PELHAM COURT & WAVERLEY COURT HORSHAM, WEST SUSSEX RH12 1TW & 1TN SUBSTANTIAL FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL 1
8 7 10 to 18 Executive Summary The property is a large freehold development in central Horsham. The property is located immediately to the west of Horsham town centre and is close to Horsham train station which provides regular access to Central London and the South Coast. The current owners have invested heavily in the asset during their ownership including a high specification rolling refurbishment of flats, which is ongoing. The property offers an incoming investor the opportunity to acquire an asset of scale, benefiting from management efficiencies, a low entry point into the residential market, and an attractive initial yield, with excellent reversionary potential. There is significant scope for residential development on a plot of 0.1ha (0.355 acres) located to the south west of the estate, currently used as a car park with potential to create additional residential units, (subject to obtaining all the necessary consents). Portfolio summary and performance: Description Pelham Court and Waverley Court are two low rise residential blocks constructed in circa 1959. The blocks comprise 81 self contained flats (27 x one bed, 5 x two bed), extending to 5,10sqm (58,23sqft) arranged over ground, first and second floors. Internally, 50 of the 81 units have been refurbished to a high standard with quality new kitchens, contemporary bathrooms and hard wood flooring. The remainder of the flats are in good letting condition including the flats Unit Type 28 DFORD ROAD No. of units 38.9m 16 Max Floor Area (sq ft) 12 122 occupied by regulated tenants. The communal areas have also undergone extensive upgrading including the replacement of all windows to PVC in January 2013. The property has ample off street car parking including a dedicated car port/garage area. The total site area extends to approximately 1.213ha (2.997 acres). Min Floor Area (sq ft) 173 Av Floor Area (sq ft) 96 Total 1 bed 27 639 61 625 16,873 2 beds 5 820 633 733 1,361 Scouts Hall 10 102 No. Of Units 81 Floor area (sqm/sqft) 5,10/58,23 Sta The Bungalow 21 33 22 30 25 28 27 CR 90 7 70 KIN 20 1 39.6m Occupancy 89% 37 to 5 No. of refurbished units 50 1 13 Tanfield Court 28 to 36 6 to 5 12 No. of un-refurbished units 31 9 Pelham Court 19 to 27 Current rent reserved (pa) 730,035 1 to 9 Current rent reserved assuming fully let (pa) - exc parking 82,082 2 6 9 8 1 to 9 10 to 18 El Sub Sta El Sub Sta ERV (pa) 919,920 7 1 10 12 19 to 27 Total site area 1.213ha (2.997 acres) 11 13 3 5 1 6 2 9 Cox House 11 7 12 8 10 Waverley Court 17 13 16 Line of Posts 18 1 21 20 17 19 16 18 13 1 8 12 10 11 7 9 2 6 NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. Crown copyright licence number 100022 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. 1 5 3 2 3 Fender House
Leeds Kingston upon Hull M62 M62 r 80 8 Sheffield A57 B2237 The property is situated in Horsham, immediately to the west of the town centre of Nottingham Bishophic (A281). Norwich Peterborough Cambridge A1 A2 A12 Colchester Stevenage Felixstowe Port A120 A120 A133 A12 Stansted Economy Chelmsford M25 A12 Horsham has a population of circa 13,200. This grew by 9.7% between 2001 and 201. This is inline with England s population growth during this period of 9.8%. A130 Southend-on-Sea M25 Reading M LONDON A13 London Gateway Ramsgate Basingstoke M25 A21 M23 Maidstone A22 Salisbury HORSHAM Royal Tunbridge Wells Crawley A23 Dover Folkestone A26 A272 Southampton Hastings Brighton 81 A1(M) Swindon ST Ipswich 1 Oxford Newport 37 A1 Bedford Aylesbury Bournemouth B22 QU EEN A1 Red outline for illustrative purposes only Portsmouth ALBION WAY ST HORSHAM Newmarket Luton H RT NO A2 Lowestoft A1 Milton Keynes Winchester BISH OP RIC A1(M) HORSHAM A281 Great Yarmouth A7 A7 RD King s Lynn A1 A131 Cheltenham A2 A 26 ST HUR Horsham itself is a busy commuter market town situatedderby on the River