312 Portland Road, Hove, East Sussex, BN3 5LP

about this property

Inner terraced building with red brick elevations beneath a tiled main roof. The property is arranged as a retail unit (let) and 2 flats over, both sold off on long leases. There are 2 garages to the rear, both let on license agreements.
Situation
The property is located on the South side of Portland Road, between Portland Avenue and Mansfield Road in a shopping parade.
Lease Details
The ground floor premises trading as a launderette is let on a commercial lease to McCanns Launderettes Limited on a term of 12 years from 13 March 2024 at a rent of £10,312 with rent reviews in 2028 and 2032. There are 2 guarantors in place.
Flat 1 is on the first floor and is held on a term of 125 years from 15 February 2021 at a rent of £150, £225, £335, £480, £660 pa rising every 25 years.
Flat 2 is on second floor and is held on a term of 125 years from 15 February 2021 at a rent of £150, £225, £335, £480, £660 pa rising every 25 years.
The left hand garage is held on a term of 6 months from 28 January 2022 at a rent of £75pcm (£900pa).
The right hand garage is held on a fixed term of 12 months from 31 October 2017 at a rent of £75pcm (£900pa).
Total present income £12,412 pa (gross)
Accommodation
Retail (Launderette) - 55 sq.m.
Rateable Value - £8,000

Notes
Please note Landlord and Tenant Act 1987 (Section 5A Notices) will need to be served on the flat owners once a price has been agreed.