Property Information
Address:
18 Regent Street, Brighton, East Sussex
, BN1 1UL
, East Sussex
, United Kingdom
Price: Property no longer available.
Size: 320 sq ft30 sqm
Primary Category: Office
All Categories:
Investment, Office,
Property Ref/Movehut: MH642777
Property Ref/Agent: 3713
*Please use the agent ref when calling the agent directly.
Property description
Description
Ground floor retail/office investment for sale.
Long term income secured against a high quality covenant
Location
The property is situated on the western side of Regent Street in the popular North Laine district of Brighton.
The North Laine is a popular mixed use area with the predominant uses being retail, office, leisure and residential.
Planning
Planning consent was granted Ref BH2013/03327 for A1, A2 or B1 Use for the subject property.
A new Use Classes Order (UCO) came into effect on 1 Sept 2020 which introduced a new Use Class E which covers commercial, business and service uses.
Use Class E now covers Use Classes A1, A2 and B1 under the former UCO.
It also includes A3 and some D1 and D2 uses.
Therefore providing a wide range of uses to which the property could be put if the current tenant chooses not to renew in Sept 2030.
VAT
Rents and prices are quoted exclusive of, but may be subject to VAT.
Accommodation
The property comprises the ground floor to one of a terrace of recently constructed attractive 3 storey buildings which are predominantly in residential use.
The building has been designed for minimum maintenance and benefits from a 10 year Latent Defects insurance and 20 year flat roof material guarantee.
The unit is arranged as a self-contained commercial unit with separate bike and electrical room.
We are advised that the property has a Net Internal area of approximately 29.73 sq m (320 sq ft).
EPC
We understand the property has an EPC rating of A.
Legal Fees
Each party to bear their own legal costs incurred.
Terms
The property is for sale by way of a long lease at a peppercorn rent together with a share in the freehold interest.
Offers are invited in the region of £190,000. A purchase at this price would reflect a Gross Yield of 5.26%, a Net Initial Yield of 5.12% and a Reversionary Yield of 5.79% following this September 2025 rent review.
LEASE
The property is let to JoJo Maman Bebe Ltd on a full repairing and insuring lease for a term of 10 years from 9th September 2020 with a 5th year rent review. The passing rent is £10,000 per annum exclusive with an automatic increase to £11,315 at the 5th year review.
Newly constructed and attractively designed building
Popular location in the North Laine district of Brighton
Let to JoJo Maman Bebe Ltd with a strong D&B Rating of 4A3
Full repairing & insuring lease to 9th September 2030
Passing rent of £10,000 pa with a fixed increase to £11,315 pa from 10.09.2025
10 year Latent Defects insurance & 20 year flat roof material guarantee
Building designed for minimum maintenance
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