5-9 whitehall parade 33-43 london road - allsop · –17,923 sq ft (1,664.9 sq m) mixed retail and...

5-9 WHITEHALL PARADE&

33-43 LONDON ROAD

Two retail parade investments with significant development opportunity

www.eastgrinsteadinvestment.com

GRINSTEAD

EAST

5-9 WHITEHALL PARADE

33-43 LONDON ROAD

ATRIUM BUILDING(Leisure complex)

MERIDIAN VILLAGE 74, 3-4 Bed Town houses

EAST GRINSTEAD STATION (0.4 miles) CENTRAL SUSSEX

COLLEGE

EAST GRINSTEADParish church

QUEENS WALK

REGAL HOUSE DEVELOPMENT14, 1-2 Bed Apartments

TRAVELODGE DEVELOPMENT

– 17,923 sq ft (1,664.9 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 (3,019.0 sq m) mixed retail and residential building

– Freehold

– Ground floor fully let to five national retailers at a low passing rent of £210,000 per annum

– AWULT of 5.19 years (certain)


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 50,418 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


– 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 £113 psf.

5-9 WHITEHALL PARADE 33-43 LONDON ROAD COMBINED PROPOSAL

5-9 WHITEHALL PARADE, EAST GRINSTEAD RH19 1AP & 33-43 LONDON ROAD, EAST GRINSTEAD RH19 1AW

Two adjacent retail parades available to purchase together or individually

03Allsop LLP

LOCATION

London Gatwick located 8 miles to the west. National Express services from Felbridge Bus Station in under 15 minutes.

AIROver 80 local bus services providing regular services to Crawley, Gatwick, Horsham and Brighton.

BUSLocated on the A22 providing direct access to London, Brighton and Eastbourne.

CARDirect service from East Grinstead Railway Station to London Victoria with an average journey time of 57 minutes.

RAIL

Heathrow

LondonCity

J27J25J23

J21

J20

J19

J16

J15

J12

J10

J7J8

J9

J6

J5

J3

J2

J29

J28

A131A130

A138

A130

A127

A316

A229

A414

A414

A414

A1

A2

A3

A40

A20

A10 A12

A12

A13

A26

A23

M1

M4

M2

M3

M10

M25

M25

M25

M25

M25

M25

M23

M26

M20

M20

M11

M11

M1

Harlow

EppingPotters Bar

Hertford

Hatfield

Dartford

Bromley

Gravesend

GillinghamRochester

Sittingbourne

Romford

Maidstone

Snodland

Sheerness

StaplehurstPaddock

WoodCranleigh

GUILDFORD

Staines

HemelHempsteadBerkhamsted St Albans

Watford

WembleyUxbridge

Ruislip

Rickmansworth

BrentCross

Woking

SouthOxneyHarefield

Harrow

BorehamwoodEnfield

Fulham

AshfordRichmond

KingstonUpon Thames

Hounslow

Southall

BillericayWickford

Stanford-le-Hope

Southend-on-SeaBenfleetCanveyIsland

Brentwood

Chelmsford

ChippingOngar

Basildon

Welwyn GardenCity

Walton-on-Thames

Clapham

Harpenden

EAST GRINSTEAD

Gatwick

Biggin Hill

Sevenoaks

RoyalTunbridge

WellsCrawley Three Bridges

Horley

Horsham

HaywardsHeath

RedhillOxted

DorkingReigate

Sutton

SwanleyCroydon

East Grinstead is an affluent and attractive market town located in West Sussex approximately 27 miles (43 km) south of London, 21 miles (34 km) north east of Brighton and 38 miles (61 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 10, 9.7 miles (15.6 km) to the west which provides direct access to the M25(Junction 7).

04 East Grinstead Investment Opportunity

RETAILING IN EAST GRINSTEAD

126.2m

123.1m

124.1m

TCB

TCB

Institute Walk

KING

LITTLE KING STREET

RICES HILL

MP30

ElSub Sta

Parade

Whitehall

52

Mews

56

4

48

12

Cantelupe

7

45

40to

46

53

58

59

56

8

4

ens

1

3

57

21

Cantelupe Mews

29

3

38

1

30

19

360

22to

26

1

Phoenix House

55

66

WhitehallHouse

1 to 12

Centurion House

36

23

StagHouse

Institute Walk

4345

61

7

47

5

Market House

o11

43

3735 to 33

31

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. London Road forms the prime A1 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. 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.

