PO19 The Vestry, 21-23 Southgate, Chichester

High street leisure investment let to Marston's Plc on a 35 year lease, 12 years unexpired.

The Property is a mid-terrace, two storey building and converted from a former Waitrose Store. The ground floor comprises a 120 cover pub restaurant with ancillary areas and the first floor comprises of 11 en-suite letting bedrooms. In addition to this is a 2 bedroom manager's flat.

The site extends to approximately 0.14 acres (0.057 ha).

The accommodation is arranged over ground and first floor with access from both front and rear. We detail the breakdown of accommodation below.

The property is not listed, but is situated in a conservation area. The current use class consent is ppSui Generisss class.

The property has a 2023 Rateable Value of £75,000.

The property is held long leasehold with approximately 973 years unexpired term at a peppercorn.

The property is subject to a 35 year underlease from June 2000, expiring in 2035. The current rent passing is £125,000pa. We understand the tenant has sublet their interest to The Sussex Pub Group on co-terminus terms. A copy of the underlease and sub-lease are available upon request and subject to status.

Our client is seeking offers in the order of £1,625,000 for the long leasehold interest. A purchase at this level reflects a NIY of 7.25%.

Chichester is well-known for its cobbled streets and 18th and 19th Listed Century buildings evidencing its historic use as a market town. Now a city, and indeed the only city in West Sussex, Chichester has attracted an average of 1.83 million tourists per annum over the last three years (2016 to 2019).

The main attractions in the affluent city include Chichester Cathedral, Pallant House Gallery and Chichester Festival Theatre, whilst an extensive retail offering from both independent retailers and major brands is also well-received by visitors.

The site benefits from excellent connectivity being 0.5 miles north from the A27 Chichester Bypass. The sites strong road links ensures easy access to surrounding towns including Portsmouth, Worthing and Farnham, as well as the south coast, Chichester Harbour Area of Outstanding Natural Beauty and South Downs National Park.

The property occupies an attractive position in the centre of Chichester on Southgate. Chichester Railway Station is less than 0.2 mile from the site and provides regular access into London Victoria Railway Station within 94 minutes. Southampton Airport is located 32 miles west and London Gatwick Airport is located 39 miles north east of the site.

Let to Marstonnns Plc

12 years unexpired

Virtual Freehold (973 years)

Income £125,000 pa

Rent £12.15 per sq ft

Net Initial Yield of 7.25%

Low capital value £158 sf

120 cover Restaurant

11 en-suite bedrooms