For Sale
Unit 13,
Ford Lane Business Park,
Ford,
Arundel,
West Sussex,
BN18 0UZ
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Investment, Industrial and Warehouse
1,702 Sq Ft (158.12 Sq M)
- Mid Terrace single let industrial investment unit
- Ford Lane Business Park is a high quality well known industrial and warehouse scheme of approximately 21 units built some 25 years ago
- Let to Southern Housing with D&B of 3A4 and tangible net worth of over £8m
- FRI lease expiring January 2028
- 1,702 sq ft with a passing rent of £15,000 pax equating to £8.81 per sq ft overall
- 5 parking spaces
- 100% small business rate relief eligible
- Well located just south of A27 south coast trunk road near Arundel
- Price £215,000
- Price represents a gross yield of approximately 7% and a capital value of £126 per sqft approximately.
Location
Ford is a village and civil parish in the Arun District of West Sussex, approximately 2 miles South of Arundel and 1.5 miles West of Littlehampton. Conveniently located between the A259 to the south and the A27 south coast road to the north, it easily connects to Brighton, Gatwick Airport and London via the A23/M23/M25 and Portsmouth, Southampton and the A3 via the M27.
Ford also has the benefit of a mainline railway station, with direct services available along the coast and up to London.
Ford Lane Business Park is accessed from Ford Lane with the unit position in the east part of the estate.
Description
This well-presented industrial unit offers a practical and efficient combination of warehouse, storage, and office accommodation, making it well-suited to a variety of light industrial and commercial occupiers. The property benefits from a clear-span unit with an eaves height to haunch of approximately 4.26m, accessed via a full-height up-and-over shutter door. Internally, the unit is fitted with a painted concrete floor and is served by a gas blower heater and three-phase power. To the rear of the ground floor is a functional office area, along with a fitted kitchen and two WC facilities (one of which is a tenant's improvement), providing essential welfare accommodation in support of operational requirements.
At mezzanine level, the unit offers high-quality, open-plan office space with modern lighting and air conditioning, benefiting from excellent levels of natural light through large windows with attractive green views, contributing to a pleasant working environment. Externally, the unit has the advantage of five dedicated car parking spaces situated to the front of the premises with one to the side, with good access for vans and deliveries. The property is likely to appeal to both owner-occupiers and investors, presenting a sound long term investment opportunity within a well-managed commercial estate.
Accommodation
The accommodation has the following approximate Gross Internal Area (GIA):
| Description | Sq Ft | Sq M |
|---|---|---|
| Ground Floor | 1310 | 121.7 |
| Mezzanine | 392 | 36.42 |
| Total | 1,702 | 158.12 |
Energy Performance Rating
We understand the property has an EPC rating of D.
Planning
A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO.
We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020 and specifically Class E (g) but interested parties should make their own enquiries of the planning authority.
Taxation
Rateable Value (2023): £11,000.
A qualifying occupier may be entitled to 100% Small Business Rate relief.
Tenancy Information
The property is let to Southern Housing on the following terms:
Let to Southern Housing on a 5 year FRI lease expiring 12.01.2028 at a passing rent of £15,000 pax with a rent review on 13.01.2026 on a protected 1954 Act lease.
A full repairing and insuring lease subject to a schedule of condition from 13.01.2023 expiring 12.01.2028 at a current rent of £15,000 pax. The lease appears to be protected under the 1954 Act legislation. There is a rent review on the 13.01.2026 which has not been initiated. The tenant did not exercise their single break at the same date.
Covenant
The property is let to Southern Housing (registered society under the Co-operative and Community Benefit Societies Act 2014 (registered Number 8983) have circa 2,000 employees and were started in 1901. See www.southernhousing.org.uk.
Southern Housing have a Dunn & Bradstreet rating of 3A4 and a tangible net worth of £8.15m.
Terms
We have been instructed to market the freehold interest, subject to the existing tenancy and contract, at a price of £215,000.
VAT
We understand that the property is elected for VAT and therefore it is assumed that the sale will be treated by way of a Transfer of A Going Concern (TOGC).
Legal Fees
Each party to bear their own legal costs incurred.
Anti-Money Laundering Regulations 2017
Due to Government legislation, we are legally obliged to undertake Anti-Money Laundering checks on prospective Purchasers / Tenants where a transaction has a capital value of €15,000 (Euro) or more or a rental value of €10,000 (Euro) per calendar month or more. This includes checking proof and source of funds. Please note that we need to obtain the relevant information and record this on file before a transaction can be contracted.
Flude Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Property Consultants has any authority to make or give any representation or warranty whatsoever in relation to this property.
Please note that whilst we endeavour to confirm the prevailing approved planning use for properties we market, we can offer no guarantees in this regard. Planning information is stated to the best of our knowledge. Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.
We advise interested parties to make their own enquiries to the local authority to verify the above and the level of business rates payable in view of possible transitional arrangements and any reliefs.