chichester, midland house, 1 market avenue po19...
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Chichester, Midland House, 1 Market Avenue PO19 1JUMulti-let Retail and Office Investment with ParkingRare City Centre Freehold Opportunity
INVESTMENT SUMMARY
• Chichester is an affluent cathedral city in West Sussex
• Potential asset management opportunities
• Total NIA of 771 sq m (8,300 sq ft) with off road parking
• Strong retail and office markets with limited vacancy
• Total income £138,250 per annum exclusive, rising to £140,250 per annum exclusive by June 2018
• 42% of the current income is secured by multiple retail covenants of Swinton Insurance and Clearwell Mobility
• Estimated rental value £147,250 per annum exclusive
• Offers sought in excess of £2,200,000 for the freehold interest, subject to contract and existing tenancies
• A purchase at this level would reflect a net initial yield of 5.91%, rising to 6.00% in June 2018 and a reversionary yield of 6.30% after purchaser’s costs of 6.32%
Market Avenue
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Plans for indicative purposes only.
LOCATIONThe Cathedral City of Chichester is an historic and thriving administrative centre in West Sussex. The city is located approximately 65 miles south west of London 15 miles east of Portsmouth and 30 miles west of Brighton.
The city has excellent road communications being conveniently situated on the A27 south coast trunk road which runs east to Worthing and Brighton and west to Portsmouth where it connects with A3(M) M27 and M3 motorways. Gatwick Airport is located approximately 50 miles to the north east.
By rail, there are frequent services to London Victoria (1 hour 30 minutes); as a result Chichester is a popular commuter location for those working in London’s City and West End which has benefited the local economy accordingly.
DESCRIPTIONThe property comprises a prominent mixed use building, constructed over three floors. Internally, the property is arranged as two self-contained retail units to the ground floor, and office suites over the first and second floors.
The office accommodation is mainly open plan with suspended ceilings, recessed lighting, air conditioning (in part) and central heating. There is also a passenger lift.
There are 15 parking spaces located at the back of the building which are accessed from Old Market Avenue.
EPCWe understand this property has an EPC rating of C.
ACCOMMODATION AND TENANCY SCHEDULE Demise Tenant Use NIA ITZA Rent pa Rent
psfERV pa ERV
psfParking Term Start Break Rent
ReviewExpiry
Ground Floor Front
Swinton Group Limited A1 & A2 1,025 742 £30,500 £41.50 ZA
£33,750 £45.00 ZA
0 12 years 15/09/2006 N/A N/A 14/09/2018
Ground Floor Rear
Clearwell Mobility Limited
A1 1,395 634 £28,000 £41.50 ZA
£30,000(g)
£45.00 ZA
2 10 years 16/06/2014 16/06/2019 16/06/2019 15/06/2024
First Floor Interactive Transaction Solutions Limited
B1(a) 3,200 £41,250 £13.00 £44,500 £14.00 6 10 years 30/01/2015 N/A 30/01/2020 29/01/2025
Second Floor Baqus Group Limited B1(a) 2,684 £37,000 £13.75 £37,500 £14.00 5 5 years 12/05/2016 16/08/2019 N/A 16/08/2021
Sub Total £136,750 £145,750 13
Additional Income
Parking £1,500 £1,500 2
Total Income
8,304 £138,250 £147,250 15
Notes:
a) All lease are effectively full repairing and insuring
b) Service charge information available on request
c) All rent reviews are open market (upward only)
d) All break options are subject to six months notice
e) Lease details and measurements provided by Landlord
f) Swinton Group Limited are not in occupation
g) Clearwell’s rent steps up to £29,000 pax in June 2017
and £30,000 pax in June 2018
COVENANT INFORMATION
Tenant Company No D&B Rating
Swinton Group Limited 756681 5A 1
Clearwell Mobility Limited 04682770 A2
Interactive Transaction Solutions Limited 02473364 2A 1
Baqus Group Limited 06013357 2A 1
TAXI
TAMASHEQ
ARGOS
PUSHKA
BEDFORD & UPTON
RICARA
HARGROVES
AST
THE SLUG & LETTUCE
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THE VESTRY HOTEL
CAFE ROUGE
SWINTON
PAMPURRED PETS
THE BEAUTY ROOM
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LUCKY HOUSE
GEMINI
CREATIONS HAIR SALON
VENTUREKNIFE & FORK
LAKES
LADY JANEDRESS AGENCY
THE SWEET JAR
HIGH HOUSE FINANCIAL
MARTIN & CO
TASTY T`S
CHICHESTER CHEQUE EXCHANGE
WABI SABI
TETE-A-TETE
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SIMS WILLIAMS
CHARLES PECK
SLANE DAVIS
CREATIONSBARBER SHOP
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Chichester
50 metres
Flude Commercial
24/10/2012
RENTAL EVIDENCE
Address NIA Date Transaction Rent (HL)
OfficeSouthgate Place 1,148 Jan-17 OML £16.00 psf
Metro House 1,907 Oct-16 OML £15.00 psfThe Corn Exchange 4,000 Feb-16 OML £17.50 psf38 Southgate 1,240 Jan-16 OML £15.00 psf
Retail4 Cathedral Courtyard 316 Nov-16 OML £43.50 psf ZA30b Southagte 491 Nov-16 OML £47.50 psf ZA3 Cathedral Courtyard 328 Oct-16 OML £40.50 psf ZA32 Southgate 468 Aug-16 OML £58.50 psf ZA
LOCATION PLAN
Plans for indicative purposes only.
INVESTMENT EVIDENCEAddress Type Date Price NIY
26 Chapel Street Office Feb-17 £545,000 4.80%24 South Street Retail Jan-17 £1,522,500 5.20%19 Southgate Retail Jan-17 £1,525,000 6.18%Southgate Place Office Jan-15 £645,000 6.39%
PROPOSALOffers sought in excess of £2,200,000 (Two Million, Two Hundred Thousand pounds) for the freehold interest subject to contract and existing tenancies. A purchase at this level would reflect a net initial yield of 5.91%, rising to 6.00% in June 2018 and a reversionary yield of 6.30% after purchaser’s costs of 6.32%.
VATWe understand that the property is not elected for VAT.
FURTHER INFORMATION Mark Minchell m.minchell @flude.com 01243 929136
Sebastian Martin [email protected] 01243 929135
Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property.
WILDWOOD
ROCKING HORSE
ARTIE’S KITCHEN
DRAPEWISE
THE CHANTRY
HENRY