For Sale
9-12,
Dukes Court,
Bognor Road,
Chichester,
West Sussex,
PO19
Back to Results
Investment
2,906 Sq Ft (269.97 Sq M)
- Freehold
- A block of Four adjoining Office/E Class units with two central cores so in effect two pairs of units
- Total NIA 2,906 sqft (270 sqm) being 727 sqft (67.50 sqm) per unit
- Reversionary opportunity
- 12 parking spaces (1:240 per sqft)
- Offers in excess of £500,000
- Low Capital Value of £172 per sqft or £125,000 per building
- Units 9-11 are let to Bauer Radio Limited at a passing Rent of £24,000 pax (£11 per sqft) & Units 9 & 10 sublet to Cancerwise
- Add value opportunities include renting out Unit 12 to prove reversion
- This opportunity should be of interest to both Investors and Owner Occupiers
Location
Chichester is located on the south coast in West Sussex, between Portsmouth and Worthing, and lies approximately 70 miles southwest of London.
Chichester is the County Town of West Sussex and a historic cathedral city. The total population within Chichester Primary Catchment area is 246,000 and the estimated shopping population is 148,000.
The city is particularly affluent with per capita retail spending levels well above PROMIS average (CACI) and has a significantly high over representation of the most affluent AB & C1 Social Grouping. In addition, the city attracts a significant number of tourists.
Description
Freehold Office Investment Opportunity
Accommodation
Dukes Court is a modern office park located on Bognor Road, which is one of the main routes into Chichester city centre and provides easy access to the A27 south coast trunk road. Chichester lies approximately 15 miles to the east of Portsmouth and 30 miles west of Brighton. A mainline railway service to London reinforces commerce to the city.
The property comprises a block of four adjoining mostly open plan two storey office units located within a self-contained office park. The four units have two central cores so in effect there are two pairs of buildings. There are 12 car parking spaces allocated to the four buildings, effectively three spaces for each building. This represents a ratio of 1:240 per sqft.
The accommodation has the following approximate Net Internal Area (NIA):
Unit 9
Ground 355 sqft 33.00 m sq
First 371 sqft 34.50 m sq
Total 727 sqft 67.50 m sq
Unit 10
Ground 355 sqft 33.00 m sq
First 371 sqft 34.50 m sq
Total 727 sqft 67.50 m sq
Unit 11
Ground 355 sqft 33.00 m sq
First 371 sqft 34.50 m sq
Total 727 sqft 67.50 m sq
Unit 12
Ground 355 sqft 3.00 m sq
First 371 sqft 34.50 m sq
Total 727 sqft 67.50 m sq
Grand TOTAL NIA: 2,906 sqft 270.00 m sq
Rent
Units 9-11 are let to Bauer Radio Limited on a term of 10 Years expiring on the 11.02.2026 (approx 3 years unexpired) at a passing Rent of £24,000. Bauer Radio Limited have D&B rating of 5A1. Units 9 & 10 sublet to Cancerwise at £11 psf.
Unit 11 is being marketed by way of a sub letting at £11 psf. Unit 12 is vacant with an ERV of £14 psf of approximately £10,000 pax. Unit 12 is vacant and we believe is reversionary. We would recommend quoting £14 psf which is approximately £10,000 pax on any new letting.
Planning
A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
VAT
The property is VAT elected. It is anticipated that the sale will be treated by way of a Transfer of a Going Concern (TOGC).
Legal Fees
Each party to bear their own legal costs incurred.
Terms
Offers invited in excess of £500,000 stc.
Rateable Value / Council Tax Band
9 -10
Rateable Value 2017: £15,750
Rateable Value 2023: £17,000
Unit 11
Rateable Value 2017: £8,100
Rateable Value 2023: £8,800
Unit 12
Rateable Value 2017: £8,100
Rateable Value 2023: £8,800
Energy Performance Rating
To be assessed.