176 ROAD NEW 20 YEAR LEASE SUBJECT TO FIVE YEARLY FIXED RENTAL UPLIFTS OF 2.5% P.A. COMPOUNDED
176 ROAD INVESTMENT CONSIDERATIONS Well located in the popular London suburb of Charlton Comprehensively refurbished and extended nursery with large outside play area Let to the strong covenant of Busy Bees Nurseries Limited Long unexpired lease term of 20 years (no breaks) Passing rent of 187,500 per annum 5 yearly fixed rental increases of 2.5% p.a. compounded Low site coverage of 26.6% Car parking for 11 cars Freehold We are instructed to seek offers in excess of 3,700,000 (Three Million Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT. An acquisition at this level would provide the following yield profile after allowing for purchaser s costs of 6.52%. Net Initial Yield 4.76% 21 September 2022 5.38% 21 September 2027 6.09% 21 September 2032 6.89%
176 ROAD LONDON A23 A201 Dulwich Village A20 A12 South Circular Canary Wharf Stratford Blackwell Tunnel Greenwich London City Airport South Circular A20 A2 A13 Bexleyheath B208 Greenwich South Street Lewisham Road A200 A1205 GREENWICH A2 LEWISHAM Dartmouth Hill Lewisham Hill RIVER THAMES Wat Tyler Road Mounts Pond Road Hare and Billet Road Goffers Road Christchurch MAZE HILL GREENWICH PARK Charlton Way Vanbrugh Fields B212 Vanbrugh Hill B212 BLACKHEATH Humber Road Vanbrugh Park Blackheath Hill A2 South Row B212 Blackwall Tunnel Southern Approach WESTCOMBE PARK B210 Old Dover Road Kidbrooke Gardens A102 A2213 Victoria Way B210 A207 Eastbrook Road Shooters Hill Road A2 Woolacombe Road Victoria Way Charlton Church Lane Marlborough Lane Wricklemarsh Road Broad Walk B210 Canberra Road Indus ROad Hornfair Road Charlton Park Road Charlton Park Lane A207 Thorntree Road PARK Wricklemarsh Road Broad Walk Little Heath Cha rlton Park Lane Stadium LONDON BRIDGE 19 MINS CANNON STREET 20 MINS TRAVEL TIMES CHARING CROSS 28 MINS GREENWICH CANARY WHARF (DLR) 29 MINS LONDON VICTORIA 41 MINS LOCATION The property is located in Charlton Village in the Royal Borough of Greenwich in south east London approximately 1.6 miles (2.5 km) north east of Blackheath Village, 9 miles (14.5 km) east of Central London and 2.5 miles (4.0 km) east of Greenwich. Royal Greenwich benefits from excellent transport links connecting it to Central London and the south east. The A207 provides access to Dartford to the south west whilst the A2 provides access to Central London to the north east. Charlton Railway Station provides direct services to London Cannon Street and Charing Cross with fastest journey times of 23 minutes and 31 minutes respectively. London City Airport is located 6.7 miles (10.8 km) to the north and provides domestic and international flights. DEMOGRAPHICS The total population of Greenwich in 2016 was approximately 279,800 (Source Nomis). The number of people with NVQ Level 4 qualifications and above represents 45.9% of the population of Greenwich, above the national average of 38.2%. The number of households within Royal Greenwich is anticipated to increase by 51,400 (50.7%) from 2011 to 2041 and the population is forecast to increase by almost 96,000 (37.5%) (Source Greater London Authority 2013).
