Lot 24

999 YEAR LEASEHOLD INVESTMENT

Luxor Buildings, 9-11 Station Parade, South Street, Lancing, West Sussex, BN15 8AA
Luxor Buildings, 9-11 Station Parade, South Street, Lancing, West Sussex, BN15 8AA
Sold £355,000

Currently let at £36,250 per annum

An excellent opportunity to acquire a commercial investment comprising three newly refurbished shop units and office with car parking space.

Dating back to the 1940s this iconic building in the centre of Lancing was formerly known as The Luxor Cinema. The upper parts, which do not form part of this sale, have been converted into 12 apartments most of which have now been sold.

Occupying a prominent position these ground floor commercial units are all let to produce an income of £36,250 per annum, three of which are fully repairing and insuring leases. We have also been informed by the seller that the units each include secure rent deposits.

Situated directly adjacent to Asda supermarket and Lancing mainline railway station with direct train links to Brighton and onward to London.

9 South Street

Open plan retail unit, kitchen area and W.C.

Tenancy

Trading as J’s Barbers on a fully repairing and insuring lease for the term of 20 years from 18th June 2018 at a current rental of £10,000 per annum with a rent review on 18th June 2023 and every 5th anniversary.

10 South Street

Open plan retail unit, kitchen area, office space and W.C.

Tenancy

Trading as Luxor Beauty Lounge on a fully repairing and insuring lease for the term of 12 years from 10th October 2018 at a current rental of £12,500 per annum.

11 South Street

Open plan office area, kitchen and W.C.

Tenancy

Trading as No More Pests on a fully repairing and insuring lease for the term of 12 years from 31st May 2018 at a current rental of £11,000 per annum with a rent review on 31st May 2023 and every 5th year.

11A South Street

Open plan office space.

Tenancy

Trading as Daniel Adams Investments Ltd for the term of six years from 25th June 2019 at a current rental of £2,750 per annum.

Tenure

Sold on a 999 year lease from 6th December 2017 at a current ground rental of £300 per annum.

Auctioneer’s Note

Internal viewings are strictly by prior confirmed appointment with the Auctioneer’s Office.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/