Brighton & Hove. Waterfront Mixed Use Development Opportunity. Within Shoreham Harbour

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1 Waterfront Mixed Use Development Opportunity Brighton & Hove Within Shoreham Harbour oakleyproperty.com Fully let Business Centre Investment Prior Approval for Residential Conversion Major development opportunity within Aldrington Basin Development Brief Area Upon a site of 0.75 acres (0.303 hectares) Maritime House, Basin Road North, Hove, East Sussex, BN41 1WR

2 Brighton & Hove Accommodation The site comprises a substantial three storey office building, a two storey workshop/studio building and large car parking area with wharf frontage. The entire complex is currently used as a serviced office centre with additional workshop/storage accommodation. Further details are available in the information pack. Location Brighton & Hove is a seaside resort some 55 miles south of London with an estimated population of 273,000 forming part of a larger conurbation stretching along the coast of approximately 480,000. It is connected to the national road networks by the A(M)23 North, and the A259 & A27 East West routes and has excellent rail links via Brighton, Hove and Portslade stations with London Victoria accessible in under 1 hour. Situation Maritime House is located some 3 miles (4.8 km) to the West of Brighton City Centre on the Eastern arm of Shoreham Harbour. The site is situated on the north side of the harbour and is accessed from Basin Road North. The site has a significant Wharf frontage to Aldrington Basin, with 230 ft (70m) of mooring frontage and is surrounded by mixed uses including residential to the north. The area is marked for significant change, with several recent residential schemes completed or having been approved in the immediate vicinity. The main building is L shaped and sits at the Western end of the site, together with a rectangular warehouse/workshop building which sits on the eastern part of the site, both fronting the water. The remainder of the site is surfaced with asphalt and marked out with 54 car parking spaces. The building was originally constructed in the late 1960s/early 1970s and was formerly a Royal Navy Reserve training centre. The office building operates as a business centre, arranged over three floors. All three floors have been sub divided to create a mixed range of individual rooms and small office suites. WC facilities are available on all floors. The building has the benefit of oil fired central heating system and UPVC double glazed window units. The workshop building has been sub divided to create various different sized areas together with some first floor rooms, formerly used as a dance studio/office/store. Main office building Ground floor offices in all: 3,593 sqft sqm First floor offices in all: 3,803 sqft sqm Second floor offices in all: 4,487 sqft sqm Total office floor area: 11,883 sqft 1, sqm Workshop/studio building Ground floor areas in all: 4,554 sqft sqm First floor areas in all: 989 sqft sqm Total overall floors area: 5,543 sqft sqm Note: Floor areas awaiting verification

3 Planning Joint Area Action Plan Tenancies The office building has consent under the Prior Approval process for conversion of the upper floors of the office building to residential. Published in 2104 the JAAP sets out the vision for regenerating Shoreham Harbour, it identifies distinct character areas, four of which are identified as critical to the realisation of the vision of regeneration envisaged by the partnership to include Aldrington Basin, within which the site sits. Housing is proposed within Aldrington Basin and the key proposals of the JAAP include up to 1,450 new homes to 2031, with 400 in the south Portslade and Aldrington Basin area, plus 21,500 sq.m. of commercial floor space. The site operates as a serviced office building together with additional storage/workshop facilities with Wharf frontage. There is significant residential led development activity immediately surrounding the property and it sits within the boundaries of the Joint Area Action Plan 2014 and Development Brief for the South Portslade and Aldrington Basin Our Client has been working with Brookes Architects of London in preparing pre application advice for a scheme of 78 residential apartments overlooking the harbour, located within two 7/8 storey blocks, connected at ground level by office space, putting the residential elements of the scheme above predicted flood risk levels. Car parking is provided at basement level. In summary the scheme would provide: Residential Studios Published in 2013 it states that the release of sites for redevelopment in and around the basin requires careful management, given the close proximity of Port operations and residential areas on the north-side of the Kingsway and Western Esplanade. Employment led developments are stated as being appropriate for the subject location. 4 1 Bed 59 2 Bed 14 3 Bed 1 Total Residential Units 78 (GIA 46,059 sq.ft. Cores 8,903 sq.ft.) Commercial Ground Floor 8,730 sqft sqm First Floor 1,764 sqft sqm 10,494 sqft sqm Total Commercial South Portslade & Aldrington Basin Development Brief 88 Basement Parking Spaces (117 cycle spaces) Prior Approval Planning Approval Application BH2014/03672 provides permission to convert the offices from B1 offices to C3 residential. This relates to the first and second floors of the office building and will provide 14 flats. It is our Clients intention to commence the conversion of 4 of these units to be completed and occupied by the end of May 2016 in order to protect this approval. The site benefits from high occupancy levels (currently circa 92%) and typically units are let on short term licenses where by the occupiers pay a monthly inclusive rent to include business rates, heating, water charges, electricity and building maintenance. Taking into consideration the various running costs of the building, including business rates, utilities and staff costs we have been informed that the approximate net rental income is in the region of 225,000 per annum on the current occupancy figures. An example license is available in the information pack at In addition the management company offer other services, for example, post, telephone, photocopying, and use of conference facilities etc which are charged separately. The Wharf frontage is rented and brings in an additional income of 18,000 per annum. Site area We have been informed that there are in excess of 30 occupiers and the total gross rental income is in the region of 405,000 per annum. A full schedule of tenancies and income etc is available on request. Tenure The site The site extends to an overall area of 0.75 acres/ 0.29 ha (32,395 sq ft/3,009 sqm). The Wharf frontage is approximately 230 sq ft/70 sqm. The site is to be sold freehold subject to the various tenancies. Port Zed

