It has been a busy summer for the investment team at Flude Commercial who have been advising a number of clients on the investment value of their commercial properties in West Sussex. At present, the investment market is strong, which has led to freeholders deciding to sell their commercial investments through Flude Commercial.
The team was instructed to market Exchange House, Petworth which was sold for £950,000 in August 2017, which reflected a net initial yield of 5.56%. The building comprises 4,916 sq ft of office accommodation, and is let to Savills (UK) Limited on a full repairing and insuring lease until 8 April 2023 at a rent of £56,375 per annum exclusive.
The team also handled the sale of Midland House, Southgate, Chichester which comprised two retail units on the ground floor, and office accommodation on the upper floors; totaling 8,304 sq ft. The building is let to four tenants paying a rent of £138,250 per annum exclusive. The sale completed in July 2017, achieving a price of £2,200,000, which reflects a blended net initial yield of 5.88%
