7 High Street, Crawley, RH10 1BH
, RH10 1BH
Price: Buy: POA
Size: 1877 sq ft174 sqm Primary Category: Investment All Categories:
Investment, Property Ref/Movehut: MH534907 Property Ref/Agent: 21626605 7 HIGH STREET CRAWLEY
*Please use the agent ref when calling the agent directly.
Property Date Information
Last Updated: July 10, 2020
Prominent town centre location
Fully let with income growth potential
Current income 66,340 p.a.x
Fully let town centre freehold investment situated in Crawley High Street comprising an established restaurant (t/a Taormina) and five self-contained flats all let on AST's. VAT is only chargeable on the commercial element.
Price reduction for quick sale
DESCRIPTIONA mid-terrace three storey building comprising a ground floor fully fitted restaurant providing an approximately net internal floor area of 1,877 sq ft (179.4 m2) and five self-contained residential units above.
Restaurant and Bar (approximately 70 covers)
Male & female W.C's
1st Floor: 2 x spacious studio flats; 1 x one bedroom apartment
2nd Floor: 1 x one bedroom apartment; 1 x studio flat
TENUREFreehold, subject to the following tenancies:-
Ground Floor - let on an effectively full repairing and insuring lease to a private individual (currently t/a Taormina ) for a term of 25 years from 30 September 2011 at a current rent of 25,000 per annum exclusive, subject to 5 yearly upward only rent reviews. N.B. The September 2016 rent review is currently outstanding.
The lease is subject to both landlord and tenant break options every third anniversary of the term subject, in the case of the tenant, to various conditions including at least 6 months prior written notice.
Upper Floors - let on assured shorthold tenancies (at a current total annual rent of 41,340) as follows:-
7A - 650 per calendar month
7B - 675 per calendar month
7C - 750 per calendar month
7D - 695 per calendar month
7E - 675 per calendar month
The current total income is 66,340 per annum exclusive.
PRICESerious offers are invited in the order of 850,000 for the freehold interest, subject to the existing tenancies. A purchase at this level will provide a gross initial yield of 7.8% and a net initial yield of 7.4% allowing for purchase costs of 5.72%.
EPCRating F-144 - click here to download EPC
For Sale: 850,000
Business RatesRateable Value: 20,250
Rates Payable: 9,436.50 (2017/18)
Council Tax: TBC
Interested parties are advised to contact Crawley Borough Council on Tel: 0 or to verify this information.
VATVAT is NOT chargeable on the residential element of this property. Further information on application.
Legal FeesEach party to bear their own legal costs incurred in the transaction.
EPC for 7 High Street, Crawley, RH10 1BH
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