Commercial team secures significant land and investment deals

3rd October 2019

Michael Jones Commercial have secured some impressive sales and lettings over the past few months, including significant land and development deals helping to fuel the supply of new homes and business spaces across Sussex.

Despite political uncertainties, buyers and occupiers seem to be rolling up their sleeves and getting on with things by looking to secure premises as soon as possible. However, we are also seeing tenant incentives and flexible lease terms being offered by landlords, particularly in the retail market as high streets look to avoid vacancies.

Latest deals done

4.94 acre land sold in Lancing

We have recently sold 4.94 acres of land located on the southern edge of the A27 in Lancing. The site, which is located within the Built Up Area Boundary of the New Monks Farm site allocation – as defined in the Adur Local Plan 2017 – was used as grazing land with a small number of outbuildings. The land sits close to the Brighton football training ground and the proposed new IKEA store. The site has been sold to Pathway Developments Limited who are currently working with planning and architects prior to planning application.

Wayne Manton from Pathway Developments said: “After looking across Sussex for the right site for some time, this was the first one that ticked all the boxes for us. We are very grateful to Michael Jones for bringing us this opportunity. We are currently busy confirming the plans and hope to have these in place by the end of the year.”

 

Part of GSK site sold off-market – now available to let

Over 17,500 sq ft has been acquired by our Commercial team on behalf of retained clients Petchey Holdings Limited. The site, sold for in excess of £1.5m by global pharmaceutical company GlaxoSmithKline was acquired off-market and with vacant possession. The units are undergoing refurbishment and we have been appointed as sole letting agents for the estate. Lease terms have already been agreed on Unit 1 (5,000 sq ft) with a national trade counter operator and quoting rents start from £13,600 per annum for the smallest units.

Jethro Warren from Petchey Holdings said: “We are delighted to have acquired this unbroken, freehold industrial estate in Worthing. It’s in a location we have been keen to invest in and we are also pleased to work with Michael Jones Commercial again and continue the relationship through refurbishment and letting.”

 

Care home site sold for development

We have recently sold a redundant care home site close to Worthing town centre. The site had planning permission for the demolition of the existing building and the erection of a new 62 bedroom care home, attracting multiple offers from a targeted list. It was eventually sold to South Coast Nursing Homes who, subject to planning, will link the building to their existing Barkley Lodge, creating one of the largest residential care homes in Sussex.

Jon Justice, Associate Director of Michael Jones said: “Our client wanted a discreet sale due to the ongoing business. We are very experienced in dealing with confidential sales but this was the first that really generated interest from such a wide variety of end users. In a short period of time we were able to not only advise the client of a suitable disposal route but also secure them with a creditable buyer at the desired price.”

 

If you require our expert advice or would like to discuss your requirements then please contact our commercial team today on 01903 201212 or send an email to commercial@michaeljones.co.uk.

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