5-9 WHITEHALL PARADE 33-43 LONDON ROAD - Allsop · –17,923 sq ft (1,664.9 sq m) mixed retail and...
Transcript of 5-9 WHITEHALL PARADE 33-43 LONDON ROAD - Allsop · –17,923 sq ft (1,664.9 sq m) mixed retail and...
5-9 WHITEHALL PARADE&
33-43 LONDON ROAD
Two retail parade investments with significant development opportunity
www.eastgrinsteadinvestment.com
GRINSTEAD
EAST
5-9 WHITEHALL PARADE
33-43 LONDON ROAD
ATRIUM BUILDING(Leisure complex)
MERIDIAN VILLAGE 74, 3-4 Bed Town houses
EAST GRINSTEAD STATION (0.4 miles) CENTRAL SUSSEX
COLLEGE
EAST GRINSTEADParish church
QUEENS WALK
REGAL HOUSE DEVELOPMENT14, 1-2 Bed Apartments
TRAVELODGE DEVELOPMENT
– 17,923 sq ft (1,664.9 sq m) mixed retail and office building
– Freehold
– Ground floor let to two national retailers at a low passing rent of £75,000 per annum
– AWULT of 7.6 years to expiry and 4.3 years to break
– Vacant upper floors providing immediate development potential to residential or alternative uses (STP)
Offers for the ‘individual property’ sought in excess of £2,200,000 (Two Million Two Hundred Thousand Pounds) subject to existing leases, contract and exclusive of VAT.
– 32,496 sq ft (3,019.0 sq m) mixed retail and residential building
– Freehold
– Ground floor fully let to five national retailers at a low passing rent of £210,000 per annum
– AWULT of 5.19 years (certain)
– Vacant upper floors providing immediate development potential to residential or alternative uses (STP)
Offers for the ‘individual property’ sought in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to existing leases, contract and exclusive of VAT.
– Total floor area of 50,418 sq ft (4,683.9 sq m) comprising 8 retail units with predominantly vacant first and second floor accommodation
– Let to 7 national retailers at a low passing rent of £285,000 per annum
– AWULT of 5.84 years to expiry and 4.96 years to break
– ERV on the ground floor retail accommodation of approx. £300,000 p.a.
– Total site area of 0.67 acres (0.27 hec) providing a large holding in a prime South East location
Offers for ‘both properties’ sought in excess of £5,700,000 (Five million Seven Hundred Thousand Pounds) subject to the existing leases, contract and exclusive of VAT. A purchase at this level reflects a low capital value of £113 psf.
5-9 WHITEHALL PARADE 33-43 LONDON ROAD COMBINED PROPOSAL
5-9 WHITEHALL PARADE, EAST GRINSTEAD RH19 1AP & 33-43 LONDON ROAD, EAST GRINSTEAD RH19 1AW
Two adjacent retail parades available to purchase together or individually
03Allsop LLP
LOCATION
London Gatwick located 8 miles to the west. National Express services from Felbridge Bus Station in under 15 minutes.
AIROver 80 local bus services providing regular services to Crawley, Gatwick, Horsham and Brighton.
BUSLocated on the A22 providing direct access to London, Brighton and Eastbourne.
CARDirect service from East Grinstead Railway Station to London Victoria with an average journey time of 57 minutes.
RAIL
Heathrow
LondonCity
J27J25J23
J21
J20
J19
J16
J15
J12
J10
J7J8
J9
J6
J5
J3
J2
J29
J28
A131A130
A138
A130
A127
A316
A229
A414
A414
A414
A1
A2
A3
A40
A20
A10 A12
A12
A13
A26
A23
M1
M4
M2
M3
M10
M25
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
M1
Harlow
EppingPotters Bar
Hertford
Hatfield
Dartford
Bromley
Gravesend
GillinghamRochester
Sittingbourne
Romford
Maidstone
Snodland
Sheerness
StaplehurstPaddock
WoodCranleigh
GUILDFORD
Staines
HemelHempsteadBerkhamsted St Albans
Watford
WembleyUxbridge
Ruislip
Rickmansworth
BrentCross
Woking
SouthOxneyHarefield
Harrow
BorehamwoodEnfield
Fulham
AshfordRichmond
KingstonUpon Thames
Hounslow
Southall
BillericayWickford
Stanford-le-Hope
Southend-on-SeaBenfleetCanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Walton-on-Thames
Clapham
Harpenden
EAST GRINSTEAD
Gatwick
Biggin Hill
Sevenoaks
RoyalTunbridge
WellsCrawley Three Bridges
Horley
Horsham
HaywardsHeath
RedhillOxted
DorkingReigate
Sutton
SwanleyCroydon
East Grinstead is an affluent and attractive market town located in West Sussex approximately 27 miles (43 km) south of London, 21 miles (34 km) north east of Brighton and 38 miles (61 km) north east of Chichester.
