PAI members Flude Property Consultants(FPC) were instructed to market the long leasehold of a large retail unit in Southwick and are delighted to have now completed the sale.
The building occupies a prominent corner position and comprises a purpose built retail unit with accommodation arranged over 2 floors. It was originally built for and occupied by Woolworths and now operates as a Chinese supermarket, Yun Feng Foods Ltd, whose lease is unaffected by the sale.
The property is located in the established and busy Southwick Square shopping parade. Located in the centre of Southwick, Southwick Square is the principle retail and services location for the town. There are range of national and local occupiers to include Barclays, Co-op, WH Smith, The Post Office, Cubitt & West and Bake Out.
Despite the Covid-19 Pandemic and whilst the overall high street bricks and mortar retail footprint is decreasing, market conditions for the sale of commercial property investments are generally good and the sale of 18 Southwick Square is evidence that there does remain a place for bricks and mortar retail for some time yet.
The long leasehold was sold to a property investment company.
FPC Director, Will Thomas, commented, “After just a short period of marketing, we received a number of offers for this investment opportunity. This is a prime example of local investors’ appetite to acquire out of town investment opportunities, which has notably improved since the emergence of Covid.
Investor confidence has increased in tandem with the number of enquires by potential tenants for such spaces. Many of these local parades currently have low vacancy rates and have been enjoying increased levels of foot fall, which is perhaps in part to people shopping more locally and working from home more than ever before”.