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Highdown House, Shoreham Airport

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Highdown House, 11 Cecil Pashley Way, Shoreham Airport - Freehold | £725,000

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Industrial investment for sale, located on Shoreham Airport, a modern detached light industrial building which has been sub-divided into nine units, including two office suites. This property is Under Offer.

LOCATION


Shoreham-by-Sea is found adjacent to the western boundary of the Brighton & Hove conurbation, some 7 miles west of the city centre and a similar distance from Worthing.  Shoreham Airport is found to the north west of the town centre immediately off the A27 dual carriageway north of the city giving fast access to the A23, Gatwick Airport and the M25, and to other south coast centres. It comprises a small airport mainly catering to light aircraft and helicopters. The southern part of the airport incorporates a small industrial estate which caters for, in the main, aviation focussed companies, but also includes some more general light industrial users.  The property is situated on the south side of Cecil Pashley Way close to the main airport terminal building. The south coast railway line is immediately to the south.

DESCRIPTION


ƒThe property was built in 2000 and comprises a modern detached light industrial building which has been subdivided into nine units, including two office suites.  ƒ It is of portal frame construction with brick and profiled steel clad elevations with double glazed windows under a pitched profiled steel roof incorporating light panels. The eaves height is approximately 5.5m and the 7 units have a steel roller shutter door to the front elevation. A small extension with roof terrace has been constructed to the rear of the western elevation which forms part of the rear office unit. With the exception of Unit 2 the units have first floor accommodation at the rear.  ƒ Each unit has lavatory facilities, heating and lighting to the industrial areas and gas fired heating to a number of the office areas. ƒ The property has provision for parking immediately to the west of the property, with further parking in the airport’s pay and display car parks.

Ref: Highdown House, Shoreham Airport

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BRIGHTON

44-46 Old Steine East
Sussex
BN1 1NH
United Kingdom


Tel: 01273 738383


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Terms

The property is held on a 125 year lease from 22 May 2000 having just under 110 years unexpired. It is subject to a 20% geared ground rent based on market rent and reviewable on a five yearly upwards only basis. The rent review due on 22 May 2015 has recently been completed at £17,500 pa.  The gross rent receivable is £86,292pa and after adjustment for the head rent the net rent receivable is £68,792 pa.

The sale will be carried out as a TOGC (transfer of a business as a going concern).

We are instructed to seek offers of £725,000 for the long leasehold interest, subject to contract which equates to a net initial yield of 9% having allowed for purchasers costs of 5.8%.