The town benefits from strong transport communications being situated on the A22 which provides direct access to London to the north and Brighton to the south. The M23 can be accessed via Junction 10, 9.7 miles (15.6 km) to the west which provides direct access to the M25(Junction 7).
04 East Grinstead Investment Opportunity
RETAILING IN EAST GRINSTEAD
126.2m
123.1m
124.1m
TCB
TCB
Institute Walk
KING
LITTLE KING STREET
RICES HILL
MP30
ElSub Sta
Parade
Whitehall
52
Mews
56
4
48
12
Cantelupe
7
45
40to
46
53
58
59
56
8
4
ens
1
3
57
21
Cantelupe Mews
29
3
38
1
30
19
360
22to
26
1
Phoenix House
55
66
WhitehallHouse
1 to 12
Centurion House
36
23
StagHouse
Institute Walk
4345
61
7
47
5
Market House
o11
43
3735 to 33
31
East Grinstead benefits from a large provision of multiple retailers which are attracted to the town by the excellent transport communications, affluent demographic and the attractive surroundings of the town centre. East Grinstead currently has a total retail floor space of approximately 380,000 sq ft with a significant proportion of this situated along London Road. London Road forms the prime A1 retailing location in the town benefiting from direct access to the town centres main car parking facility and a strong supply of attractive glass fronted retail accommodation. This has led to a number of national retailers taking occupation on London Road including; Toni & Guy, Holland and Barratt, WH Smiths, Fat Face, Costa and Boots, amongst others. The main A3 offering in the town is situated along the High Street with occupiers including; Prezzo, Caffé Nero, Pizza Express and numerous local occupiers. Queens Walk is a covered pedestrianised mall located opposite the subject property, which connects London Road to the town’s main car park opposite Waitrose. There are currently plans to re-develop this area to provide a large mixed residential and retail scheme with landscaped public space.
Currently, Zone A rents on London Road are achieving between £40 - £50 psf. Below we have provided the most recent rental comparable evidence on London Road, East Grinstead;
GRINSTEAD
EAST
5-9 WHITEHALL PARADE & 33-43 LONDON ROAD
Date Property Tenant Rent £ p.a.(£psf ZA)
August 2016 8 Whitehall Parade Speedcom (O2) £52,500(£41.00)
August 2016 62 London Road Speedo Pizza £18,000(£41.00)
May 2016 95 London Road HJ Gentlemen £13,000(£40.00)
March 2016 52 London Road Target Estate Agents
£19,000(£41.00)
June 2015 25 London Road G&G Foods £28,000(£50.00)
February 2016 43 London Road EE £21,000(£47.19)
June 2015 25 London Road White Stuff £43,000(£41.00)
05Allsop LLP
INVESTMENT SUMMARY – Prominent 17,923 sq ft (1,664.9 sq m) mixed
retail and office building located within a prime retail pitch on London Road, East Grinstead
– Freehold
– Ground floor retail accommodation let to two national retailers at a low passing rent of £75,000 per annum
– AWULT of 7.6 years to expiry and 4.3 years to break
– Vacant upper floors providing immediate development potential to residential or alternative uses (STP)
– Significant asset management opportunities through letting the vacant ground floor retail unit
– ERV of the ground floor retail accommodation of approx. £106,000 p.a.
