Acting on behalf of the landlord, Cradick Retail were instructed to market this former cinema and four new retail shops.
Lettings have been concluded on the shop units, which have been acquired by Pizza Hut, along with four other local traders.
A letting of the previously derelict cinema was secured to the Kinesis Gym Group on a long term lease at £75,000 per annum.
Worthing - Montague Street
A freehold retail property on the market on Worthing's prime Montague Street was recognised as having investment potential and offered particular asset management possibilities to the adjoining owner.
That freeholder was identified by a Land Registry search, instructions were secured and terms agreed to acquire the freehold interest at £100,000 below the asking price.
Terms were subsequently agreed to obtain vacant possession and simultaneously to let the property to 330 branch multiple retailer The Works, subject to a schedule of landlord's works and on a lease co-terminus with the client's adjoining property, creating an investment with a net initial yield of 10.4% net of purchase costs and landlord's works.