Arun. The town is approximately 31 miles (50km) south west of London, and 18.5 miles (30km) north west of Brighton. The area has excellent connectivity by road,m2 rail and air, with Gatwick Airport Leicester located just 12 miles (20km) away. Horsham Railway Station is M69 approximately 1 mile (1.km) to the east and provides direct access A7 to Birmingham London Victoria in 51 minutes. M6 The town provides a range of amenities and shopscoventry including a modern and busy shopping centre- Swan Walk which includes well known M5 high retailers and the recently opened John Lewis and Waitrose complex. Local attractions include the Rookwood Golf Course, Horsham M0 Museum & Art Gallery and the Pavilions in the Park. HU RST RD A2 ent M6 A1 A2 Location Lincoln The key industries in the town are financial services, pharmaceuticals and technology. Key employers include RSA Insurance Group, Novartis and the RSPCA. In addition, the area is fast becoming a retail destination in its own right as well as a key employment area. In June 20 the John Lewis and Waitrose complex opened creating 217 new jobs. Capital Values South East Rents UK Mainstream 2016 2017 2018 2019 2020 5 years 7% % % 2% 21.6% 2016 2017 2018 2019 2020 5 years 3.5% 16.5% Unemployment in the area is low, falling by 21% during the period from December 201 to December 20, further highlighting the strong economic profile of Horsham. Savills rental and capital growth forecast for the area are as follows: Eastbourne There area has excellent connectivity by road, rail and air, with Gatwick airport located just 20km (12 miles) away 5
Tenancies & Current Rent Sample Floor Plans The total passing rent is 730,035 per annum. The flats currently produce 720,675 per annum subject to 62 assured shorthold tenancies, seven regulated tenancies, three assured tenancies, and nine vacant flats. When fully let the rent equates to approximately 82,082 per annum. The parking is part let on licenses, achieving a total rent of 9,360 per annum. The ERV assuming all flats are all fully refurbished and let is approximately 920,000 per annum - exc parking. Block No. Of Units Floor area (sqm) Floor area (sqft) Current rent assuming fully let (pa) Current rent reserved (pa) ERV (pa) FLAT 12A 2 bed 78 sq ft Bedroom 2 FLAT 1 Waverley Court 27 1,802 19,393 281,13 233,95 306,720 FLAT 12A Pelham Court 5 3,608 38,81 52,98 86,730 613,200 Parking 2 Garages / 12 Carports / General Surface Parking 9,360 Bedroom 1 Total 81 5,10 58,23 82,082 730,035 919,920 Tenure The property is held freehold. FLAT 6 1 bed 620 sq ft FLAT 7 FLAT 6 FLAT 8 Bedroom 1 6 7
Development Potential There is significant scope for residential development on a plot of 0.1ha (0.355 acres) located to the south west of the estate, currently used as a car park with potential to create additional residential units, (subject to obtaining all the necessary consents). Planning Authority: Horsham District Council Tel: + (0) 103 2100 www.horsham.gov.uk Sales Process The property is offered for sale by way of private treaty. Should a closing date be set for the submission of offers all parties who have expressed an interest will be notified at the appropriate time. Contacts For further information please contact: James Laverack Tim Theakston 020 7016 3770 020 73 2607 jlaverack@savills.com tim.theakston@allsop.co.uk George Hepburne Scott Adam Kerven 020 7016 3761 020 73 2628 ghscott@savills.com adam.kerven@allsop.co.uk Davina Clowes James Hood 020 7016 3838 020 73 2637 dclowes@savills.com james.hood@allsop.co.uk Viewings A limited number of set viewing days are to be scheduled. Viewings are by appointment only, through the vendor s joint selling agents. Further Information A full suite of property information (including EPCs) is available in the data room: www.peterboroughandhorsham.co.uk Important Notice Savills, their clients and any joint agents give notice that: They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 799 86 February 2016 8 9