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News | Independent Commercial Property Agents | PAI

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Worthing factory unit bought by private investor

Friday, 16 August 2019

Worthing factory unit bought by private investor

On behalf of a private investor PAI members Flude Commercial incorporating Garner Wood have acquired the freehold interest in Unit 3, Woods Way, Goring for £727,000. The unit comprises a total floor area of 12,350 sqft (1,1147 34 sqm) and represents a capital value of £59 per sqft. Paul Brierley of Brierley & Coe was the selling agent.

It is the intention of the private investor to undertake a complete refurbishment of the unit over the coming months including a new roof with expected completion of the works towards the end of 2019. The unit will either be available to let as a whole or in part.

Mark Minchell of Flude Commercial commented “the availability of freehold industrial property along the south coast is limited. Overall, we have seen the industrial market strengthen on the South Coast when compared to the other major sectors (retail and office).  A sustained supply/demand imbalance has significantly compressed the vacancy rate since its peak of 8% in 2012.  Whilst there has been a wave of new construction industrial and warehouse properties remain in strong demand. The market was one of the most active in the UK for new construction in 2018, with almost 1.2 million sq ft delivered. Healthy fundamentals have underpinned rental growth, with average rents growing by around 5%”