Wicker House, Eagle House & Chandlers Yard,
High Street, Worthing, West Sussex BN11 1DJ

SUMMARY

INVESTMENT SUMMARY

  • A modern pair of office buildings in Worthing providing 21,085 sq ft (1,958.86 sq m) of office (B1) accommodation arranged over ground and first floors.
  • Chandlers Yard provides an additional car parking area to the north of the office site.
  • Freehold.
  • Excellent car parking for 106 vehicles providing a 1:198 sq ft ratio.
  • The property occupies an extensive corner site of approximately 1.20 acres (0.48 ha) providing a low site cover of approximately 21%.
  • Located in close proximity to the main retailing thoroughfare, a major supermarket, regional hospital and a large number of residential properties.
  • Fully income producing at a passing rent of £448,442 per annum reflecting £21.27 per sq ft.
  • Let to the Parexel MMS Europe Limited on two coterminous leases expiring 23 June 2019.
  • Various asset management initiatives available to include; lease extension negotiations, letting on a floor-by floor basis, alternative uses including doctors surgery, residential care home, local hospital outpatient service or residential conversion of the offices and development of Chandlers Yard under planning permission (subject to necessary consents).
  • Offers are invited in excess of £3,500,000 (Three Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.
  • A purchase at this level reflects a Net Initial Yield of 12.00% and a low capital value of £166 per sq ft (£1,1786 per sq m) NIA, assuming purchaser’s costs of 6.50%.

 

LOCATION

LOCATION

Worthing is the largest town in West Sussex, strategically located on the south coast, 55 miles (88.5 km) south west of London and 10 miles (16 km) west of Brighton. This prosperous and thriving regional retail centre benefits from excellent road communications. The A24 provides dual carriageway access to the M25 and the A27 links to the east and west with Brighton and Chichester respectively. The town is served by a direct rail link to London Bridge and London Victoria with a fastest journey time of 1hour and 20 minutes.
Gatwick is 35 miles (56.3 km) to the north of Worthing and Southampton International Airport is approximately 55 miles (88.5 km) to the west of the town. Portsmouth Ferry Port is some 38 miles (56.3 km) to the west and provides routes to mainland Europe, Jersey and the Isle of Wight.
The town was granted its Royal Charter in 1980. The total population within the Worthing primary catchment area is 289,000 people of which it attracts a regular comparison goods shopping population of 158,000. Worthing is forecast to see an above trend population growth between 2014 and 2019 in comparison to the national average.

SITUATION

The property is prominently situated on the corner of the east side of the High Street at the junction with North Street which merges with the A24. The A24 is the main arterial road out of Worthing, leading north towards Surrey and to junction 9 of the M25.
The immediate area in which Wicker House is positioned is one of predominantly mixed use including large numbers of residential dwellings, supermarkets, including Waitrose and Lidl, and commercial offices. The main employer in the micro location around Wicker House is Worthing Hospital which is situated within 250 yards (230 meters).
Worthing Hospital provides a full range of general acute hospital services including A&E, maternity, outpatients, day surgery and intensive care. It is also home to the West Sussex Breast Screening service. Worthing’s main retail pitch is situated in nearby Montague Street, to the south-west of the property approximately 0.5 mile (800 metres) from the property. Principal office occupiers in the Worthing borough include GSK, Equiniti Plc and Southern Water.

DESCRIPTION

DESCRIPTION

Wicker House and Eagle House provide modern headquarter office accommodation totalling 21,085 sq ft (1,958 sq m) set over two separate self-contained buildings. Constructed in the early 1990s the property has won awards locally for its architecture and design (The Adur and Worthing Distinction in Building Award).
The properties are constructed of brick clad elevations, under a mix of pitched and cupola style roofs.

The offices currently provide a specification which includes:
• Raised floors
• Suspended metal ceilings with recessed lighting
• Central heating
• Double glazing
• 8-person passenger lift
• Fresh air ventilation system
• Front and rear access to reception (Wicker House only)

Wicker House has the benefit of 27 car parking spaces to the front and a further 50 car parking spaces are provided in the central courtyard which both Wicker House and Eagle House face. The two office buildings occupy a site of approximately 1.01 acres (0.41 Ha). Chandlers Yard is approximately 150 yards (140 metres) to the north of Wicker House and currently provides a tarmacadam site of 29 car parking spaces and totals a site area of 0.185 acres (0.074 Ha).
There is a total of 106 car parking spaces (including Chandlers Yard), providing a car parking ratio of 1:18.47 sq m (1:198 sq ft). Wicker House, Eagle House and Chandlers Yard provide a total site area of 1.20 acres (0.48 Ha).

ACCOMODATION

Buchanan Bond have been provided with the following areas on a Net Internal Area basis which we understand has been measured in accordance with the RICS Code of Measuring Practice (6th Edition):

 

 

 

 

 

TENANCY

TENANCY

The property is let in its entirety to Parexel MMS Europe Limited, on two coterminous leases expiring on 23rd June 2019 with a current annual rent of £448,442 pa (£21.27 per sq ft). The leases are held on a full repairing and insuring basis and are subject to an upward only rent review to open market value in June 2014 (currently outstanding).

TENURE

Freehold

TENANT COVENANT

Parexel MMS Europe Limited is part of Parexel International, a multinational life sciences consulting firm with over 18,600 employees across 84 offices and 51 countries. In 1998 the firm acquired PPS Europe Limited which was subsequently renamed Parexel MMS Europe Limited and became the well known medical marketing firm based in the United Kingdom.
Founded in 1982 Parexel conducts clinical trials on behalf of its pharmaceutical clients to expedite the drug approval process. It is the second largest clinical research organization in the world and has helped develop approximately 95% of the 200 top-selling biopharmaceuticals on the market today.
Parexel MMS Europe Limited has a D&B rating of 2A1 which represents a ‘minimum risk’ of business failure. Summary accounts for the last 3 years are set out below:-

 

 

 

 

ASSET MANAGEMENT

ASSET MANAGEMENT

The property provides a variety of opportunites in the future including;

1. Obtain vacant possession on Chandlers Yard and achieve planning permission for a commercial or residential development.
2. Negotiate a single lease extension with Parexel.
3. Carry out refurbishment works on the office accommodation to upgrade the property and provide the opportunity to let wholly or on a floor-by-floor basis.
4. The property could be suitable for conversion to residential use or a medical based use given its proximity to Worthing Hospital (subject to planning).

IMAGES

PHOTO GALLERY

PROPOSAL

VAT

The property has been elected for VAT purposes. it is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).

PRICE

We are instructed to seek offers in excess of £3,500,000 (Three Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 12.00% and a low capital value of £166 per sq ft NIA allowing for purchaser’s costs of 6.50%.

MISREPRESENTATION ACT 1997 & DECLARATION

Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.

BROCHURE

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