109-111 High Street, Selsey, Chichester

The property comprises of three commercial units across the ground floor and 2x self-contained one bedroom flats on the first floor of the building.

2 East Street - Currently vacant previously let for £8,500pa
109 High Street - Let to Barbers - Rent £9,000pa - Term 8 years from 28/01/2019
111 High Street - Let to Coffee shop - Rent £6,500 Years 1-3 increasing to £7,000pa Years 4-5 - Term 5 Years from 08/08/2019
Flats 1 & 2 both let on AST' for £600pcm, (both are considered underlet with current market rent £650-675pcm)

The total current passing rent is £29,900pa with potential to improve this to £40,200pa with the letting of the vacant commercial unit and increases on the two flat rents. This represents a NIY of 6.74% and reversionary yield of 9.07% There is also potential to convert the vacant commercial unit into residential use (STPC).

Location
The building occupies a prominent position in Selsey town centre on the corner of High Street and East Street, with a good level of passing trade and traffic. Selsey is a small town a short distance away from Chichester and to the west of Bognor Regis.

Viewings
To arrange a viewing please contact sole selling agents - Newlands Property

Terms
Offers are invited in the region of £425,000 for the freehold interest, subject to the existing leases and agreements in place.

Available Area