For Sale
Plot 5B,
Terminus Road,
Chichester,
West Sussex,
PO19
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Investment, Development, Industrial and Warehouse
19,742 Sq Ft (1,834.03 Sq M)
- Opportunity to acquire a well-located South Coast multi let logistics/ industrial investment - Located on the principal Industrial Estate in Chichester
- Flood Risk Zone 1 (low probability)
- The property was newly developed in approximately 2000 and is let to 2 companies
- Total floor area of 19,742 sq ft (1,834 sqm) on a site of 0.95 acres (45%) with 39 parking spaces
- Unit 1 is let to BECKTECH LIMITED who have D&B rating of 1A 3 and are on a 10 year FRI lease expiring 28.09.2032 at a passing rent of £100,000 pax (£8.26 psf overall)
- Unit 2 is let to PRO-ACTIVE BUSINESS INFORMATION LIMITED who have a D&B rating of A2 and are on a 15 year FRI lease expiring 20.11.2029 at a passing rent of £34,000 pax (£4.45 psf overall)
- Long Leasehold Interest expiring 25.12.2150 (over 127 years unexpired)
- Total Gross Income £134,000 per annum (ground rent payable £9,100) with Net Receivable Rent being £124,900 pax
- Average Weighted Unexpired Lease Term (AWULT) of 8.2 years to expiry (7 years to lease expiry or break)
- Price reduced to £1,765,000, which reflects a net initial yield on the net income of 6.66% which we believe to be reversionary to 7.8% and which represents a Capital Value of £89 psf
Location
The Cathedral City of Chichester, West Sussex is located approximately 65 miles southwest of London, 15 miles east of Portsmouth and 30 miles west
of Brighton. Plot 5B Terminus Road, Chichester PO20 2FP is located on the Terminus Road Industrial Estate, which is the principal logistics/industrial
area for the city.
The unit has good transport links with Terminus Road having direct access to the A27 trunk road. Additionally Chichester train station is just half a mile away, providing direct access to London Victoria (90 minutes - fastest), Portsmouth (25 minutes), and Southampton (49 minutes). The above plus local amenities, such as supermarkets, restaurants, and cafes, are also within easy reach, making it a desirable location for employees and businesses alike.
Access to A27 dual carriageway 0.5 mile (2 mins)
Chichester 0.5 mile (3 mins)
Chichester City Centre 1 mile (5 mins)
London Gatwick Airport 48 miles (67 mins)
Portsmouth Continental Ferry Port 16 miles (19 mins)
Southampton International Airport 31 miles (33 mins)
London Victoria 90 Minutes
Description
Modern Multi-Let Logistics/Industrial Investment Sale
Accommodation
The property is set back from Terminus Road but has its own access entrance and the site can be secured. The building comprises a modern warehouse facility on the Terminus Road Industrial Estate built in the year 2001, originally to be occupied wholly by Becktech Ltd but designed to
have flexibility to be split and which now comprises two independent units.
Unit 1 has a total GIA of 12,105 sq ft (1,125 sq m), ignoring a small mezzanine in the south-western corner of the warehouse. The warehouse element totals 7,355 sq ft (683.27 sq m) of ground floor footprint. The purpose built office element to the side is two storey and comprises a total of 4,750 sq ft over two floors.
Unit 2 has total GIA of 7,637 sq ft (710 sq m) being a ground floor footprint of 4,400 sq ft (409 sq m) and a Landlords mezzanine floor of 3,237 sq ft (300 sq m) which comprises storage and offices. The unit also benefits from a yard area to the front of the building for parking and loading.
Both units have dedicated parking (total 39 spaces) loading and lorry parking
Minimum 6.5m (21ft) eaves height (9.42 m/31 ft. at apex)
Mixture of open plan and individual offices to Unit 1
Secure yard
Total site area of 0.382 hectares (0.95 acres)
All mains utilities including Three Phase Electricity Supply
The property has the following approximate Gross Internal areas:
UNIT 1 Sq Ft Sq M
Warehouse 7,355 683
Ground Floor Office 2,375 221
First Floor Office 2,375 221
TOTAL 12,105 1,124
UNIT 2 Sq Ft Sq M
Warehouse 4,400 409
First Floor Mezzanine 3,237 301
TOTAL 7,637 710
GRAND TOTAL 19,742 1,834
Planning
The original consent for the property in 2000 was for a B8 facility with ancillary B1 use.
Unit 2 was subsequently occupied for a period under a D1 use, when occupied by Chichester College, but in 2014 they vacated and under a subsequent consent, it was returned to B8 use with ancillary B1 use.
VAT
The property is elected for VAT and it is anticipated that the sale will be treated by way of a Transfer of a Going Concern (TOGC).
Terms
The property interest being sold is a long leasehold dated 1 March 2002. The freeholder is The District Council of Chichester with the main terms as follows:
Term: 150 years commencing on 25 December 2000.
Current Rent Passing: £9,100 pa exclusive
Rent Review: 5 yearly, upward only to the greater of 7.5% of the open market rental value per square metre of the premises on the assumption that
the premises are available to let for a term of 15 years subject to a rent review at the expiry of the 10th year
Permitted use: Within Use Classes B1 (b) and (c), B2 and B8 warehouse (with no retail sales or office use except where ancillary to the principal use)
Please note, all prospective purchasers will need to be verified for anti-money laundering purposes prior to a sale being agreed.
Energy Performance Rating
Copies of the EPC's are available on request.