An opportunity to acquire a fully let and income producing commercial investment with the added potential of future residential development situated in the heart of Bognor Regis. The property comprises of a ground floor warehouse premises, currently utilised as a car tyre centre with self contained first floor offices / workroom space which is let to a storage and distribution in the childrens toy sector. Additionally there is a gated large yard area which is currently let out to a separate tyre company. The property is of standard brick construction under a tiled hung pitched roof. The site benefits from mains water and electric. The yard comprises of a series of buildings. Historically the site has been used for a variety of commercial uses however given the location it is felt that a conversion/demolition to residential could be considered subject to gaining the necessary planning consents.
Location
The property is situated on Ockley Road in the popular seaside town of Bognor Regis. Ockley Road is a residential road accessed off the B2166 which links to both the A259 coastal road (1 mile south) and A29 trunk road (2.5 miles north). The Town centre with its array of retail outlets, leisure complexes and restaurants is located within a 5 minute walk of the property. Bognor Regis mainline railway station with its regular services along the southcoast and north to London (journey time of 1 hour and 35 minutes) is located 0.3 miles to the north. Bognor Regis is a popular seaside town and resort located on the southcoast of England situated between the cathedral city of Chichester (7 miles west) and the seaside town of Worthing (18 miles east).
Accommodation
The property has the following approximate floor areas:
Main Workshop - 1,054 sq ft (97 sq m)
Rear Workshop - 624 sq ft (57 sq m)
First Floor Offices / Storage - 2,002 sq ft (185 sq m)
Yard Area - 5,250 sq ft (487 sq m)
TOTAL AREA - 8,930 sq ft (829 sq m)
Terms
Planning - Our clients have had an indicative residential scheme drawn up comprising of a two storey detached building comprising of 10x residential flats (mixture of one and two bedrooms). Our clients have also had a Pre-Application letter from Arun District Council which is largely positive and can be shared with serious interested parties if required. For further information please contact the selling agents.
Terms & Tenancies - The site is offered confidentially to the market on a freehold basis and subject to the existing tenancies mentioned below:
Ground Floor: The ground floor is let to Sussex Vehicle Solutions Ltd on an FR&I Lease from 2nd January 2025 for a term of 5 years. The current rent is £12,000 Per Annum although this increases £1,000 per annum throughout the lease term. The Tenant has a break clause on 2nd January 2027 (6 months notice required).
First Floor: The first floor is let to a private individual on an FR&I Lease from 19th December 2023 for a term of 5 years. The current rent is £12,000 Per Annum rising to £12,500 Per Annum from 19th December 2025. The Tenant has a break clause on 19th December 2025 & 19th December 2027.
Yard: The yard is let on a Licence Agreement to a private individual for a term of 3 years from 18th December 2022. The passing rent is £12,000 Per Annum.
Guide Price & VAT - £450,000 (Four Hundred & Fifty Thousand Pounds)
VAT is not to be charged on the quoting terms
Business Rates - According to the VOA (Valuation Office Agency) the site has a combined Rateable Value as of April 2023 of £18,500. Interested parties are asked to speak to Arun District Council directly.
Legal Costs - Each party to pay their own legal costs
EPC - D(95)
Anti-Money Laundering - In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser or tenant and any beneficial owner together with evidence/proof identifying the source of funds being relied upon to complete the transaction.
Specification
- Commercial Investment Opportunity with Long Term Re-Development Potential
- Situated in Heart of Bognor Regis, West Sussex
- Potential For 10x Residential Flats (subject to planning). Positive Pre-App Response
- Fully Let Investment Currently Producing £36,000 Per Annum Rising to £40,500 Per Annum By 2029
- Net Initial Yield of 7.66%
- Viewing Highly Recommended