Summary
FOR SALE BY AUCTION-ALLSOP 2nd NOVEMEBER 2021-Investment occupied by The Secretary of State for Housing, Communities and Local Government
Location
The subject property is located on the southern side of Montague Street, Worthing's main shopping thoroughfare, surrounded by a variety of high street occupiers including The Body Shop, Greggs, O2, Yours & Millets. The seafront is 100m to the south whilst several community amenities such as AMF bowling, Lido and the well-known Worthing Pier are all only a short walk away. Worthing is a large seaside town in West Sussex located on the south coast 11 miles (18km) west of Brighton, 20 miles (32 km) east of Chichester and 60 miles (96.5 km) south of London. The town is affluent with a growing residential population in excess of 100,000 and an annual footfall of 5.5 million.
Terms
Available by way of Auction in Allsop Auction on the 2nd November 2021.
Please follow link below to Auctioneers website.
https://auctions.allsop.co.uk/lot-overview/freehold-job-centre-and-office-investment-in-worthing/c211102-002?searchid=J%2FRJrbSKaZUEMoed%20DMhJSIvEW83azyDAVfvcyztAvo%3D&idx=20
Tenancies
(1) The building is let to INSTANT MANAGED OFFICES LIMITED (08093543), for a term 5 years from 15.04.2021 with a tenants
option to break 15.04.2024.
(2) For the year ended 31.07.2020 Instant Managed Offices Limited reported a turnover of £65,171,000, a pre-tax profit of £8,757,000, shareholders funds and a net worth of £38,069,000 (Source Experian 05.10.2021)
(3) The property has been under-let to The Secretary of State for Housing, Communities and Local Government) for a term of years from 06.09.2021 to 07.04.2026, with a tenants option to break on 08.04.2024 on giving 9 months notice at an initial rent of £140,000 p.a. The under-lease contains a Utilities Cap. The vendor has entered into an Agreement whereby if the Headlease is forfeited due to a breach caused by Instant, then it will enter into a new lease directly with the undertenant for the remainder of the Headlease term on the same terms as the Headlease.
(4) The demise of the lease excludes the load-bearing and exterior walls (including any separating the building on the Premises from any adjoining building), any structural parts (including the foundations), the roofs and the guttering of the building on the Premises. The Tenant is under an obligation to keep the premises in no worse state of repair, condition and decoration than that shown in the Schedule of Condition attached to the Lease.
The tenant has a rent free period which expires on the 14th October 2021 which is prior to completion.
VAT
We are advised that the building is elected for VAT, but it is proposed that any purchase will be by way of a TOGC
Guide Price £1.8 million + equating to a Gross Initial Yield 7.78% if purchased at that level
Let to Instant Managed Offices Limited & Under-let to The Secretary of State for Housing, Communities and Local Government
Existing building comprises 1,285.5 sqm (13,837 sq ft) GIA
Future development potential
Open & trading as a Job Centre Plus
Listed Features
- Development
