Prime Nursery and Foodstore...
Transcript of Prime Nursery and Foodstore...
Prime Nursery and Foodstore InvestmentAviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN 020 7317 3132
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Aviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN
• Prime day nursery and food store investment in the affluent location of Haddenham, Buckinghamshire
• Let to Bright Horizons nursery for 20 years (break year 15) at a rent of £78,250 per annum (£13.29 psf) with RPI linked reviews up to a cap at 3%, collar 1%
• Let to Co-operative Food Group Ltd on a 15 year lease at a rent of £96,000 per annum (£21.33 psf) with CPI linked reviews with a cap at 3%, collar 1%
• Combined annual rent of £174,250 per annum
• Forms part of a larger development site including 233 homes, 17 apartments, a 64-bedroom care home and 4.85 hectares of employment land
• Seeking a development partner for a forward commitment to purchase
• We are instructed to seek offers in excess of £3,100,000 (Three million, one hundred thousand pounds) subject to contract. A purchase at this level shows a net initial yield of 5.28% assuming purchaser’s costs of 6.46%
• Consideration will also be given to the sale of the whole development including the 17 apartments
• Practical Completion and Lease Completions - end of May 2020
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EXECUTIVE SUMMARY
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Aviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN
HADDEN HAM Haddenham is located in the Vale of Aylesbury, three miles north west of Thame, and six miles south west of Aylesbury. Consistently voted as one of the most popular places in which to live, Haddenham has a vibrant and active community and is very popular with commuters, being only 35 minutes into London Marylebone and 29 minutes into Oxford.
Haddenham has a range of businesses from large multi-nationals centred in the Haddenham Business Park to professional and managerial companies based at Thame Road Industrial Park.
Green Dragon
St Mary’s CofE School
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HaddenhamBusiness Park
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T H A M E R O A D T H A M E R O A D T A C K S L A N E FO
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HADDENHAM ANDTHAME PARKWAY
A418
TiggywinklesWildlife Hospital
Bradmore Farm Shop
The Rising Sun
Little ItalyEspresso Bar
The King’s Head
Rose &Thistle
St Mary’s Church
HaddenhamJunior School
Village Hall& Library
HaddenhamCounty First
School
Local Shops
Allotments
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Aviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN
By Rail from Haddenham & Thame Parkway
London Marylebone 35 mins
High Wycombe 12 mins
Bicester North / Bicester Village 12 mins
Banbury 23 mins
Oxford Parkway 22 mins
Warwick Parkway 44 mins
Birmingham Moor Street 76 mins
Times are fastest and distances are approximate
Distances by Road
Thame Town Centre 2.8 miles
M40 (Junction 7) Southbound 6.5 miles
M40 (Junction 8A) Northbound 7.8 miles
Aylesbury Town Centre 14 miles
High Wycombe 14 miles
Oxford 16 miles
Bicester Village Shopping Outlet 17 miles
Central London 44 miles
Luton Airport 32 miles
Heathrow Airport 42 miles
The new development is within short walking distance of Haddenham and Thame Parkway station providing services into London Marylebone with the fastest travel time being 35 minutes and 29 minutes into Oxford.
A regular local bus service between Oxford, Thame and Aylesbury passes the end of Pegasus Way. Access to the M40 motorway is a short drive away (8 miles) via the A418.
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Amersham
Central LondonEaling
Croydon
Banstead
Dartford
Epsom
Sevenoaks
Loughton
Woking
Leatherhead
Slough
Windsor
Guildford
tonbridge
Maidstone
Rochester
Chatham
Gillingham
Brentwood
Basildon
Esher
Bromley
Watford
Heathrow
LondonCity
Harrow
Croydon
Bracknell
Wallingford
Camberley
Farnborough
Wokingham
Basingstoke
Newbury
Henley on Thames
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HighWycombe
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Fleet
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Aldershot
Farnham
Marlow
Uxbridge
Chesham
Beaconsfield
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PrincesRiseborough
GreatMissenden
A21
M25
M25
M4
M4M4
M3
A413
A40
A313
A406
A316
A4
A3A308
A3
M3
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A329
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A4010
A355
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A3290
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M40
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A3A31
A331
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Berkhamsted
Aylesbury
HemelHempstead
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St Albans
Potters Bar
Edgware
Maidenhead
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A418
A41
A41
A413
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A23
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A1(M)
M25
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HADDENHAM
ThameM40
Waddesdon
Bicester
A40OXFORD
A34
A41Dunstable
Luton
Aviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN
LOCATION OVERVI EWAN D SITE PLAN
HADDENHAM BUSINESS PARK
FORMER RAF THAME AIRFIELD
HADDENHAN & THAME
PARKWAY STATION
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Aviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN
SITUATION The site itself is located on the western side of Haddenham in an area of transitional change. Two smaller scale housing schemes have already been completed to the south of the site, on either side of Wirethorn Furlong. This paired with the approved outline development, that the site falls within, characterise this side of Haddenham as modern and vibrant.
