The property comprises of three commercial units with two flats above and car parking area to the rear with re-development potential (subject to necessary planning consent) the current rent roll is circa £49,050 per annum.
The property is a grade II listed building, current planning consent is for A1 & A3 across the units. There is also potential for the re-development of the parking area at the rear (subject to planning consent)
* Unit 1, Roses Hair Salon - £8,500pa (tenant has given notice to vacant in August 2020) 29.25sqm
* Unit 2, Duke Coffee Shop - £11,750pa (Rent review May 2020, expires May 2025, inside the L&T Act) 150.1sqm
* Units 3&4, Tarring Village Stores - £10,500pa (Rent review January 2022, expires January 2030, inside the L&T Act) 46.37sqm
* Flat 2a - £8,340pa (AST) - 38sqm
* Flat 2b - £9,000pa (AST) 36sqm
* Parking spaces X2 - £960pa
Total current Rental Income: £49,050 per annum
The property is located in the centre of Tarring Village which is surrounded by mostly residential units, with a few other commercial businesses including a couple of pubs, well known local restaurant The Parsonage and another coffee shop. West Worthing train station is a short walk away to the South and Worthing town centre is approximately 10 minutes drive away.
Mixed Use Freehold Investment
Re-development Potential at Rear (STNC)
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.