Chichester, Midland House, 1 Market Avenue PO19 1JU
Chichester, Midland House, 1 Market Avenue PO19 1JU Multi-let Retail and Office Investment with Parking Rare City Centre Freehold Opportunity
INVESTMENT SUMMARY South Stree t
• 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
gate
• Offers sought in excess of £2,200,000 for the freehold interest, subject to contract and existing tenancies Sou th
• 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% Ma
Plans for indicative purposes only.
e
enu
Av rket
LOCATION The 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.
DESCRIPTION The 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.
EPC We understand this property has an EPC rating of C.
ACCOMMODATION AND TENANCY SCHEDULE Demise
Tenant
Ground Floor Front Ground Floor Rear First Floor Second Floor
Use
NIA
ITZA
Rent pa
Rent psf
ERV pa
ERV psf
Parking
Term
Start
Break
Rent Review
Expiry
Swinton Group Limited
A1 & A2
1,025
742
£30,500
£33,750
12 years
15/09/2006
N/A
N/A
14/09/2018
A1
1,395
634
£28,000
2
10 years
16/06/2014
B1(a)
3,200
£41,250
£30,000 (g) £44,500
£45.00 ZA £45.00 ZA £14.00
0
Clearwell Mobility Limited Interactive Transaction Solutions Limited Baqus Group Limited
£41.50 ZA £41.50 ZA £13.00
6
10 years
30/01/2015
N/A
30/01/2020
29/01/2025
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 Additional Income Total Income
Parking 8,304
£136,750
£145,750
13
£1,500
£1,500
2
£138,250
£147,250
15
16/06/2019 16/06/2019
15/06/2024
Notes: a) All lease are effectively full repairing and insuring b) Service charge information available on request
COVENANT INFORMATION Tenant
Company No
D&B Rating
d) All break options are subject to six months notice
Swinton Group Limited
756681
5A 1
e) Lease details and measurements provided by Landlord
Clearwell Mobility Limited
04682770
A2
Interactive Transaction Solutions Limited
02473364
2A 1
Baqus Group Limited
06013357
2A 1
c) All rent reviews are open market (upward only)
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
LOCATION PLAN
32
24
32A
23
10
S AG EN T
JOB CEN TRE
17 1 8
BUIL
DIN G
HIGH HOUS FIN AD E FINA V NCIA L
40
TETE -A HAIR -TETE
Plans for indicative purposes only.
OFF ICE GOV & ERN MEN T BU ILDIN G
Date
Transaction
Rent (HL)
OFF ICE VAC OUT ANT LET
VAC OUT ANT LET
CLICK COMPUTERS INT CAFE
STYLISH SKIN TATTOOIST
STA VRO S CAF E
BUIL D
ING
SOU THD
THE GLO PUB BE LIC HO USE
3
Retail 4 Cathedral Courtyard 30b Southagte 3 Cathedral Courtyard 2 32 Southgate
OML
£16.00 psf
1,907 4,000 1,240
Oct-16 Feb-16 Jan-16
OML OML OML
£15.00 psf £17.50 psf £15.00 psf
Nov-16 Nov-16 Oct-16 Aug-16
OML OML OML OML
£43.50 psf ZA £47.50 psf ZA £40.50 psf ZA £58.50 psf ZA
GOV ER
NME NT
Jan-17
316 491 328 468
9A
EN TR AN CE
Type
26 Chapel Street 24 South Street 19 Southgate Southgate Place
Date Office Retail Retail Office
Feb-17 Jan-17 Jan-17 Jan-15
Price £545,000 £1,522,500 £1,525,000 £645,000
NIY 4.80% 5.20% 6.18% 6.39%
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%.
SLAN E DA BEAU VIS SAL
5
GAT ES
OW NB UID LING S 5
Metro House The Corn Exchange 38 Southgate
V UN AC & D/A LTN
OF
10
DWELL INGS
1,148
OFF ICE
OFF ICE
Office Southgate Place
NIA
2 - 4 CITY
Address
5S TAR NA ILS BEA US AL
16
36 - 3 7
RENTAL EVIDENCE
RNM ENT
OFFIC E
41 - 4 2
SOU THG ATE
GOV ER BUIL NMEN T DIN G
Address
Offers sought in excess of £2,200,000 (Two Million, Two Hundred Thousand pounds) for the freehold interest subject to contract and existing tenancies.
