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13 Prince Albert St 1,443 sq ft 100% Let Office Property Brighton BN1 1HE £575,000 (£398.48/sq ft) 7.45% Net Initial Yield
Executive Summary
LOCATION
Brighton is located 56 miles (90 km) south of London and 25 miles west of Eastbourne. 22 miles (35 km) south of Crawley & Gatwick Airport, 22 miles (35 km) west of Eastbourne and 14 miles (22 km) east of Worthing. Brighton & Hove has a resident population of 289,000.
13 Prince Albert Street is prominently located adjacent to The Lanes with numerous retail, leisure and restaurant occupiers close by.
Churchill Square Shopping Centre (7 mins, 480 m) and the popular North Laine 150m.
Brighton Station is 14 minutes walk (1,500m) via Queens Road and Brighton seafront (4 mins).
A location plan and street view can be viewed online through Google Maps by typing in the following postcode: BN1 1HE.
DESCRIPTION
13 Prince Albert Street comprises the Shogun Ramen restaurant arranged over the ground and lower ground floors with rear garden.
The first and second floors were formerly occupied by a charity and is now vacant. The offices can be converted to form 2 one bed flats (STNC).
Planning consent was previously granted for a three bed maisonette.
TENURE
Freehold subject to tenancy.
PRICE
Offers in the region of £575,000, 7.45% net initial yield.
TenancY
Ground and lower ground floors held on an FRI lease for a term of ten years commencing 4th February 2024, lease expiry 17th May 2030 with a tenant only break option on 18th May 2028. The passing rent is £41,000 per annum exclusive.
The first and second floors will be vacant from 13th March 2026.
VAT
We are advised that the property is elected for VAT.
BUSINESS RATES
Ground & Lower Ground Floors: RV £33,750 UBR 49.9 p in the £ April 2025/26
First & Second Floors: RV £14,750 UBR 49.9 p in the £ April 2025/26
PLANNING
BH2017/00063 Conversion of first and second floor offices (B1) to three bedroom residential maisonette (C3) with internal alterations to layout and associated works. Planning consent dated 15th March 2017.
EPC
Ground & Lower Ground Floors: Certificate No: 0380-0233-6729-1227-0006, rated 78 D, valid until 28th March 2027.
First & Second Floors: Certificate No: 0270-8955-0343-3300-3080, rated 84 D, valid until 28th March 2027.
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.
Brighton is located 56 miles (90 km) south of London and 25 miles west of Eastbourne. 22 miles (35 km) south of Crawley & Gatwick Airport, 22 miles (35 km) west of Eastbourne and 14 miles (22 km) east of Worthing. Brighton & Hove has a resident population of 289,000.
13 Prince Albert Street is prominently located adjacent to The Lanes with numerous retail, leisure and restaurant occupiers close by.
Churchill Square Shopping Centre (7 mins, 480 m) and the popular North Laine 150m.
Brighton Station is 14 minutes walk (1,500m) via Queens Road and Brighton seafront (4 mins).
A location plan and street view can be viewed online through Google Maps by typing in the following postcode: BN1 1HE.
DESCRIPTION
13 Prince Albert Street comprises the Shogun Ramen restaurant arranged over the ground and lower ground floors with rear garden.
The first and second floors were formerly occupied by a charity and is now vacant. The offices can be converted to form 2 one bed flats (STNC).
Planning consent was previously granted for a three bed maisonette.
TENURE
Freehold subject to tenancy.
PRICE
Offers in the region of £575,000, 7.45% net initial yield.
TenancY
Ground and lower ground floors held on an FRI lease for a term of ten years commencing 4th February 2024, lease expiry 17th May 2030 with a tenant only break option on 18th May 2028. The passing rent is £41,000 per annum exclusive.
The first and second floors will be vacant from 13th March 2026.
VAT
We are advised that the property is elected for VAT.
BUSINESS RATES
Ground & Lower Ground Floors: RV £33,750 UBR 49.9 p in the £ April 2025/26
First & Second Floors: RV £14,750 UBR 49.9 p in the £ April 2025/26
PLANNING
BH2017/00063 Conversion of first and second floor offices (B1) to three bedroom residential maisonette (C3) with internal alterations to layout and associated works. Planning consent dated 15th March 2017.
EPC
Ground & Lower Ground Floors: Certificate No: 0380-0233-6729-1227-0006, rated 78 D, valid until 28th March 2027.
First & Second Floors: Certificate No: 0270-8955-0343-3300-3080, rated 84 D, valid until 28th March 2027.
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.
Property Facts
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
1,443 sq ft
Costar Property Class
B
Year Built
1960
Price
£575,000
Price per sq ft
£398.48
Yield
7.45%
NOI
£42,838
Occupancy Rate
100%
Tenancy
Multiple
Number of Floors
4
Typical Floor Size
360 sq ft
Plot ratio
0.72
Total Plot Size
0.05 ac
Amenities
- Courtyard
- EPC - D
- Storage Space
Major Tenants Click Here to Access
- Tenant
- Industry
- sq ft Occupied
- Rent/sq ft
- Lease End
- Shogun
- Service type
- -
- -
-
Jan 0000
| Tenant | Industry | sq ft Occupied | Rent/sq ft | Lease End | ||
| Shogun | Service type | - | - | Jan 0000 |
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13 Prince Albert St
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