• To be sold by clicktopurchase® best offers by 1pm 3rd April 2019

• Freehold retail / residential investment / development opportunity

• Prominent position on St James Street

• Available with vacant possession

• Planning permission granted for flats on upper floors

• £500,000, subject to contract

The property holds a prominent position just north of the iconic Brighton Pier and is a short walk away from the main retail district of Brighton, The Lanes, whilst also being approximately 0.4 miles (0.7 km) from Churchill Square Shopping Centre. Churchill Square Shopping Centre has up to 85 retail units when fully let, in addition to several sites for ‘open-air’ style stalls in the corridors. The shopping centre retains tenants such as Topshop/Topman, Debenhams, Clarks, Zara and W.H. Smith. Nearby occupiers to 23 St James Street include Superdrug, Co-op, Morrisons and Starbucks.

The property is located on the northern side of St James Street which is busy retail pitch with nearby retailers such as Morrisons, Starbucks, Boots and Superdrug. St James Street is one of the main arterial roads leading to the Hospital and Kemp Town area of the city.

The property is 0.9 miles (0.56 km) from Brighton Train Station and 0.1 miles (0.06 km) from Pavilion Parade, which is the main road providing access to the A27 and A23.

The property comprises a 4-storey mid-terraced mixed-use building currently arranged over basement, ground, and three upper floors.

The premises is currently vacant. The upper floors currently office accommodation although planning permission has been obtained to convert to residential accommodation.

Planning permission was obtained in December 2018 for change of use to retail (A1) at basement and ground floors, with two 2-bedroom flats on the upper floors. The permission and plans are available to download. 

Freehold.

The property is located in a busy retail pitch and an area which usually generates good demand, with a mix of national operators as well as independent cafes and shops. This is a reasonably robust area and we would anticipate the retail unit achieving a rent for circa £20,000 per annum (approx. £34 Zone A).

Brighton is a strong and popular residential location with an acute shortage of housing. The City Plan Part One (adopted March 2016) sets a target of 13,200 new residential units to 2030.

We suggest that the property has the potential to generate an income of £51,000 per annum, based upon £20,000 per annum for the retail area and £31,000 per annum from the residential accommodation.

We suggest that the newly created residential flats will have a value in the order of £550,000, thereby providing significant development potential.

The property has not been VAT elected, therefore the purchase will not be subject to VAT.

1. An opportunity to acquire a town centre investment and residential development opportunity in Brighton

2. The property occupies a prominent position in St James Street, close to new residential schemes;

3. Attractive lot size

4. A purchase at the asking price reflects a low capital value in comparison to residential sale values

27.2.19