135A Park Road, Worthing, West Sussex, BN11 2AP

Description

Self-contained detached building currently used for offices; private offices and open plan areas on each floor; WC facilities on both floors; on-site parking and yard areas; private access road shared with adjacent residential building; close to Worthing town centre; suitable for alternative uses subject to planning; freehold for sale with vacant possession. The property is a purpose-built two-storey commercial building with brick elevations, currently arranged as office accommodation. It is positioned to the rear of 135 Park Road, a residential building, and is accessed via a shared private road to the side of that building.

Accommodation

Accommodation is arranged over ground and first floors, offering a mix of open-plan space and individual rooms suitable for office and meeting use. WC facilities are provided on the ground floor, with additional former WC space on the first floor now used for storage. Kitchen facilities are available on both floors. The building has a flat roof and is predominantly double-glazed, with some original single-glazed metal-framed windows remaining in parts of the property.

Location

Located within Worthing Borough Council and West Sussex County Council, approximately 0.4 miles north of Worthing town centre. The M23 motorway is approximately 20 miles to the north. Worthing, East Worthing and West Worthing railway stations are within easy reach, offering regular direct services to destinations along the South Coast and into London.

Tenure / Property Information

Investment Analysis

The only supplied Land Registry comparable is the same property at £150,000 in March 2004, which is too dated to support a current market value. The £350,000 guide is an auction guide, not a formal valuation. No floor area, current comparable evidence, EPC, or planning appraisal is supplied, so GDV and a defensible maximum bid cannot be established.

Investment Snapshot

Strategy Recommendation

Do not pursue at the £350,000 guide on the supplied investment evidence. Consider only after confirming floor area, planning potential, achievable rent, building condition and current comparable values, and only at a price supported by that due diligence.

Works Required

No specific defects or priced refurbishment works are evidenced. A survey should review the flat roof, remaining single-glazed metal-framed windows, kitchens, WC arrangements, heating, and general office condition. Any conversion or alternative use requires planning assessment.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because there is no supported current GDV, refurbishment budget, floor area, lender valuation or refinance evidence. The supplied asking rent and dated 2004 sale do not establish a reliable refinance exit.

Buy-to-Let Analysis

The supplied commercial rental evidence is an advertised asking rent of £305 pcm, equivalent to £3,660 annually, not a passing or achieved rent. Against the £350,000 guide, this indicates an approximately 1.05% gross yield before purchase costs, finance, voids, insurance, maintenance and other commercial property costs. The BTL case is therefore unattractive on the supplied evidence, subject to verifying whether the rent relates to the whole building and achievable letting terms.

Flip Analysis

A flip surplus cannot be calculated. The dated £150,000 sale and £350,000 guide do not establish a current resale value, while works, professional costs, finance, selling costs and planning outcomes are unsupported.

Investor Risks & Due Diligence

• The only supplied comparable is a 2004 sale and may not reflect current value.

• The £305 pcm figure is an advertised asking rent rather than achieved or passing rent.

• Alternative uses are only subject to planning and are not confirmed.

• The building has a flat roof and some original single-glazed metal-framed windows, but no survey or repair budget is supplied.

• Access is via a shared private road serving the adjacent residential building.

• No EPC or council tax information is supplied.

• The stated £2,100 buyer contract fee applies at the £350,000 guide, with SDLT, legal, search and other applicable costs additional.

Recommendation

Do not pursue at the £350,000 guide on the supplied investment evidence. Consider only after confirming floor area, planning potential, achievable rent, building condition and current comparable values, and only at a price supported by that due diligence.

Strategy Rating

Analysis Confidence

Evidence is limited to one same-property sale from 2004, one advertised rent, the auction guide and a general description. Current valuation, floor area, condition costs, planning position and achieved rental evidence are unavailable.