Under Offer
41-42 Southgate,
Chichester,
West Sussex,
PO19
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Development, D1 and Other, Investment, Offices
3,644 Sq Ft (338.53 Sq M)
- Located in busy and attractive Cathedral city
- Central location close to bus/train stations and car parks
- Central heating and air conditioning
- Good natural light
- 3,644 sqft (338.53 sqm) in total (NIA)
- Freehold
- Offers in excess of £580,000 subject to contract
- A purchase at this level would represent a Capital Value of £159.166 per sqft
- Total gross passing rent therefore £40,050 pax
- Estimated ERV of £46,500
Location
Chichester is an historic and thriving administrative centre for West Sussex. The city is located approximately 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton.
The subject property is situated in Chichester city centre, on the eastern side of Southgate, close to its junction with South Street.
Description
Well Presented City Centre Office - INVESTMENT
Accommodation
The property comprises a multi let four-storey building. Each office benefits from an open plan office space with their own separated kitchen. each floor is accessed by a communal stairwell. WCs are also communal with both men and womens.
Tenancy
Lower Ground Floor is let to Pullen Architecture Limited at a rent of £7,250 pa, lease ending on he 27/05/2026
Ground Floor is vacant
First Floor is let to ODT Professional at a rent of £16,000 pa, lease ending on the 16/02/2033
Second Floor is let to Plant Planet Limited at a rent of £16,800 pa, lease ending on he 01/11/2026
We understand the premises to have an approximate Net Internal Area (NIA) of:
Floor SQ FT SQM
Lower Ground 705 65.50
Ground Floor 877 81.48
First Floor 1,148 106.65
Second Floor 914 84.91
Total NIA 3,644 338.53
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. In terms of planning we have assumed 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
Rents and prices are quoted exclusive of, but may be subject to VAT.
Legal Fees
Each party to bear their own legal costs incurred.
Terms
We have been instructed to seek offers in excess of £580,000.
Rateable Value / Council Tax Band
Lower Ground Floor
Rateable Value (2023): £5,300
Ground Floor
Rateable Value (2023): £13,500
First Floor
Rateable Value (2023): £11,250
Second Floor
Rateable Value (2023): £16,250