The premises comprise of a two storey brick and concrete beam built industrial building. The building has a pitched roof and timber suspended floors and access is via a tarmac surface road from Sidley Road itself behind the residential accommodation. The premises are used as offices and have been completely refurbished over the last few years to provide high quality office space and has been totally re-wired and has gas central heating. There is perimeter trunking and a number of data cabling floor boxes at first floor level. Externally the premises have upvc rainwater goods and soffits and velux type rooflights have also been installed.
Offers are invited in the region of £425,000 for the freehold interest with the benefit of the current lease. At this level, and an assumption of 5% purchaser’s costs, this shows a net initial yield of 6.72%.
It must be noted that this property is in a mainly residential area and there is the possibility of the site being re-developed or converted to residential in future years.
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Lion Works, Sidley Road, Eastbourne, BN22 7HB
The premises are situated in Sidley Road on the eastern side of Seaside and to the north of Eastbourne Town Centre. The property is in a mainly residential area and is one mile from the Town Centre shopping district and the mainline railway station.
Each party is to be responsible for their own legal fees.
The premises are currently occupied by Professional Insurance Agents Ltd on a 5 year full repairing and insuring lease from 1st May 2019 at an annual rental of £30,000 per annum. The tenants have the option to break the lease on the anniversary of the third year giving 6 months prior written notice.
Professional Insurance Agents Ltd are part of Global Risk Partners Ltd (GRP) one of the UK’s largest independent insurance intermediary groups. Registered number 03012122).
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