17-32 BUSY BEES 176 ROAD 1-21 Erskine House Charlton Road 1-21 Dulcie House Victoria Way 229 186 188 182 184 180 BUSY BEES NURSERY 178 Canberra Road Marlborough Lane 5 7 9 11 1 2 Cedar Court 3 6 8 8a 10 12 14 16 18 2 N.B. For indicative purposes only. Pre development. 5 RESIDENTIAL DEVELOPMENTS IN THE ROYAL BOROUGH OF GREENWICH RIVERSIDE The Royal Borough of Greenwich commissioned a Masterplan SPD for Charlton Riverside in June 2017. The document sets out a vision for the 302 acre site which includes an additional 5,000 7,500 homes and the creation of an additional 4,400 jobs. The Residential Development of Charlton Riverside will include at least 50% family housing (3 bedrooms) in line with the provisions of the core strategy. KIDBROOKE VILLAGE Kidbrooke Village is one of Berkeley s biggest regeneration projects to date covering 109 hectares and costing an estimated 1 billion. The development will consist of 4,800 new homes arranged in four neighbourhoods, City Point, Blackheath Quarter, Kidbrooke Village and Meridan Gate. SITUATION The property is situated on Charlton Road at the junction with Canberra Road in a predominantly residential area, a short walk from Charlton Park to the east and Greenwich Park to the west. Local amenities are in close proximity to the east of the property in Charlton Village. Charlton Railway Station and Westcombe Park are located a short walk to the north and north west respectively and provide regular services to Central London. Regular bus services run from outside the property to Woolwich to the east and Blackheath to the west. DESCRIPTION The building has been comprehensively refurbished and extended to provide a low density two storey and part single-storey development. The staff car park can be accessed from Charlton Road, additional car parking and the main reception can be accessed from Canberra Road. There is a path to the east of the building that provides access to each car park. A total of 11 car parking spaces and 20 bike spaces are provided. Access is gained through a secure door to the reception and the nursery which has been subdivided to split up the varying age groups. The ground floor comprises the reception, office, WCs as well as nursery accommodation for babies and toddlers. The second floor comprises nursery accommodation for pre-school children, kitchen, WCs and staff accommodation. The property has been fitted out in Busy Bees Corporate Style and benefits from a large outdoor playground. Crown Copyright, ES 100004106. For identification purposes only.
176 ROAD ACCOMMODATION The property provides the following approximate Gross Internal floor areas. Floor plans are available in the dataroom. Floor Sq Ft Sq M Ground 2,982 277 First 1,841 171 Total 4,823 488 SITE AREA The site area extends to approximately 0.102 hectares (0.252 acres) with a low site coverage of 26.6%. TENANCY The property is let to Busy Bees Nurseries Limited on a new 20 year lease from 21 September 2017 at a rent of 187,500 pa. The rent is subject to fixed uplifts equal to 2.5% pa compounded, receivable 5 yearly. TENURE The property is held freehold. COVENANT BUSY BEES NURSERIES LIMITED (03454787) Dun and Bradstreet Rated 5A1 Busy Bees is the largest childcare provider in the UK, having been established for over 33 years. The company now operates from over 340 sites across the UK providing nearly 28,500 places. Busy Bees acquired Leapfrog (88 nurseries) in 2007, TLC (9 nurseries) in 2008, Early Years Childcare (9 nurseries) in 2011, Just Learning (71 nurseries) in 2012, Kinder Nursery Group (12 nurseries) in 2014 and Caring Daycare (12 nurseries) in 2014, Kids 1st (12 nurseries) in 2015, Bush Babies and Positive Steps in 2016. In 2017 they acquired Treetops Nurseries (61 nurseries). Further information can be found at www.busybeeschildcare.com 31 Dec 2016 31 Dec 2015 31 Dec 2014 Turnover 48,647,000 48,317,000 34,060,882 Pre-Tax Profit 3,086,000 6,543,000 4,722,845 Total Net Worth 57,139,000 53,912,000 46,852,491
VAT The property has not been elected for VAT. DATAROOM For access to the Dataroom please use the following link: https://datarooms.allsop.co.uk/register/busybeescharlton EPC The property has an EPC rating of B46, a copy of which is available in the dataroom. PROPOSAL We are instructed to seek offers in excess of 3,700,000 (Three Million Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT. An acquisition at this level would provide the following yield profile after allowing for purchaser s costs of 6.52%. Net Initial Yield 4.76% 21 September 2022 5.38% 21 September 2027 6.09% 21 September 2032 6.89% For further information or to make arrangements for viewing please contact: Carter Jonas Jeremy Gidman 020 7016 0727 jeremy.gidman@carterjonas.co.uk Tom Forman 020 7016 0736 tom.forman@carterjonas.co.uk Allsop Lottie Hayward 020 7543 6750 lottie.hayward@allsop.co.uk Andy Pointon 020 7543 6720 andy.pointon@allsop.co.uk www.carterjonas.co.uk www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP and Carter Jonas on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Carter Jonas 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 instructing party does not make or give, and neither Allsop or Carter Jonas nor any of their 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 instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party 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. Design: Command D - www.commandhq.co.uk 09.17