Workshop Reduced to £199,999
High & Dry Manufacturing Ltd have out grown our workshop and have decided to sell our freehold commercial property in Chichester, West Sussex.
Having made the decision to sell our freehold commercial property in Almodington near Chichester, West Sussex we have decided to market the workshop ourselves.
The workshop is in an idyllic village called Almodington 1.5 miles from the sea with clean sandy beaches at Bracklesham and the Witterings. Close to Chichester Yacht Basin and Dell Quay with international windsurfing at West Wittering beach. Four miles from the cathedral city of Chichester on a private road with good access. 20 miles to Portsmouth.The road is kept in good condition through the ‘First Avenue Roads Committee’ The road and village has a nice community spirit.
It is unusual that there should be a commercial property in the village as most of the properties were designated as horticultural use.
First Avenue, Second Avenue, Third Avenue and the surrounding area has a very high density of glass houses. There is currently a battle raging in objection to a planning application for an eighty eight acre site at Eaton’s Farm for a mass of glass houses.
Our commercial property was originally the gas storage which was the power used many years ago for the glass houses. Once gas was no longer the preferred method of heating Chichester council granted planning for change of use as a commercial property with B1 (office and light industrial type uses)
Previous owners used the commercial property near Chichester for Fabricating and welding of boat trailers. A fire destroyed the front part of the workshop several years ago and the owners obtained planning permission from Chichester council to rebuild with an extension to the front.
Although Chichester council granted planning permission for the extension to the commercial property, it did breach a very old restrictive covenant that was imposed by the Agriculture Farming and Fisheries Commission. This is just a technicality that would never be imposed. It was decided that it was not worth the expense of having the covenant removed, since the Agriculture Farming and Fisheries Commission no longer have an interest in the area. A restrictive cover indemnity insurance was taken out for a one of payment of £260.
There is a right of access to the right hand side of the commercial property to the land owned by the neighbour. A very nice gentleman who in the ten years we have owned the commercial property, he has never used the access. However, as a courtesy we keep the area clear.
Full details are available in the land registry documents by request, and can be seen on the land registry document above. A high definition copy is also available on request.
Business rates for a commercial property in Chichester are reasonable. Rates property ref 05034070200J.
If you are paying rent or are planning to rent a commercial property in the Chichester or Portsmouth area, somewhere in the region of 3,500ft² your rent would be more than your mortgage interest payments. At the same time you would be buying an asset.
A recent valuation and our asking price of £250,000, estimated monthly mortgage interest payments amount to £937, assuming 4.5% interest. The valuation for rental was £1,650p/m.
We did put this commercial property on the market some time ago. We had several interested parties but at the time none could get funding. Here are the estate agents comments. “My view is that there should be good interest at this price albeit there is a restricted market for freehold workshops due to the limited availability of bank finance. What we are finding is that many businesses go to their banks who are giving them initially positive indications that a commercial mortgage would be available. However on further investigations they are finding the bank’s terms are unacceptable or unachievable. Therefore it may be also worth considering renting as well if this lack of credit finance persists?”
Who are High & Dry Manufacturing Ltd?
High & Dry Manufacturing Ltd supply trade and retail customers with waterbeds, adjustable beds and nursing care beds. www.backcarebeds.co.uk We have owned the freehold workshop for the past ten years of our twenty two year history. High & Dry Waterbeds is the trading name of our waterbed division and Back Care Beds is the trading name for adjustable beds, memory foam mattresses and nursing care beds. We also have A retail showroom in Southsea. Over the years our business has grown and we have finally out grown our lovely workshop in Chichester, West Sussex. We have acquired a factory in Bulgaria and have a larger workshop in West Sussex, lined up for when we have a buyer for our workshop.
Telephone 023 9287 3444 and ask for John