Investment.

Crawley.

2/22 The Martlets8/24 Haslett Avenue & 31/35 Broadway

Map View

Status.

Available

Price.

£7,500,000 (Subject to Contract and Exclusive VAT)

Service Charge.

£81,200 per annum

Location.

Crawley is a busy and substantial commercial centre and is the largest town within West Sussex. Renowned for its strategic location, robust local economy and excellent transportation links, Crawley is also considered a popular commuter destination. The town is located circa 43miles (69km) south of central London and 22miles (35km) north of Brighton.

Crawley town centre features over 300 shops, showcasing a blend of national chains and independent retailers. The core prime retail area is predominantly concentrated on the pedestrianised The Martlets and the 480,000 sq ft County Mall shopping centre, which opened in 1992 and houses more than 90 stores, including Primark, Next, B&M, JD Sports Boots, and River Island along with a car park that accommodates 1,800 vehicles.

The Martlets offers a diverse selection of popular national retailers including Tesco, Waterstones, Sports Direct, Schuh, lush. HMV and Dunelm. Located to the north of The Martlets is Queens Square which was partly redeveloped in 2017 and now along with Queensway/Kingsgate hosts several large stores, including a 20,000 sq ft TK Maxx, a 43,000 sq ft Poundland, a 21,500 sq ft Decathlon, a 25,500 sq ft New Look and a 24,300 sq ft Peacocks.

The Eastern Gateway development, completed in 2022 at a cost of £8.85 million, has significantly improved the town centre’s sustainable travel infrastructure and enhanced connections to nearby sites, including the Town Hall, County Buildings, Crawley College, and Telford Place, through upgraded pedestrian and cycling facilities and improved urban spaces.

Description.

The property, constructed in the 1970s, comprises two substantial blocks. The first block is located along The Martlets, spanning almost the entire length of its prime western pedestrianised section, which serves as a primary thoroughfare connecting the County Mall Shopping Centre with Queens Square. Key tenants include Waterstones, Barclays, TUI Travel and Card Factory. Tesco Express, Sports Direct, Dunelm, O2, Caffe Nero and Longdan are situated opposite.

The second block is positioned at the County Mall end of The Martlets directly opposite the Bus Station, encompassing addresses16-22 Haslett Avenue and 31-35 Broadway. This element is let to Kings Gym and a number of established local traders. Additionally, the property benefits from a surface and underground car park at the rear, providing 141 spaces with vehicular access from The Broadway. Whilst still within the freehold ownership, 24-26 The Martlets, 24 Haslett Avenue, 12 The Broadway and the upper levels at 14 Haslett Avenue have been effectively sold off on long leases (see tenancy schedule)

Rent.

£809,000.00 per annum exclusive

Tenure.

Freehold

Yield.

A net initial yield of 10.11%.

Share.

All viewings are strictly by prior appointment.

Will Civil.

Surveyor | Investment

David Freeman.

Partner | Investment

Jonny Gooch.

Associate Partner | Investment

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