Currently, Zone A rents on London Road are achieving between £40 - £50 psf. Below we have provided the most recent rental comparable evidence on London Road, East Grinstead;

GRINSTEAD

EAST

5-9 WHITEHALL PARADE & 33-43 LONDON ROAD

Date Property Tenant Rent £ p.a.(£psf ZA)

August 2016 8 Whitehall Parade Speedcom (O2) £52,500(£41.00)

August 2016 62 London Road Speedo Pizza £18,000(£41.00)

May 2016 95 London Road HJ Gentlemen £13,000(£40.00)

March 2016 52 London Road Target Estate Agents

£19,000(£41.00)

June 2015 25 London Road G&G Foods £28,000(£50.00)

February 2016 43 London Road EE £21,000(£47.19)

June 2015 25 London Road White Stuff £43,000(£41.00)

05Allsop LLP

INVESTMENT SUMMARY – Prominent 17,923 sq ft (1,664.9 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



– Significant asset management opportunities through letting the vacant ground floor retail unit

– ERV of the ground floor retail accommodation of approx. £106,000 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 £122.75 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 13 residential units to the existing 1st and 2nd floor office and nightclub accommodation

– Explore a larger development in conjunction with 33-43 London Road (STP)

5-9 WHITEHALL PARADEEAST GRINSTEAD, LONDON RH19 1AP


SITUATIONThe Property is located centrally on London Road within the main A1 retail thoroughfare within East Grinstead. London Road comprises a variety of A1 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 A1 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:

50 metres

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

East Grinstead

Experian Goad Plan Created: 11/07/2016Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crowncopyright and database rights 2016. OS 100019885

GRINSTEAD

EAST


07Allsop LLP

5-9 WHITEHALL PARADEEAST GRINSTEAD, LONDON RH19 1AP

TENANCY & ACCOMMODATION SCHEDULEDESCRIPTION5-9 Whitehall Parade comprises a mixed use building of 17,923 sq ft (1,664.9 sq m) split over ground, first and second floor levels.

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 11,267 sq ft (1,046.7 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.

Unit Floor Tenant Area (sq m)

Area(sq ft) ITZA Lease

StartExpiry(break)

Rent £p.a.

Rent £psf(£psf ZA)

5 Floor - Retail Timpson Ltd 93.06 1,002 405 22/09/09 21/09/19 £22,500 £22.46(£55.56)

7 Floor - Retail Vacant 111.82 1,204 663 - - £0 £0

8-9 Floor - Retail Speedcom 325.24 3,501 1,280 31/03/06 30/03/26(30/06/21) £52,500 £15.00

(£41.00)

6

1st (Retail)

Vacant

88.17 949

- - - £0 £01st - 2nd (Nightclub/Office) 712.72 7,672

2nd (Office/Resi) 333.94 3,595

1,664.95 17,923 2,348 £75,000 £16.66(£44.51)


Introduction Design Access Conclusion

Figure vii: Proposed Elevations– Not to scale

DEVELOPMENT POTENTIALThe 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/16/0565) has been submitted for the development of 13 residential units including; 10x 2 bed flats and 3x 1 bed flats. The proposed residential scheme comprises a total footprint of approximately 8,180 sq ft (760 sq m) and a Gross Internal Floor Area (GIFA) of approximately 14,531 sq ft (1,350 sq m).

Full planning documentation is available in the data room.

GRINSTEAD

EAST


AWULTThe property provides an AWULT of 7.6 years to expiry and 4.3 years to break

TENUREFreehold

EPCAvailable upon request

VATThe property is VAT elected

DATA ROOMData room access is available via the following link: www.eastgrinsteadinvestment.com

PROPOSALOffers 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 levelreflects a low capital value of £122.75 psf.

126.2m

123.1m

124.1m

TCB

TCB

Institute Walk

KING

LITTLE KING STREET

RICES HILL

MP30

ElSub Sta

Parade

Whitehall

52

Mews

56

4

48

12

Cantelupe

7

45

40to

46

53

58

59

56

8

4

ens

1

3

57

21

Cantelupe Mews

29

3

38

1

30

19

360

22to

26

1

Phoenix House

55

66

WhitehallHouse

1 to 12

Centurion House

36

23

StagHouse

Institute Walk

4345

61

7

47

5

Market House

o11

1:996

43

3735 to 33

31

SITESite area of 0.23 acres (0.09 hec)

For illustrative purposes only.