– Site area of 0.23 acres (0.09 hec)
– Offers sought in excess of £2,200,000 (Two Million Two Hundred Thousand Pounds) subject to existing leases, contract and exclusive of VAT, reflecting a low capital value of £122.75 psf
DEVELOPMENT POTENTIAL – Immediate development potential of the upper
floors to residential or alternative uses (STP)
– A planning application has been submitted for the development of 13 residential units to the existing 1st and 2nd floor office and nightclub accommodation
– Explore a larger development in conjunction with 33-43 London Road (STP)
5-9 WHITEHALL PARADEEAST GRINSTEAD, LONDON RH19 1AP
06 East Grinstead Investment Opportunity
SITUATIONThe Property is located centrally on London Road within the main A1 retail thoroughfare within East Grinstead. London Road comprises a variety of A1 retail, restaurants and financial and professional services with a mix of national and independent occupiers. The property benefits from a high footfall being situated in what is regarded as the prime retail pitch in the town. The immediate area comprises a strong tenant mix focused around A1 retailers, restaurants and banking services.
The ground floor retail accommodation and the vacant uppers floors are accessed directly from London Road. The upper floors benefit from isolated access via a shared entrance way located centrally between the retail units. The upper floors can also be accessed from the rear via Institute Walk.
Surrounding occupiers include:
50 metres
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
East Grinstead
Experian Goad Plan Created: 11/07/2016Created By: Allsop
Copyright and confidentiality Experian, 2016. © Crowncopyright and database rights 2016. OS 100019885
GRINSTEAD
EAST
5-9 WHITEHALL PARADE & 33-43 LONDON ROAD
07Allsop LLP
5-9 WHITEHALL PARADEEAST GRINSTEAD, LONDON RH19 1AP
TENANCY & ACCOMMODATION SCHEDULEDESCRIPTION5-9 Whitehall Parade comprises a mixed use building of 17,923 sq ft (1,664.9 sq m) split over ground, first and second floor levels.
The ground floor comprises a parade of 3 retail units totalling 5,707 sq ft (530.2 sq m) fronting London Road which forms the primary retail pitch in East Grinstead. There is a further 949 sq ft (88.2 sq m) retail unit on the first floor benefiting from isolated access from the ground floor. The first and second floors include vacant nightclub and office accommodation totalling 11,267 sq ft (1,046.7 sq ft) also benefiting from separate access from London Road as well as Institute Walk to the rear.
The main nightclub area is open plan with double height accommodation over first and second floor levels. The remainder of the first and second floors comprises ancillary storage, W/C facilities and office accommodation.
Unit Floor Tenant Area (sq m)
Area(sq ft) ITZA Lease
StartExpiry(break)
Rent £p.a.
Rent £psf(£psf ZA)
5 Floor - Retail Timpson Ltd 93.06 1,002 405 22/09/09 21/09/19 £22,500 £22.46(£55.56)
7 Floor - Retail Vacant 111.82 1,204 663 - - £0 £0
8-9 Floor - Retail Speedcom 325.24 3,501 1,280 31/03/06 30/03/26(30/06/21) £52,500 £15.00
(£41.00)
6
1st (Retail)
Vacant
88.17 949
- - - £0 £01st - 2nd (Nightclub/Office) 712.72 7,672
2nd (Office/Resi) 333.94 3,595
1,664.95 17,923 2,348 £75,000 £16.66(£44.51)
08 East Grinstead Investment Opportunity
Page 9
Introduction Design Access Conclusion
Figure vii: Proposed Elevations– Not to scale
DEVELOPMENT POTENTIALThe property provides a number of residential led development opportunities (STP), including; immediate conversion of part of the upper floors to residential through permitted development rights, re-development of the entire first and second floors through a consented scheme and a larger development of the property in conjunction with the adjoining building (33-43 London Road). A planning application (reference DM/16/0565) has been submitted for the development of 13 residential units including; 10x 2 bed flats and 3x 1 bed flats. The proposed residential scheme comprises a total footprint of approximately 8,180 sq ft (760 sq m) and a Gross Internal Floor Area (GIFA) of approximately 14,531 sq ft (1,350 sq m).
Full planning documentation is available in the data room.
