The property comprises of a substantial detached office / light industrial / storage building known as ‘Oaklands Business Centre’ situated on Elm Grove, a predominantly residential street in Worthing, West Sussex. The building is divided into two sections which have been linked by an internal covered car park. The buildings are of standard brick construction under a variety of roof coverings. The accommodation benefits from a communal reception area and communal WC facilities located on each floor. The property also benefits from a substantial electricity supply with each Tenant having their own meter. Externally, there is plenty of parking to front and in the internal car park which is accessed via a roller shutter door at the front of the building. Over the years, this building has been subdivided into a variety of light industrial / workshops / offices and is currently home to approximately 22 businesses. The workshops / industrial units are located largely on the ground floor with the offices being located across part of the ground floor and at first floor levels.
Location
This former dairy warehouse was converted into offices / workrooms during 1990 and has been owned by the same landlord since 1999. The premises are situated in a predominantly residential location close to West Worthing mainline railway station which provides regular train services along the coast and north to London (journey time of 1 hour and 35 minutes) and within 500 yards of Goring Road which is a busy secondary shopping parade. Worthing town centre with its array of retail outlets, leisure facilities, eateries and public houses is a further 1.5 miles to the east. The premises are situated close to A259 which provides easy access to both the A27 and A24 trunk roads. Worthing is a popular seaside town with a population in excess of 100,000 and is located approximately 13 miles to the west of Brighton and 18 miles east of Chichester.
Accommodation
Unit 1 - 1,007 sq ft
Unit 1a - 292 sq ft
Unit 2 - 278 sq ft
Unit 3 - 459 sq ft
Unit 4 - 234 sq ft
Unit 4a - 151 sq ft
Unit 5 - 433 sq ft
Units 6 & 8 - 1,403 sq ft
Unit 7 - 588 sq ft
Unit 9 - 290 sq ft
Units 10 & 11 - 450 sq ft
Unit 12 - 127 sq ft
Unit 14 - 185 sq ft
Unit 15 - 290 sq ft
Unit 16 - 180 sq ft
Units 17/17a - 764 sq ft
Unit 18 - 210 sq ft
Unit 19 - 127 sq ft
Unit 20 - 221 sq ft
Unit 21 - 2,220 sq ft
Total - 9,909 sq ft
NB – Units 1, 1a, 3, 4, 5, 6 & 8, 9, 10 & 11, 12, 14, 16, 17 & 17a, 20 were granted for 3 year terms all have a mutual break option whereby either party can terminate the lease at anytime after 12 months by giving a minimum of 3 months prior written notice.
Terms
Terms - Unconditional offers are invited for the freehold interest, subject to the Tenancies noted within this marketing details.
Copies of individual licences and agreements, which are outside the provisions of the 1954 Landlord & Tenant Act are available to serious applicants upon request.
Each tenant is liable to pay for their own usage of electricity, phone and broadband.
Guide Price - Offers in Excess of £975,000 (Nine Hundred & Seventy Five Thousand Pounds)
Opportunity - This exciting and rare opportunity is available for the first time in over 30 years due to retirement and provides an investor with an initial net yield of approx. 9%. It is felt that there is potential to increase the annual rent. The property also has potential to be re-developed, subject to obtaining the necessary planning consents. This is seen as a rare and exciting opportunity to own a large versatile commercial building on one of West Sussex’s most popular Towns with superb asset management potential.
Hours of Use - The premises have restricted hours of use as follows:
Monday – Friday 08:00am - 18:00pm
Saturday 08:00am - 13:00pm
Closed Sundays and Bank Holidays.
Tenancy Schedule - See attached brochure for information
Specification
- Situated on Residential Road in West Worthing, West Sussex on a Plot of 0.28 Acres
- Unbroken Freehold with Excellent Asset Management Potential
- Comprising of 22 Storage / Workrooms & Offices
- Currently Producing £93,276 Per Annum
- Gross Initial Yield of 9%
- Potential To Break Up / Asset Manage / Develop Out (stpc)
- Viewing Highly Recommended