Office for sale
Property description & features
- Tenure: Freehold
- Situated on Residential Road in West Worthing, West Sussex on a Plot of 0.28 Acres
- Unbroken Freehold with Excellent Asset Management Potential
- Comprising of 22 Storage / Workrooms & Offices
- Currently Producing £93,276 Per Annum
- Gross Initial Yield of 9%
- Potential To Break Up / Asset Manage / Develop Out (stpc)
- Viewing Highly Recommended
The property comprises of a substantial detached office / light industrial / storage building known as ‘Oaklands Business Centre’ situated on Elm Grove, a predominantly residential street in Worthing, West Sussex. The building is divided into two sections which have been linked by an internal covered car park. The buildings are of standard brick construction under a variety of roof coverings. The accommodation benefits from a communal reception area and communal WC facilities located on each floor. The property also benefits from a substantial electricity supply with each Tenant having their own meter.
Externally, there is plenty of parking to front and in the internal car park which is accessed via a roller shutter door at the front of the building.
Over the years, this building has been subdivided into a variety of light industrial / workshops / offices and is currently home to approximately 22 businesses. The workshops / industrial units are located largely on the ground floor with the offices being located across part of the ground floor and at first floor levels.
Location
This former dairy warehouse was converted into offices / workrooms during 1990 and has been owned by the same landlord since 1999. The premises are situated in a predominantly residential location close to West Worthing mainline railway station which provides regular train services along the coast and north to London (journey time of 1 hour and 35 minutes) and within 500 yards of Goring Road which is a busy secondary shopping parade. Worthing town centre with its array of retail outlets, leisure facilities, eateries and public houses is a further 1.5 miles to the east. The premises are situated close to A259 which provides easy access to both the A27 and A24 trunk roads. Worthing is a popular seaside town with a population in excess of 100,000 and is located approximately 13 miles to the west of Brighton and 18 miles east of Chichester.
Terms
Unconditional offers are invited for the freehold interest, subject to the Tenancies noted within this marketing details.
Copies of individual licences and agreements, which are outside the provisions of the 1954 Landlord & Tenant Act are available to serious applicants upon request.
Each tenant is liable to pay for their own usage of electricity, phone and broadband.
Opportunity
This exciting and rare opportunity is available for the first time in over 30 years due to retirement and provides an investor with an initial gross yield of approx. 9%. It is felt that there is potential to increase the annual rent. The property also has potential to be re-developed, subject to obtaining the necessary planning consents. This is seen as a rare and exciting opportunity to own a large versatile commercial building in one of West Sussex’s most popular Towns with superb asset management potential.
Hours of Use
The premises have restricted hours of use as follows:
Monday – Friday 08:00am - 18:00pm
Saturday 08:00am - 13:00pm
Closed Sundays and Bank Holidays.
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Property reference 217845-1. The information displayed about this property comprises a property advertisement. OnTheMarket.com makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and OnTheMarket.com has no control over the content provided by the agent or developer. This property advertisement does not constitute property particulars. The information is provided and maintained by Justice & Co - Worthing.
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Broadband availability and predicted speed
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Mobile phone signal availability and predicted strength
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