GRINSTEAD
EAST
5-9 WHITEHALL PARADE & 33-43 LONDON ROAD
AWULTThe property provides an AWULT of 7.6 years to expiry and 4.3 years to break
TENUREFreehold
EPCAvailable upon request
VATThe property is VAT elected
DATA ROOMData room access is available via the following link: www.eastgrinsteadinvestment.com
PROPOSALOffers for the ‘individual property’ sought in excess of £2,200,000 (Two Million Two Hundred Thousand Pounds) subject to the existing leases, contract and exclusive of VAT. A purchase at this levelreflects a low capital value of £122.75 psf.
126.2m
123.1m
124.1m
TCB
TCB
Institute Walk
KING
LITTLE KING STREET
RICES HILL
MP30
ElSub Sta
Parade
Whitehall
52
Mews
56
4
48
12
Cantelupe
7
45
40to
46
53
58
59
56
8
4
ens
1
3
57
21
Cantelupe Mews
29
3
38
1
30
19
360
22to
26
1
Phoenix House
55
66
WhitehallHouse
1 to 12
Centurion House
36
23
StagHouse
Institute Walk
4345
61
7
47
5
Market House
o11
1:996
43
3735 to 33
31
SITESite area of 0.23 acres (0.09 hec)
For illustrative purposes only.
09Allsop LLP
33-43 LONDON ROADEAST GRINSTEAD, LONDON RH19 1AW
INVESTMENT SUMMARY – Prominent 32,496 sq ft (3,019.0 sq m) mixed retail
and residential building located within a prime retail pitch on London Road, East Grinstead
– Freehold
– Ground floor retail accommodation fully let to five national retailers at a low passing rent of £210,000 per annum
– Fixed uplift in 2020
– AWULT of 5.19 years (certain)
– Vacant upper floors providing immediate development potential to residential or alternative uses (STP)
– Site area of 0.44 acres (0.18 hec)
– Offers sought in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to existing leases, contract and exclusive of VAT, reflecting a low capital value of £108 psf
DEVELOPMENT POTENTIAL – A planning application has been submitted
for the conversion of the upper floors to provide 7, 1-3 bed residential dwellings
– Potential to increase massing through developing over the ground floor retail accommodation to the rear (STP)
– Explore a larger development in conjunction with 5-9 Whitehall Parade (STP)
10 East Grinstead Investment Opportunity
GRINSTEAD
EAST
5-9 WHITEHALL PARADE & 33-43 LONDON ROAD
SITUATIONThe Property is located centrally on London Road within the main A1 retail thoroughfare within East Grinstead. London Road comprises a variety of A1 retail, restaurants and financial and professional services with a mix of national and independent occupiers. The property benefits from a high footfall being situated in what is regarded as the prime retail pitch in the town. The immediate area comprises a strong tenant mix of national occupiers which is focused around A1 retailers, restaurants and banking services.
The ground floor retail accommodation is accessed directly from London Road. The upper floors are accessed from the rear of the property via a shared access way with 5-9 Whitehall Parade.
Surrounding occupiers include:
50 metres
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
East Grinstead
Experian Goad Plan Created: 11/07/2016Created By: Allsop
Copyright and confidentiality Experian, 2016. © Crowncopyright and database rights 2016. OS 100019885
11Allsop LLP
33-43 LONDON ROADEAST GRINSTEAD, LONDON RH19 1AW
TENANCY & ACCOMMODATION SCHEDULEDESCRIPTION33-43 London Road comprises a mixed use building of 32,496 sq ft (3,019.0 sq m) split over ground, first and second floor levels. The ground floor comprises a parade of 5 retail units totalling 26,426 sq ft (2,455.0 sq m)fronting London Road. Units 33-35 provide a large ground floor retail unit with a shop depth of approximately 640 ft with first and second floor level storage and ancillary office accommodation. Units 37 to 43 are arranged over ground floor only and comprise open plan retail accommodation with ancillary storage and office accommodation to the rear. Above units 37 to 43 is first and second floor residential accommodation totalling 6,070 sq ft (563.9 sq m) which is accessed from the rear of the property via a shared access way formed between 5-9 Whitehall Parade and the subject property.
