PRIME SOUTH COAST FREEHOLD INVESTMENT
INVESTMENT SUMMARY To Portsmouth Planning permission granted for 585 new homes To Brighton South Coast freehold opportunity New prime detached modern industrial/ warehouse totalling 22,562 sq ft (GIA) Excellent road communications via the arterial route, linking Brighton, Worthing, Portsmouth and Southampton, Located on a gateway development totaling circa 10.34 acres, situated on the outskirts of Chichester Nearby occupiers include John Lewis at Home, Sainsbury s, Homebase, McDonald s and Pizza Hut Located approximately 1 mile east of Chichester city centre Let in its entirety to Flip Out Ltd and FO Chichester Ltd on a new full repairing and insuring lease for a term of 10 years at a rental of 239,000 per annum 12 month rental deposit from the tenant The lease provides for an upwards only rent review on the 5th anniversary of the term We have been instructed to seek offers in excess of 3,100,000 reflecting a net initial yield of 7.25% assuming purchaser s costs of 6.46%
Glenmore Business Park The property occupies a prominent and strategic position on Glenmore Business Park, situated on the outskirts of Chichester, and will provide a gateway redevelopment for the area. The prime 10.34 acre site is located immediately adjacent to the arterial route linking Brighton, Worthing, Portsmouth and Southampton, with easy access to motorway, rail, sea and air connections. The city centre is less than 1 mile to the west and the site directly faces Chichester Retail Park which houses tenants including John Lewis at Home, Carpetright, PC World, Currys, Lidl and Staples. Sainsbury s, McDonald s and Pizza Hut are located on the adjacent roundabout and Homebase is close by. PETWORTH PETERSFIELD GUILDFORD MIDHURST 2 DESCRIPTION The property was constructed in 2016 and comprises a modern detached warehouse with ancillary office accommodation totaling 22,562 sq ft (GIA). SAINSBURYS A3 A29 GLENMORE BUSINESS PARK High quality brick elevations and microrib cladding PORTFIELD RETAIL PARK CH M27/SOUTHAMPTON GLENMORE BUSINESS PARK AD RO CH UR A3(M) 8m internal eaves height A286 HAVANT CHICHESTER Key Features of the building include: WORTHING BRIGHTON Floor loading capacity - 30 kn/m² 2 sectional loading bay doors LITTLEHAMPTON PORTSMOUTH BOGNOR REGIS PPC aluminium curtain walling and double glazed windows Power floated screeded floor Trapezoidal roof cladding GRP rooflights
ACCOMMODATION Ground Floor First Floor Total TENURE The property is held Freehold. 1,896 sq m 20,405 sq ft 200 sq m 2,157 sq ft 2,096 sq m 22,562 sq ft UNIT H PLANNING Notwithstanding the Town and Country General Permitted Development Order the buildings hereby permitted within phase 1 and the floorspace within phase 2 shall not be used except for purposes within Use Classes B1(c), B2 and B8 as defined in the Town and Country Planning (Use Classes) Order 1987 (as amended or in any provision equivalent to that Class in any other statutory instrument revoking and re-enacting that Order 1987) and subject to the total floorspace for uses within Use Classes B1(c) and B2 across both phases not exceeding 6378 sqm. Block H in phase 1 in addition to the above uses is permitted to be used as a trampoline centre. TENANCY The property is let in its entirety on a full repairing and insuring basis to Flip Out Ltd and FO Chichester Ltd for a term of 10 years at a rent of 239,000 per annum. There is an upwards only rent review in the fifth year. VAT The property has been elected for VAT. It is intended that the sale will be treated by way of a Transfer of a Going Concern (TOGC). Proposal Offers are sought in excess of 3,100,000 (three million one hundred thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 7.25% after purchasers costs of 6.46%. Further Information COVENANT DETAILS Flip Out, established in Australia in 2012, is the UK s leading Trampoline Park operator with 15 parks up and running and planned across the country in key locations including Bristol, Southampton, Glasgow, London (Wandsworth) and now Chichester. Globally the brand is the fastest growing trampoline park operator, delivering 50 stores across 7 countries. Further information: www.flipout.co.uk Accounts for year end 31 March 2016 are available on request. EPC The property has a rating of A-8. Jerry Vigus 02380 206111 M: 07711 167057 Matthew Barker 02380 249181 M: 07860 189598 Lambert Smith Hampton 5 Town Quay, Southampton SO14 2AQ