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40 North Street and the Orangery, Chichester, West Sussex PO19 1LX

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40 North Street and the Orangery, Chichester, West Sussex PO19 1LX 40 North Street and The Orangery, Chichester, West Sussex PO19 1LX Freehold Opportunity for Investment or Occupation Listed Building in City Centre FOR SALE ) Total Size 8,376 sq ft (778.15 sq m) KEY FEATURES • Income producing opportunity suitable for an investor or owner occupier • Let to Handelsbanken and Jack Wills • Vacant possession deliverable on the Jack Wills space (Main House) at 3 months notice • Grade II* Listed Building totalling 8,376 sqft (778.15 sqm) • Planning consent exists for change of use from retail to offices • Property suitable for alternative uses (subject to planning) • Handelsbanken producing £35,000 pa until May 2027 (break option in 2022) • Jack Wills producing concessionary turnover rent estimated at £25,000 pa (documented rent £124,154 pa) • Highly reversionary investment with potential to produce £140,000 pax • Freehold •Price £1.6m subject to contract Chichester LOCATION 40 North Street and The Orangery occupies a prominent city centre business location on one of Chichester’s four main retailing streets. The property is only a short 10 minute walk from the rail and bus stations, providing connectivity across the south coast and main-lines to London. Major employers within the city centre include West Sussex County Council, Chichester District Council, John Wiley & Sons and Mercer Ltd. Nearby aspirational retailers include L’Occitane En Provence, The White Company and Russell & Bromley. Nearby restaurateurs boast national chains such as Bill’s, Wagamama, Côte Brasserie alongside local operators, Purchases Restaurant and Field & Fork. Experian Goad Plan Created: 26/06/2020 50 metres Created By: Flude Commercial For more information on our products and services: Copyright and confidentiality Experian, 2020. © Crown www.experian.co.uk/goad | [email protected] | 0845 601 copyright and database rights 2020. OS 100019885 6011 DESCRIPTION The property is a well-known landmark building. It is configured as two self- contained units, comprising the Main House (occupied by Jack Wills) and The Orangery, being a period extension to the south with a modern addition (occupied by Handelsbanken). The Main House is arranged over three floors plus basement, and the remainder over two floors plus the single storey modern rear extension. 40 North Street sq ft sq m The Orangery sq ft sq m Basement 1,472 136.78 Ground Floor 1,387 128.81 Ground Floor 2,158 200.49 First Floor 535 49.67 First Floor 1,784 165.74 Total NIA 1,922 178.48 Second Floor 1,040 96.55 Total NIA 6,454 599.56 Total Net Internal Area of whole = 8,376 sq ft (778.15 sq m) TENANCY & ACCOMMODATION Unit Tenant Rent (pa) ERV Lease Start Next Review Next Break Lease end The Orangery Handelsbanken PLC £35,000 £35,000 31/05/12 31/05/22 31/05/22 30/05/27 SDI (Propco 107) Limited 40 North Street £25,000* £105,000 06/10/11 06/10/21 05/10/26 trading as Jack Wills Total £60,000 £140,000 * Jack Wills rent is contracted as 5% of T/O, based on 2018/19 turnover projections will be £25k pa. Previous rent before concession £124,154 pa. Handelsbanken was formed in 1871 and is the oldest company on the Jack Wills was put into administration in August 2019 and was immediately Swedish stock exchange. They pride themselves as being one of the world’s sold to Sports Direct in a process known as a pre-pack administration. strongest banks. The bank regards Sweden, Denmark, Finland, Norway, Great Britain and the Netherlands as its domestic markets. They have negotiated a reduced rent with the current owner of the subject property to allow them to continue trading whilst the owners find a Currently Handelsbanken employ nearly 12,000 staff of which more than replacement tenant. 40 per cent are employed outside Sweden. Add Value Opportunities Within the UK there are over 200 branches. Planning exists for change use of 40 North Street from A1 retail to B1(a) office use. Plans and proposals for the office use are already drafted. Handelsbanken PLC (for the year ending 31 December 2019): The property is being marketed for retail and office use, and for investment. Turnover £566.3 million It would particularly suit an owner occupier or an investor wishing to Operating Profit £251.7 million acquire freehold premises with long term flexibility and part let to an Profit after Tax £183.5 million excellent covenant. Total Assets £31.56 billion EXISTING FLOOR PLANS - 40 NORTH STREET Notes 1. This drawing is the copyright of MH Architects Ltd 2. Do not scale this drawing except for Local Authority planning purposes 3. All dimensions must be checked on site by the contractor prior to commencement of the works. Client Approval X A - Approved X B - Approved with comments X C - Do not use Retail Retail WC Retail B.o.H B.o.H B.o.H Rev. Revision Note/Purpose of Issue Drw By Date Chk By Date Retail Retail area area area store store P01 Issued for PLANNING MW 26/07/19 CJP 23/07/19 fireplace fireplace Retail B.o.H Retail area store Retail store Retail B.o.H Retail area B.o.H Hallway Entrance Lobby area Hallway Retail Retail B.o.H Retail store area store fireplace fireplace fireplace BASEMENT GROUND FLOOR FIRST FLOOR PLAN PLAN PLAN LEGEND: GIA Existing walls AREAS [GIA]: BASEMENT 166 m² / 1787 ft² GROUND FLOOR LEVEL 236 m² / 2540 ft² FIRST FLOOR LEVEL 237 m² / 2550 ft² SECOND FLOOR LEVEL 149 m² / 1604 ft² TOTAL (incl. BASEMENT) 788 m² / 8481 ft² Retail B.o.H area (excl. BASEMENT) Retail TOTAL 622 m² / 6694 ft² B.o.H area Retail B.o.H area Retail B.o.H Hallway area Retail Retail B.o.H B.o.H area Client area Retail WC WC Kingsbridge Estates Limited B.o.H area Job title 40 North Street Chichester Drawing title Existing Plans Drawn Date Checked Date Scale at A1 MW 26/07/19 CJP 23/07/19 1:100 Job No. Pro. Org. Zone Level Type Role No. Rev. 19/073 40NSMHA ZZ XX DR A 002 P01 Purpose of Issue PLANNING Ground Floor Bicentennial Building Plans 1:100 @ A1 Southern Gate Chichester N West Sussex PO19 8EZ 1 0 1 2 3 4 5 6 7 8 9m t. 01243 774748 SECOND FLOOR ROOF e. [email protected] www.mharchitects.co.uk PLAN PLAN 1:100 Limited Company Registered in England No.1994233 FLOOR PLANS - THE ORANGERY Plans are for indicative purposes only. PLANNING The building is Grade II* listed. The Orangery We understand that the premises benefit from Class A2 (Financial Services) use within the Use Classes Order 1987 (as amended). 40 North Street We understand that the premises benefit from Class A1(Retail) use within the Use Classes Order 1987 (as amended). Planning permission exists for change of use to B1 offices. Reference No:19/02000/FUL and No: 19/02001/LBC. EPC We understand the property has the following EPC ratings: The Orangery - C 56 40 North Street - D 82 TERMS Price £1.6m subject to contract. 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. ANTI MONEY LAUNDERING Anti-Money Laundering Regulations 2017 Due to Government legislation we are legally obliged to undertake Anti-Money Laundering checks on prospective purchasers on transactions which involve a capital value of 15,000 euros or more. We are also required to request proof of funds. Further information available on request. VIEWINGS AND FURTHER INFORMATION Please contact the sole agents Flude Commercial: Mark Minchell [email protected] 01243 929136 Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property. 26 June 2020.
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