312 Portland Road

Freehold Investment for sale

Status

For Sale

Location

The subject property is situated in a shopping parade on the southern side of Portland Road, a busy commercial thoroughfare between Hove and Portslade. Surrounding uses are a mix of retail units on the ground floor with residential above and opposite.

Available area

The premises comprise the following approximate net internal floor areas:

Description	Sq ft	Sq m
Ground floor - launderette	571	53.05
Garages at rear	285	26.48
Total	856	79.53

Description

The property comprises a 3 storey mid-terrace building with launderette on the ground floor and a residential maisonette sold off over with a rear store and 2 single garages accessed from the rear.

Lease

The launderette is let to McCanns Launderettes Ltd with 2 named guarantors by way of a 12 year lease from 4 April 2011 at an annual rent of £8,250 per annum.

The two flats on first and second floors will be subject to new 125 year leases with £200 per annum ground rents doubling every 25 years.

The 2 garages are let on 12 month tenancies to individuals. The left hand garage is let at £780 per annum and the right hand garage at £900 per annum, payable monthly. Total income will be £10,330 per annum.

VAT

VAT is not applicable on the terms quoted.

Legal Costs

Each party to be responsible for their own legal costs.

Price

£150,000.00 Offers for the freehold interest are invited in the region of. with the benefit of the existing tenancies.

Energy Performance Rating

This property has been set as EPC exempt.
Reason: EPC has been commissioned, will be available in less than 28 days