23 Preston St 660 SF Retail Building Brighton BN1 2HN $367,313 ($556.54/SF) 8.51% Cap Rate

LOCATION
Brighton is located 22 miles (35 km) south of Crawley, 22 miles (35 km) west of Eastbourne and 14 miles (22 km) east of Worthing. Brighton & Hove has a resident population of 289,000.
23 Preston Street is prominently situated on the western side of this popular established restaurant and leisure area a few minutes from the i360 and the seafront.
Nearby occupiers include Wolfox Roastery, Sushi Garden, Bincho, Maggie Mae’s, Kanok Thai, China Garden and The New Club.
Brighton station is 17 mins walk (0.7 miles) via Western Road. Regency Square car park (507 spaces) is 2 minutes walk. A location plan and street view can be viewed
online through Google Maps by typing in the following postcode BN1 2HP.
DESCRIPTION
The property comprises a commercial premises with basement, trading as a beauty salon. The ground floor is comprises the beauty salon. The lower ground floor has two treatment rooms, store room, shower & W.C.
The property also has a flat above which is sold of on long lease.
TENURE
Freehold subject to tenancies.
TENANCIES
23 is let on an effective FRI lease for a term of fifteen years commencing 1st October 2025 with five yearly RPI indexed rent reviews. There are tenant only break options at the expiry of the fifth and tenth years. The passing rent is £23,920 per annum. 23a is sold off on a long lease of 125 years from 25 March 1988, Current ground rent £113 per annum.
BUSINESS RATES
Rateable Value £10,750 UBR 49.9 p (Apr 2025/26).
EPC
The EPC can be produced upon request.
VAT
We are advised that the property is not elected for VAT.
LEGAL COSTS
Each side will be responsible for their own legal costs.
MONEY LAUNDERING REGULATIONS
Under the Money Laundering Regulations 2017 (as amended) we are legally required to obtain proof of funds and identity