Property Information
Address:
48-50 Western Road, Brighton, East Sussex, South East, BN1 2EB, ENGLAND
, BN1 2EB
Price: Property no longer available.
Size: SOA
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH605047
Property Ref/Agent: 3482
*Please use the agent ref when calling the agent directly.
Property description
Brighton is one of the dominant commercial, retail and tourism destinations on England's south coast. The city boasts yearly visits of over 8.5 million tourists, spending in excess of of £780 million per annum (source: PROMIS) The property is located on Western Road, in the heart of Brighton's retail core. Situated in a prominent location on Western Road opposite Diechmann and close to Poundland, Primark, H & M and Marks & Spencer. Freehold. The vendor is to retain the upper parts on a 999 year long-leasehold basis at a peppercorn rent. Ground floor and basement have been let to the excellent covenant of The Works Limited until 5th April 2028 at a passing rent of £132,500 per annum exclusive.
We are instructed to seek offers in-excess-of £2,000,000 (two million pounds) subject to contract and exclusive of VAT, for our client's freehold interest. Allowing for tapered purchaser's costs of 6.285, a purchase at this level would reflect an attractive net initial yield of 6.23%
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