An exciting opportunity to acquire a substantial, purpose built, mixed use commercial freehold building situated in the heart of Chichester.
The freehold comprises of two ground floor retail / office premises which are self contained with private and secure access via street level to first and second floor office accommodation.
The two ground floor units are both let to Estate Agents and are superbly presented throughout. Benefitting from attractive glazed elevations, mixture of floor coverings, suspended ceilings with inset lighting and ample data and electrical sockets. Each occupier has their own electricity and water supply.
The upper floors are accessed via ground floor level with front doors benefitting from secure entryphone system. Stairs lead to both first and second floor levels which are currently vacant. The floors currently provide a mixture of open plan and cellular offices, some of which are created by studwork partitioning and could be removed to provide a more open plan layout if required. The offices benefit from carpeted flooring, spot lighting, perimeter data and power sockets and superb natural daylight. The offices benefit from gas, water and electric supplies.
Externally whilst there is no allocated parking with this building both the Avenue De Chartres Car Park & South Gate Car Park are situated within a stone’s throw of the subject property.
Location
The Cathedral city of Chichester is located approximately 65 miles southwest of London, 15 miles east of Portsmouth and 30 miles west of the city of Brighton. The city has excellent road communications being situated on the A27 which runs east to Worthing & Brighton and west to Portsmouth and Southampton where it connects with the M27 and M3 motorways. The premises is located approximately 500 yards from Chichester railway station in the heart of the City centre. There are plenty of local, regional and national retailers & eateries including Zizzi, Wagamama and Sweaty Betty within the immediate vicinity whilst the towns principal shopping streets are a stones throw away. Chichester Gate Leisure complex which provides eateries, leisure amenities and a cinema is within a 5 minute walk of the subject property.
Accommodation
The property has the following approximate floor areas:
8 Southgate - 376 sq ft
9 Southgate - 579 sq ft
10 Southgate - 575 sq ft
First Floor Offices - 2,247 sq ft
Second Floor Offices - 2,288 sq ft
TOTAL AREA - 6,065 sq ft
Terms
Terms - Freehold (Title No: WSX204269), subject to the occupational leases on the ground floor and with vacant possession of the first and second floors.
Guide Price & VAT - £1,750,000 (One Million Seven Hundred & Fifty Thousand Pounds)
We are informed that VAT is not to be charged on the quoting terms.
Tenancies:
8 Southgate is let to Simms Williams LLP (Estate Agents) on 10 year IRL Lease (plus Service Charge) from 25th March 2013. The current passing rent is £11,500 Per Annum. No new lease terms have been discussed with the Tenant who has been in occupation since 1999.
9 Southgate is let to Simms Williams LLP (Estate Agents) on 10 year IRL Lease (plus Service Charge) from 25th March 2013. The current passing rent is £11,500 Per Annum. No new lease terms have been discussed with the Tenant who has been in occupation since 1999.
10 Southgate is let to Henry Adams Lettings Ltd (Estate Agents) on a 5 year IRL Lease (plus Service Charge) from 4th August 2021. The current passing rent is £14,500 Per Annum. The Tenant has been in situ since September 2006.
The first and second floors were previously let to a local Solicitors practice but are now vacant.
All leases have security of tenure as defined by the Landlord & Tenant Act 1954 Part II.
Opportunity - This is seen as a superb asset management opportunity with potential for new leases and rental growth at ground floor level,
The first and second floors provide versatile office accommodation which allow for the offices to be let on a floor by floor basis or as one whole. Alternatively the upper parts could be converted into residential apartments, subject to gaining any necessary consents.
The building could be broken up with the possibility of three separate sales.
Planning - On the 13th July 2021 the local planning authority validated a submission of an Existing Lawful Development Certificate seeking to regularise B1/A2 uses across the building. It is assumed Class E applies to this building but interested parties are asked to make their own enquiries via the local authority.
Planning was granted on 11th October 2023 under reference 23/01857/FUL to infill the Single storey front retail sections. Planning is not yet implemented.
Planning has been submitted under reference 23/02580/FUL for a change of use of 1st and 2nd floor from commercial to residential to create 8 residential apartments. Further information is available from the selling agents.
Business Rates - The properties have the following rateable values:
Units 8-9: £19,750
Unit 10: £13,000
First & Second Floors: £40,500
Legal Costs - Each party to pay their own costs
EPC - To Follow
Anti-Money Laundering - To comply with Anti-Money Laundering Regulations we are required to undertake due diligence on prospective purchasers which will at the minimum include proof of identity/address and proof of the funding arrangements for the purchase.
Specification
- Located in Heart of Chichester City Centre
- Rarely Available Mixed Use Investment Opportunity
- Situated Close to Chichester Railway Station, Chichester Gate Complex, Chichester College & Waitrose
- Potential to Produce £103,000 Per Annum Exclusive
- Superb Asset Management Opportunity
- Potential for Residential Conversion at First & Second Floors (stpc)
- Potential to Build in Air Space (stpc)
- Viewing Highly Recommended