Woodingdean Business Park, Hunns Mere Way, Brighton, Brighton & Hove, BN2 6AH
Guide Price* : £1,200,000
For Sale by Online Auction If Not Sold Prior
- Multi-let Office and Ground Lease Investment
- Modern Business Park comprising 31 units
- The property comprises three modern, single-let office units with a total combined area of 7,070 sq ft. The remaining units are sold off on a long leasehold basis.
- Current net income of £120,437 per annum, equating to a very low rent of £17.03 psf
- WAULT of 5.45 years to expiry and 2.45 years to breaks
- Strong asset management opportunities, including re-gearing the existing leases to extend the income length
- 25 car parking spaces, equating to a ratio of 1:283 sq. ft.
- Guide price of £1,300,000 reflects a NIY of 8.75%, and a very low capital value of £184 psf.
The property comprises 31 units constructed in various phases and providing a mix of industrial and office accommodation. The income producing elements of the property comprises three modern office buildings constructed in 2007, each arranged over ground and one upper floor. The units are of brick construction with glazing, a metal brise-soleil and curved metal standing seam roofs.
The salient details of the specification are as follows:
• Heating system provided via perimeter wall mounted radiators
• WC facilities
• High efficiency suspended florescent lighting
• Perimeter trunking
• Car parking
The units have a combined parking provision of 25 spaces, equating to a ratio
of 1:283 sq. ft.
Woodingdean Business Park is a 10-acre commercial location comprising of office and industrial accommodation approximately 3 miles to the North East of Brighton city centre.
Woodingdean Business Park is situated on the north side of Brighton. It is well served by road connections, with the Falmer junction of the A27 approximately 2 miles to the North. Brighton city centre is accessible within a 10 minute drive time.
There is a good level of amenity within a short distance from the property, with local shopping facilities including a co-operative supermarket, café, restaurants and a hotel a five minute walk to the south on Warren Way.
The income producing elements of the property are situated to the northern end of the campus and accessed from Bexhill Road via a separate access to the industrial element of the site. This area comprises only office accommodation whilst industrial uses are further to the south and west. The office units benefit from being further uphill and therefore enjoy extensive sea views.
The property is held on a long lease expiring 28 June 2151 at a peppercorn rent.
The income producing elements of the property are let by way of three separate leases. Each lease is drafted on an effectively full repairing and insuring basis and as summarised in the schedule which can be found under "Related Documents". The current net income is £120,437 per annum.
The current WAULT to expiry is 5.49 years (2.48 to break).
There are an additional 28 units which have been sold off on a long leasehold basis with expiries ranging from 31/05/2151 – 29/06/2151. All units are let on a peppercorn rent.
We understand the property has been elected for VAT and that it is envisaged the sale will be dealt with as a TOGC
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton June 2022
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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