Lot 50 Freehold Mixed-use InvestmentAuction Date:
20th March 2024
121-127A Rowlands Road/76-80 Heene Road, Worthing, West Sussex, BN11 3LA
Currently let at £34,750 per annum
A substantial corner property arranged over two floors with the ground floor comprising six commercial units, let at £34,750 per annum and the first floor arranged as three residential units sold on long leases. The commercial units are a mix of independent traders, including a pharmacy, bakery and a barbers shop.
The property is situated in a busy trading location in this secondary commercial throughfare at the junction of Rowlands Road and Heene Road. Worthing town centre and the seafront are within easy access with hotels, restaurants and local shopping facilities within the vicinity. There are excellent road links to Brighton, Chichester and all surrounding areas via the nearby A259 and A27.
We understand from the freeholder that all of the leases are fully repairing and insuring and are let under the terms of the 1954 Landlord & Tenant Act. All of the units in Rowlands Road have their own toilet facilities but the units in Heene Road shared toilet facilities (at present undergoing refurbishment).
121-123 Rowlands Rd
Tenancy
Trading as a pharmacy, let on a commercial lease from 6th October 2023 to 5th October 2038. at a current rental of £10,000 per annum with five-yearly rent reviews.
125-127 Rowlands Rd
Tenancy
Trading as a record shop, let on a five-year lease from 6th October 2020 at a current rental of £6,000 per annum.
127A Rowlands Rd
Tenancy
Trading as a herbal medicine shop, let on a five-year lease from the 8th May 2022 at a rental of £5,000 per annum.
76 Heene Rd
Tenancy
Trading as a herbal medicine shop, let on a five-year lease from the 8th May 2022 at a rental of £5,000 per annum.
78 Heene Rd
Tenancy
Trading as a bakery, let on a seven-year lease from the 6th March 2023 at a rental of £5,000 per annum.
80 Heene Road
Tenancy
Trading as a barber’s shop, let on a seven-year lease from the 1st April 2023 at a rental of £3,750 per annum.
First Floor -Three Residential Units (Separate Street Entrances)
Tenure
Each sold on a 174-year lease from 24th June 1991.Further lease information will be included in the legal pack available to download from the Clive Emson website.
There is an addendum available to be read
in conjunction with the legal documentation.
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 Buyers Fees