09Allsop LLP

33-43 LONDON ROADEAST GRINSTEAD, LONDON RH19 1AW

INVESTMENT SUMMARY – Prominent 32,496 sq ft (3,019.0 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 £210,000 per annum

– Fixed uplift in 2020

– AWULT of 5.19 years (certain)


– Site area of 0.44 acres (0.18 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 £108 psf

DEVELOPMENT POTENTIAL – A planning application has been submitted

for the conversion of the upper floors to provide 7, 1-3 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)


GRINSTEAD

EAST


SITUATIONThe Property is located centrally on London Road within the main A1 retail thoroughfare within East Grinstead. London Road comprises a variety of A1 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 A1 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:

50 metres

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

East Grinstead

Experian Goad Plan Created: 11/07/2016Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crowncopyright and database rights 2016. OS 100019885

11Allsop LLP

33-43 LONDON ROADEAST GRINSTEAD, LONDON RH19 1AW

TENANCY & ACCOMMODATION SCHEDULEDESCRIPTION33-43 London Road comprises a mixed use building of 32,496 sq ft (3,019.0 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 33-35 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.

* Fixed uplift in 2020 to £88,000 p.a. ** Rent agreed in Feb 2016 as part of a Deed of Variation. *** Lease renewal in process(subject to agreement).

No. Floor Tenant Area (sq m)

Area(sq ft) ITZA Lease Start Expiry

(break)Rent£p.a.

Rent £psf(£psf ZA)

33-35 Grd (Retail/Storage)1st (Storage)2nd (Storage/Ancillary)

M&Co944.29701.91184.86

10,1647,5551,990

1,770--

18/05/15 17/05/25 £80,000* £4.06(£35.00)

37 Grd (Retail) Waterstones 209.06 2,250 830 25/12/12 24/12/17 £58,000 £25.77(£69.88)

39 Grd (Retail) Shoezone 198.63 2,138 746 03/11/14 02/11/19 £30,000 £14.03(£40.21)

41 Grd (Retail) Carphone Warehouse 84.48 909 507 01/08/16 31/07/21 £21,000*** £23.09

(£41.42)

43 Grd (Retail) EE 131.83 1,419 445 18/11/11 17/11/21 £21,000** £14.80(£47.19)

33 - 35 1st (Resi)2nd (Resi) Vacant 86.01

91.80926988 - - - £0 -

37 - 43 1st (Resi)2nd (Resi) Vacant 198.40

187.712,1362,121 - - - £0 -

3,019.0 32,496 4,298 £210,000 £7.95(£44.65)


GRINSTEAD

EAST


DEVELOPMENT POTENTIALThe 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/15/5041) 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; 1x 1 Bed, 5x 2 Bed and 1x 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.

AWULTThe property provides an AWULT of 5.19 years

TENUREFreehold

EPCEPC’s Available upon request

VATThe property is VAT elected

DATA ROOMData room access is available via the following link: www.eastgrinsteadinvestment.com

PROPOSALOffers 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 levelreflects a low capital value of £108 psf.126.2m

123.1m

124.1m

TCB

TCB

Institute WalkKI

NG

LITTLE KING STREET

RICES HILL

MP30

ElSub Sta

Parade

Whitehall

52

Mews

56

4

48

12

Cantelupe

7

45

40to

46

53

58

59

56

8

4

ens

1

3

57

21

Cantelupe Mews

29

338

1

30

19

360

22to

26

1

Phoenix House

55

66

WhitehallHouse

1 to 12

Centurion House

36

23

StagHouse

Institute Walk

4345

61

7

47

5

Market House

o11

43

3735 to 33

31

SITESite area of 0.44 acres (0.18 hec)



13Allsop LLP

GRINSTEAD

EASTFor further information or to make arrangements for viewing please contact:

Jeremy Hodgson James Salmon Tom Dales020 7543 6709 020 7543 6880 020 7543 6869 [email protected] [email protected] [email protected]

www.eastgrinsteadinvestment.com

Misrepresentation Act: 1. 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 warrantywhatsoever 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 includedare 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.

www.allsop.co.uk

PROPOSALWe 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 £113 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.

GRINSTEAD

EAST

5-9 whitehall parade 33-43 london road - allsop · –17,923 sq ft (1,664.9 sq m) mixed retail and...

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