54-62 HIGH STREET BROMLEY BR1 1EG PROMINENT UNBROKEN PRIME RETAIL PARADE INVESTMENT

Transcription

1 54-62 HIGH STREET BROMLEY BR1 1EG PROMINENT UNBROKEN PRIME RETAIL PARADE INVESTMENT

2 INVESTMENT SUMMARY A rare prominent unbroken freehold prime retail parade located in major affluent London Borough The London Borough of Bromley is one of the largest economies within Greater London Situated in the prime High Street, the main retail thoroughfare diagonally opposite The Glades Shopping Centre Freehold Total passing rent 490,500 per annum WAULT of 6.78 years to expiry and 5.47 years to break. Significant inward investment with U+I and Crest Nicholson developing new residential and leisure led schemes Opportunity to convert the upper parts to residential use subject to vacant possession and the necessary consents Offers in excess of 6,815,000 (Six Million, Eight Hundred and Fifteen Thousand Pounds) for the Freehold interest in the property subject to contract and exclusive of VAT. A purchase at this level will reflect a NIY of 6.75% after allowing purchasers costs of 6.65%.

3 LOCATION Bromley is a popular and thriving London suburb located within the London Borough of Bromley, the largest borough in Greater London located approximately 11 miles (17.70 km) south east of Central London and approximately 8 miles (12.87 km) east of Croydon. Bromley is the commercial and administrative centre of the Borough and nearby town centres include Beckenham to the west 2.5 miles (4.02 km), Streatham to the north west 8.7 miles (14.00 km) and Greenwich to the north 7.6 miles (12.23 km). Bromley is located within the, approximately 9 miles (14.48 km) from both Junction 3 and 4 accessed directly from the A20 and A21 which lies to the west and the east of the town providing connectivity to the national motorway network and south east airports. Bromley is served by two railway stations. Bromley North and South Bromley Rail Station, the latter serves over 6 million passengers a year and is a major interchange providing regular train service to London Victoria and London Blackfriars Station, with fastest journey times of less than 18 mins. The station has benefitted from a multi-million pound accessibility improvements scheme in recent years. London City Airport is located approximately 12.3 miles (19.79 km) north of the centre, Gatwick Airport approximately 23 miles (37.01 km) to the south west and Heathrow is 42 miles (67.59 km) north west of the town. M4 A3 M3 HEATHROW AIRPORT ESHER A3 KINGSTON A3 UPON THAMES A24 TWICKENHAM HAMPTON COURT LEATHERHEAD M4 EPSOM A24 REIGATE GATWICK AIRPORT CENTRAL LONDON A3 CRAWLEY WIMBLEDON A24 M23 REDHILL A23 A23 A232 MITCHAM M23 CITY AIRPORT CANARY WHARF CROYDON A232 A22 A22 A20 BROMLEY A21 DARTFORD A20 JOURNEY TIMES - RAIL Bromley South London Victoria London Blackfriars St Pancras International Gatwick Airport Bromley North London Victoria London Blackfriars St Pancras International Gatwick Airport M26 M20 17 Minutes 34 Minutes 44 Minutes 1 Hour 2 Minutes 22 Minutes 39 Minutes 49 Minutes 1 Hour 7 Minutes

4 DEMOGRAPHICS Bromley has a total population within it primary catchment of 711,000 above the Regional Centre average with an estimated shopping population of 370,000 (19th PROMIS Centre). The Town is ranked 4th for shopper population across London centres (excluding Central London) (PMA 2017). Bromley has a significantly above average proportion of its population within the most affluent AB social group whilst there is an under-representation of the least affluent C2 and D&E categories. Bromley is projected to see significant above average growth in population over the period Bromley contains a practically high proportion of adults within the working age (25-44) and is seen as a home for a number of affluent commuters. SITUATION The property occupies a highly prominent corner position on the west side of the High Street, just south of the pedestrianized High Street section. It is situated diagonally opposite to the main entrance of The Glades Shopping Centre and opposite to the entrance of The Mall Shopping Centre. Its location between the town centre and Bromley South railway station (200m to the south) allows the property to benefit from the significant footfall. Opposite the station is the St Mark s Square leisure led development scheme currently under construction by U+I and due for completion imminently. The development will significantly increase footfall for the subject property. National retailers within the immediate vicinity include TK Maxx, Sports Direct, Blacks and Wilkinson s.

