Light Industrial for saleHighdown House 11 Cecil Pashley Way, Shoreham-By-Sea, BN43
Under Offer 10,114 sq. ft. | £725,000
- 10,114 sq ft (939 sq m)
- Use class orders: B2 General Industrial
- 125 year long leasehold interest
- Modern industrial investment
- Terrace of 7 units, with the two end units being sub-divided to provide two office suites
- Provision for parking
- Each unit has lavatory facilities, heating and lighting to the factory units.
- Built in 2000
Shoreham-by-Sea is found adjacent to the western boundary of the Brighton & Hove conurbation, some 7 miles west of the city centre and a similar distance from Worthing. Shoreham Airport is found to the north west of the town centre immediately off the A27 duel carriageway north of the city giving fast access to the A23. Gatwick Airport and the M25, and to other south coast centres. It comprises a small airport mainly catering to light aircraft and helicopters. The southern part of the airport incorporates a small industrial estate which caters for, in the main, aviation focussed companies, but also includes some more general light industrial users. The property is situated on the south side of Cecil Pashley Way close to the main airport terminal building. The south coast railway line is immediately to the south.
The property was built in 2000 and comprises a modern detached light industrial building which has been sub-divided into nine units, including two office suites.
It is of portal frame construction with brick and profiled steel clad elevations with double glazed windows under a pitched profiled steel roof incorporating light panels. The eaves height is approximately 5.5m and the 7 units have a steel roller door to the front elevation. A small extension with roof terrace has been constructed to the rear of the western elevation which forms part of the rear office unit. With the exception of Unit 2 the units have first floor accommodation at the rear.
Each unit has lavatory facilities, heating and lighting to the industrial areas and gas heating to a number of the office areas.
The property has provision for parking immediately to the west of the property, with further parking in the airport's pay and display car parks.
The property is held on a 125 year lease from 22 May 2000 having just under 110 years unexpired. It is subject to a 20% geared ground rent based on market rent and reviewable on a five yearly upwards only basis. The rent review due on 22 May 2015 has recently been completed at £17,500 pa. The gross rent receivable is £86,292 pa and after adjustment for the head rent the net rent receivable is £68,792 pa.
The sale will be carried out as a TOGC (transfer of a business as a going concern).
The building has an EPC rating of Band E 102. The certificate is available on request.
We are instructed to seek offers of £725,000 for the long leasehold interest, subject to contract which equates to a net initial yield of 9% having allowed for purchasers costs of 5.8%.
Viewing is strictly by appointment with the vendors agents:
44-46 Old Steine
Brighton BN1 1NH
More information from this agent
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