23 Gloucester Rd
3,100 SF Retail Building Brighton BN1 4AD $2,042,963 CAD ($659.02 CAD/SF) 8.59% Cap Rate
INVESTMENT HIGHLIGHTS
- The property forms part of a modern mixed-use building known as Argus Lofts.
- The property is at the north end of Argus Lofts and has triple frontage to Robert Street, Gloucester Road and Kensington Street.
- Major retail / tourist and cultural centre on the south coast of England
- The remainder of the building comprises residential flats with ground floor offices and retail units.
- The property faces Sydney Street and is in the heart of the eclectic North Laine area.
- Triple frontage retail unit let to Beyond Retro Ltd with 9 years unexpired term with no breaks
EXECUTIVE SUMMARY
PRICE
Offers in the region of £1,100,000 – reflecting an initial yield of 8.59%.
TENURE
Long leasehold - 999 years from March 2006 with at an annual ground rent of £250 per annum without review.
The sale is subject to the existing tenancy in place to Beyond Retro Limited on an FRI basis, for a term of 15 years from October 2019 with no further break clauses.
The current rent is £94,524.57 per annum, with RPI annual increases capped/collared at 1-4%.
Offers in the region of £1,100,000 – reflecting an initial yield of 8.59%.
TENURE
Long leasehold - 999 years from March 2006 with at an annual ground rent of £250 per annum without review.
The sale is subject to the existing tenancy in place to Beyond Retro Limited on an FRI basis, for a term of 15 years from October 2019 with no further break clauses.
The current rent is £94,524.57 per annum, with RPI annual increases capped/collared at 1-4%.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Long Leasehold
Building Size
3,100 SF
Building Class
B
Year Built
1970
Price
$2,042,963 CAD
Price Per SF
$659.02 CAD
Cap Rate
8.59%
NOI
$175,491 CAD
Tenancy
Single
Building Height
3 Stories
Building FAR
0.10
Lot Size
0.71 AC
Frontage
1 of 1
NEARBY MAJOR RETAILERS