-8
39
EN T
6
VA
PROPOSAL
UE AVEN KET MAR 6
38
DG E
RY
AVE NUE DE CHA RTR ES
11 1 2 1 3
HEN
FW ORS HIP
GO VE
MARTI N&C O EST A G
CHE CR BARB EATIO NS QU ER SH EE OP XCH ANG SIM E FIN EST S WIL SER ATE LIAM V
AV EN UE
ICE OFF
TON SWIN OFF INS
OFFIC E
CHIC HES TER
AD VIC EC EN CO TRE & UN CIL OF FIC ES
BAS IN R OA D
CAFE
14 59
DW
LADY DRES JANE S AG ENCY
14 - 1
TASTY T`S
DWE LLIN GS
10
5
WABI FURN SABI ITURE
PLA CE O
E
MA RK ET 2
DW G
HAR GRO VES CD YR CA EW RP EP ISE
THE SW EET CONF JAR & BIS CHAR LES PE ESTA TE AG CK ENT
STO R
A GRETM IEIN ’SI KIT H CHE AIR N
22
SHO WRO OM
OL D
D RES TAU RAN T
PAM PUR RED PET PETS SHO P KRNO IFC EK & IN C FO HAOF GRK ES R E LUC K TAK Y HOU E AW SE AY
19 -
Y CL
OS
DEA
NE R
CAT ALO GUE
WILROU DW GE OO
CO UN CIL OF FIC ES
OF FIC E
25 2 5A -
26A
OSE
UP ESTA TE A TON GEN THE T VEST PUBL RY H IC HO OTE USE L & RE STAU RAN T ARG
CAF E BAR &
1
CREATIO NS HA & THE BE IR SALON AUTY RO OM BEAU SA L OVER VEN PHO TU TOG RE BED RAP FOR HER D&
27 28
THE SL THEUG LETTUC CH& AN E TRY BAR & RESTAU RANT
LAKE S CAFE
THE ATR RIC EL AR CL AN A O& E WO RK /WR
26
LANE
PUSH K FURN A
31 3 0B
DEANER Y FARM
AS T GIF TS
30
TAMAS HEQ FURN ITURE
OU NT RT YA RD 5
CHR IST BUIL CHUR 2 DINGS CH
3-4
A 39
FICE
2
TH EL CA UNC FE H B & T OX /A
ommercial 0/2012
INVESTMENT EVIDENCE
Chichester RE P
VAT We 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.
INVESTMENT SUMMARY South Stree t
• 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
gate
• Offers sought in excess of £2,200,000 for the freehold interest, subject to contract and existing tenancies Sou th
• 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% Ma
Plans for indicative purposes only.
e
enu
Av rket
LOCATION The 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.
DESCRIPTION The 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.
EPC We understand this property has an EPC rating of C.
ACCOMMODATION AND TENANCY SCHEDULE Demise
Tenant
Ground Floor Front Ground Floor Rear First Floor Second Floor
Use
NIA
ITZA
Rent pa
Rent psf
ERV pa
ERV psf
Parking
Term
Start
Break
Rent Review
Expiry
Swinton Group Limited
A1 & A2
1,025
742
£30,500
£33,750
12 years
15/09/2006
N/A
N/A
14/09/2018
A1
1,395
634
£28,000
2
10 years
16/06/2014
B1(a)
3,200
£41,250
£30,000 (g) £44,500
£45.00 ZA £45.00 ZA £14.00
0
Clearwell Mobility Limited Interactive Transaction Solutions Limited Baqus Group Limited
£41.50 ZA £41.50 ZA £13.00
6
10 years
30/01/2015
N/A
30/01/2020
29/01/2025
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 Additional Income Total Income
Parking 8,304
£136,750
£145,750
13
£1,500
£1,500
2
£138,250
£147,250
15
16/06/2019 16/06/2019
15/06/2024
Notes: a) All lease are effectively full repairing and insuring b) Service charge information available on request
COVENANT INFORMATION Tenant
Company No
D&B Rating
d) All break options are subject to six months notice
Swinton Group Limited
756681
5A 1
e) Lease details and measurements provided by Landlord
Clearwell Mobility Limited
04682770
A2
Interactive Transaction Solutions Limited
02473364
2A 1
Baqus Group Limited
06013357
2A 1
c) All rent reviews are open market (upward only)
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
LOCATION PLAN
32
24
32A
23
10
S AG EN T
JOB CEN TRE
17 1 8
BUIL
DIN G
HIGH HOUS FIN AD E FINA V NCIA L
40
TETE -A HAIR -TETE
Plans for indicative purposes only.
