The Mill Building is a purpose built multi use premises arranged over ground, first, second and third floor levels. The two ground floor Tenants have private entrances accessed via street level with the main offices entrance with its attractive full height glazed doors situated in between. A spacious and well-presented reception area features a large lift which accesses all floors with separate stairwell at the rear.
The ground floor east premises is leased to a popular and well respected cocktail bar which trades under the name of Molotov. The property benefits from laminate flooring, various lighting, ample three phase electricity and air conditioning (not tested). The bar is situated in the middle of the property with booths situated around the outskirts. Towards the rear of the ground floor is a dance area, DJ booth and toilets.
The ground floor west premises is leased to a restaurant which trades by the name of Turkish Kitchen. With its attractive double glazed frontage leading onto an open plan seating area for approximately 50 covers with open plan commercial kitchen and WC's located at the rear. The property benefits from superb natural light, part carpeted / part LVT flooring, ample electrical points, air conditioning (not tested) and is about to undergo further refurbishment.
The offices benefit from a mixture of glazed and studwork partitioning, suspended ceiling with inset lighting, air conditioning (not tested), cable trunking, secure entryphone system and mixed floor coverings throughout. The common parts provide separate male and female WCs.
Historically the building has been let on a floor by floor basis, however, its versatility means that tenants can either take a floor, a small suite or the building in its entirety. There is potential to sub-divide floors further if required.
Location
Worthing is one of the largest towns in West Sussex, with a population in excess of 105,000 people. The popular seaside town is located on the south coast approximately 60 miles south of London, 13 miles west of the city of Brighton & Hove and 18 miles east of the cathedral city of Chichester.
The town benefits from superb transport links with connectivity to the A27, A24 and A259 road network whilst the town has three railway stations providing services along the coast and north to London (journey time of 1 hour and 30 minutes).
The Mill Building is situated in the heart of Worthing town centre’s business district, within easy reach of the town's main amenities and a short walk from the popular seaside and pier.
Chatsworth Road links Chapel Road with the High Street and provides both retail and office accommodation to a plethora of independent and national businesses whilst HSBC and Sussex Police have regional headquarters located on the street.
Accommodation
The property has the following approximate floor areas:
Ground Floor West - 2,085 sq ft
Ground Floor East - 2,486 sq ft
First Floor - 5,056 sq ft
Second Floor - 4,800 sq ft
Third Floor West - 1,313 sq ft
Third Floor North East - 2,680 sq ft
Third Floor (Office 5) - 542 sq ft
Third Floor (Office 6) - 265 sq ft
TOTAL AREA - 19,227 sq ft
Terms
Terms - The property is available freehold subject to the aforementioned tenancies. Copies of all Leases are available upon request
Tenancies:
The ground floor (East) is let to One Retro Limited which trades as Moltov on an effective FR&I Lease for a term of 15 years from 1st February 2016. The Lease contains no further break clauses. The next rent review is in February 2027. The passing rent is £30,000 Per Annum exclusive.
The ground floor (West) is let to Colours Foods Limited which trades as Turkish Kitchen on an effective FR&I Lease for a term of 15 years from 19th October 2023. The Lease contains mutual break clauses on 20th October 2028 and 20th October 2033. Rent reviews at the 5th and 10th year anniversary dates. The passing rent is £23,000 Per Annum exclusive.
The first floor is currently "Under Offer" to Freedom Works Ltd. The terms agreed are based upon a 10 year effective FR&I Lease. A rent review at the 5th year anniversary date, upward only, has been agreed. The proposed rent is £60,672 Per Annum exclusive.
The second floor is let to Freedom Works Ltd on an effective FR&I Lease for a term of 15 years from 31st March 2025. The lease contains break clauses on 31st March 2031 and 31st March 2037. Upward only market rent reviews are scheduled every 3 years. The passing rent is £54,978 Per Annum exclusive..
The third floor (West) is let to Freedom Works Ltd on an effective FR&I Lease for a term of 15 years from 31st March 2025. The lease contains break clauses on 31st March 2031 and 31st March 2037. Upward only market rent reviews are scheduled every 3 years. The passing rent is £24,120 Per Annum exclusive.
The third floor (north east) is let to Freedom Works Ltd on an effective FR&I Lease for a term of 15 years from 31st March 2025. The lease contains break clauses on 31st March 2031 and 31st March 2037. Upward only market rent reviews are scheduled every 3 years. The passing rent is £24,120 Per Annum exclusive.
Office 5 on the third floor is let to Refer-All Limited on an effective FR&I Lease for a term of 9 years from 25th January 2022. The Tenant has a right to break from the lease in January 2028 where there is also an open market rent review. The passing rent is £14,300 Per Annum exclusive.
Office 6 on the third floor is let to Thy Will Be Done (Spain) Limited on an effective FR&I Lease for a term of 5 years from 22nd May 2022. The lease contains no break clauses or rent reviews. The passing rent is £6,000 Per Annum exclusive.
The total current income for the building is £176,518 Per Annum exclusive. Once the letting of the first floor completes this will increase to £237,190 Per Annum.
Guide Price & VAT - £3,500,000 (Three Million, Five Hundred Thousand Pounds).
We are informed that VAT is not to be charged on the quoting terms.
Planning - Planning was granted on 24th August 2024 under planning reference number AWDM/0790/23 for the construction of a two storey roof extension to provide a further 9,800 Sq Ft of office accommodation. Further details are available via the local authority's online planning portal.
It is felt that planning permission could be achieved for circa 9 residential units over two new floors. Interested parties are asked to make their own planning enquiries.
Business Rates - The property has been split into a variety of spaces across multiple floors. Interested parties are asked to satisfy themselves on the business rates position either via speaking to the VOA (Valuation Office Agency) or by speaking to the local planning authority.
Legal Fees - Each party to pay their own legal costs incurred in this transaction
EPCs - The property has various EPC's as follows:
3rd Floor: C(56)
3rd Floor West: B(44)
2nd Floor: B(41)
31-35 Chatsworth Road: D(90)
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
- Situated in Heart of Worthing Town Centre
- Nearby Occupiers Include HSBC, Sussex Police Authority, Environment Agency & Waitrose Supermarket
- Currently producing £237,190 Per Annum Exclusive
- Superb Asset Management Opportunity
- Potential for Long Term Residential Conversion (stpc)
- Potential to Build in Air Space (stpc)
- Viewing Highly Recommended