The adjacent image depicts the location of the site within the approved outline scheme (ref: 14/03289/AOP). This Masterplan provides 233 dwellings, 4.85 hectares of employment land, playing fields, a convenience store and a 64 bed care home. It is set within Haddenham Airfield land along its southern boundary. Land originally part of RAF Thame, an airfield used to train Glider pilots from 1941. Pegasus Way was named in tribute of those who served there.
The proposed site is located to the east side of the new entrance road at the junction with Pegasus Way. To the north of the site is the relocated playing fields along with the new community sports pavilion. The site to the east is allocated for the 64 bedroom 3 storey care home. To the west, across the estate road, lies public open space.
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Aviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN
TENANTS COVENANTS
Co-operative Group Food Limited - The company represents the food retail element of the Co-op Group, with a group annual turnover of over £9 billion and employing some 70,000 people. The Coop Group are the 5th largest food retailer with approximately 2,800 local, convenience and mid size stores. Their most recent accounts for year ending January 2018 show revenues of £7.159bn with pre-tax profit of £195.4m and net current assets of £1.875bn.
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Bright Horizons was founded in 1986 by Linda A. Mason and Roger H. Brown, the company was publicly traded on the Nasdaq under the ticker symbol: BFAM until it was acquired by Bain Capital in May 2008, and became publicly traded again 2013.
Bright Horizons acquired kidsunlimited in April 2013, which has 64 nurseries and a successful childcare voucher business. Bright Horizons is one the UK’s leading providers of high quality care and education. The business cares for over 24,000 children each week.
Bright Horizons bought out the Asquith Court Group in 2016 adding a further 100 nurseries to its care. Bright Horizons operates more than 900 child care centres worldwide, more than 600 across the United States and more than 300 in the UK and Ireland, the company also operates centres in Canada and Puerto Rico. For year ending December 2018 they recorded a turnover of £195.5m with an EBITDA of £21.5m and net assets of £143.3m.
TENANCY SCHEDULE
Tenant Use Size – Sq ft Term Break Rent Review Annual Rent Rent PSF Rent Free
Co-operative Group Food Limited Company No. 1826715
A1 4,500 15 years n/a CPI with cap 3%, collar 1% 96,000 21.33 6 months
Bright Horizons Family Solutions LimitedCompany No. 02328679
D1 5,887 20 years Year 15 RPI with cap 3%, collar 1% 78,250 13.29 6 months
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TEN U R E
Freehold.
VAT
The property is registered for VAT and it is envisaged that the sale can be dealt with by way of a TOGC (Transfer of Going Concern).
CAPITAL ALLOWANC ES
There are no capital allowances available.
Aviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN
FLOOR PLANS
View from South East
View from North West
First Floor Plan
Ground Floor Plan
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LIFT
dr
43 4043 40
Lounge MasterBedroom
BedroomTwo
Store
En-suite
Kitchen
Lounge MasterBedroom
En-suite
BedroomTwo
KitchenBathroom Bathroom
Lounge
MasterBedroom
En-suite
BedroomTwo
KitchenBathroom
Lounge
MasterBedroom
BedroomTwo
En-suite
Kitchen
Bathroom
Lounge
BedroomTwo
Lounge
MasterBedroom
BedroomTwo
En-suite
Store StoreStore
En-suite
Bathroom
Lounge
Kitchen
Store
MasterBedroom
BedroomTwo
En-suite
Bathroom
BedroomTwo
Kitchen
Lounge
MasterBedroom
Store
Flat 17
Kitchen
BedroomTwo
En-suite
Bathroom
Store
Store
Store
Bathroom
Lounge
Kitchen
MasterBedroom
BedroomTwo
WRobe
Lounge
MasterBedroom
Gas/Water
SmokeVent
Elec
SmokeVent
Store
Bathroom
En-suite
FFL = 88.275FFL = 88.275
Flat 8Flat 9Flat 10Flat 11
Flat 12
Flat 13 Flat 14 Flat 15 Flat 16
BalconyBalcony Balcony
BalconyBalconyBalcony Balcony
BalconyBalcony
MasterBedroom
En-suiteBathroom
O.V.1.5m²
O.V.1.m²Store
BoilerBoiler
Boiler
Boiler
Boiler
Boiler
Boiler
Boiler
72.1m² 72m² 75m² 75.8m² 71.7m²
70.7m²73.3m²72.3m²74.3m²
78.5m²
W/M
W/MW/M
W/M
W/M
W/M
Boiler
W/MStore
W/MBoiler
W/M
W/M
St 1St 2
MasterBedroom
En-suiteBathroomFlat 7
1 9
1123
Dry Riser
BedroomTwo
75m²
MasterBedroom
BedroomTwo
Store
En-suite
Kitchen
Balcony
1619
25
18
25
29
28
29
28
LoungeMaster
Bedroom
Store
En-suite
KitchenBathroom
Lounge
Bathroom
Lounge
MasterBedroom
En-suite
BedroomTwo
Kitchen Bathroom
Lounge
MasterBedroom
BedroomTwo
En-suite
KitchenBathroom
Lounge
BedroomTwo
Kitchen
MasterBedroom
En-suite
BedroomTwo
Kitchen Bathroom
Store
MasterBedroom
StoreBathroom
BedroomTwo
Kitchen
En-suite
72m²
Store
SmokeVent
ElecRiser
SmokeVent
Gas/WaterRiser
Balcony Balcony
StoreFFL = 85.350
FFL = 85.182
Flat 1Flat 2Flat 3
Flat 4 Flat 5 Flat 6
BalconyBalconyBalcony Balcony
St 1 St 2
174.7m²
Lounge Lounge75.8m²
74.3m² 72.3m² 73.3m² 70.7m²
177.5m² - 1910ft²
W/MW/MW/M
W/M
W/M
BoilerBoiler
Boiler
Boiler Boiler
StoreW/M
Boiler
StoreW/M
Boiler
Mezzanine/plant
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17 11
ELEC.
ResidentialBin Store
Dry Riser
dr
1
4
RETAIL UNIT
FFL = 81.135
FFL = 81.000
FFL = 81.300
St 1 St 2
RWP
BACK OFHOUSEFFL = 81.150
424.2m² - 4566ft²
369.5m² - 3977ft²CYCLES
Dry Riser
1
6 9
14
10GAS
FFL = 81.1501
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8 9 10 11 12 13 14 15 16 17
305
305 300
SFD Snowdon SemiVertical Cycle Racks.
RWP
St 3
LIFT
Column surroundedick
INTERNAL ROLLER SHUTTER INTERNAL ROLLER SHUTTER
INTERNAL ROLLER SHUTTER INTERNAL ROLLER SHUTTER
Second Floor Plan
Work in progress
PROGRAMME
A time line is as follows:
• Start on Site May 2019
• Practical Completion End of May 2020
• Completion of leases End of May 2020
STATUS & I NVESTMENT STRUCTU R E
• Freehold of site
• Long lease to be granted of the upper parts
• Warranties to be provided to Purchaser from main Design Team and Contractor, with a maximum of two assignments
• Vendor to be responsible for incentives and any rent frees
PROPOSAL
We are instructed to seek offers in excess of £3,100,000 (Three million, one hundred thousand pounds) subject to contract. A purchase at this level shows a net initial yield of 5.28% assuming purchase costs of 6.46%
There are 17 residential ground rents at £250 per annum giving a total annual income of £4,250 . These can also be made available for purchase.
MacLaren & Partners and Phillips Sutton for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) MacLaren & Partners and Phillips Sutton cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of fact or representations, and must satisfy themselves as to their accuracy; (iii) no employee of MacLaren & Partners nor Phillips Sutton has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property; (iv) rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; and (v) MacLaren & Partners and Phillips Sutton will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. November 2019
Duncan MacLaren MRICS
T: 020 7317 3132
M : 07770 648 755
W : www.maclarenpartners.co.uk
Sam Sutton
M : 07794 081 052
For further information please contact the joint agents: