Freehold Garage/Workshop Investment For Sale

Norfolk Street, Worthing, BN11 4BB

Quick Summary

£200,000 Price Description: Guide Price Income: £20,000 Units: 13 Floors: 2 Type: Commercial, Garages, Industrial, Investment Status: Under Offer

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Property Description

An opportunity to acquire the freehold of 13 lock-up garages and workshops occupying a convenient location on the northern outskirts of Worthing Town Centre. The premises are situated around a central courtyard and are accessed via a service road which runs between Norfolk Street and Clifton Road. We are advised that all of the units are currently let on informal licence agreements producing a gross income of £20,220 per annum.

 

LOCATION:

Worthing is the largest town in West Sussex, located on the coast between Brighton and Chichester. The town has a resident urban population of approximately 100,000 people and a population of around 500,000 within a 13 mile catchment area. The subject properties occupies a convenient location on the northern outskirts of the Town Centre. The location offers good transport links to the surrounding areas, Worthing Mainline Railway Station is within walking distance and local bus services pass nearby. Parking is by way of on street parking which is restricted to two hour bays or permit holders between the hours of 10-11am and 2-3pm.

 

TENANTS/INCOME:

Unit 1                          Let at £70 pcm

Unit 2                          Let at £70 pcm

Unit 3                          Let at £70 pcm

Unit 4                          Let at £70 pcm

Units 5-7                      Let at £300 pcm

Unit 8                          Let at £60 pcm

Unit 9                          Let at £70 pcm

Unit 10                        Let at £190 pcm

Units 11-12                  Let at £140 pcm

Unit 13 (1st Floor)          Let at £145 pcm

Unit 14                        Let at £70 pcm

Units 15-16                  Let at £200 pcm

First Floor Units 1-4      Let at £230 pcm

 

Units 1, 2, 3, 4, 8, 9 and 14 are all single lock-up garages.

 

A joinery firm occupies Units 5-7 and Unit 13 as workshops. They also occupy unit 8 as an office space and units 11-12 for storage.

 

A motor mechanic occupies units 15-16 and a building company use unit 10 for storage.

 

The first floor unit above 1-4 is an office/store.

 

The central courtyard is shared between all tenants and there is also a shared WC.

 

GUIDE PRICE:

£200,000 for the Freehold interest, subject to the various tenancy agreements.

 

VIEWING:

Strictly by appointment with Spratt & Son

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