67A Willowfield Rd 13,063 SF 100% Leased Flex Building Eastbourne BN22 8AP $1,098,216 ($84.07/SF) 7.08% Cap Rate

The Premises comprise a semi detached ‘L’ shaped two storey building within an enclosed Car Park and Yard. The Building is of brick construction under a tiled pitched roof with various amenities including 3 Phase Electricity and WCs’ The accommodation offers a variety of workshops, stores and offices and is part let to a variety of businesses. The Premises has previously had Planning Permission for houses and flats, although these have since lapsed.
Accommodation:
Ground Floor Office - 253 SF
First Floor Office - 315 SF
Storage Unit/ Workshop - 520 SF
Total - 1,088 SF
Investment Gross Yield 7.08% - Part-Let Refurbished Office/Workshop/Storage Premises with Enclosed Car Park & Yard with Prior Residential Planning Permission (now expired)
£810,000 for the freehold subject to the existing Leases. Based on the current approximate net income of £57,375 this produces an investment gross yield of 7.08%. We believe the current estimated rental value net of costs and assumed voids to be £72,300 (£8 per sq ft ) producing a reversion yield of 8.93%.
The Building is let to a variety of SME businesses and also occupied in part by the freeholder. The sale will action the freeholder to vacate the suites they currently occupy. An up to date Tenancy Schedule will be produced during negotiations to purchase with the possibility of the freeholder remaining in the property for up to 12 months subject to agreeing terms.