5 KEY 1. Subject Property 2. Bromley South Train Station 3. The Mall Shopping Centre 4. The Glades Shopping Centre 5. TK Maxx 6. Sports Direct 7. Blacks 8. Boots 9. Wilkinsons 10. St Marks Square Development 11. Crest Nicholson s Regent Place Development (160 Apartments) 12. Waitrose 13. Pavillion Leisure Centre 14. Metro Bank 15. Clarks 16. Marks & Spencer 17. Bromley Civic Centre 18. Civic Centre Multi Storey Car Park 19. Churchill Theatre 20. NCP Car Park (255 Spaces) Car Park Spaces (300 Public Spaces) For indicative purposes only

6 RETAILING IN BROMLEY Bromley is ranked 4th for shopper population across London centres (excluding Central London) and is projected to see significantly above average growth in population within its Retail Market Area over the period (PMA 2017). The shopping core is dominated by both the High Street and The Glades shopping centre. The Glades Shopping centre comprises over 500,000 sq ft and is anchored by Marks & Spencer (160,000 sq ft) and Debenhams (100,000 sq ft). The centre also offers a mix of well-known brands and national occupiers including: Zara, New Look, H&M and Boots as well as Apple, Phase Eight, Jo Malone, Hobbs and Mac. The High Street provides a busy and popular throughfare home to a number of major national retailers including; Primark, Next, Topshop and Office and also benefits from a number of banks and local amenities located on the sourthern end of the High Street. In addition to the The Glades, the Mall Shopping Centre is a smaller, partially covered scheme totalling approximately 116,000 sq ft. The retail provisions within the High Street combined with Bromley s thriving leisure sector due to further expand with the completion of St Mark s Square makes Bromley one of South London s busiest retailing locations. The subject property is situated between TK Maxx and Wilko and opposite Sports Direct and Poundland. This strategic location between the main shopping centres and Bromley South Train Station/St Mark s Development draws significant footfall. Prime Zone A rents in Bromley are achieved within Glades Shopping centre and are approximately 200 per sq ft Zone A. The pedestrianised High Street section prime rents are between per sq ft Zone A and the southern part of the High Street the prime rental tone is approximately per sq ft Zone A. RESIDENTIAL In Bromley house prices continue to be strong, with sales numbers showing strong capital growth. The family friendly suburban borough remains a popular commuter zone for buyers looking to remain close to the financial and professional services of Central London. The recently completed Crest Nicholson scheme directly behind the subject property comprising 160 apartments has been achieving approximately 600 per sq ft.

7 NCP CAR PARK (255 SPACES) 400 SPACE CAR PARK (300 PUBLIC SPACES) ST MARKS SQUARE CREST NICHOLSON SCHEME 160 UNITS 200 RESIDENTIAL UNITS DEVELOPMENT

8 DEVELOPMENTS IN BROMLEY St Mark s Square is a new Urban Lifestyle Quarter offering a mix of retail, leisure and residential located at the southern end of the town centre, adjacent to Bromley South Railway Station. The development will comprise 200 apartments, 130 bed Premier Inn Hotel and a new 400 secure underground car park with completion due imminently. In addition a landscape public plaza will provide a nine scree multiplex cinema and 25,000 sq ft of cafes and restaurants including Pizza Express, Deans Diner, Nando s and Turtle Bay. The scheme is expected to inject 220m in the local economy over the next 10 years. The scheme provides a further anchor to the south end of the High Street further improving footfall. The former Bromley Town Hall (Located to the north of the High Street) has planning consent for the conversion into a 94 bed boutique hotel and restaurants along with a five story block of 53 apartments. In addition, The London Borough of Bromley has recently completed a 5.5 million public realm improvement scheme of Bromley North Village in partnerships with local businesses. The council is now draft proposals for various improvements along the High Street together with relocation and upgrades of the market improving pedestrian flow and footfall. Since 2014/0215 there have been approximately 400 completed permitted development units within Bromley with an additional 395 units currently in the pipeline. Bromley Council have a five year supply target of 3,365 units from 2017 which will be achieved through permitted development schemes along with other sources including allocated sites and Draft Local Plan allocations (London Borough of Bromley, Five Year Housing Land Supply 2017) DESCRIPTION The property comprises an attractive three storey unbroken parade essentially over two buildings, unit High Street are of a mock Georgian style comprising 4 retail units and 62 High Street is of an Art Deco style comprising 4 retail units. The parade benefits from dual aspect onto the High Street and Ringers Road. The accommodation is provided through eight well configured retail units with the units offering a mix of sales and ancillary accommodation on the upper floors. The property benefits from rear access road to the rear via Ringers Road.

