3 George Street

MIXED USE RETAIL & RESIDENTIAL INVESTMENT

THREE STOREY WITH BASEMENT

Status

For Sale

Location

The property is located on the western side of George Street, which links James’s Street to Edward Street, just east of Brighton town centre and just north of the seafront. St James’s Street, immediately adjacent, has nearby occupiers including Sainsburys, Morrisons, Superdrug, as well as a mix of independent retail shops, cafes and restaurants and public houses. Edward Street, just to the north, is home to a number of offices including the North African and European Headquarters of Amex.

Description

The premises comprise a mid-terrace ground floor and basement licenced restaurant/takeaway bar unit with a separate WC at the rear and a two-bedroom maisonette on the first and second floors above, with access from a shared rear passageway from George Street.

Available area

The retail accommodation areas are based on net internal measurements and the residential accommodation is based on gross internal measurements, providing the following approximate floor areas:

Tenure

The property is available by way of a sale of the freehold interest, subject to the existing tenancies.

Tenancies

The ground floor and basement unit are undergoing refurbishment and is held by way of a lease from 20 September 2016 for a term of 10 years, with a current rent passing of £8,500 per annum exclusive.
The residential maisonette has recently been let under the terms of an assured shorthold tenancy at a rental of £1,175 per calendar month.
Total rental income - £22,600 per annum.

Legal Costs

Each party to be responsible for their own legal costs.

Price

Offers in excess of £295,000

Business Rates

Rateable Value of £9,600 with a UBR of 49.9 p in £. 100% small business rates relief is available subject to a tenant's status. The maisonette falls within Council Tax Band A.

Energy Performance Rating

Property graded as D-D