End of year top commercial deals 2016
Our commercial team experienced an extremely busy end to 2016 with high demand for retail, office and warehouse space continuing. Here is a look at the top deals secured at the end of 2016.
September 2016: The hats were off in warehouse sale
A two-story warehouse and yard in West Worthing was sold for the full asking price to a local hat maker. The property at 291 Tarring Road was sold for £315,000 to Mr and Mrs Head who have relocated their hat-making business. The property was very well received with over 20 viewings and two additional full asking price offers were put forward. This really demonstrates the high demand we are experiencing for freehold commercial properties, especially with external storage yards.
October 2016: Fully occupied at Bognor Regis industrial estate
We are pleased to report that all nine units at the Durban Business Centre in Bognor Regis are now fully let and occupied following the recent final take-up of units. We welcomed to the site Lustram Light Ltd, The Secret Linen Store and Legends Health & Fitness. The whole site totals approximately 25,000 sq ft and is owned by UK investors Petchey Holdings.
November 2016: Welcoming Orelia Jewellery to Worthing
Orelia Jewellery of Hove has moved its distribution centre having secured lease terms on 2800 sq ft. Although primarily an online retailer, Orelia has concessions within Topshop, and they also stock jewellery in stores including Next, ASOS, Lipsy and Harrods. The team sources products from around the world and they are proud of their south coast roots. The company is owned by directors, Louisa and Collette, who both live locally in Sussex. They decided to relocate their offices to Worthing following several years in Hove, and previously London.
The company has settled into an office building in Railway Approach, adjacent to Worthing train station. The grade two listed property was sold to a local investor and following the refurbishment of the space, it was quickly let within a few days of coming back onto the market. Orelia Ltd have taken a new five year lease on the whole building.
November 2016: “No frills” gym kick starts 2017
One of the world’s largest 24 hour fitness chains, Anytime Fitness, is opening a new 6200 sq ft budget gym at 2-12 Newland Road in Worthing. The property had remained empty since 2011 when the former Norfolk Hotel site was redeveloped into brand new retail units with flats above. Our commercial team worked alongside Anytime Fitness and the building owners in securing change of use from retail to a gym, which will offer clients 24 hour use every day. A new 15 year lease has been signed at a rent of £12.50 psf.
December 2016: Relocation for Bunce’s Home
Hardware store Bunce’s, which has been established in Sussex for more than 85 years, has taken 5000 sq ft of warehouse space following the relocation and sale of their headquarters in Chapel Road. Our commercial team was instrumental in the move, by advising the buyers of the former site, and also negotiating the new lease terms at Hambridge on behalf of their new landlord. Bunce’s have a new retail shop in Portland Road, Worthing, as well as five other stores across Sussex. The move demonstrates Bunce’s growth within their ‘trade’ customer division.
David Bunce, co-director commented: “The support and assistance we received from Michael Jones has been an invaluable help in what has been a major change to the business.”
December 2016: Five businesses move into one building
We have successfully introduced five businesses to the newly formed ‘Freedom Works’ office space, a high-spec office space in the heart of Worthing town. The recent editions include Tiger Marketing, Ray Papp solicitor, Kaefer Ltd, Blue Stone and the charity Scope. The offices are available on flexible terms in order to meet different business needs and the concept has been an instant hit, particularly with Soho and tech style companies. The flexible space provides co-working space, allowing businesses a fresh way to work and collaborate in a modern environment.
Content accurate at time of publishing.