* Fixed uplift in 2020 to £88,000 p.a. ** Rent agreed in Feb 2016 as part of a Deed of Variation. *** Lease renewal in process(subject to agreement).
No. Floor Tenant Area (sq m)
Area(sq ft) ITZA Lease Start Expiry
(break)Rent£p.a.
Rent £psf(£psf ZA)
33-35 Grd (Retail/Storage)1st (Storage)2nd (Storage/Ancillary)
M&Co944.29701.91184.86
10,1647,5551,990
1,770--
18/05/15 17/05/25 £80,000* £4.06(£35.00)
37 Grd (Retail) Waterstones 209.06 2,250 830 25/12/12 24/12/17 £58,000 £25.77(£69.88)
39 Grd (Retail) Shoezone 198.63 2,138 746 03/11/14 02/11/19 £30,000 £14.03(£40.21)
41 Grd (Retail) Carphone Warehouse 84.48 909 507 01/08/16 31/07/21 £21,000*** £23.09
(£41.42)
43 Grd (Retail) EE 131.83 1,419 445 18/11/11 17/11/21 £21,000** £14.80(£47.19)
33 - 35 1st (Resi)2nd (Resi) Vacant 86.01
91.80926988 - - - £0 -
37 - 43 1st (Resi)2nd (Resi) Vacant 198.40
187.712,1362,121 - - - £0 -
3,019.0 32,496 4,298 £210,000 £7.95(£44.65)
12 East Grinstead Investment Opportunity
GRINSTEAD
EAST
5-9 WHITEHALL PARADE & 33-43 LONDON ROAD
DEVELOPMENT POTENTIALThe property provides a number of residential led development opportunities (STP) including; immediate conversion of part of the upper floors to residential through permitted development rights, re-development of the entirety of the first and second floors through a consented scheme and a larger development of the property in conjunction with the adjoining building (5 – 9 Whitehall Parade).
A planning application (reference DM/15/5041) has been submitted for the renewal of a previously granted planning consent for the conversion of the upper floors and an extension of the roof to provide a total of 7 residential units including; 1x 1 Bed, 5x 2 Bed and 1x 3 Bed apartments, as illustrated below. A copy of the planning application and a schedule of the proposed accommodation are available within the data room.
AWULTThe property provides an AWULT of 5.19 years
TENUREFreehold
EPCEPC’s Available upon request
VATThe property is VAT elected
DATA ROOMData room access is available via the following link: www.eastgrinsteadinvestment.com
PROPOSALOffers for the ‘individual property’ sought in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to the existing leases, contract and exclusive of VAT. A purchase at this levelreflects a low capital value of £108 psf.126.2m
123.1m
124.1m
TCB
TCB
Institute WalkKI
NG
LITTLE KING STREET
RICES HILL
MP30
ElSub Sta
Parade
Whitehall
52
Mews
56
4
48
12
Cantelupe
7
45
40to
46
53
58
59
56
8
4
ens
1
3
57
21
Cantelupe Mews
29
338
1
30
19
360
22to
26
1
Phoenix House
55
66
WhitehallHouse
1 to 12
Centurion House
36
23
StagHouse
Institute Walk
4345
61
7
47
5
Market House
o11
43
3735 to 33
31
SITESite area of 0.44 acres (0.18 hec)
For illustrative purposes only.
For illustrative purposes only.
13Allsop LLP
GRINSTEAD
EASTFor further information or to make arrangements for viewing please contact:
Jeremy Hodgson James Salmon Tom Dales020 7543 6709 020 7543 6880 020 7543 6869 [email protected] [email protected] [email protected]
www.eastgrinsteadinvestment.com
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warrantywhatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be includedare available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP.
www.allsop.co.uk
PROPOSALWe have been instructed to seek offers in excess of £5,700,000 (Five million Seven Hundred Thousand Pounds) for both properties subject to the existing leases, contract and exclusive of VAT. A purchase at this level reflects a low capital value of £113 psf. The property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern. (TOGC).
Properties also available to purchase individually as set out within this marketing document.
GRINSTEAD
EAST