South Street, Worthing

Back to listings

£1,500,000

Retail & Leisure

Description

Key Features

  • Vacant 3-storey commercial building extending to approximately 8,100ft sq.
  • Planning permission for 10 apartments (2 x 1 bed and 8 x 2 bed units) totalling 7,295ft sq whilst retaining 3,175ft sq of ground floor retails space.
  • Located within Worthing town centre, in close proximity to the seafront and circa 0.7 miles from Worthing Station.
  • Offers are invited in excess of £1500,000 for the freehold interest. Alternatively, offers in excess of £900,000 will be considered for th

Full Description

The existing property comprises a mid-terraced commercial building (A1 Use Class) which extends to approximately 8,100ft sq across 3 storeys. The property is arranged as a retail unit across the ground floor (4042ft sq) and 1st floor (2,165ft sq) with ancillary storage within the 2nd floor (1,893ft sq). The building was previously occupied by Mothercare and is now fully vacant.

LOCATION

The property is located on South Street, one of the main commercial streets within Worthing town centre. Worthing is a seaside town in West Sussex with a population of circa 110,000, located approximately 49 miles South of London and circa 10 miles West of Brighton. Worthing Station is located approximately 0.7 miles from the property providing frequent links to London Victoria in circa 77 minutes.

DEVELOPMENT POTENTIAL

Detailed planning permission was granted on 5th December 2018 (ref: AWDM/1202/18) for the conversion and extension of the 1st and 2nd floors, as well as the creation of a 3rd floor to provide 8 apartments (1 x 1 bed and 7 x 2 bed units). A separate Prior Approval application has been granted (ref: AWDM/1023/19) for the conversion of the 1st floor ancillary storage area to provide a further 2 apartments (1 x 1 bed and 1 x 2 bed units). The proposed development will therefore comprise 10 apartments totalling 7,295ft sq across 1st, 2nd and 3rd floors, whilst retaining 3,175ft sq of A1 retail space at ground floor. All residential units are for private sale, however the planning consent is subject to a Unlateral Undertaking which obligates for financial contributions of circa £8,084.

TENURE

The property will be sold Freehold with vacant possession on completion.

TERMS

Offers are invited in excess of £1,500,000 for the freehold interest. Alternatively, offers in excess of £900,000 will be considered for the long leasehold of the upper floors.

VAT

We understand that the property is elected for VAT.

CONTACT

To discuss any aspect of this property or the disposal process, please contact the seller's sole agents: Robert Luff - 01903 331247 robert@robertluff.co.uk Mark Holding - 01903 331247 mark@robertluff.co.uk