as regards the tenant. LEASE INFORMATION A Full Repairing & Insuring lease dated 16th October 2017 for a term of 5 years inside the provisions of the Landlord & Tenant Act 1954 (as amended). A Schedule of Condition forms part of the lease. Rent £27,500 per annum, exclusive and fixed for the term of lease. PROPOSAL Offers are invited in the region of £406,000 (four hundred and six thousand pounds), subject to contract for the Freehold interest and subject to the existing lease and tenancy. A purchase at this level would reflect a Net Initial Yield of approximately 6.5% after standard purchaser costs at 4.21% POTENTIAL RESIDENTIAL DEVELOPMENT The current tenant leases the entire premises, but has limited use of the first floor area, which has a separate rear access (or a new access from the front by agreement). Subject to planning and re-gearing the current lease, the upper parts could be developed into residential accommodation increasing the capital value of the premises.
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Date History Details
12/10/2018 Property listed at £406,000

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Disclaimer

Disclaimer Property reference 13216BN1_sale_27623596_S. Details are provided and maintained by Graves Jenkins. Nethouseprices.com makes no warranty as to the accuracy or completeness of aforementioned details.

This property is marketed by

1 North Road

Brighton

BN1 1YA

Telephone: See phone number 01273 601060

Disclaimer

Disclaimer Property reference 13216BN1_sale_27623596_S. Details are provided and maintained by Graves Jenkins. Nethouseprices.com makes no warranty as to the accuracy or completeness of aforementioned details.

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This property is marketed by

1 North Road

Brighton

BN1 1YA

Telephone: See phone number 01273 601060

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