4 Brighton i360 Brighton Pier Hove Lawns Britannia House residential & commercial planning permission Hove Lagoon Millionaires Row PortZed planning approved for 52 residential units & commercial MARITIME HOUSE Shoreham Harbour Basis of Sale - Best & Final Offers are invited by 5pm Friday 13th November The property is to be sold by informal tender and all offers should be for a fixed sum, unrelated to other offers. Unconditional offers, which offer an uplift to reflect the securing of a later residential planning permission will be given preference. Best & Final Offers are invited by 5pm Friday 13th November Offers should be marked Maritime House Offer and addressed to Mr C Oakley, Oakley, 23/24 Marlborough Place, Brighton BN1 1UB. Interested parties are required to provide background evidence of how the purchase will be funded and provide a set timetable for exchange of contracts and completion of the purchase. Planning Uplift Upon the basis that our client disposes of the property upon an unconditional basis, they will require the sale contract to provide for an uplift in the event that a residential led planning permission is secured at a later date, as such this should be reflected in any offers submitted, with clear details of how the uplift mechanism would work. Information Pack The information pack is available at: This contains:- Title Information Tenancy Information Existing Plans Architects Pre Application Design Study Asbestos Surveys Planning Information Sample Licence Rateable Value R.V 119,000 VAT The property is elected for VAT, but as tenanted may be transferable as a transfer of a going concern (TOGC).

5 F I S H E R S GAT E GARDNER ROAD A270 WELLINGTON ROAD A259 SHOREHMAN HARBOUR BOUNDARY ROAD A L D R I N GTO N P O RTS L A D E H OV E PORTLAND ROAD NEW CHURCH ROAD CHURCH ROAD A259 KIN GSWAY SACKVILLE ROAD A270 OLD SHOREHAM ROAD A2 70 OLD SHOREHAM ROAD GOLDSTONE VILLAS WORTHING BLATCHINGTON RD EATON RD CRICKET HOVE WESTERN ROAD GRAND AVE THE DRIVE SHIRLEY DRIVE OAD THE UPPER DR THE UPPER DRIVE CROMWELL ROAD DAVIGDOR ROAD HOLLAND ROAD HIGHCROFT VIL LAS ON ROAD LANDSDOWN ROAD UPPER NORTH ST. MONTPELIER ROAD VERNON TER DYKE R OA D NEW ENGLAND RD BUCKINGHAM PL HOVE LAGOON BRIGHTON WESTERN LAWNS TENNIS COURTS A259 KINGSWAY A259 KINGS ROAD A259 KINGS ROAD WEST PIER CHURCHILL SQUARE QUEENS ROAD WEST STREET A23 BEACONSFIELD RD A23 PRESTON RD SURREY S T STA LO N D O N R OA D VIADUCT RD LONDON ROAD B R I G H TO N A27 LEWES EASTBOURNE TRAFALGAR ST NORTH ROAD YORK P L OLD STIENE RICHMOND PL GRA ND PARADE DITCHLING ROAD EDWARD ST U PPER LEWES RD A2 UNION RD LEWES ROAD A270 A259 EASTBOURNE BRIGHTON PIER Sat Nav Maritime House, Basin Road North, Hove, East Sussex, BN41 1WR Viewing Maritme House is a functioning Business Centre so viewing is strictly by appointment through sole agents Oakley Property. Oakley Commercial office 23 & 24 Marlborough Place Brighton, East Sussex BN1 1UB Tel Chris Oakley Tel chris@oakleyproperty.com Steven Harvey Tel steven@oakleyproperty.com oakleyproperty.com