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CHICHESTER FIELDS BUSINESS PARK, PO20 2FR MODERN MULTI-LET SOUTH COAST OFFICE INVESTMENT CHICHESTER FIELDS BUSINESS PARK, PO20 2FR INVESTMENT SUMMARY • OPPORTUNITY TO ACQUIRE A WELL LOCATED SOUTH COAST MULTI-LET OFFICE • LOW AVERAGE RENT OF £14.40 PSF INVESTMENT • AVERAGE WEIGHTED UNEXPIRED LEASE TERM OF 4.53 YEARS (3.08 YEARS • LOCATED ON A MODERN BUSINESS PARK LESS THAN 10 MINUTES FROM CHICHESTER TERM CERTAIN) CITY CENTRE • CAR PARKING PROVISON OF 70 SPACES (EXCELLENT RATIO OF 1:200 SQ FT) • THE PROPERTY COMPRISES TWO DETACHED OFFICE BUILDINGS PROVIDING A NET INTERNAL AREA OF 14,244 SQ FT (1,323.3 SQ M) • OFFERS ARE SOUGHT IN EXCESS OF £2,400,000 (TWO MILLION, FOUR HUNDRED THOUSAND POUNDS) FOR THE FREEHOLD INTEREST. A PURCHASE AT THIS LEVEL • LET TO 8 TENANTS ON 9 LEASES, PRODUCING A TOTAL GROSS RENTAL INCOME OF REFLECTS A NET INITIAL YIELD OF 8.36%, AND A LOW CAPITAL VALUE OF £168 PSF, £241,546 PA WITH A NET OPERATING INCOME OF £213,521 PA ASSUMING PURCHASERS COSTS OF 6.36% MODERN MULTI-LET SOUTH COAST OFFICE INVESTMENT 2 CHICHESTER FIELDS BUSINESS PARK, PO20 2FR A232 LOCATION A346 A33 A3 A240 A34 A339 A322 M25 M3M3 Chichester is located in the County of West Sussex and lies approximatelyA342 A3 21 miles east of Portsmouth, 30 miles west of Brighton and 65 miles Basingstoke A287 Guildford south of London. A338 Andover A31 A24 M23M2 A303 A303 Farnham Chichester has a district population of around 119,000 persons with A3 A281 A343 A31 Crawley 81.4% of the working age population classed as ‘economically active’. A34 M3M3 Current unemployment is notably low, standing at 2.3% against a national Winchester A264 Salisbury A3 M6M6 A1(M)A1(M) rate of 4.4%. A286 Horsham A272 A36 Petersfield A272 A272 A338 A24 A23 ROAD A286 M27M27 A29 A1(M)A1(M) A3 (M)(M) • Chichester Fields Business Park has excellent road A31 Southampton A24 M27 A27 communications being situated on the A27 trunk road, A27 a major South Coast arterial route which links Brighton, Brighton Worthing M6M622 Worthing, Portsmouth and Southampton. Portsmouth Chichester M6M611 M1M1 • The A27 connects to the A3 which in turn provides access to the M25 and London. RAIL M6M6 M1M1 • Subject property is located within close proximity to M5M544 M42M42 two train stations; Barnham and Chichester. Midhurst & London M6 • Fastest journey times to key destinations include: Worthing & Brighton FROM CHICHESTER STATION EST TRAVEL TIME M1M1 Petersfield A27 London Waterloo 116 minutes M5M50 M4M400 A1(M)A1(M) M111 Portsmouth & Southsea 40 minutes B2178 A286 City Fields Way M4M4 Southampton Central / Airport Parkway 60 minutes / 59 minutes A27 M4M4 M25 M25 B2144 AIR M5M5 M3M3 M2M233 M2M200 M27 AIRPORT DISTANCE EST TRAVEL TIME Chichester Station Chichester Gatwick 40 Miles 60 Minutes A259 A27 Heathrow 55 miles 80 Minutes Bognor Regis A286 Portsmouth & Southampton International 42 Miles 40 Minutes Southampton MODERN MULTI-LET SOUTH COAST OFFICE INVESTMENT 3 CHICHESTER FIELDS BUSINESS PARK, PO20 2FR SITUATION DESCRIPTION The subject property is prominently situated on City Fields Way, approximately 3 miles to The subject property comprises two modern office buildings of brick construction the north east of Chichester City centre. arranged over two floors. The buildings offer flexible working space and benefit from the following specification: Chichester Fields Business Park is well connected, benefiting from its close proximity to the A27 South Coast trunk road, a major arterial route linking Brighton, Worthing, • Adjustable trunking system Portsmouth and Southampton. • Suspended ceilings Opposite the property, Persimmon Homes are developing Dukes Meadow, a 63 unit residential scheme of two, three, four and five bedroom homes. Immediately adjacent the • Combination of LED and CAT 5 lighting property is the extensively refurbished Salisbury House, owner-occupied by Sage House. • Fibre Optic Connectivity Chichester Business Park, which lies to the east, is home to tenants including Philips The property benefits from 70 car parking spaces equating to an excellent ratio Respironics, The South East Coast Ambulance Service and the worldwide headquarters of 1:200 sq ft. of Carte Blanche. A27 A27 A27 Trunk Road Connects the site Sq to Brighton, Worthing, E s Garland H Portsmouth and a Southampton m p n M e t e t a L d n