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FOR SALE

London Gate,
72 Dyke Road Drive,
Brighton,
East Sussex

Offices, Investment

9450 Sq Ft (877.9 Sq M)

Features

  • Purpose built office building
  • Excellent parking provision (18 marked spaces but with ability to park circa 22)
  • Established office location
  • 750 metres from Brighton station; 1.4 km from Preston Park station
  • Significant and ongoing investment in the surrounding area
  • Highly diverse, active and significant Brighton office market
  • Potential for change of use / wholesale redevelopment subject to planning
  • Current passing rents at 53% of highest rents in Brighton
  • ERV approx £174,825 per annum
  • Offers invited in the region of £2.3 million reflecting a Net Initial Yield of 3.74% and a reversionary yield of 7.15%

Location

The property is situated in an established and popular out of town office location at the junction of Dyke Road Drive and Preston Road, which forms part of the main A23 London Road providing easy access into and out of the city centre.

There are regular bus services and cycle lanes along Preston Road, whilst Preston Park railway station is within walking distance providing a direct service into London Victoria. Preston Park with the attraction of its tennis courts, cafés and other leisure facilities is located within a five minute walk to the north.

Description

Freehold Brighton office investment for sale
Size: 878 sq m (9,450 sq ft)

Accommodation

The property comprises a five storey modern purpose built office building five storey modern purpose built office building with ground level and undercroft parking.

The building was extensively refurbished and modernised in 2007. Work included:

New doors and windows throughout
New access stairs and disabled lift
New lift
WC upgrade and new disabled WC on ground floor
New fire alarm system
Heating & cooling air con throughout
New carpets throughout
Redecoration throughout


The property provides good quality conventional open plan office space with good parking provision.

https://www.flude.com/London-Gate

Planning

& Alternative Use / Redevelopment Potential

The property was purpose built as an office building. The property has always proved lettable as offices and we believe it to have a perfectly viable future in office use.

With the Council's Tall Building policy and various precedent for the consenting of additional floors / redevelopment of older buildings to new taller buildings we believe there to be potential to extend the existing building upwards subject to planning etc.

Beyond ongoing office use the building could be altered / converted to alternative uses to include medical, residential, education. The local market within all these sectors is active and strong. There is also the potential for wholesale demolition and redevelopment with a larger building. Recent nearby examples include redevelopment of the nearby Longley industrial estate - a 36,000 sq ft industrial estate over 2 levels on 0.5 acre - which is currently being redeveloped by Legal & General to a new Private Rented residential scheme which will provide 201 residential units and 35,000 sq ft office space over 17 floors.

NB The property is located within the Article 4 area of the city within which it is not possible to convert office buildings to residential use under Permitted Development Rights. This doesn't preclude pursuing change of use via a full planning application.

https://www.flude.com/London-Gate

VAT

Rents and prices are quoted exclusive of, but may be subject to VAT.

Legal Fees

Each party to bear their own legal costs incurred.

Terms

Freehold.

We have been instructed to seek offers in the region of £2.3 million.
A purchase at this price would reflect a net initial yield of 3.74% and a reversionary yield of 7.15% allowing for purchaser's costs of 6.34%, and a low capital value of £243/sq ft.

Energy Performance Rating

Ground to 3rd floor - C
4th floor - D

Key Contacts

Contact Photo

Andrew Halfacree

01273 740385

Contact Photo

Ed Deslandes

01273 740396