Lot 61 Freehold Mixed Use InvestmentAuction Date:
12th June 2024
Dems House & Havant House, Mill Lane, Storrington, Pulborough, West Sussex, RH20 4PP
Currently let at £38,500 per annum
Estimated rental £59,400 per annum
Two detached contemporary style properties of part-tile hung/part cement rendered elevations beneath a flat roof. Havant House is arranged over three floors as four self-contained flats, all sold on long leases with two commercial units on the ground floor producing
£20,000 per annum in total.
Dems House is arranged over two floors as four self-contained commercial units with the two ground floor units producing £18,000 per annum in total with the two first floor units vacant but being marketed at present with a combined potential rental of £20,900 per annum. It is also considered that there is the potential for rental growth on the existing shops. The units are approached via a shared driveway and there are 10 parking spaces shared between the commercial and residential elements.
They are situated in the heart of Storrington village with its comprehensive local shopping facilities and amenities with excellent road links to Worthing, Horsham and all surrounding areas via the nearby A24/A27.
Havant House
Trading As Marakesh Spice
Ground Floor
Tenancy
Let on a 20-year repairing and insuring lease from 25th December 2009 with five yearly rent reviews at a passing rental of £12,000 per annum.
Trading As Storrington Fish Company
Tenancy
Let on 15-year lease, from 6th December 2010, at a passing rental of £8,000 per annum.
Residential
Tenure
Four flats occupying the first and second floors, each sold on a long lease with a combined annual ground rental of £500 per annum.
Dems House (Bits & PCs)
Ground Floor
Tenancy
Let on a 20-year lease, from 29th September 2019, with five yearly rent reviews at a passing rent of £8,000 per annum.
Flower Wise
Ground Floor
Tenancy
Let on a 20-year lease from 29th September 2019 at a passing rent of £10,000 per annum.
Unit 3
First Floor
Open plan retail unit with kitchen and W.C.
Tenancy
Vacant - currently marketed at a rental of £9,500 per annum.
Unit 4
First Floor
Open plan retail unit with smaller rooms, kitchen and separate W.C.
Tenancy
Vacant - currently marketed at a rental of £11,400 per annum.
Outside
Ten parking spaces to the rear of the properties divided between the commercial and residential units and accessed by a shared driveway.
Site Measurements
The entire site extends to approximately 0.095 hectares (0.23 acres).
Freehold with Part Vacant Possession
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
