Oaklands Business Centre

64-68 Elm Grove,
Worthing, West Sussex, BN11 5LH

For Sale
Investment, Office

Offers in excess of £975,000

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Rare, Substantial Industrial & Office Investment Opportunity with Potential Long Term Re-Development Potential

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.

Description

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.

Accomodation

Name/FloorSq FtSq MPriceAvailability
Ground Unit 11,00793.55On ApplicationOccupied
Ground Unit 1a29227.13On ApplicationOccupied
Ground Unit 227825.83On ApplicationOccupied
Ground Unit 345942.64On ApplicationOccupied
Ground Unit 423421.74On ApplicationOccupied
Ground Unit 4a15114.03On ApplicationOccupied
Ground Unit 543340.23On ApplicationOccupied
Ground Units 6 & 81,403130.34On ApplicationOccupied
Ground Unit 758854.63On ApplicationOccupied
1st Unit 929026.94On ApplicationOccupied
1st Units 10 & 1145041.81On ApplicationOccupied
1st Unit 1212711.80On ApplicationOccupied
1st Unit 1418517.19On ApplicationOccupied
1st Unit 1529026.94On ApplicationOccupied
1st Unit 1618016.72On ApplicationOccupied
1st Units 17 & 17a76470.98On ApplicationOccupied
1st Unit 1821019.51On ApplicationOccupied
1st Unit 1912711.80On ApplicationOccupied
Ground Unit 2022120.53On ApplicationOccupied
Ground Unit 212,220206.24On ApplicationOccupied
Total9,909920.58 

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.

Summary

  • 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