West Sussex

Guide Price £525,000

  • Long Leasehold Investment
  • Comprising: Hanger 4A which is sub-divided to create two units and a car park on the east side
  • Properties and land are held under Title Number WSX 358927
  • Modern Steel Frame and Metal Clad Construction with uPVC Windows at Ground and Floor Levels
  • More Information available on the Brochure regarding Length of Lease and Ground Rents
  • 11,594 sqft Warehouse/Aeroplane hanger and Offices
DESCRIPTION
LOCATION: Brighton City Airport (Shoreham) is situated on the South side of the A27 and to the West of the River Adur. The airport has a junction onto the A27 which is the main south coast dual carriage way between Brighton and Chichester, hav-ing convenient access to the A24 and A23 to Gatwick Airport, M25 and London.
Brighton City Airport has many occupiers including Ricardo Engineering, AIG In-surance, Northbrook College.
DESCRIPTION: The property is of modern steel frame and metal clad construction with windows at ground and first floor levels. This investment comprises three main elements, Hanger 4a which has been sub-divided to create two units and a car park on the East side of the building. The properties and land are held under Title Number WSX 358927;
TENURE: Our clients 2 long leases are offered for sale subject to occupational sub-leases as summarised below;
Note-the Ground Rent is reviewable on a 5 yearly cycle

11,594 ft2 (1167.36m2) Warehouse/Aeroplane Hanger and Offices
Property Description Length of Lease
Plot 7 125 years from 27 April 1999
FRI Ground Rent £13,200 pa (Gross)
Plot 7a 125 years from 01 April 2001
FRI Ground Rent £13,800 pa (Gross)
SUB LEASE ANALYSIS
Description Tenant Lease Expiry Rent pa
Part Hanger 4A Gear4DJs Limited
07494722 November 2019 £18,750
Car Parking Gear4DJs Limited £1,800
Part Hanger 4A A2BAreo Limited
07177093 June 2027 £53,526
Total Income £74,076
Ground Rent (NET) £22,500
Net Income £51,576

EPC: Rating C 71
VAT: We have been advised that the property has not been elected for VAT so no VAT is payable on the purchase price, however, VAT is payable on the Ground Rents and site service charge.
SERVICE CHARGE: A site service charge is payable for the maintenance and upkeep of the common parts of the airport development and for Q4 2017 (gross) were as follows;
Plot 7 £529.08
Plot 7a £610.22
Guide Price £598,000 for the Long-Leasehold interest subject to occupational leases