FORMER STORE

14-20 SOUTH STREET BN11 3AA

OPPORTUNITY TO ACQUIRE A LANDMARK BUILDING NEAR THE SEAFRONT WITH DEVELOPMENT POTENTIAL

On the instructions of Victoria Liddell mrics and Tammy Wilkins mrics of Allsop LLP acting as Joint Fixed Charge Receivers 14-20 SOUTH STREET WORTHING BN11 3AA

INVESTMENT CONSIDERATIONS PROPOSAL ■ Development opportunity to reconfigure former ■ Comprising approximately 44,898 sq ft over ground ■ We are instructed to seek offers in excess of Debenhams Store, subject to consent and four upper floors £1,350,000 (One Million, Three Hundred and Fifty ■ Situated in the heart of Worthing Town Centre, ■ Site of 0.28 acres (0.11 ha) Thousand Pounds) subject to contract and exclusive of VAT. This equates to a low capital value of £30 psf. occupying a strong retail location ■ Town centre becoming a focal point for residential/mixed use ■ Benefits from exceptional frontage onto South Street, regeneration one of the town’s major thoroughfares ■ Strong precedent to convert upper floors to alternative uses, ■ Freehold subject to obtaining the necessary consents 14-20 SOUTH STREET WORTHING BN11 3AA

M3

M20

M25 M26 A25 A3 M25 A331

GUILDFORD A26 Reigate A31 A21

M23 TUNBRIDGE A24 Edenbridge LOCATION GATWICK ROYAL 41 MINS Worthing is an affluent seaside town in West on the South Coast, approx. 100 km (60 miles) TUNBRIDGE East WELLS south of London. The town benefits from excellent east/west road links via A27, which links Worthing Grinstead to , Hove, and the M27. Worthing also sits at the end of the A24 which runs north to the M23 and M25, approximately 48 km (29 miles) and 69 km (40 miles) respectively. A264 A26 Worthing is the largest town in , with a population of 97,000 residents, strategically located on the south coast, 55 miles south west of London and 10 miles west of Brighton. A22 A229 Direct rail services run from Worthing to London Victoria with a journey time of 80 minutes. Rail services also run to Brighton and to which is 50 km (30 miles) to the north. A272 Uckeld

Burgess Hill A21 A24 A23

Hassocks A22

A283 ROAD TRAIN AIR 35 MINS Hailsham A27 1.9 miles Brighton 25 mins London Gatwick 40 mins A27 A27 Bexhill A259 Hove A26 A24 2.1 miles 28 mins 60 mins WORTHING A259 BRIGHTON M25 40 miles Portsmouth 50 mins London Heathrow 75 mins Bognor Regis Seaford Central London 60 miles London Bridge 90 mins 14-20 SOUTH STREET

WORTHING Worthing BN11 3AA

SITUATION The subject property is located in a a one-way system vehicular road where central position on the eastern side of there is car parking and storage units to South Street, close to the junction with the rear of the subject property. the pedestrianised Montague Street, and The property is located only 0.1 mile just south of the pedestrianised Warwick to the north of Worthing , with Street which are the two main retail exceptional seafront views from the thoroughfares in town, providing constant upper floor levels. high footfall to the subject property. Nearby retailers include TK Maxx, The property backs onto Marine Place, Vodafone, Robert Dyas and WH Smith.

FORMER

STORE

© Crown Copyright, ES 100004106. For identification purposes only.

Experian Goad Plan Created: 24/06/2021 50 metres Created By: Allsop

For more information on our products and services: Copyright and confidentiality Experian, 2020. © Crown copyright and database www.experian.co.uk/goad | [email protected] | 0845 601 6011 rights 2020. OS 100019885 14-20 SOUTH STREET WORTHING BN11 3AA

DESCRIPTION

The subject property comprises a purpose-built Internally the property comprises of retail accommodation on ground first, The building benefits from three points of access: one on South Street, and second and third floors with plant machinery located in the basement and two on Marine Place. It would be possible to use one of the existing points department store of an design, dating the fourth floor. The property benefits from well-configured floorplates of access at Marine Place to carve out self-contained access to the upper from the late 1920’s and totalling 44,898 sq ft offering good levels of natural light owing to the large number of windows on floors as the access point directly links to the stairs leading upstairs. (4,171.1 sq m) GIA. The property is of and three elevations of the property. A courtyard provides access to the loading area to the rear of the building. concrete frame construction and arranged over The building can be accessed from both South Street and Marine Place and Internally, staircases access all floors with the addition of a passenger lift occupies almost 100% of the site. The property has been recently vacated by serving basement to third floors. basement, ground and four upper floors. Debenhams and offers an opportunity to repurpose or redevelop the site.

TENANCY FORMER Vacant.

