Fierce competition for industrial unit

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The sale of an industrial unit in Easting Close generated fierce competition amongst local companies recently. Demand for freehold properties from owner occupiers is so high that Michael Jones Commercial could have sold Riverside House on the East Worthing Trading Estate five times over.

During the course of one week the firm received five offers for the 14,000sq ft building from businesses looking to expand in Worthing. The 0.75 acre site has been purchased freehold by locally based Electronic Temperature Instruments Ltd (ETI) for close to £1m.

Steve Berrett, Commercial Manager at Michael Jones, said: "This latest sale demonstrates the general shortage of freehold stock locally and is further proof of the market picking up. We desperately require more instructions for properties between 5,000 – 15,000sq ft for the increasing number of businesses seeking freehold units locally. It is important we assist the relocation of businesses within the town, especially if they are expanding like ETI Ltd."

Five out of the six units available in Easting Close have been either sold or let by Michael Jones Commercial over the past twelve months, giving the firm a reputation for being the 'East Worthing Trading Estate Agents'.

Riverside House was previously owned by Nursing & Hygiene Supplies Ltd. The company has recently relocated to a purpose-built warehouse in Southwater, Horsham. John Andrews, Managing Director, commented: "We'd planned to have the building sold by the end of 2009. Not only were Michael Jones Commercial able to generate several serious offers, but they were also able to achieve a successful result for us within the required timescale."

A Worthing success story, ETI seized the opportunity to remain in Worthing and relocate its growing workforce of 100 plus employees from leased premises to larger freehold premises on the same estate. The company saved hundreds of pounds in moving costs as the sale completed just before the VAT increase on 1st January 2010.

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