OFF ICE GOV & ERN MEN T BU ILDIN G
Date
Transaction
Rent (HL)
OFF ICE VAC OUT ANT LET
VAC OUT ANT LET
CLICK COMPUTERS INT CAFE
STYLISH SKIN TATTOOIST
STA VRO S CAF E
BUIL D
ING
SOU THD
THE GLO PUB BE LIC HO USE
3
Retail 4 Cathedral Courtyard 30b Southagte 3 Cathedral Courtyard 2 32 Southgate
OML
£16.00 psf
1,907 4,000 1,240
Oct-16 Feb-16 Jan-16
OML OML OML
£15.00 psf £17.50 psf £15.00 psf
Nov-16 Nov-16 Oct-16 Aug-16
OML OML OML OML
£43.50 psf ZA £47.50 psf ZA £40.50 psf ZA £58.50 psf ZA
GOV ER
NME NT
Jan-17
316 491 328 468
9A
EN TR AN CE
Type
26 Chapel Street 24 South Street 19 Southgate Southgate Place
Date Office Retail Retail Office
Feb-17 Jan-17 Jan-17 Jan-15
Price £545,000 £1,522,500 £1,525,000 £645,000
NIY 4.80% 5.20% 6.18% 6.39%
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%.
SLAN E DA BEAU VIS SAL
5
GAT ES
OW NB UID LING S 5
Metro House The Corn Exchange 38 Southgate
V UN AC & D/A LTN
OF
10
DWELL INGS
1,148
OFF ICE
OFF ICE
Office Southgate Place
NIA
2 - 4 CITY
Address
5S TAR NA ILS BEA US AL
16
36 - 3 7
RENTAL EVIDENCE
RNM ENT
OFFIC E
41 - 4 2
SOU THG ATE
GOV ER BUIL NMEN T DIN G
Address
Offers sought in excess of £2,200,000 (Two Million, Two Hundred Thousand pounds) for the freehold interest subject to contract and existing tenancies.
-8
39
EN T
6
VA
PROPOSAL
UE AVEN KET MAR 6
38
DG E
RY
AVE NUE DE CHA RTR ES
11 1 2 1 3
HEN
FW ORS HIP
GO VE
MARTI N&C O EST A G
CHE CR BARB EATIO NS QU ER SH EE OP XCH ANG SIM E FIN EST S WIL SER ATE LIAM V
AV EN UE
ICE OFF
TON SWIN OFF INS
OFFIC E
CHIC HES TER
AD VIC EC EN CO TRE & UN CIL OF FIC ES
BAS IN R OA D
CAFE
14 59
DW
LADY DRES JANE S AG ENCY
14 - 1
TASTY T`S
DWE LLIN GS
10
5
WABI FURN SABI ITURE
PLA CE O
E
MA RK ET 2
DW G
HAR GRO VES CD YR CA EW RP EP ISE
THE SW EET CONF JAR & BIS CHAR LES PE ESTA TE AG CK ENT
STO R
A GRETM IEIN ’SI KIT H CHE AIR N
22
SHO WRO OM
OL D
D RES TAU RAN T
PAM PUR RED PET PETS SHO P KRNO IFC EK & IN C FO HAOF GRK ES R E LUC K TAK Y HOU E AW SE AY
19 -
Y CL
OS
DEA
NE R
CAT ALO GUE
WILROU DW GE OO
CO UN CIL OF FIC ES
OF FIC E
25 2 5A -
26A
OSE
UP ESTA TE A TON GEN THE T VEST PUBL RY H IC HO OTE USE L & RE STAU RAN T ARG
CAF E BAR &
1
CREATIO NS HA & THE BE IR SALON AUTY RO OM BEAU SA L OVER VEN PHO TU TOG RE BED RAP FOR HER D&
27 28
THE SL THEUG LETTUC CH& AN E TRY BAR & RESTAU RANT
LAKE S CAFE
THE ATR RIC EL AR CL AN A O& E WO RK /WR
26
LANE
PUSH K FURN A
31 3 0B
DEANER Y FARM
AS T GIF TS
30
TAMAS HEQ FURN ITURE
OU NT RT YA RD 5
CHR IST BUIL CHUR 2 DINGS CH
3-4
A 39
FICE
2
TH EL CA UNC FE H B & T OX /A
ommercial 0/2012
INVESTMENT EVIDENCE
Chichester RE P
VAT We 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.
