Freehold Investment With Development Potential For Sale in Crawley

This property is marketed by:
Bonsors / SHW

Freehold Investment Building With Development Potential in Crawley

Key Features

• Attractive freehold investment with extensive development potential, prominent corner location in town centre
• Lloyds Bank PLC covenant on renewed lease at £80,000 pax until 24th December 2030
• Lloyds has been in occupation since 1956
• Potential for residential conversion of upper parts and retaining ground-floor commercial
• Drawings created for 8 flat development concept
• Potential for additional residential via vertical extension new build
• 1-5 The Broadway is under a single title, let on a single FRI lease
• Potential to reconfigure to self-contained ground floor commercial
• Offers invited in excess of £865,000, a purchase at this level would show a net initial yield of 8.75%

Description

The property comprises a period, four-storey return frontage building, arranged as a groundfloor banking area with basement vaults, plus ancillary first and second floor accommodation currently arranged as offices and storage.

Location

Crawley is a major commercial hub in West Sussex, situated approximately 28 miles South of Central London, 18 miles north of Brighton and 9 miles South of Reigate. The property occupies a prominent return frontage position in the heart of Crawley town centre, with frontage to The Broadway and The Boulevard. The Broadway is one of the highest footfall commercial thoroughfares in Crawley and sits on the perimiter of the Queens Square public realm space. Nearby is The County Mall Shopping Centre, one of the largest shopping centres in South East England, offering over 1,700 car parking spaces. The town benefits from its strategic location between Gatwick and Heathrow airports, with Gatwick Airport less than 4 miles away. The M23 motorway (Junction 10) is approximately 2 miles to the East, connecting directly with the M25 and providing fast access to Central London and the South Coast. Crawley Railway Station is within a short walk of the property and provides regular services to London Victoria and London Bridge, as well as direct connections to Gatwick Airport, Brighton and other key destinations. Occupiers close by include: Natwest, Games Workshop, Poundstretcher, Iceland, Subway, Pizza Hut, Starbucks, The Gym Group, Kokoro, Rush Hair, New Look, Cards Direct, Greggs.