Lot 44 - Freehold Mixed Use Investment
Dems House & Havant House, Mill Lane, West Sussex, RH20 4PP
Guide Price: *
£440,000
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:
£440,000Bid history
1 bidD
02/10/2024 18:31:54 - £440,000
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
Summary
- Lot number
- 44
- Auction end
- 2nd Oct at 18:39
- Property type
- Other
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- Ask Agent
Summary
- Lot number
- 44
- Auction end
- 2nd Oct at 18:39
- Property type
- Other
- 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.
Refreshing the Page
To make sure that you are seeing the latest information for the property, we recommend you refresh the page. This ensures you're seeing live information and not stored (cached) data. If the page disconnects from the Internet, refreshing the page will show the latest information.
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.