9 ACCOMMODATION The current accommodation provides the following NIA areas: Description Floor NIA (Sq ft) ITZA 54 High Street Ground Floor 1, High Street Ground Floor High Street Ground Floor 1, First Floor 1,142 Second Floor High Street Ground Floor 1, First Floor 1,028 Second Floor High Street-Unit 1 Ground Floor High Street-Unit 2 Ground Floor First Floor High Street-Unit 3 Ground Floor High Street-Unit 4 Ground Floor First Floor 3,302 Second Floor 4,921 Total 23,118

10 TENURE Freehold. TENANCY The property is let to 8 tenants on 8 leases with a WAULT of 6.78 years to expiry and 5.47 years to break, producing a total income of 490,500 per annum. Within the last 2 years 5 tenants have either renewed or taken new lettings resulting in re-based rents. Address Tenant Area (sqft) Status Lease Start Lease Expiry Break Option Next RR Rent ( p.a.) Brochure Comments 54 High Street Tina Yu Beauty Limited 1,772 Let 25/05/16 24/05/26 25/05/21 47, High Street Holland & Barrett Limited 881 Let 25/03/11 24/03/26 25/03/21 65, High Street TSB Bank Plc 2,769 Let 25/12/93 24/12/18 55, High Street LA Pasta Limited 2,728 Let 23/01/17 22/01/27 23/01/22 60, High Street - Unit 1 What s New Pussycat Limited Guarantor - John Leyser 928 Let 01/08/15 31/07/25 01/08/20 01/08/20 42,000 Currently under offer for a renewal on a 10 year lease subject to TBO in year 5 and a rent review at 54,000 per annum. Stepped rent, 23rd January 2018 ending on 22nd January ,000 p.a 23rd January 2019 onwards 60,0000. The vendor will provide a top-up 62 High Street - Unit 2 Princess Alice Hospice 2,630 Let 19/02/18 18/02/28 19/02/23 19/02/23 52,000 6 months rent free from lease start date. The vendor will provide a top-up 62 High Street - Unit 3 The Glasses Lab Ltd 609 Let 01/08/16 31/07/26 01/08/21 01/08/21 34,000 From commencement date ending 31st July ,000 p.a From 1/08/2018 to review date 34,000. The vendor will provide a top-up 62 High Street - Unit 4 Laura Ashley Limited 10,801 Let 25/12/13 24/12/23 135,000 Totals 23, ,500

11 EPC Address Description Rating 54 High Street Retail E High Street Retail C66 58 High Street Retail C71 60 High Street Retail E High Street Unit 1 Retail C70 62 High Street Unit 2 Retail D82 62 High Street Unit 3 Retail D87 62 High Street Unit 4 Retail C74 VAT We understand the property has been elected for VAT and therefore VAT will be chargeable on the purchase price. We anticipate that the transaction will be treated as a transfer of a going concern (TOGC). PROPOSAL FURTHER INFORMATION Offers sought in excess of 6,815,000 (Six Million, Eight Hundred and Fifteen Thousand Pounds) for the Freehold interest in the property subject to contract and exclusive of VAT. A purchase at this level will reflect a NIY of 6.75% after allowing purchasers costs of 6.65%. For further information or to arrange an inspection, please contact the sole agents: Mathew Rogers mathew.rogers@gva.co.uk Mark Frampton mark.frampton@gva.co.uk 65 Gresham Street London EC2V 7NQ GVA is the trading name of GVA Grimley Ltd an Apleona company GVA. GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA. GVA: May 2018 Produced by Barbican Studio