prime nursery and foodstore...

Prime Nursery and Foodstore InvestmentAviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN 020 7317 3132

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Aviator House, Tibbs Road, Haddenham, Buckinghamshire HP17 8NN

• Prime day nursery and food store investment in the affluent location of Haddenham, Buckinghamshire

• Let to Bright Horizons nursery for 20 years (break year 15) at a rent of £78,250 per annum (£13.29 psf) with RPI linked reviews up to a cap at 3%, collar 1%

• Let to Co-operative Food Group Ltd on a 15 year lease at a rent of £96,000 per annum (£21.33 psf) with CPI linked reviews with a cap at 3%, collar 1%

• Combined annual rent of £174,250 per annum

• Forms part of a larger development site including 233 homes, 17 apartments, a 64-bedroom care home and 4.85 hectares of employment land

• Seeking a development partner for a forward commitment to purchase

• We are instructed to seek offers in excess of £3,100,000 (Three million, one hundred thousand pounds) subject to contract. A purchase at this level shows a net initial yield of 5.28% assuming purchaser’s costs of 6.46%

• Consideration will also be given to the sale of the whole development including the 17 apartments

• Practical Completion and Lease Completions - end of May 2020

1

EXECUTIVE SUMMARY

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HADDEN HAM Haddenham is located in the Vale of Aylesbury, three miles north west of Thame, and six miles south west of Aylesbury. Consistently voted as one of the most popular places in which to live, Haddenham has a vibrant and active community and is very popular with commuters, being only 35 minutes into London Marylebone and 29 minutes into Oxford.

Haddenham has a range of businesses from large multi-nationals centred in the Haddenham Business Park to professional and managerial companies based at Thame Road Industrial Park.

Green Dragon

St Mary’s CofE School

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HI

GH

ST

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ET

HaddenhamBusiness Park

PE

GA

SU

S W A Y

T H A M E R O A D T H A M E R O A D T A C K S L A N E FO

R T END BANKS ROAD W O O D W A Y S

A S T O N R O A D

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CH

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AY

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CH

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S T A T I ON R O A D S T A T I O N R O A D

PEG

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WA

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LL

I CO

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R U D D ’ S

L A N E

HADDENHAM ANDTHAME PARKWAY

A418

TiggywinklesWildlife Hospital

Bradmore Farm Shop

The Rising Sun

Little ItalyEspresso Bar

The King’s Head

Rose &Thistle

St Mary’s Church

HaddenhamJunior School

Village Hall& Library

HaddenhamCounty First

School

Local Shops

Allotments

2


By Rail from Haddenham & Thame Parkway

London Marylebone 35 mins

High Wycombe 12 mins

Bicester North / Bicester Village 12 mins

Banbury 23 mins

Oxford Parkway 22 mins

Warwick Parkway 44 mins

Birmingham Moor Street 76 mins

Times are fastest and distances are approximate

Distances by Road

Thame Town Centre 2.8 miles

M40 (Junction 7) Southbound 6.5 miles

M40 (Junction 8A) Northbound 7.8 miles

Aylesbury Town Centre 14 miles

High Wycombe 14 miles

Oxford 16 miles

Bicester Village Shopping Outlet 17 miles

Central London 44 miles

Luton Airport 32 miles

Heathrow Airport 42 miles

The new development is within short walking distance of Haddenham and Thame Parkway station providing services into London Marylebone with the fastest travel time being 35 minutes and 29 minutes into Oxford.

A regular local bus service between Oxford, Thame and Aylesbury passes the end of Pegasus Way. Access to the M40 motorway is a short drive away (8 miles) via the A418.

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Amersham

Central LondonEaling

Croydon

Banstead

Dartford

Epsom

Sevenoaks

Loughton

Woking

Leatherhead

Slough

Windsor

Guildford

tonbridge

Maidstone

Rochester

Chatham

Gillingham

Brentwood

Basildon

Esher

Bromley

Watford

Heathrow

LondonCity

Harrow

Croydon

Bracknell

Wallingford

Camberley

Farnborough

Wokingham

Basingstoke

Newbury

Henley on Thames

12

1

109

1

14

16

7

10

3

4

S

11

6

19

1

1312

HighWycombe

Ascot

Fleet

Reading

Aldershot

Farnham

Marlow

Uxbridge

Chesham

Beaconsfield

86

5 1

PrincesRiseborough

GreatMissenden

A21

M25

M25

M4

M4M4

M3

A413

A40

A313

A406

A316

A4

A3A308

A3

M3

A4A4074

A329

A33

A4010

A355

A339

A3290

A321

A303

M40

A4A30

A30

A3A31

A331

M1

Berkhamsted

Aylesbury

HemelHempstead

Tring

St Albans

Potters Bar

Edgware

Maidenhead

M1

A418

A41

A41

A413

4

2

Wheatley

A23

23

A1

A1(M)

