10 Chartwell Road
Lancing, West Sussex, BN15 8UE
Highly Reversionary Freehold Industrial Investment FOR SALE
CHURCHILL INDUSTRIAL ESTATE LANCING, WEST SUSSEX, BN15 8UE
LOCATION Lancing is situated in the county of West Sussex and has a resident population of around 18,600 persons (2001 Census) and the County has a population of approximately 806,000 persons. Located on the South Coast in between the sea and South Downs, Lancing is only 59 miles to the south of London, 3 miles to the east of Worthing and 10 miles west of Brighton. Lancing Business Park, occupying approximately 85 acres of warehousing and production space, is one of the largest industrial estates on the South Coast. Directly opposite the property is a 4.25 acre cleared site that has recently been sold to the global food delivery and logistics company, Bidvest Group, trading as 3663 Foodservice. Bidvest intend to construct a brand new 50,000 sq ft food distribution warehouse with ample parking and loading.
DESCRIPTION A largely single storey warehouse of steel framed construction under a pitched lined, corrugated asbestos roof incorporating translucent panels. The building offers uninterrupted industrial floor space with a generous minimum eaves height of 6.78m (22’3”). Heating is by way of gas fired radiant heating to the warehouse and central heating for the offices. There are 6 roller shutter doors and outside the building is a large yard providing loading and unloading facilities and generous parking facilities. It was originally constructed to be sub-divided into 2 or possibly 4 units and has offices at both ends so is highly adaptable.
ACCOMMODATION The property offers the following gross internal floor areas:
A24
A27
A23
Ground Floor
19,366 sq ft
1800 m2
First Floor Offices
3,141 sq ft
292 m2
Total
22,507 sq ft
2092 m2
LEASE The entire property is let to Smiths News Trading Ltd on a 5 year full repairing and insuring lease from 2nd August 2014 at a low passing rent of £110,000 per annum (£4.89 psf). The lease is subject to an ingoing Schedule of Condition. COVENANT Smiths News Trading Ltd (Co. No. 01407848) is the UK leading newspaper and magazine wholesale company delivering 14 million magazines and 40 million newspapers every week. We have summarized below some financial details of the tenant which are for information purposes only. Purchasers are advised to make their own enquiries as to the financial standing of the tenant. For the 12 months ending August 2009, Smiths News Trading Ltd reported the following figures:
10 Chartwell Road Lancing, West Sussex, BN15 8UE
August 2013
August 2014
August 2015
Turnover
£1,529,300,000
£1,522,400,000
£1,477,100,000
Pre-Tax Profit
£40,000,000
£43,300,000
£33,300,000
Shareholders’ Funds
£539,900,000
£572,600,000
£613,700,000
INVESTMENT CONSIDERATIONS • Lancing is an established industrial location on the South Coast. • New development of 50,000 sq ft planned for site opposite.
lR
oa d
• Highly adaptable building, suitable for subdivision.
Ch ar
tw
el
• Generous eaves height of over 22 ft. • The property is let at a low rent of £4.89 psf. • Let until August 2019.
oad
• The property has been in the same use as a magazine/parcel distribution warehouse for many years.
Ch
art
we
ll R
• Smiths News delivers 54 million newspapers and magazines every week. PRICE Offers are invited in excess of £1,395,000 for the freehold interest, subject to the lease. A purchase at this level would show a net initial yield of 7.4% after taking into account standard purchasers’ costs.
making property work from offices in London and across the South East VIEWING
Nick Bradbeer
Charles Bramly
Duncan Marsh
Strictly by appointment with the vendor’s agents
01273 876220
01273 876219
01903 229201
07850 605770
07803 742153
07970 524840
[email protected] [email protected] [email protected] Stiles Harold Williams One Jubilee Street, Brighton, East Sussex, BN1 8UE
10 Chartwell Road Lancing, West Sussex, BN15 8UE
VAT VAT will be chargeable upon the sale although our clients would welcome a sale by way of a TOGC. EPC
SUBJECT TO CONTRACT – March 2017 Stiles Harold Williams prepares sales and letting particulars diligently and all reasonable steps are taken to ensure that they are correct. Neither a seller nor a landlord nor Stiles Harold Williams will, however, be under any liability to any purchaser or tenant or prospective purchaser or tenant in respect of them. If a property is unoccupied, Stiles Harold Williams may not have all the information required by a prospective purchaser or tenant in its possession, may not be able to obtain it and may not be able to verify all the information which it does hold. The mention of appliances and/or services or heating/cooling system or any other plant or fenestration systems in this description does not imply that they are in working order. Prospective purchasers should make their own investigations before finalising any agreement to purchase or lease. NOTE: Any maps or plans included in this document are obtained from Promap under our Ordnance Survey Business Use Copyright licence ES 100017692 or are Goad Digital Plans including mapping data licensed from Ordnance Survey Crown Copyright 2007 under licence number PU 100017316