No bars, no signal predictedOne bar, reliable signal unlikelyTwo bars, may experience problems with connectivityThree bars, likely to have good coverage and receive a data rate to support basic web servicesFull bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
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Office

Auction
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Office
0 bed
0 bath
5,371 sq ft / 499 sq m

Property description & features

  • Tenure: Freehold
  • By auction 13 th december 2023 with savills
  • Guide £795,000 +
  • £77,500 income pa
  • Planning consent obtained for further development of 2 further apartments
  • Modern building
  • Close to new edward street quarter & circus street developments
A 5 storey modern purpose built block of 9 apartments which have been sold of by way of long leasehold interests at peppercorn rents in addition to 3 commercial units arranged at ground & lower ground floor levels let to Rooms for Therapists Limited (lease term expiring 4/6/2029 with a tenant only break clause on the 4/6/2024 subject to 6 months prior notice, paying a rent of £15,000 per annum exclusive), Synertial Technologies Ltd (3 years from 10 October 2022 with provison for an 18 month break clause at a rent £20,000 per annum exclusive) & Maximus UK Services Limited (4 years from 13 February 2023 with provision for a tenant only break on the 3rd anniversary subject to 6 months notice at a rent of £42,500 per annum exclusive
(year end September 2021 had a turnover of £177,759,643 & net assets of £56,042,174)). Planning consent has been obtained to construct 2x2 bedroom apartments at 4th floor level under planning application number BH2022/00717 & appeal number APP/Q1445/D/22/3301047.

The building is situated on the corner of Carlton Hill & Mighell Street adjacent to the new Amex Building & Edward Street Quarter development where Octopus Energy, NatWest & Knights Solicitors have recently taken a significant space. The Circus Street Development is also nearby with Southern Dance as a key tenant. The popular Queens park is a few minutes walk away where Starfish & Coffee is situated, whilst Brighton City Centre & The seafront can also be easily accessed.

The property be sold by way of auction in Savills Auction on the 13th December 2023. A guide of £795,000 + has been set for the freehold interest with the benefit of the existing tenancies & planning consent. The property is elected for VAT & it is therefore proposed the purchase will be by way of a TOGC. Based on the income of £77,500 this would produce a gross yield of 9.75% with the benefit of the planning consent to develop further.

Savills, 33 Margaret Street, London, W1G 0JD
FAO Steven Cane
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