STORE TENURE Freehold: Title number WSX275560.

SITE AREA 0.28 acres (0.11 ha).

ACCOMMODATION The property provides the following Gross Internal Area (GIA):

Floor Area Sq M Area Sq Ft Basement 66.8 719 Ground Floor 1,045.5 11,254 First Floor 1,000.2 10,766 Second Floor 979.5 10,543 Third Floor 887.3 9,551 Fourth Floor 191.8 2,065 To t a l 4,171.1 44,898 *Allsop have not measured the property and the above floor areas are from a historic valuation report. Parties are expected to satisfy themselves as to the accuracy of these measurements. Rateable Value : £272,500 per annum Rates Liability: £139,250 per annum

Site outline for identification purposes only. 14-20 SOUTH STREET WORTHING BN11 3AA T S

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however sit within the South Street alternative uses at upper floor levels in C

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Conservation Area. order to create a thriving and vibrant BEACH HOUSE

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A 5 SHELLEY ROAD Identified under the Worthing Core Town Centre environment. D GARDENS T 4 H E

Strategy 2011, the site is located within This is supported further by the Local S T THE

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the Central Shopping Area – Zone A – Plan which seeks to ‘improve and increase 2 E 3 Primary Designation, an area safe-guarded the mix of uses in the Town Centre’. 1 to preserve and protect A1 units within In addition, as part of their local policy, THE DOME the Towns primary retail destination. Adur and Worthing Council have CINEMA E ARAD 7 INE P Under a revised version of the outlined ambitious plans for residential 6 MAR Worthing Core Strategy (2020), the provisions with approximately 4,000

PAVILLION Council have implemented policies new units to be delivered by 2026, THEATRE WORTHING within the Primary Shopping Area 1,711 of which are yet to be allocated. ADE PIER E PAR MARIN

WORTHING LIDO

DEVELOPMENT OPPORTUNITIES RESIDENTIAL POTENTIAL Located within the heart of Worthing Town Centre, the subject site lends In line with local policy of conserving A1 Additionally, the development would be subject 4 32-36 South Street itself to a number of redevelopment opportunities, subject to obtaining the space, the site presents the opportunity for a to a CIL payment of £125 per sq m of residential Conversion and 3rd floor extension to create 10 residential units with retail at ground floor necessary consents. In line with local policy, the following options could be mixed retail and residential development under space and a further £150 per sq m of foodstore, explored; Permitted Development Rights. supermarket or retail warehouse accommodation. 5 40-42 South Street Indicative studies previously carried out on the There have been several notable developments which Redevelopment of upper floors to provide 9 residential units 1. An Office-led scheme site highlight the potential viability of a scheme have set the precedent for introducing mixed-use Conversion of upper floors into office accommodation, through the flexible with retail at ground and basement floors and c. buildings onto South Street which are outlined below: 6 123-125 Montague Street E use class; 35 residential units to the floors above. 1 SUBJECT PROPERTY Conversion and extension at 1st and 2nd floors to create 4 self-contained Adur and Worthing Council require affordable 2. Mixed-use scheme 2 22-23 South Street residential units Potential for a truly mixed-use scheme providing retail, flexible commercial housing provisions to be included, which for Conversion and extension of upper floors 7 85-87 Montague Street space, including leisure and office, and residential accommodation; a development of 15+ units, would require to create 7 residential units Change of use to ground floor A1 unit 30% affordable housing. This contribution can 3 19-23 South Street to flexible commercial uses 3. Retail and Residential development, potentially be offset however through securing Redevelopment of the former Beales Department A mixed-use scheme retaining retail accommodation at street level and Vacant Building Credit. Store to provide a mixed-use scheme with 8 57a Chapel Road converting upper floors to residential through Permitted Development Rights. For more information please refer to the planning retail and co-working accommodation and Permitted development for change of use statement in the dataroom. 45 residential of ground floor retail unit to offices

Site outline for identification purposes only. On the instructions of Victoria Liddell mrics and Tammy Wilkins mrics of Allsop LLP acting as Joint Fixed Charge Receivers

EPC There is an EPC for the subject property dated 2nd March 2015 – Rating: C 69.

VAT To Be Confirmed.

ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed.

DATA ROOM For access to the Allsop data room please use the following link: https://datarooms.allsop.co.uk/register/worthingdebenhams

PROPOSAL We are instructed to seek offers in excess of£1,350,000 (One Million, Three Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. This equates to a low capital value of £30 psf.

For further information or to make arrangements for viewing please contact:

NATIONAL INVESTMENT RESIDENTIAL DEVELOPMENT Alex Butler​ Gergo Petrovics Florence Rothwell 07801 219 888 07961 234 029 07595 922 764 [email protected] [email protected] [email protected]

allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 07.21