5-9 WHITEHALL PARADE & LONDON ROAD

Transcription

1 5-9 WHITEHALL PARADE & LONDON ROAD EAST GRINSTEAD Two retail parade investments with significant development opportunity

2 MERIDIAN VILLAGE 74, 3-4 Bed Town houses REGAL HOUSE DEVELOPMENT 4, -2 Bed Apartments ATRIUM BUILDING (Leisure complex) EAST GRINSTEAD Parish church QUEENS WALK LONDON ROAD 5-9 WHITEHALL PARADE TRAVELODGE DEVELOPMENT EAST GRINSTEAD STATION (0.4 miles) CENTRAL SUSSEX COLLEGE

3 5-9 WHITEHALL PARADE, EAST GRINSTEAD RH9 AP & LONDON ROAD, EAST GRINSTEAD RH9 AW Two adjacent retail parades available to purchase together or individually 5-9 WHITEHALL PARADE LONDON ROAD COMBINED PROPOSAL 7,923 sq ft (,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 (3,09.0 sq m) mixed retail and residential building Freehold Ground floor fully let to five national retailers at a low passing rent of 20,000 per annum AWULT of 5.9 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 50,48 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 3 psf. Allsop LLP 03

4 LOCATION East Grinstead is an affluent and attractive market town located in West Sussex approximately 27 miles (43 km) south of London, 2 miles (34 km) north east of Brighton and 38 miles (6 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 0, 9.7 miles (5.6 km) to the west which provides direct access to the M25(Junction 7). J9 Biggin Hill J5 M26 Dorking M25 J8 J7 Reigate Redhill J6 Oxted Sevenoaks Gatwick Crawley M23 Horley Three Bridges EAST GRINSTEAD Royal Tunbridge Wells Horsham RAIL CAR BUS AIR Direct service from East Grinstead Railway Station to London Victoria with an average journey time of 57 minutes. Located on the A22 providing direct access to London, Brighton and Eastbourne. Over 80 local bus services providing regular services to Crawley, Gatwick, Horsham and Brighton. London Gatwick located 8 miles to the west. National Express services from Felbridge Bus Station in under 5 minutes. 04 East Grinstead Investment Opportunity

5 WHITEHALL PARADE & LONDON ROAD EAST GRINSTEAD RETAILING IN EAST GRINSTEAD TTLE KING STREET to 2 Whitehall House Institute Walk 4 3 Whitehall MP Cantelupe Mews Cantelup Parade El 60 7 Sub Sta to TCB to 33 3 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. Currently, Zone A rents on London Road are achieving between psf. Below we have provided the most recent rental comparable evidence on London Road, East Grinstead; Date Property Tenant August Whitehall Parade Speedcom (O2) Rent p.a. ( psf ZA) 52,500 ( 4.00) Centurion House m Stag House RICES HILL London Road forms the prime A 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. August London Road Speedo Pizza May London Road HJ Gentlemen March London Road Target Estate Agents June London Road G&G Foods February London Road EE 8,000 ( 4.00) 3,000 ( 40.00) 9,000 ( 4.00) 28,000 ( 50.00) 2,000 ( 47.9) 22 to 26 9 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. June London Road White Stuff 43,000 ( 4.00) Allsop LLP 05

6 EAST GRINSTEAD, LONDON RH9 AP 5-9 WHITEHALL PARADE INVESTMENT SUMMARY Prominent 7,923 sq ft (,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. 06,000 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 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 3 residential units to the existing st and 2nd floor office and nightclub accommodation Explore a larger development in conjunction with London Road (STP) 06 East Grinstead Investment Opportunity

7 5-9 WHITEHALL PARADE & LONDON ROAD EAST GRINSTEAD SITUATION The Property is located centrally on London Road within the main A retail thoroughfare within East Grinstead. London Road comprises a variety of A 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 A 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: Allsop LLP 07

8 EAST GRINSTEAD, LONDON RH9 AP 5-9 WHITEHALL PARADE DESCRIPTION TENANCY & ACCOMMODATION SCHEDULE 5-9 Whitehall Parade comprises a mixed use building of 7,923 sq ft (,664.9 sq m) split over ground, first and second floor levels. Unit Floor Tenant Area (sq m) Area (sq ft) ITZA Lease Start Expiry (break) Rent p.a. Rent psf ( psf ZA) 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,267 sq ft (,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. 5 Floor - Retail Timpson Ltd 93.06, /09/09 2/09/9 22,500 7 Floor - Retail Vacant.82, Floor - Retail Speedcom ,50,280 3/03/06 6 st (Retail) st - 2nd (Nightclub/Office) Vacant ,672 2nd (Office/Resi) ,595 30/03/26 (30/06/2) 52, ( 55.56) 5.00 ( 4.00) , ,923 2,348 75, ( 44.5) 08 East Grinstead Investment Opportunity