M25

18

HADDENHAM

ThameM40

Waddesdon

Bicester

A40OXFORD

A34

A41Dunstable

Luton


LOCATION OVERVI EWAN D SITE PLAN

HADDENHAM BUSINESS PARK

FORMER RAF THAME AIRFIELD

HADDENHAN & THAME

PARKWAY STATION

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SITUATION The site itself is located on the western side of Haddenham in an area of transitional change. Two smaller scale housing schemes have already been completed to the south of the site, on either side of Wirethorn Furlong. This paired with the approved outline development, that the site falls within, characterise this side of Haddenham as modern and vibrant.

The adjacent image depicts the location of the site within the approved outline scheme (ref: 14/03289/AOP). This Masterplan provides 233 dwellings, 4.85 hectares of employment land, playing fields, a convenience store and a 64 bed care home. It is set within Haddenham Airfield land along its southern boundary. Land originally part of RAF Thame, an airfield used to train Glider pilots from 1941. Pegasus Way was named in tribute of those who served there.

The proposed site is located to the east side of the new entrance road at the junction with Pegasus Way. To the north of the site is the relocated playing fields along with the new community sports pavilion. The site to the east is allocated for the 64 bedroom 3 storey care home. To the west, across the estate road, lies public open space.

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TENANTS COVENANTS

Co-operative Group Food Limited - The company represents the food retail element of the Co-op Group, with a group annual turnover of over £9 billion and employing some 70,000 people. The Coop Group are the 5th largest food retailer with approximately 2,800 local, convenience and mid size stores. Their most recent accounts for year ending January 2018 show revenues of £7.159bn with pre-tax profit of £195.4m and net current assets of £1.875bn.

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Bright Horizons was founded in 1986 by Linda A. Mason and Roger H. Brown, the company was publicly traded on the Nasdaq under the ticker symbol: BFAM until it was acquired by Bain Capital in May 2008, and became publicly traded again 2013.

Bright Horizons acquired kidsunlimited in April 2013, which has 64 nurseries and a successful childcare voucher business. Bright Horizons is one the UK’s leading providers of high quality care and education. The business cares for over 24,000 children each week.

Bright Horizons bought out the Asquith Court Group in 2016 adding a further 100 nurseries to its care. Bright Horizons operates more than 900 child care centres worldwide, more than 600 across the United States and more than 300 in the UK and Ireland, the company also operates centres in Canada and Puerto Rico. For year ending December 2018 they recorded a turnover of £195.5m with an EBITDA of £21.5m and net assets of £143.3m.

TENANCY SCHEDULE

Tenant Use Size – Sq ft Term Break Rent Review Annual Rent Rent PSF Rent Free

Co-operative Group Food Limited Company No. 1826715

A1 4,500 15 years n/a CPI with cap 3%, collar 1% 96,000 21.33 6 months

Bright Horizons Family Solutions LimitedCompany No. 02328679

D1 5,887 20 years Year 15 RPI with cap 3%, collar 1% 78,250 13.29 6 months

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TEN U R E

Freehold.

VAT

The property is registered for VAT and it is envisaged that the sale can be dealt with by way of a TOGC (Transfer of Going Concern).

CAPITAL ALLOWANC ES

There are no capital allowances available.


