31 North Street, Chichester, West Sussex, PO19 1LX

Investment - Retail, F&B and Leisure Freehold

5,798 Sq Ft (538.63 Sq M)

For Sale £1,500,000 Offers in the region of

  • Chichester is a busy and attractive Cathedral city
  • Located in prime pedestrianised area
  • Central position close to public car parks
  • Attractive Grade II Listed building
  • Multi let investment
  • The total passing rent is £105,550 pax
  • Price £1,500,000 subject to the existing tenancies

Description

Attractive Multi-Let Investment

Location

The cathedral city of Chichester is a prosperous and historic market town located in West Sussex, approximately 68 miles south-west of London, 17 miles east of Portsmouth and 34 miles west of Brighton. It is the only city in West Sussex and is the County Town.

The property is situated on the western side of North Street, close to the Market Cross. This position is within the pedestrianised part of North Street, with significant levels of footfall. In retailing terms this location is considered prime.

Nearby occupiers include The White Company, Marks and Spencer, Boots, WH Smith and H. Samuel.

Planning

Interested parties should make their own planning enquiries and satisfy themselves in this regard.

Tenancy Information

Chichester City Centre is a vibrant and attractive retail centre with a core retail floor space totalling around 700000 sq ft. The retail on offer in Chichester is concentrated within the city walls and is focused along two main shopping axes namely North Street/South Street and East Street/West Street; these intersect at the Market Cross.

There are currently no managed shopping centres in Chichester and in light of the historic nature of the retail core there is limited scope for future development. As a result Chichester has one of the lowest vacancy rates in the UK.

The city contains many national multiple retailers including; Marks and Spencer Fat Face Topshop / Topman HandM TK Maxx and River Island. This is accompanied by restaurant occupiers such as Cote Wildwood ASK Brasserie Blanc and Wagamamas.

VAT

The property is elected for VAT and it is anticipated that the sale will be treated as a transfer of a going concern (TOGC).

Accommodation

Please see Tenancy & Accommodation Schedule for information.

Covenant

We understand the property is owned freehold under Title Number WSX297808.

The Sussex Food Co Limited is an established restaurateur, providing a high quality dining room and overnight letting rooms . They have a D&B rating of 1A 2.

https://www.purchasesrestaurant.co.uk/

Donna Ockenden is a respected and high profile health care leader with more than 35 years' experience both in the UK and internationally. Donna Ockenden Limited has a D&B rating of 1A.

https://www.donnaockenden.com/

BNP Paribas Real Estate Advisory & Property Management UK Limited, incorporating Strutt & Parker and John Clegg & Co, has existed in the UK for more than 150 years. It is a European commercial property consultancy with around 2,600 employees in 51 cities, and has a D&B rating of 1A 1.

https://www.realestate.bnpparibas.co.uk/

Business Rates / Council Tax Band

Ratable Value (2023): Ground Floor - £20,750
Ratable Value (2023): Basement - £4,850
Ratable Value (2023): Part Ground Floor - £15,750
Ratable Value (2023): Second Floor - £10,000

Interested parties should make their own enquiries to satisfy themselves of their business rates liability.

EPC

Please see Tenancy and Accommodation Schedule for information relating to the EPC's.

Legal Fees

Each party to bear their own legal costs incurred.

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Mark Minchell

01243 929136
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