16 St. James Street, Brighton, East Sussex, BN2 1RF

Description

Not inspected by Auction House, however understood to be a self-contained retail unit to the ground floor and basement within a three-storey plus basement, mid-terraced building configured as a traditional mixed-use asset. The residential accommodation to the upper floors has been sold off via long leases, subject to peppercorn ground rents, and does not form part of this sale. The commercial aspect comprises a conventional retail unit to the ground floor with ancillary retail space to the basement. The property includes a main open-plan sales area, storage rooms, staff and WC facilities, a basement office and stores. The main sales accommodation has suspended ceilings, fluorescent strip/pendant lighting, laminate floor coverings and partial perimeter racked shelving. The property has a small rear yard solely utilisable by the commercial occupants as a fire escape.

Accommodation

Ground Floor: 1 main sales area, 1 kitchenette, 1 WC and 1 store. Basement: 1 office and 1 store. Estimated floor areas: Ground Floor retail area NIA 38.4 m² / 413 ft²; Ground Floor store including kitchen NIA 20.4 m² / 220 ft²; Basement store NIA 21.9 m² / 236 ft²; Basement office NIA 12 m² / 129 ft²; Total NIA 92.7 m² / 998 ft²; ITZA 398 ft².

Location

Brighton, East Sussex. The property is within the city centre, where public car parking is readily available.

Tenure / Property Information

Investment Analysis

The £119,000 guide is the only supplied pricing evidence for the commercial unit. The sold comparables are residential flats/maisonettes and do not support a valuation of this retail leasehold interest. No sufficiently specific rental evidence or auctioneer rent estimate is provided, so income-based valuation, yield and GDV cannot be established. The unit is tenanted under a five-year lease commencing February 2024, with full tenant repair and tenant insurance obligations; the rent, review terms, break terms, ground rent and service charge are not stated. The property was not inspected by the auction house and may attract additional completion costs under the special conditions.

Investment Snapshot

Strategy Recommendation

Do not bid on financial assumptions at this stage. Proceed only after obtaining and reviewing the full commercial lease, rent schedule, tenant payment history, title and special conditions, and after independently assessing the retail unit's value and condition.

Works Required

No specific refurbishment works are evidenced. Before bidding, verify condition, services, fire and basement arrangements, title, lease documentation, rent account, rent review and break provisions. Any physical works allowance remains unsupported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR is not supportable on the supplied evidence. There is no supported GDV, rent, refurbishment budget or refinance value. The long leasehold term is stated as 999 years from 22 June 2005, but the income and complete cost position remain unknown.

Buy-to-Let Analysis

A BTL-style income assessment cannot be completed because no passing rent, estimated rent or sufficiently specific rental comparable is supplied. The tenant covenant is identified only as a private individual, and the lease's financial terms are incomplete. The stated 2.75% administration charge is subject to a £3,600 minimum at the £119,000 guide, with further possible special-condition costs.

Flip Analysis

A flip analysis cannot be established because there is no commercial resale comparable, supported GDV, refurbishment allowance or selling-cost allowance. The upper-floor residential accommodation has been sold off and is not included, limiting the asset to the tenanted ground-floor and basement commercial accommodation.

Investor Risks & Due Diligence

• No passing rent or auctioneer rent estimate is supplied, preventing income and yield assessment.

• The property was not inspected by the auction house; condition and repair requirements are therefore unverified.

• The lease includes a rent review and break clause on the third anniversary, February 2027, but the detailed operation and financial effect are not supplied.

• Ground rent and service charge are not stated.

• Special conditions may require search fees, seller cost reimbursements, legal fees, transfer fees and other charges.

• The tenant is identified as a private individual, with no covenant or payment-history evidence supplied.

• No exclusive parking is provided.

• The residential upper floors are excluded from the sale, so the purchase is limited to the commercial leasehold interest.

Recommendation

Do not bid on financial assumptions at this stage. Proceed only after obtaining and reviewing the full commercial lease, rent schedule, tenant payment history, title and special conditions, and after independently assessing the retail unit's value and condition.

Strategy Rating

Analysis Confidence

The property description and lease structure are provided, but there is no rent, commercial valuation evidence, inspection, refurbishment budget, GDV, or complete schedule of acquisition costs. The supplied sold comparables are residential and not directly relevant.