FLOOR PLANS

View from South East

View from North West

First Floor Plan

Ground Floor Plan

8

LIFT

dr

43 4043 40

Lounge MasterBedroom

BedroomTwo

Store

En-suite

Kitchen

Lounge MasterBedroom

En-suite

BedroomTwo

KitchenBathroom Bathroom

Lounge

MasterBedroom

En-suite

BedroomTwo

KitchenBathroom

Lounge

MasterBedroom

BedroomTwo

En-suite

Kitchen

Bathroom

Lounge

BedroomTwo

Lounge

MasterBedroom

BedroomTwo

En-suite

Store StoreStore

En-suite

Bathroom

Lounge

Kitchen

Store

MasterBedroom

BedroomTwo

En-suite

Bathroom

BedroomTwo

Kitchen

Lounge

MasterBedroom

Store

Flat 17

Kitchen

BedroomTwo

En-suite

Bathroom

Store

Store

Store

Bathroom

Lounge

Kitchen

MasterBedroom

BedroomTwo

WRobe

Lounge

MasterBedroom

Gas/Water

SmokeVent

Elec

SmokeVent

Store

Bathroom

En-suite

FFL = 88.275FFL = 88.275

Flat 8Flat 9Flat 10Flat 11

Flat 12

Flat 13 Flat 14 Flat 15 Flat 16

BalconyBalcony Balcony

BalconyBalconyBalcony Balcony

BalconyBalcony

MasterBedroom

En-suiteBathroom

O.V.1.5m²

O.V.1.m²Store

BoilerBoiler

Boiler

Boiler

Boiler

Boiler

Boiler

Boiler

72.1m² 72m² 75m² 75.8m² 71.7m²

70.7m²73.3m²72.3m²74.3m²

78.5m²

W/M

W/MW/M

W/M

W/M

W/M

Boiler

W/MStore

W/MBoiler

W/M

W/M

St 1St 2

MasterBedroom

En-suiteBathroomFlat 7

1 9

1123

Dry Riser

BedroomTwo

75m²

MasterBedroom

BedroomTwo

Store

En-suite

Kitchen

Balcony

1619

25

18

25

29

28

29

28

LoungeMaster

Bedroom

Store

En-suite

KitchenBathroom

Lounge

Bathroom

Lounge

MasterBedroom

En-suite

BedroomTwo

Kitchen Bathroom

Lounge

MasterBedroom

BedroomTwo

En-suite

KitchenBathroom

Lounge

BedroomTwo

Kitchen

MasterBedroom

En-suite

BedroomTwo

Kitchen Bathroom

Store

MasterBedroom

StoreBathroom

BedroomTwo

Kitchen

En-suite

72m²

Store

SmokeVent

ElecRiser

SmokeVent

Gas/WaterRiser

Balcony Balcony

StoreFFL = 85.350

FFL = 85.182

Flat 1Flat 2Flat 3

Flat 4 Flat 5 Flat 6

BalconyBalconyBalcony Balcony

St 1 St 2

174.7m²

Lounge Lounge75.8m²

74.3m² 72.3m² 73.3m² 70.7m²

177.5m² - 1910ft²

W/MW/MW/M

W/M

W/M

BoilerBoiler

Boiler

Boiler Boiler

StoreW/M

Boiler

StoreW/M

Boiler

Mezzanine/plant

91

17 11

ELEC.

ResidentialBin Store

Dry Riser

dr

1

4

RETAIL UNIT

FFL = 81.135

FFL = 81.000

FFL = 81.300

St 1 St 2

RWP

BACK OFHOUSEFFL = 81.150

424.2m² - 4566ft²

369.5m² - 3977ft²CYCLES

Dry Riser

1

6 9

14

10GAS

FFL = 81.1501

2

3

4

5

6

7

8 9 10 11 12 13 14 15 16 17

305

305 300

SFD Snowdon SemiVertical Cycle Racks.

RWP

St 3

LIFT

Column surroundedick

INTERNAL ROLLER SHUTTER INTERNAL ROLLER SHUTTER

INTERNAL ROLLER SHUTTER INTERNAL ROLLER SHUTTER

Second Floor Plan

Work in progress

PROGRAMME

A time line is as follows:

• Start on Site May 2019

• Practical Completion End of May 2020

• Completion of leases End of May 2020

STATUS & I NVESTMENT STRUCTU R E

• Freehold of site

• Long lease to be granted of the upper parts

• Warranties to be provided to Purchaser from main Design Team and Contractor, with a maximum of two assignments

• Vendor to be responsible for incentives and any rent frees

PROPOSAL

We are instructed to seek offers in excess of £3,100,000 (Three million, one hundred thousand pounds) subject to contract. A purchase at this level shows a net initial yield of 5.28% assuming purchase costs of 6.46%

There are 17 residential ground rents at £250 per annum giving a total annual income of £4,250 . These can also be made available for purchase.

MacLaren & Partners and Phillips Sutton for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) MacLaren & Partners and Phillips Sutton cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of fact or representations, and must satisfy themselves as to their accuracy; (iii) no employee of MacLaren & Partners nor Phillips Sutton has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property; (iv) rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; and (v) MacLaren & Partners and Phillips Sutton will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. November 2019

Duncan MacLaren MRICS

[email protected]

T: 020 7317 3132

M : 07770 648 755

W : www.maclarenpartners.co.uk

Sam Sutton

[email protected]

M : 07794 081 052

For further information please contact the joint agents:

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