Offers in region of
£475,000
(£171.73/sq. ft)
Retail premises for sale39-41 East Street, Horsham RH12
2,766 sq. ft
Just added
Freehold
About this property
Investment opportunity
Description
The freehold interest in the property includes three retail units at ground floor level together with seven flats over the first and second floors. Two of the three retail units have been sold off on long leasehold interests and the residential flats have likewise been sold off on a long leasehold basis.
The remaining ground floor retail unit comprises a predominantly open plan ground floor retail unit, fully fitted as a dessert parlour with ancillary office/store to the rear plus two unisex and one accessible WC.
Location
The property is situated on the north side of East Street (A281), on a prominent road junction with Park Way. East Street is the main restaurant location of the town with occupiers such as Cote, Ask, Wagamama, Nandos to name but a few. The main shopping areas of West Street, The Carfax and Swan Walk Shopping Centre are close by, as is Piries Place Shopping Centre which offers a selection of restaurants, retailers, an Everyman cinema and a Premier Inn, alongside a multi-storey car park.
Tenure
The property is available by way of a sale of the freehold interest, subject to the existing tenancies as outlined below.
Tenancies
The ground floor premises are let by way of an effectively full repairing and insuring lease to Horsham Desserts Limited, trading as Kaspas Desserts for a term of 10 years from 01 October 2020 at an initial rent of £37,500 per annum exclusive. There was a tenant only option to determine and rent review on 1st October 2025. The tenant has not exercised this option, nor has the rent review been implemented, such that it remains outstanding.
The residential flats have been sold off by way of an effectively full repairing and insuring lease dated 5th November 2004 for a term of 125 years at a peppercorn rent (if demanded). The other two ground floor retail units have been sold off by way of two separate leases granted upon the same terms.
VAT
VAT is applicable on the terms quoted.
Legal Costs
Each party to be responsible for their own legal costs.
The freehold interest in the property includes three retail units at ground floor level together with seven flats over the first and second floors. Two of the three retail units have been sold off on long leasehold interests and the residential flats have likewise been sold off on a long leasehold basis.
The remaining ground floor retail unit comprises a predominantly open plan ground floor retail unit, fully fitted as a dessert parlour with ancillary office/store to the rear plus two unisex and one accessible WC.
Location
The property is situated on the north side of East Street (A281), on a prominent road junction with Park Way. East Street is the main restaurant location of the town with occupiers such as Cote, Ask, Wagamama, Nandos to name but a few. The main shopping areas of West Street, The Carfax and Swan Walk Shopping Centre are close by, as is Piries Place Shopping Centre which offers a selection of restaurants, retailers, an Everyman cinema and a Premier Inn, alongside a multi-storey car park.
Tenure
The property is available by way of a sale of the freehold interest, subject to the existing tenancies as outlined below.
Tenancies
The ground floor premises are let by way of an effectively full repairing and insuring lease to Horsham Desserts Limited, trading as Kaspas Desserts for a term of 10 years from 01 October 2020 at an initial rent of £37,500 per annum exclusive. There was a tenant only option to determine and rent review on 1st October 2025. The tenant has not exercised this option, nor has the rent review been implemented, such that it remains outstanding.
The residential flats have been sold off by way of an effectively full repairing and insuring lease dated 5th November 2004 for a term of 125 years at a peppercorn rent (if demanded). The other two ground floor retail units have been sold off by way of two separate leases granted upon the same terms.
VAT
VAT is applicable on the terms quoted.
Legal Costs
Each party to be responsible for their own legal costs.
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Monthly repayment
£2,376 per month
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