Chichester - 9/11 East Street

Location:

The cathedral city of Chichester is an attractive, historic and thriving retail centre. It is the County Town for West Sussex and lies approximately 68 miles (109km) south west of London and 32 miles (51.5km) west of Brighton.
Chichester benefits from excellent road communications being situated close to the A27 dual carriageway which links the city with Brighton to the east and Portsmouth to the west. The A3, approximately 13 miles (21 km) to the west, provides fast and direct access to London and the M25 motorway.  Chichester is served by a frequent local and mainline railway providing services to London Victoria (1 hour 30 minutes), as well as Southampton and Brighton.  London Gatwick Airport is located approximately 44 miles (71km) to the north
east.

  • Situation

    Located in a 100% prime retailing pitch on Chichester’s East Street the property is situated in close proximity to its intersection with North Street which is considered the most desirable location within the city centre. National retailers in close proximity include Marks & Spencer, NatWest, Superdrug, Jigsaw, River Island, Pret a Manger, Fat Face, Joules, Halifax, Mint Velvet and Pandora.

  • Description

    Comprising large and regular floorplates and arranged over basement, ground, first and second floors, the unit is considered a relative rarity in Chichester which lacks larger store opportunities. Built in the 1960’s, the
    building is of concrete frame construction and housed under a series of pitched and flat roofs.

  • Tenure

    Freehold.

  • Accommodation:

    Ground Floor Sales 2,415 sq. ft. 224 sq. m
    Ground Floor ITZA 1,386 units
    Basement Ancillary 1,734 sq. ft. 161 sq. m
    First Floor Ancillary 2,175 sq. ft. 202 sq. m
    Second Floor Ancillary 1,693 sq. ft. 157 sq. m
    Total 8,017 sq. ft 744 sq. m
  • Tenancy (ies)

    Let to Lloyds Bank Plc on a full repairing and insuring lease (FRI) from 24th June 2011 and expiring 23rd June 2026 (6.7 years unexpired). The lease is subject to 5 yearly rent reviews with the next being 25th December 2020.

  • Current Rent PAX

    271400

  • VAT

    The property has not been elected for VAT.

  • Price

    £4,250,000 (Subject to Contract and exclusive of VAT )

  • Yield

    A net initial yield of 6%.

MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office.

All viewings are strictly by prior appointment.
Please contact:

David Freeman
Ed Smith
Patrick Over