Lot 50 - Freehold Mixed-use Investment
121-127a Rowlands Road/76-80 Heene Road, West Sussex, BN11 3LA
Guide Price: *
£325,000
Fees apply
Buyer's fee:Check legal pack
All fees include VAT at 20%
Holding Deposit: *£5,000
*Only charged if you are the successful buyer and goes towards the purchase price
Auction Type:
Traditional
Sold for:
£359,000Bid history
17 bidsFThis is an automatic bid as the bidder has set a maximum bid for this lot
20/03/2024 12:38:53 - £359,000
Z
20/03/2024 12:38:32 - £358,000
F
20/03/2024 12:38:07 - £357,000
See all 17 bids ▾
Guide Price* : £325,000 - £350,000
Currently let at £34,750 per annum
A substantial corner property arranged over two floors with the ground floor comprising six commercial units, let at £34,750 per annum and the first floor arranged as three residential units sold on long leases. The commercial units are a mix of independent traders, including a pharmacy, bakery and a barbers shop.
The property is situated in a busy trading location in this secondary commercial throughfare at the junction of Rowlands Road and Heene Road. Worthing town centre and the seafront are within easy access with hotels, restaurants and local shopping facilities within the vicinity. There are excellent road links to Brighton, Chichester and all surrounding areas via the nearby A259 and A27.
We understand from the freeholder that all of the leases are fully repairing and insuring and are let under the terms of the 1954 Landlord & Tenant Act. All of the units in Rowlands Road have their own toilet facilities but the units in Heene Road shared toilet facilities (at present undergoing refurbishment).
121-123 Rowlands Rd
Tenancy
Trading as a pharmacy, let on a commercial lease from 6th October 2023 to 5th October 2038. at a current rental of £10,000 per annum with five-yearly rent reviews.
125-127 Rowlands Rd
Tenancy
Trading as a record shop, let on a five-year lease from 6th October 2020 at a current rental of £6,000 per annum.
127A Rowlands Rd
Tenancy
Trading as a herbal medicine shop, let on a five-year lease from the 8th May 2022 at a rental of £5,000 per annum.
76 Heene Rd
Tenancy
Trading as a herbal medicine shop, let on a five-year lease from the 8th May 2022 at a rental of £5,000 per annum.
78 Heene Rd
Tenancy
Trading as a bakery, let on a seven-year lease from the 6th March 2023 at a rental of £5,000 per annum.
80 Heene Road
Tenancy
Trading as a barber’s shop, let on a seven-year lease from the 1st April 2023 at a rental of £3,750 per annum.
First Floor -Three Residential Units (Separate Street Entrances)
Tenure
Each sold on a 174-year lease from 24th June 1991.Further lease information will be included in the legal pack available to download from the Clive Emson website.
Joint Auctioneer
Michael Jones & Co, Chapelworth House, 22-26 Chapel Road, WORTHING, BN11 1BE, 01903 212210
Summary
- Lot number
- 50
- Auction end
- 20th Mar at 12:43
- Property type
- Residential
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- Ask Agent
Summary
- Lot number
- 50
- Auction end
- 20th Mar at 12:43
- Property type
- Residential
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- Ask Agent
This property is being sold by:
Clive Emson - Sussex & Surrey
01273 504232
83 Bates Road, Brighton, East Sussex, BN1 6PF
†Traditional auction
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and the seller will be legally obliged to sell the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Auctions and Clive Emson Auctioneers shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
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Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by Clive Emson Auctioneers. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Auctions or any individual in employment with Bamboo Auctions makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.
