5 Steeplechase Way, Fontwell, BN18 0YE

Investment Summary

• Very attractive convenience store investment in a prominent position opposite Fontwell Park Racecourse.

• Let to the Southern Co-operative Limited on a new 20 year lease from completion (no breaks).

• 999 year Long Leasehold interest over the ground floor and retail parking area, subject to a peppercorn rental from completion, targeted 31st March 2025.

• The property sits at the entrance to Fontwell Meadows, a new 400 house development being constructed by Dandara.

• Ground Floor GIA of 3,674 sq ft (341 sq m) with 14 customer car parking spaces.

• Commencing Rent of £112,500 per annum.

• Rents are reviewed 5 yearly and compounded annually to RPI, subject to a cap and collar of 1% - 3%.

• Offers in excess of £1,840,000 (One Million Eight Hundred and Forty Thousand Pounds), subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 5.75% after allowing for the usual purchaser’s costs.

Location

Fontwell is an affluent village located between the historic town of Arundel and the city of Chichester, offering strong connections to key areas along the South Coast. The property at 5 Steeplechase Way is strategically located approximately 9 kilometres (5.5 miles) east of Chichester, a popular commercial and retail centre, and 21 kilometres (13 miles) west of Worthing.

The A27 (c.43,000 daily vehicle movements) approximately 50 metres to the north provides direct road access to the site via the busy A29, facilitating easy travel to surrounding towns, making Fontwell a practical location for businesses and residents alike.

Tenure

For Sale

Proposal

We are instructed to seek offers in excess of £1,840,000 (One Million Eight Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 5.75% after allowing for the usual purchaser’s costs.

Size

3,674.00 sq ft (341.00 sq m)

Downloads