Chichester's historic Buttermarket up for auction at a guide price of nearly £600,000

The North Street site was first built in 1808 by John Nash as a single storey building, originally to provide accommodation for small traders selling wares at the nearby market cross. The upper storey of the building was added in 1900 to serve as a technical institute and art school, and the building was most recently refurbished and renovated in 2011.

Today, the property is home to five shops/ restaurants on the ground and first floors. The current tenants, including chain restaurant Bill’s and the well established Pressley’s Jewellers, pay a gross total rent of £169,300 per annum.

Set to be auctioned by Acuitis on July 9, at 1pm, the guide price on the lease is currently between £570,000 and £590,000. The auction will be broadcast online and would-be buyers can bid online, by telephone or by proxy.

David Margolis comments: “The Buttermarket is a landmark Chichester building that will attract investors who favour buildings of character, while at the same time offering strong income streams through the current leases and options down the line for active asset management opportunities.”