ravengreen THE MALL EALING BROADWAY LONDON W5 Well Let Town Centre Retail and Office Investment with Residential Development Potential

Transcription

1 64 66 THE MALL EALING BROADWAY LONDON W5 Well Let Town Centre Retail and Office Investment with Residential Development Potential ravengreen CHARTERED SURVEYORS

2 Gunnersbury Park Ealing Green College Walpole Park Ealing Broadway Shopping Centre Dickens Yard The Property Ealing Broadway Station University of West London Haven Green 2

3 Investment Summary AFFLUENT AND FASHIONABLE WEST LONDON SHOPPING DESTINATION LET TO HALIFAX PLC UNTIL AUGUST 2023 DIRECTLY OPPOSITE THE NEW EALING BROADWAY ELIZABETH LINE HUB FULLY OPERATIONAL DECEMBER 2019 FUTURE REDEVELOPMENT POTENTIAL OF SELF CONTAINED UPPER FLOORS (STP) WE ARE INSTRUCTED TO INVITE OFFERS IN EXCESS OF 4,250,000 (FOUR MILLION, TWO HUNDRED AND FIFTY THOUSAND POUNDS). A PURCHASE AT THIS LEVEL WOULD REFLECT A NET INITIAL YIELD OF 5.74% ASSUMING ACQUISITION COSTS OF 6.5%. 3

4 Situation The property is located towards the western end of the The Mall to the busy junction with The Broadway. Other occupiers within the parade include Halfords and the Flight Centre, in turn being within close proximity to Marks & Spencer and the main entrance to the Ealing Broadway Shopping Centre which is home to a host of popular retailers such as Primark, Next, River Island and Waterstones. 4

5 Retailing in Ealing Ealing is a well established affluent and fashionable West London retail centre identified as being within the top 3 of 100 Retail Locations (Source: November 2016 Property Week). In May 2017 British Land expanded its retail presence in Ealing town centre with the acquisition of nos The Broadway, a 1.5 acre mixed use multi let site comprising 21 High Street retail units. This is in addition to its existing ownership of the Ealing Broadway Centre Shopping scheme situated directly opposite. 5

6 Residential Development in Ealing As a consequence of the impending opening of the Crossrail Elizabeth Line, Ealing town centre has witnessed a swathe of quality luxury end residential development in recent years. Most notably; St George s Dickens Yard scheme comprising 700 new homes plus over 100,000 sq ft of commercial space. The same developer is shortly to commence construction on the site of the former Empire Cinema on New Broadway where a further 209 homes are to be built behind a retained art deco façade to be known as Ealing Filmworks. 6

7 Transport and Communications in Ealing In addition to its excellent current road and rail communications, Ealing will benefit from the full opening in December 2019 of Crossrail (the Elizabeth Line) which will enable it to act as a key West London transport hub with faster connections to Central London and enable up to four trains an hour between Paddington and Heathrow from May Ealing Broadway Station, which is opposite the subject property, is currently undergoing a major re-modernisation programme in addition to the existing Undergound facilities (Central and District Lines) and main line railway services. The Elizabeth line (Crossrail) West Drayton (12 mins) Hayes & Harlington (8 mins) Hanwell (4 mins) EALING BROADWAY Paddington (8 mins) Tottenham Court Road (13 mins) Liverpool Street (18 mins) Stratford (27 mins) Romford (47 mins) Reading (42 mins) Maidenhead (27 mins) Southall (5 mins) West Ealing (2 mins) Acton Main Line (8 mins) Bond Street (11 mins) Farringdon (16 mins) Whitechapel (21 mins) Shenfield (62 mins) Heathrow Terminals 4 & 5 (22 mins) Heathrow Terminals 2 & 3 (14 mins) Times are approximate. Source: TfL Links to other lines Bakerloo Circle District Hammersmith & City Central Jubilee Northern Piccadilly Metropolitan Overground Docklands Light Railway Canary Wharf (25 mins) Woolwich (33 mins) Custom House (29 mins) Abbey Wood (38 mins) 7

