Summerley Lane, Felpham, Bognor Regis, PO22

1 Bed │

Asking Price £595,000 Freehold Investment

Middleton-on-Sea

Richard Longhurst

Partner

Key features

  • First Floor Vacant Office
  • Two Bedroom First Floor Flat
  • Retail Unit

Full description

We are delighted to bring to the market a rare opportunity to acquire an income producing freehold investment. The property would suit an investor seeking a good initial yield with the potential for long term rental growth. The property was built in 2002 and is in good condition throughout. Ample parking to the front and rear plus good roadside presence.

The space within the building has been measured on a gross internal basis. The areas and passing rents are as follows:

The first floor office has an area (GEA) of 574 sqft / 53.3 sqm, has two car space and is vacant.

The two bedroom flat has an area of 780 sqft / 72.5 sqm, has one car space and has a passing rent of £9,540 p.a.

The retail unit has an area of 1,440 sqft / 133.8 sqm, has ten car spaces and a passing rent of £22,000 p.a.

The total sqft is 2,794 sqft / 259 sqm, thirteen car spaces and a passing rent of £31,540 p.a.

The office to be sold with vacant possession. ERV £5,000 p.a.

The flat is let to a private individual on an assured shorthold tenancy that expires on 11th July 2019.

The ground floor shop is let to Bestway Retail Ltd, a subsidiary within the Bestway Group (www.bestwaygroup.co.uk) on a business tenancy that expires on 25th March 2032. Passing rent increases to £24,000 p.a. on 25th March 2020.

Situation

PLANNING

We have been informed by the vendor that the ground floor unit has planning for an A1 unit, the flat on the 1st floor has planning for a self-contained flat (Lawful Development Certificate) and the additional room on the 1st floor has been used as an office since 2004. Potential to create a larger flat on the 1st floor, subject to securing the required planning permission.

ENERGY PERFORMANCE CERTIFICATES

Flat - C72 / Office - D91 / Retail unit - D80.

UTILITIES

Mains gas supply to the 1st floor with separate electricity meters for the shop, flat and office. Mains water to ground and 1st floor.

VAT

VAT will be due on the purchase price and we expect the sale to be treated as a TPGC (transfer of a going concern).

COMMERCIAL TERMS

Asking Price £595,000.

For an information pack, please contact Martin Trundle on 01243 532222 / martin.trundle@henryadams.co.uk

11/02/19

Why live in Middleton-on-Sea?

The development of modern Middleton began after World War I, when Captain H Rowlands S Coldicott purchased great swathes of farmland with a plan to create both a residential estate and a village community.

This led to the development of the private Sea Lane Estate, which is still a sought-after residential area today thanks to its proximity to the sea and local shops. There are also many pretty thatched properties in the area along with small retirement apartments, bungalows and large family homes that enjoy direct access to the sea while, in neighbouring Felpham, we have the glorious private Summerley Estate.

Middleton-on-Sea is within easy reach of Chichester and Bognor Regis and is a perfect setting for family life. We have two local schools, including the Bishop Tufnell Primary School and the Felpham Community College for secondary students, along with a day nursery for pre-school children. We also have a good range of shops for such a small village, including coffee shops, a Post Office, a family butcher, a general store, newsagent, fish and chip shops, gift shops, a florist and some friendly pubs.

At low tide, Middleton-on-Sea’s sandy beach stretches from Littlehampton to Bognor Regis and is a favourite for local dog walkers and those who enjoy the fresh air and tranquillity of the sea.  Elmer Sands, a mile east of Middleton, is a particular beauty spot, enhanced by the interesting rock islands that were built as a sea defence two decades ago and which have left rock pools and safe areas for swimming and beginner water sports. Over in Felpham you’ll find beachfront cafés, the Arun Leisure Centre, which has a swimming pool and a well equipped gym, and public tennis courts next to the Promenade.

If you’d like to buy, sell or let a property in Middleton-on-Sea, get in touch with your local team and discover the Henry Adams difference for yourself.

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