o M Dukes Meadow w i d W d Persimmon Homes l a B e is y development h t o o p n s d R G d City Fi n C ields Way eld ity F s W s E Ha T a m y pnett Ln a y a n g W m e Je e r k r r C e a u i r t D y R d e Nevill d Salisbury House F R i e d l d s W Chichester Fields a y Business Park Lincoln House d Exeter/York House Chichester Business Park R d r R d l D il e r indm ra W r Jer Carte Blanche e y l m M a C Philips Respironics g e n W n r a o l South East Coast Ambulance w i T s n o l e d Cl a e N M ood Dr Churchw MODERN MULTI-LET SOUTH COAST OFFICE INVESTMENT 4 CHICHESTER FIELDS BUSINESS PARK, PO20 2FR ACCOMMODATION TENURE The building has been measured in accordance with the RICS Property Measurement Freehold 1st Edition (incorporating IPMS 3). Reliance upon a Lane & Frankham measured survey will be provided to the purchaser. The schedule of areas for the subject properties are as follows: IPMS NIA BUILDING SQ FT SQ M SQ FT SQ M Lincoln House Ground Floor 2,743 254.8 2,635 244.8 First Floor 2,962 275.2 2,827 262.6 Exeter & York House Ground Floor 4,385 407.4 4,261 395.9 First Floor 4,767 442.9 4,521 420.0 Overall total 14,857 1,380.3 14,244 1,323.3 MODERN MULTI-LET SOUTH COAST OFFICE INVESTMENT 5 CHICHESTER FIELDS BUSINESS PARK, PO20 2FR FLOORPLANS Exeter & York House Ground Floor Tenant A Partition NIA IPMS 3 125.6 sq m 129.7 sq m 1352 sq ft 1396 sq ft Tenant B NIA IPMS 3 270.3 sq m 277.7 sq m 2909 sq ft 2989 sq ft Structure (Typical ) Adovation Limited Eclipse Financial Systems Limited EXETER YORK Exeter & York House First Floor Partition Tenancy B Tenancy C NIA NIA IPMS 3 IPMS 3 192.7 sq m 118.8 sq m 125.0 sq m 203.3 sq m Tenancy A 2074 sq ft 1279 sq ft 1345 sq ft 2188 sq ft NIA IPMS 3 108.5 sq m 114.6 sq m 1168 sq ft 1234 sq ft Partition Structure (Typical ) Eclipse Financial Systems Limited PrismTech Limited Secretary of State for Communities EXETER YORK and Local Government Lincoln House Lincoln House Ground Floor First Floor Structure (Typical ) Structure (Typical ) Partition Tenancy C NIA IPMS 3 121.8 sq m 126.8 sq m Tenancy A 1311 sq ft 1365 sq ft NIA 86.9 sq m 935 sq ft Tenancy B NIA Partition IPMS 3 36.1 sq m 90.2 sq m 389 sq ft 971 sq ft IPMS 3 37.8 sq m 407 sq ft Riser B4 Bookeeping Compass Contract Kingsbridge Estates LINCON LINCON Southampton Assessment and Study MODERN MULTI-LET SOUTH COAST OFFICE INVESTMENT 6 CHICHESTER FIELDS BUSINESS PARK, PO20 2FR TENANCIES The property is let to 8 tenants with an average weighted unexpired lease term of 4.53 years and 3.08 years to lease breaks. The total gross rental income is £241,546 per annum with the majority of leases including a fixed service charge rent. The Net Operating Income is £213,521 per annum. UNIT TENANT NAME TOTAL AREA LEASE EXPIRY BREAK RENT RENT FIXED SERVICE GROSS COMMENTS (SQ FT) START DATE DATE (PA) (PSF) CHARGE (PSF) INCOME (PA) Exeter House Rent deposit £5,432.25 + VAT. Rent inclusive of Service PrismTech Limited 1,279 08/04/2016 07/04/2021 NA £21,729 £16.99 £0.00 £21,729 First Floor Charge. No rent free period. Outside 1954 Act. Exeter House Rent deposit £5,000. Outside 1954 Act. Adovation Limited 1,352 08/09/2015 07/09/2020 07/12/2018 £16,700 £12.35 £0.00 £16,700 Ground Floor Tenant has exercised their option to determine. Exeter & Eclipse Financial York House 2,909 20/11/2015 19/11/2020 NA £38,918 £13.38 £3.36 £48,692 3 months rent-ree period. Outside 1954 Act. Systems Limited Ground Floor Secretary of State for Communities and Lease is due to complete imminently. Inside the York House Local Government acting 2,074 03/11/2018 02/11/2028 02/11/2023 £31,000 £14.95 £3.16 £37,554 1954 Act. Rent commencement date 03/11/2018. First Floor by the Driver Agency 5 yearly OMRR’s. and Vehicle Standards Exeter House Eclipse Financial Outside of the 1954 Act. 5 months rent free period. 1,168 23/09/2016 19/11/2020 NA £15,037 £12.87 £3.36 £18,961 First Floor Systems Limited Terms co-terminus wth existing lease. Lincoln House Rent deposit £3,284 + VAT. Outside the 1954 Act. 6 B4 Bookkeeping 935 07/08/2017 06/08/2022 NA £13,136 £14.05 £2.95 £15,894 Unit 1 months rent-free period. Rent linked to RPI. Inside 1954 Act. 6 months rent-free period. Annual Lincoln House Compass Contract 1,311 07/10/2016 06/10/2026 31/07/2021 £18,793 £14.33 £2.95 £22,660 tenant break option from 31/07/2022.
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