8 Description The property comprises a substantial and prominent end of Freehold terrace, to the junction with Windsor Road, arranged over basement, ground and three upper floors. The ground and basement comprise a double fronted Banking Hall, plus a single fronted retail lock up unit. The upper three floors benefit from an independent self-contained entrance lobby with direct access from The Mall. These floors are arranged primarily as cellular offices (floor plans are available upon request). These have laid vacant for some years and, subject to planning consent, would provide an ideal opportunity for future conversion to residential apartments. Further enquiries can be made via London Borough of Ealing 8

9 Accommodation Address Use Demise sq ft sq m Ground Floor ITZA sq ft sq m 64 / 65 Banking Hall Ground Floor 1, , / 65 Office/Ancillary Basement 1, A1 CRUK (Sub-let) Ground Floor / 66 Offices First Floor 1, / 66 Offices Second Floor 1, / 66 Offices Third Floor Total 8, Tenant s Covenant Tenure Halifax is the UK s largest provider of residential mortgages and savings accounts, and is division of the Bank of Scotland, which itself is a wholly owned subsidiary of Lloyds Banking Group, the largest retail bank in the UK. The tenant has a D&B rating of 5A1, representing minimal risk potential. The last three years published accounts for the Bank of Scotland are as follows: Year to 31/12/2016 (000s) 31/12/2015 (000s) 31/12/2014 (000s) Net Worth 13,330,000 14,684,000 20,910,000 Turnover 11,091,000 11,457,000 13,192,000 The entire property is let on a Full Repairing & Insuring lease until 20th August 2023, at a current rent of 260,000 per annum, subject to an upward only rent review on 20th August 2018 to Halifax plc. (No 66 is sublet to Cancer Research UK on proportional FRI terms to expire on 15th August 2023 at a rent of 68,000 per annum). There is a sub tenant of Halifax plc which occupies a small area in the basement of No 66 currently holding over. Further information upon request. Pre-Tax Profit 3,395,000 2,653,000 3,400,000 9

10 EPC A copy of the EPC will be provided upon request. 64 VAT The property is elected for VAT and it is expected that the sale will be treated as a TOGC. 66 Proposal THE MALL We are instructed to invite offers in excess of 4,250,000 (FOUR MILLION, TWO HUNDRED AND FIFTY THOUSAND POUNDS). A purchase at this level would reflect a net initial yield of 5.74% assuming acquisition costs of 6.5% Uxbridge Northolt Harrow Wembley M1 1 Brent Cross Greenford A40 For further information or to arrange an inspection please contact: Malcolm R Raven FRICS E mr@ravengreen.co.uk T +44 (0) M ravengreen 5 M25 14 Hayes A4 Heathrow M3 1 A312 A4020 Hounslow A314 M4 EALING A316 Twickenham Brentford A406 Richmond Acton Hammersmith 1 Chiswick A205 A3 White CIty Fulham Kensington Central London Clapham CHARTERED SURVEYORS DORSET STREET LONDON W1U 7NA Misrepresentation Cause: Raven Green for themselves and for the vendors of the property whose agents they are give notice that: Particulars are set out as a general outline for guidance of intending purchasers and do not constitute nor constitute part of an offer or contract; All descriptions, dimensions, references to conditions and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct but any intending purchaser should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; No person in the employment of Raven Green has any authority to make or give and presentation or warranty whatever in relation to these properties or their particulars nor enter into any contract relating to the property on behalf of Raven Green nor any contract on behalf of the vendor; No responsibility can be accepted to any expenses incurred by intending purchasers in inspecting property or undertaking due diligence; Raven Green has not made any investigations into the existence of otherwise of any issues concerning pollution and potential, air or water contamination. The purchaser is responsible for making his own enquires in this regard. June SUBJECT TO CONTRACT Designed & produced by Oracle Creative