East Grinstead, West Sussex
FOR SALE - - £1,800,000
East Grinstead, West Sussex - Photo 1
Property Description

Property description

A fantastic investment/re-development opportunity on the outskirts of East Grinstead town centre offering four B1 light industrial/warehouse units, two first floor offices, ground floor retail/showroom and outline planning for 6 two bed dwellings, 2 three bed dwellings and 3 two bed flats.

The property is located on the northern side of the town fronting Lingfield Road and with a return frontage to Wellington Town Road at the rear. The area is predominantly residential although the Charlwoods Road Industrial Estate is nearby as is the A22 London - Eastbourne Road. East Grinstead town centre and railway station are within approximately 0.75 miles. Bus services pass the property and there is a local shop nearby. Junction 10 on the M23 which connects to the north with the M25 and to the south with the A23 trunk road to Brighton and the south coast is approximately 6 miles distant. Gatwick Airport is within easy reach.

Phoenix House comprises four B1 Light Industrial buildings, two first floor office suites and a ground floor showroom/retail unit. The property offers approximately 12,959 sq ft of accommodation and 23 parking spaces in a separate car park to the rear of the property in Wellington Town Road.

The site has an area of 0.50 acres split between Phoenix House 0.38 acres and the car park 0.12 acres.
Floor areas are net internal for the offices and retail and gross internal for industrial/warehouse units.

Light Industrial Units from: 109.8 sq m / 1,182 sq ft to 185.8 sq m / 2,000 sq ft

Office Suite 1: 44.31 sq m / 477sq ft
Office Suite 2: 70.1 sq m / 755 sq ft
Retail/Showroom: 374.59 sq m / 4,032 sq ft

Opposite the rear of the property is a car park. See plan attached.

Floor areas are approximate.

The property is held freehold and subject to the tenancies set out in the schedule.

The property produces an income of £118,000 with potential uplift in income on letting of available units.

A service charge is generated to cover the costs of external maintenance and buildings insurance.

Offers are invited in the region of £1,800,000, subject to contract. A purchase at this price reflects a net initial yield of 6.17% and a potential revisionary yield of 8.11% after costs.

There will be an overage clause in the contract of sale providing for a further payment to be made to the seller in the event that an improved planning permission is obtained.

The property has the following rateable values:

Unit 1 Office and premises £12,750
Unit 1A Warehouse and premises £15,250
Unit 2/2B Showroom and premises £16,000
Unit 2A Store and premises £11,000
Unit 2C Office and premises £4,000
Unit 2D Office and premises £5,900
Unit 3 Workshop and premises £8,000
Unit 4 Workshop and premises £6,200

The property is not elected for VAT.

Outline planning permission has been granted by Mid Sussex District Council under reference DM/16/3651 to demolish the existing buildings and erect eight dwellings and three flats in their place.

EPC: Please enquire of the agent.

For viewing and further information please contact the selling agent: RH & RW Clutton - East Grinstead Office.

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