For Sale
Vinnetrow Business Park,
Vinnetrow Road,
Chichester,
West Sussex,
PO19 1QH
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Offices, Investment
31,755 Sq Ft (2,950.04 Sq M)
- Freehold multi-let landscaped business park.
- Attractive South East location in the County of West Sussex.
- 31,755 sqft / 2950.14 sqm with 105 car parking spaces plus an overflow car park on 5.12 acres.
- Within the 5.12 acres is land of 1.68 acres with future investment and development potential subject to planning.
- Diverse tenant line up including the following uses; laboratory, Vets Surgery, day nursery, classic car restoration and offices.
- 16 tenants with established flexible uses.
- Income £459,306 per annum
- Opportunities to refurbish or redevelop vacant Unit 2 and capture reversion through rent reviews, regears and future lease events across the business park.
- Offers in the region of £4,525,000, subject to contract reflecting a 9.52% net initial yield
- Capital Value £142 per sq ft / £1538.72 per sq m
Location
Chichester is an attractive cathedral city, and the county town of West Sussex. It is conveniently located along the A27 south coast trunk road and lies approximately 15 miles to the east of Portsmouth and 30 miles west of Brighton. A mainline railway service to London reinforces commerce.
Vinnetrow Business Park is situated on Vinnetrow Road approximately 0.5 km from Bognor Road roundabout on the A27 Chichester Bypass.
Description
The business park is set on a site of 5.12 acres and includes a mixture of self-contained single and two-storey office- buildings (Units 3, 4, 5 & 9) , a modern office courtyard (CY1-5), a children's nursery (Units 6 & 7) and a warehouse building with secure yard (Unit 8). There are 105 designated car parking spaces plus an overflow car park at the rear or eastern side of the site.
At the centre of the site is a vacant storage building, Unit 2 that has potential to be refurbished, repositioned or redeveloped to enhance the character of the business park and increase income.
To the south of the site is a paddock providing 1.68 acres (included in the 5.12 acres) of existing amenity land that has potential for development subject to planning consent.
Accommodation
The property provides the following accommodation (net internal area) in summary:
Healthcare 12,829 sq ft 1,191.85 sq m
Showroom 1,910 sq ft 177.44 sq m
Office 6,011 sq ft 558.44 sq m
Education 3,365 sq ft 312.62 sq m
Total 31,957 sq ft 2,968.90 sq m
Please refer to the detailed tenancy schedule which is available to download.
A full measured survey is available to download and will be assigned to a purchaser at a cost of £250 + VAT.
Energy Performance Rating
The EPCs for the property vary between A and D. A full set of EPCs and recommendation reports can be downloaded from the data room.
Taxation
Details available on request
Tenancy Information
The property produces a current income of £459,306 per annum, in accordance with the Tenancy Schedule which is available to download. The schedule provides details of rent deposits and shows the length of occupation, as well as ongoing initiatives.
Terms have also been agreed with Andy Stedman Design Ltd (Unit 2A Courtyard) for a new 5 year lease with a break at year 3 at an annual rent of £23,275 (£19.04 psf). In addition, a
storage compound of 0.03 acres is being created at an annual rent of £3,500. This deal is currently being documented by the lawyers and will add £4,725 p.a. to the current rent roll.
Furthermore, terms have been agreed with Truly Gorgeous Bridalwear Limited (Unit 4 South) for a further 5 year lease with a break at year 3 at an annual rent of £12,000 (£14.44 psf) with 3 months rent free. The lease does have a service charge cap with a current shortfall of £1,270.29.
Service Charge
The estate service charge for the year 2025/2026 is £82,555 per annum, equating to £2.60 per sq ft. A copy of the most recent service charge accounts and budget can be accessed from the data room.
Truly Gorgeous Bridalwear Limited has a service change cap of £2,328 and there is a current shortfall of £1,270.29.
Covenant
Please refer to the Covenant Schedule detailing information on the tenants. It is suggested that the diverse income stream provides an overall secure income for an investor.
Terms
We are instructed to market the property at a price of £4,525,000, subject to contract, reflecting £1538.72 per sq metre / £142 per sq ft, and showing a net initial yield of 9.52% allowing for purchaser's costs of 6.57%.
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
In accordance with current Government legislation, we are legally required to conduct Anti-Money Laundering (AML) checks on all prospective purchasers or tenants where the transaction involves a capital value of €15,000 (EUR) or more, or a rental value of €10,000 (EUR) per calendar month or greater.
This process includes verifying identity, as well as confirming the source and availability of funds. Please note that we must obtain and record this information before any transaction can be formalised or contracts exchanged.
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.