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Lot 6

Commercial Investment – Gross Yield 12.5%
4 Week Completion

Situation

Occupying a prominent trading position at the corner of Ockley Road, only a minutes' walk from Bognor Railway Station and the main town centre shopping area in London Road.
Bognor Regis is a popular coastal resort town and tourist destination, located just off the main A27 (via the A259), some 6 miles east of Chichester and 26 miles west of Brighton.

Property

Forming part of a corner property comprising a Ground Floor Shop.

Accommodation

Ground Floor Shop
Gross Frontage 19'3"
Internal Width 17'0" (average)
Shop Depth 29'0"
WC

VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 999 years from 5th March 2018 at a fixed ground rent of £200 p.a.

Tenancy

The property is let on an effectively full repairing and insuring lease to A Stosur t/a Bellove (Beauty Products) (Visit: www.bellove.co.uk) for a term of 5 years from 25th October 2023 at a current rent of £10,000 per annum exclusive (see Addendum).

Annual RPI Rent Reviews (1% and 5% collar and capped) - Refer to the Addendum regarding the October 2024 increase.

Note 1: The shop lease is excluded from the renewal provisions (s24-28) of the Landlord and Tenant Act 1954.

Note 2: The Freehold may also become available by negotiation following completion, subject to L & T Act 1987 Notices being served.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

13 Linden Road, Bognor Regis, West Sussex PO21 2AL