42-46 Teville Road, Worthing, West Sussex, BN11 1UL

Guide Price* : £250,000

Vacant Retail Property with Development Potential (Subject to Planning)

  • Vacant retail unit with upper parts
  • 5,363 sq ft (498.2 sq m)
  • Potential for conversion to residential (subject to planning)
  • Guide price of £250,000 reflects a low capital value of £46.62 per sq ft

Description

The property comprises three Victorian buildings that have been internally linked to provide a single ground floor retail unit and ancillary accommodation to the first floor.

The property was previously used as a motorcycle showroom, repair workshop and sales area for motorcycle related accessories. The first floor provided ancillary retail space and office space.

The property is within an established residential location and would likely suit conversion to residential use, either by splitting to provide three terraced houses, or by creating flats. A part or whole of the ground floor retail unit could also be retained. There is also potential to add a second floor within the roof space. All potential planning uses are subject to containing the necessary consents.

Location

The property is located on Teville Road, a busy street in an established residential area with some retail units occupied by local traders.

The majority of the residential accomodation provided on the street is in the form of Victorian terraced housing which has been converted to provide flats.

The area is likely to benefit from the nearby Teville Gate development, a mixed use scheme which, if approved, will provide flats, a hotel, retail and leisure accommodation. This, alongside the approved 92,000 sq ft redevelopment of Teville Gate House will likely provide a significant boost to local retail rents and housing prices.

Tenure

Freehold

Planning

An application has been made (Reference: AWDM/1252/19) for the Demolition of part and conversion of part of the property to provide 4 x one bedroom and 2 x two bedroom flats alongside an A3 and A4 unit.

Please consult the local authority website for more information.

VAT

The property is elected for VAT

Finance

Our Property Finance team have sourced both short and long term finance options for this lot.

Auction Finance is available for this lot at 65.00% LTV at 0.69% per month.

For further information and long term finance options, please contact:

Adam Klein
aklein@lsh.co.uk
020 7198 2241

Accommodation

Address Floor Use SqM SqFt
42-46 Teville Road Ground Retail 174.8 1,882
42-46 Teville Road Ground Workshop 83.3 897
42-46 Teville Road Ground Storage 36.9 398
42-46 Teville Road First Ancillary Retail 121.1 1,304
42-46 Teville Road First Office 119.0 1,281
Total 535.1 5,762

Bidder AML Requirements

For clarification, before being approved to bid, we require the following from all bidders, the documents must be certified by a solicitor who is a member of the law society and be sent from the certifiers e-mail to aarthy@574.co.uk:

• Certified copies of Government issued ID –provided by the certifying solicitor
• Proof of address from within the last three months – provided by the certifying solicitor

The certification must comply with HMRC requirements:
• a statement that the document is “Certified to be a true copy of the original seen by me” and where appropriate, “This is a true likeness of the person” from a person who is competent at document inspection and impostor detection, such as a person from a regulated industry or in a position of trust
• an official stamp of the person certifying and indication of professional status
• been signed and dated with a printed name
• the occupation and address or telephone number

If bidding as a company we will require confirmation of the company name and number and documentation from all persons with significant control.

Contact

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

The auction has not yet started
Minimum Opening Bid

£200,000


Bidding Opens On
11th Dec 2019 13:00
End Date

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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Viewings Viewing Times
From To Note
03/12/2019 10:00 03/12/2019 11:00

Office Contact

Max Mason
020 7198 2051

Related Documents

Legal Documents

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Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2019

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.