An attractive property investment opportunity in Chichester city centre

Flude Commercial has been instructed to offer to the market this attractive freehold retail investment opportunity in a central location in North Street, Chicchester.

Chichester city centre is a vibrant and attractive retail centre with a core retail floor space totalling around 700,000sqft.

The retail on offer in Chichester is concentrated within the city walls and is focused along two main shopping axes namely North Street/South Street and East Street/West Street; these intersect at the Market Cross.

North Street is one of the primary retailing streets in the city and the property itself is let in its entirety to Basler (UK) Limited.

The Basler business was founded in Berlin in 1936 and it is now a global business and rapidly expanding company focussed on ladies fashion.

It operates 160 of its own stores worldwide, eight of which are in the UK with more than 1,600 points of sale in 60 countries.

Basler have been in occupation for some 10 years already and have just renewed their full repairing and insuring lease for a further 15 years (tenant break at year seven) at a rent of £40,500 per annum exclusive.

The property comprises a three-storey, Grade II listed building and is currently configured as a shop on the ground floor with storage accommodation on the first and second floors.

There is also rear access from St Cyriacs to a courtyard.

It has a good clear retailing area at ground floor of 1028 sqft.

Storage to the rear and two upper floors provide a net floor area for the building of 1,800sqft.

There are currently no managed shopping centres in Chichester and in light of the historic nature of the retail core there is limited scope for future development.

As a result Chichester has one of the lowest vacancy rates in the UK. Rental prospects for the property are excellent.

Prime Zone A rents in Chichester are £190 per sqft, with Zone A rates in North Street as high as £160 per sqft.

The rent for the subject property equates to a Zone A of £76.50 per sqft.

Flude Commercial is instructed to seek offers in excess of £725,000 for the freehold interest subject to contract.

A purchase at this level would reflect a net initial yield to a buyer of 5.35 per cent after usual purchaser’s costs.

For further information visit www.flude.com or speak to either Mark Minchell or Sebastian Martin on 01243 819000.