Central Chichester Office Freehold Investment producing £180,000 pa with vacant possession in October 2014 having refurbishment/conversion potential (subject to planning)
The property is situated in the heart of Chichester Town Centre with Baffin’s Lane being a turning off East Street, one of the main shopping streets in the City. The City has a good quality mix of shops close to the Cathedral and is well known for its Festival Theatre. Excellent communications are available with Chichester Rail Station being within a short walking distance.
The property comprises two interconnecting buildings constructed on three floors capable of being split into two separate buildings and have excellent potential to refurbish or convert to residential, subject to consent. The buildings have an attractive brick facade having good natural light internally and were originally part of the Old Corn Exchange, which dates back to the 1830’s. There is a passenger lift in The Corn Exchange and generally the offices are mostly open plan.
FLOOR AREAS (approximate Net Internal):
Granda Building (north building)
Ground Floor 192.77 sq m (2,075 sq ft)
First Floor - 194.54 sq m (2,094 sq ft)
Second Floor - 196.49 sq m (2,115 sq ft)
Total - 583.80 sq m (6,284 sq ft)
Corn Exchange (south building)
Ground Floor - 381.82 sq m (4,110 sq ft)
First Floor 398.09 sq m (4,285 sq ft)
Second Floor 392.51 sq m (4,225 sq ft)
Total - 1,172.42 sq m (12,620 sq ft)
Total NIA for both buildings 1,756.22 sq m (18,904 sq ft)
Total GIA for both buildings 2,064 sq m (22,217 sq ft)
CAR PARKING SPACES:
We understand that there are 10 parking spaces.
The property is held under two leases both granted for a period of 4 years from 1st October 2010 on full repairing and insuring terms to Thomas Eggar LLP, a large firm of solicitors, within the Top 100 law firms. Both leases are outside the security of tenure provisions of the Landlord and Tenant Acts. A tenant’s break notice can be served at any time after 24th August 2011 and we understand the tenants are vacating the property at the end of the term. The combined rent is £180,000 exclusive.
The property has been a B1 Business Use and has been used as offices for many years. Both buildings are listed, have a Grade II status, are within a Conservation Area and are in the Council’s Settled Policy area. Any change of use will be considered under the Council’s policies of the Local Plan and the NPPF. These policies provide a strong presumption in favour of residential development in Settlement areas. Prospective purchasers should make their own enquiries at the planning office.
We understand that the Rateable Value is £187,000 and the rates payable for 2014/2015 will be £90,134. However vacant listed buildings do not attract empty rate liability.
Davis Brown for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers, or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii)
all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by
inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Davis Brown or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices quoted are exclusive of VAT (if chargeable)
SUBJECT TO CONTRACT