Co-op Investment For Sale, 5 Steeplechase Way, Fontwell, BN18 0YD

Property Details: • Type: 3,674 sq ft • Tenure: N/A • Floor Area: N/A

Key Features: • 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 • Ground Floor GIA of 3,674 sq ft (341 sq m) with 14 customer car parking spaces • Commencing Rent of £112,500 per annum • RPI Linked Rent Reviews • Offers in excess of £1,840,000, subject to contract and exclusive of VAT

Location: • Nearest Station: Barnham Station • Distance to Station: 1.7 miles

Agent Information: • Address: Savills, Mountbatten House,1 Grosvenor Square Southampton SO15 2BZ

Full Description: DescriptionThe property will comprise an attractive two storey modern brick and flint mixed-use development beneath a multi pitched clay tiled roof. The building sits at the entrance to Fontwell Meadows, a new 400 house development being constructed by Dandara. (See Link)The front elevation incorporates a full height retail display frontage, with pedestrian access to the residential upper floors. The building has been designed to commensurate with the surrounding residential buildings. Internally, the accommodation is laid out to provide open plan retailing on the ground floor with loading and additional customer access to the rear. The ground floor will have a target Gross Internal Area (GIA) of 3,674 sq ft on completion.The first floor will comprise five high specification apartments which will be sold off separately by the developer.Externally the car park associated with the store will provide 14 demised car parking spaces.LocationFontwell 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.In terms of public transport, the nearby Barnham Station offers regular rail services to London Victoria and other major destinations, enhancing connectivity for those commuting from further afield. The property is situated within a well-established commercial area, benefiting from consistent local foot traffic and ample parking facilities nearby, supporting ease of access for both customers and staff. The C-store will serve the newly developed Fontwell Meadows residential development as well as the existing catchment in the surrounding villages. Fontwell Park Racecourse, located nearby, hosts numerous events throughout the year, including race days and corporate functions, contributing to local footfall. Adjacent to the property is the GTR site, currently under construction, which will offer approximately 50,000 sq. ft of light industrial space upon completion, potentially increasing local employment opportunities and economic growth.Tenure999 year Long Leasehold interest over the Ground Floor and retail parking area only, subject to a peppercorn rental.TenancyThe ground floor of the property will be let to the Southern Co-operative Limited for a term of 20 years (no breaks) from completion of the development, targeted 31st March 2025. Commencing rent is to be £112,500 per annum exclusive. Rents are reviewed 5 yearly and compounded annually to RPI, subject to a cap and collar of 1% - 3%.CovenantThe Southern Co-operative Limited, established in 1873, is a regional consumer co-operative in the United Kingdom. The Group operators over 300 outlets, including convenience stores, funeral homes, and Starbucks coffee shops, across southern England. The Southern Co-op employs approximately 4,500 staff. The Southern Co-operative Limited has been given a 5A2 ‘Minimal Risk’ D&B rating. The Southern Co-operative Limited is therefore of undoubted covenant strength capable of meeting their lease obligations for the duration of the lease term.RatingThe rateable value will be assessed after completion of the unit.EPCThe EPC will be assessed after completion of the unit.PricingWe 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.Anti-Money Laundering RegulationsIn accordance with Anti-Money Laundering Regulations, the preferred purchaser will be required to provide identification and proof of address, prior to exchange.ViewingViewing strictly via appointment with the following: