Olivier House 18 Marine Parade & 20-24 Madeira Place Brighton BN2 1TL

Olivier House
18 Marine Parade & 20-24 Madeira Place
Brighton
BN2 1TL

Freehold Office Investment with Potential

Tenants include ITV Broadcasting Ltd and Ski Bound Ltd (Subsidiary of TUI Travel plc)
Attractive and affluent South-East commuter city
Approximately 2,394 sq m (25,773 sq ft)
Secure car park
Seafront building with residential redevelopment potential (subject to consents)
Six Week Completion Period Available

Lot
7
Auction
18th October 2012
Rent
£293,000 per Annum Exclusive
Status
Sold
Price
£2,650,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Important Update Interested?

Expand
Photos
Map

Freehold Office Investment with Potential

Tenants include ITV Broadcasting Ltd and Ski Bound Ltd (Subsidiary of TUI Travel plc)
Attractive and affluent South-East commuter city
Approximately 2,394 sq m (25,773 sq ft)
Secure car park
Seafront building with residential redevelopment potential (subject to consents)
Six Week Completion Period Available

Lot 7
Auction 18th October 2012
Rent £293,000 per Annum Exclusive
Status Sold
Price £2,650,000
Sector
Office
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 10 miles east of Worthing,23 miles south of Crawley,52 miles south of London
Roads: A23, A27, A270, M23 (Junction 11)
Rail: Brighton (55 mins to London Victoria)
Air: London Gatwick (22 miles)

Situation

The property is situated on a prominent corner location of Madeira Place and Marine Parade, the main coastal thoroughfare which runs parallel to The Promenade and is located a short walk from the busy city centre. Brighton Pier and The Royal Pavilion are both approximately 150 metres from the property.

Tenure

Freehold.

Location

Miles: 10 miles east of Worthing,23 miles south of Crawley,52 miles south of London
Roads: A23, A27, A270, M23 (Junction 11)
Rail: Brighton (55 mins to London Victoria)
Air: London Gatwick (22 miles)

Situation

Tenure

Freehold.

Description

The property is a substantial and prominent office building comprising office accommodation on the lower ground, ground and five upper floors and benefiting from suspended ceilings, central heating and two passenger lifts. There is a secure off-street car park at the rear for some 23 cars.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/(Reversion)
Lower Ground (Part North)	Office	329.71 sq m	(3,549 sq ft)	SKI BOUND LTD (1)	5 years from 04/07/11 (6) (8)	£40,000	(24/10/2017)
Lower Ground (Part South)	Office	77.57 sq m	(835 sq ft)	BRIGHTON FERTILITY ASSOCIATES LTD (2)	5 years from 18/02/2011 (2)	£12,000	(17/02/2016)
Ground (Front) & First (rear)	Office	505.49 sq m	(5,441 sq ft)	VACANT AND TO LET
Ground Floor (Centre)	Office	259.39 sq m	(2,792 sq ft)	SKI BOUND LTD (1)	10 years from 25/10/07 (6) (8)	£40,250	(24/10/2017)
First (Front) & Second Floor	Office	552.21 sq m	(5,944 sq ft)	ITV BROADCASTING LTD (3) (SUBLET TO OUTBURST CREATIVE LTD & SKILLS TRAINING UK LTD & SKI BOUND LTD)	25 years from 25/03/88	£85,500	(24/03/2013)
Third Floor (centre)	Office	356.75 sq m	(3,840 sq ft)	SKI BOUND LTD (1)	10 years from 25/10/07 until 24/10/17 (6) (8)	£57,600	(24/10/2017)
Third Floor (Front)	Office	81.01 sq m	(872 sq ft)	ITV BROADCASTING LTD (3)	2 years from 29/09/2011 (6)	£13,000	28/09/2013)
Fourth & Fifth Floors	Office	232.26 sq m	(2,500 sq ft)	INGRID PROPERTIES ONE LTD (4) (7)	25 years from 25/03/88	£35,400	(24/03/2013)
2 car parking spaces	Parking Spaces			ITV BROADCASTING LTD (3)	Rolling 3 months Licence	£4,000
2 car parking spaces	Parking Spaces			SKI BOUND LTD (1)	Rolling 3 months Licence	£3,500
Car Park Space	Parking Space			ITV SERVICES LTD (5)	Rolling 3 months Licence	£1,750
Totals		2,394.39 sq m	(25,773 sq ft)			£293,000

(1) For the year ending 30th September 2011, Ski Bound Limited reported a turnover of £22,650,000. (Source; www.riskdisk.com 22/08/12) Ski Bound Ltd are a subsidiary of TUI Travel plc.
(2) The lease provides for a tenant option to determine the lease on 18th February 2014 on giving 6 months notice.
(3) For the year ending 31st December 2010, ITV Broadcasting Limited reported a turnover of £1,259,118,000 and a pre-tax profit of £84,182,000.
(Source: www.riskdisk.com 22/08/12) As to the lease of the Third Floor (Front) the tenant has sublet the property to Skibound Ltd.
(4) For the year ending 8th June 2012, Ingrid Properties One Limited reported a total net worth of £174,000. (Source; www.riskdisk.com 22/08/12)
(5) For the year ending 31st December 2010, ITV Services Limited reported a turnover of £152,129,000, a total net worth of £1,936,509,000 and a pre-tax profit of £173,458,000. (Source; www.riskdisk.com 22/08/12)
(6) The lease is outside the security of tenure provisions of the Landlord and Tenant Act 1954.
(7) The tenant has sublet the 4th floor to Seiki Systems Ltd.
(8) As to the leases to Ski Bound Ltd, there is a 6 month rent free period from 25th October 2012 until 24th April 2013. The seller will pay the buyer the rent that would have been due in the absence of this rent free period. There is also a rent free period commencing 4 months prior to the end of the term.