9 s WHITEHALL PARADE & LONDON ROAD EAST GRINSTEAD DEVELOPMENT POTENTIAL The 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/6/0565) has been submitted for the development of 3 residential units including; 0x 2 bed flats and 3x bed flats. The proposed residential scheme comprises a total footprint of approximately 8,80 sq ft (760 sq m) and a Gross Internal Floor Area (GIFA) of approximately 4,53 sq ft (,350 sq m). AWULT The property provides an AWULT of 7.6 years to expiry and 4.3 years to break TENURE Freehold Full planning documentation is available in the data room. SITE Site area of 0.23 acres (0.09 hec) EPC Available upon request VAT The property is VAT elected m CB to 2 Whitehall House Institute Walk 47 DATA ROOM Data room access is available via the following link: 4 For illustrative purposes only. 3 Whitehall Institute Wa MP Cantelupe Mews Cantelupe Mews to 46 Parade 43 TCB to El Sub Sta Mark PROPOSAL Offers 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 level reflects a low capital value of psf. 38 Phoenix Centurion House m Stag House Allsop LLP 09

10 EAST GRINSTEAD, LONDON RH9 AW LONDON ROAD INVESTMENT SUMMARY Prominent 32,496 sq ft (3,09.0 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 20,000 per annum Fixed uplift in 2020 AWULT of 5.9 years (certain) Vacant upper floors providing immediate development potential to residential or alternative uses (STP) Site area of 0.44 acres (0.8 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 08 psf DEVELOPMENT POTENTIAL A planning application has been submitted for the conversion of the upper floors to provide 7, -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) 0 East Grinstead Investment Opportunity

11 5-9 WHITEHALL PARADE & LONDON ROAD GR EAST I N S T E AD East Grinstead SITUATION The Property is located centrally on London Road within the main A retail thoroughfare within East Grinstead. London Road comprises a variety of A 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 A 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: Allsop LLP

12 EAST GRINSTEAD, LONDON RH9 AW LONDON ROAD DESCRIPTION London Road comprises a mixed use building of 32,496 sq ft (3,09.0 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 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. TENANCY & ACCOMMODATION SCHEDULE No. Floor Tenant Grd (Retail/Storage) st (Storage) 2nd (Storage/Ancillary) M&Co Area (sq m) Area (sq ft) 0,64 7,555, , ,496 4,298 20,000 ( 44.65) * Fixed uplift in 2020 to 88,000 p.a. ** Rent agreed in Feb 206 as part of a Deed of Variation. *** Lease renewal in process(subject to agreement). ITZA, Lease Start Expiry (break) Rent p.a. 8/05/5 7/05/25 80,000* 37 Grd (Retail) Waterstones , /2/2 24/2/7 58, Grd (Retail) Shoezone , //4 02//9 30,000 4 Grd (Retail) Carphone Warehouse /08/6 3/07/2 2,000*** 43 Grd (Retail) EE 3.83, // 7//2 2,000** st (Resi) 2nd (Resi) st (Resi) 2nd (Resi) Vacant Vacant ,36 2,2 Rent psf ( psf ZA) 4.06 ( 35.00) ( 69.88) 4.03 ( 40.2) ( 4.42) 4.80 ( 47.9) East Grinstead Investment Opportunity

13 WHITEHALL PARADE & LONDON ROAD EAST GRINSTEAD DEVELOPMENT POTENTIAL The 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/5/504) 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; x Bed, 5x 2 Bed and x 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. 23.m TCB 59 3 SITE KING 24.m LITTLE KING STREET Site area of 0.44 acres (0.8 hec) 6 AWULT The property provides an AWULT of 5.9 years TENURE Freehold EPC EPC s Available upon request VAT The property is VAT elected MP Whitehall 2 4 to 2 Whitehall House 5 6 Institute Walk 4 3 Cantelupe Mews 5 Cantelupe Mews 47 Institute Walk 7 DATA ROOM Data room access is available via the following link: Parade El 60 Sub Sta 52 Market House TCB o PROPOSAL For illustrative purposes only. 40 to 46 Centurion House to m 29 Stag House Phoenix House Offers 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 level reflects a low capital value of 08 psf. ens RICES HILL For illustrative purposes only. 22 to 26 2 Allsop LLP 3

14 T EAD EAST GRINSTEAD PROPOSAL We 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 3 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. For further information or to make arrangements for viewing please contact: Jeremy Hodgson James Salmon Tom Dales jeremy.hodgson@allsop.co.uk james.salmon@allsop.co.uk tom.dales@allsop.co.uk Misrepresentation Act:. 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 warranty whatsoever 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 included are 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.