Latest NewsA private family pension trust has purchased the freehold investment of 13 East Street, Chichester. The prime shop was let to Smiggle at £70,000 per annum on a 10 year lease from 2017 with a tenant's option to break at the 5th anniversary. The sale price reflected a net initial yield of 5.3% after allowing for acquisition costs. The building is Grade II Listed.
Acting for the Abbeyfield Kent Society, now rebranded Rapport, we advised and represented the registered landlord to agree a new easement to access their care home and sheltered housing development called Rogers House and Abbeyfield House in Gillingham, Kent. A historic agreement with the local Diocese restricted the access to the substantial property, across the car park of the adjoining church. This restricted the ability of AKS to mortgage the property. After lengthy negotiations and valuations with the church's surveyors, we were able to agree a mutually acceptable consideration to resolve the issue and agree the terms for a new easement. This has allowed AKS to raise further funds against the property for another badly needed sheltered housing scheme nearby.
Acting for Southern Co Op we have secured a new letting of the former convenience store at 107 Felpham Way, Felpham. The store was under performing and has been reserved for the next door Co Op Funeral Care business in 4 years time. The property has been let to local traders retailing up-cycled furniture.
Acting for private landlords we have agreed a rent review for the Majestic Wine Warehouse at 55, The Hornet in Chichester. Rapleys acted for Majestic Wine. The thatched barn is Grade II listed. A 20% increase has been agreed for the next 5 years.
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