PRIME DEVELOPMENT SITE FOR SALE Planning approval for 10,250 sq ft retail and 72,000 sq ft residential Previous approval for 74,000 sq ft offices Villiers Scheme Phases III & IV Loch Promenade, Douglas, Isle of Man
A - Phase III B - Phase IV C - Royal Bank of Scotland D - Conister Bank E - Isle of Man Bank F - Boots G - Waterstones H - Thomas Cook I - Marks & Spencer J - Barclays K - Royal and Sun Alliance L - Equiom M - Lloyds TSB Offshore J I G H F F B D A The Villiers Scheme Phase I & II comprises 63,000 sq ft of top quality office accommodation, leased to RBSI, and Conister Bank, together with basement car parking accessed via a ramp, off Villiers Lane. M K L C Location The site is situated in the most prominent location in Douglas and links the commercial area of the town with the sea front. Street Plan
The Villiers Square Agreement and Conveyance 26 April 1996 A prospective purchaser will need to consider the provisions set out in the documentation which is available on request from the vendor s advocates, Cains (Alex Poole-Wilson 01624 638300). When the Villiers site was assembled by AXA Equity & Law Life Assurance Society PLC, part of the site, comprising the former Villiers Yard, was purchased from the Borough of Douglas. Under the provisions of the Agreement and Conveyance from the Borough dated 26 April 1996, the purchaser agreed to develop the Villiers Square area as firstly the Temporary Civic Amenity and subsequently the Permanent Civic Amenity. The purchaser agreed to maintain the Square but will be released from its obligations to repair the Square when the development of the scheme has been completed and the developer no longer has a freehold or leasehold interest in any part of the site. The intention was that the purchaser would eventually convey the Square to the Borough of Douglas as a public amenity. We understand that the purchaser is entitled at all times to build in the ground below the civic amenity to create additional car parking. Planning History Purchasers will need to make their own enquiries at the Planning Department concerning the likely density of development but we understand that the approvals include:- 94/1840 - offices This permission has served as the Master Plan for the 4 office phases I II III IV 36,000 sq ft 22,600 sq ft 50,500 sq ft 23,400 sq ft The design proposed 172 car spaces in the basements and under Villiers Square, subsequently reduced to 153 car spaces in 1995. 00/00638 & 39/B - offices Detailed design for Phase II and revisions to proposals for phases III and IV, following the completion of the Phase 1 building. Reduction in the car parking requirement to one car space per 100m2 net of offices, subject to a minimum of 126, largely in the basements of Phases I to IV based on a revised scheme:- I 36,500 sq ft II 26,500 sq ft III 50,800 sq ft IV 13,800 sq ft Office scheme on 6 floors from an earlier application Residential and commercial scheme on 8 floors from application 04/ 00418/B2004 04/00418/B & 13/00163/B - retail & residential Mixed use scheme for Phases III & IV comprising- 6 ground floor retail units 10,250 sq ft 60 luxury residential units 72,000 sq ft 82,250 sq ft Basement car parking for 59 cars and 3 spaces off Villiers Lane. The proposal provides development on 8 floors. Revised planning approval given on 11.04.13.
The Isle of Man The Isle of Man, Jersey and Guernsey make up the British offshore finance industry which has a high reputation for stability and good regulation. Artist s impression of the completed residential and commercial scheme The Isle of Man is a self-governing Crown Dependency which passes its own laws and has beneficial tax structures for both companies and individuals. The Isle of Man is neither a member state nor an associate member of the European Union, but has a special relationship with the E.U through Protocol 3 which applies to the Channel Islands and the Isle of Man via the United Kingdom, which is responsible for external relations. Douglas is the Island s capital and financial centre as well as the centre of population which is currently around 80,000. Almost all of the new office schemes have been built around Douglas where rents are established between 20-22 per sq ft. The contributors to the economy include tourism and agriculture but the mainstay of the economy is the finance industry which contributes about 35% to the Manx National Income, mainly through banking, insurance, shipping and trusts. The Island has a prosperous economy and unemployment is low at 2.1%.
The interest for Sale The interest for sale comprises the cleared sites for Phase III & IV together with the area of Villiers Square at the rear of these sites. The land for sale is coloured yellow on the plan set out below (provided for the purposes of identification only) and excludes the retained areas hatched in red. The interest sold will include a right of access via the ramp (coloured in green) to the proposed basement level car parks which would be built as part of Phase III & IV. The vendor will retain rights of access over the roadway (hatched blue). The overall frontage to the Loch Promenade is approximately 248 0 and the return frontage to Regent Street (including the vacant plot on the North side of the access road) is approximately 121 0. The area to be sold comprises some 0.845 acres.
Proposal Our clients invite offers for the freehold interest. Subject to contract. VAT VAT will be payable on the agreed purchase price. Further information For further information contact: Tax regime and costs There is no stamp duty in the Isle of Man but title must be registered at 5.70 per 1,000 (0.57%). There is no capital gains tax or inheritance tax. Potential purchasers are advised to take professional advice concerning the establishment of Manx resident companies and taxation matters. 30 Athol Street Douglas Isle of Man IM1 1JB Contact David Sharp or Michael Chapman t 01624 623127 e info@chapman.im w www.chapman.im MISREPRESENTATION CLAUSE: Chapman and Company themselves and for the vendors of the property whose agents they are give notice that: Particulars are set out as a general outline only for the 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 Chapman and Company has any authority to make or give any presentation or warranty whatever in relation to these properties or their particulars nor enter into any contract relating to the property on behalf of Chapman and Company nor any contract on behalf of the vendor; No responsibility can be accepted to any expenses incurred by intending purchasers in inspecting the property or undertaking due diligence; Chapman and Company have not made any investigations into the existence or otherwise of any issues concerning pollution and potential land, air or water contamination. The purchaser is responsible for making his own enquiries in this regard.