251 – 259 high street orpington - allsop€¦ · gatwick heathrow a272 a229 a228 a299 a256 a253...

PRIME HIGH STREET RETAIL INVESTMENT AND DEVELOPMENT OPPORTUNITY

251 – 259 HIGH STREET

ORPINGTONKENT BR6 0NY

Walnuts Shopping Centre

Tesco Superstore

Orpington Station

Sainsbury’s

Brunswick Square Berkley Homes Development

Orpington Village Hall

Orpington Campus of

Bromley College

War Memorial

Outlines for indicative purposes only.

High Street

SUBJECT PROPERTY

INVESTMENT CONSIDERATIONS

40,860sqft(3,796sqm)mixedretailandofficebuilding located within the main retail pitch on Orpington High Street

Freehold

Conveniently located between the new Tesco Super Store and the Walnut Shopping Centre

Let to Bonmarché Ltd and H Thornburrows & Co Ltd with an AWULT of 4.12 years (1.25 years certain)

Low passing rent of £118,000 per annum

Vacantupperfloorsprovidingimmediatedevelopment potential to residential or alternative uses subject to planning (STP)

Total site area of 0.83 acres (0.34 hec)

Separate 0.3 acre vacant site located adjacent to the main building providing further immediate development potential (STP)

Offerssoughtinexcessof£3,600,000 (Three Million Six Hundred Thousand Pounds) subject to existing leases, contract and exclusive ofVATreflectingalowcapitalvalueof£88.10 psf with no value attributed to the site.

DEVELOPMENT POTENTIAL

The Property provides a number of potential residential led development opportunities, (STP), including;

Immediate conversion of the 2nd and 3rdfloorofficestoresidentialthroughPermitted Development Rights

Redevelopment and expansion of the existing building through a consented scheme

Development of the 0.3 acre vacant site to the south of the property which forms part of the demise



Gatwick

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LOCATION

OrpingtonisanaffluentmarkettownintheLondonBoroughofBromleyapproximately 15 miles south east of Central London, 5 miles south east of Bromley and 10 miles east of Croydon. Orpington is located in the heart of the south east commuter belt and is one of the principal suburbs of the London Borough of Bromley. The town is served by South-eastern trains providing frequent services to Central London, with a fastest journey time of 18 minutes to London Bridge, making the town particularly popular with commuters.

Thetownbenefitsfromexcellentroadlinksbeingsituated4milessouthfromJunction4oftheM25.Thetownisservedby17differentbus routes providing daily services around Orpington and Greater London. Orpington is located within 16.3 miles (26 km) of Central London and 34.3 miles (55 km) of Gatwick airport.



ROADPositioned on the A232 with links to the A21 connecting to London to the north. The M25 is an 8 minute drive to the south.

BUSThe town’s bus station is located next to the train station providing regular services to Bromley, Lewisham, Woolwich and Bexleyheath.

RAILDirect services to London Bridge, Charing Cross and London Victoria. Fastest journey time to London Bridge of 18 minutes.

AIRGatwick Airport is a 27 minute drive to the south. The airport serves approximately 200 destinations in 90 countries.

50 metres

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

Orpington

Experian Goad Plan Created: 29/04/2016Created By: Allsop

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

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Orpington

Priory Gardens

Walnuts Shopping Centre

Walnuts Leisure Centre

Sainsbury’s

© Crown Copyright, ES 0004. For identification purposes only.

SITUATION

The property is centrally located on Orpington High Street within the main retail thoroughfare. The High Street comprises a wide variety of A1 retail, restaurants, financialandprofessionalserviceswithamixofnationalandindependentoccupiers.Thepropertybenefitsfromahighfootfallbeingconvenientlysituatedbetweenthenew Tesco Superstore to the south of the High Street and the Walnuts Shopping Centre. The rear of the property is accessed via Gravel Pit Way which runs adjacent to the east of the High Street. Orpington railway station is situated within a 5 minutes walk (0.3 miles) of the subject property.

Surrounding local retailers include:




DESCRIPTION

Thesubjectpropertycomprisesaprominent4storey,mixusecommercialbuildingtotalling40,860sqft(3,796sqm).Therearetworetailunitsarrangedovergroundandfirstfloorlevelswithseparateself-containedofficeaccommodationat2ndand3rdfloorlevels.

Unit 1, 253-255 High Street (Bonmarché):

Unit1comprisesagroundfloorretailunitwithfirstfloorofficeandstorageaccommodation totalling 9,860 sq ft (1,612 ITZA). The unit provides open plan groundfloorsalesaccommodationwithashopdepthofapproximately52.5m(172ft)frontingOrpingtonHighStreet.Theretailspaceleadstoancillarystaff/officeaccommodationandWCfacilitiestotherear.Theunitbenefitsfromroller shutter doors which provide direct access to the rear car parking area.

Thefirstfloorisaccessedtotherearoftheunitviaastairwellandgoodsliftandcomprisesopenplanstoragewithofficeandancillarystaffaccommodation.

Unit 2 – 257-259 High Street (Thornburrows):

Unit2comprisesagroundfloorretailunitwithfirstfloorofficeandstorageaccommodationtotalling14,423sqft(2,196ITZA).Theunitprovidesopenplangroundfloorsalesaccommodationwith shop depth of approximately 52.5 m (172 ft) fronting Orpington High Street. The retail spaceleadstoancillarystaff/officeaccommodationandWCfacilitiestotherear.Theunitbenefitsfromarollershutterdoorwhichprovidesdirectaccesstotherearcarparkingarea.

Thefirstfloorisaccessedviaapedestrianstairwellandgoodslifttotherearoftheunitas wellasadualaccessescalatorwithinthesalesarea.Thefirstfloorcomprisesopenplan storagewithofficeandancillarystaffaccommodation.

Bancroft House (offices):

BancroftHouseprovidesself-containedofficeaccommodation totalling 16,577 sq ft (1,540 sq m) arrangedoverthesecondandthirdfloors,situatedimmediatelyabovethetworetailunits.Theofficesareaccessedviaaseparateentranceatgroundfloorlevelfrontingthehighstreet.Theofficesbenefitfromstairwellandliftaccessfromgroundfloorlevel.

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© UKMap Copyright The GeoInformation Group 2016 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250

Vacant Site


VACANT SITE

The property includes a separate vacant 0.3 acre site located to the south of the property adjacent to Gravel Pit Way. The site is covered with a tarmacadam surface and is secured by palisade fencing.

ThesitebenefitsfromarightofwayfrombothGravel Pit Way and Orpington High Street.

TOTAL SITE AREA

The property including the vacant site has a total site area of 0.83 acres (0.34 hec).

For identification purposes only.

TENANCY SCHEDULE

Unit Tenant Floor Area (sq m)

Area (sq ft)

Lease Start

Rent Review

Lease Expiry (breaks)

Rent (ITZA)

ERV (ITZA/psf)

Unit 1 Bonmarché Ltd Ground Floor 343 3,692 07/12/2012 - 06/12/2017 £70,000 (£32.00)

£83,000 (£40.00)

(ITZA) 149.75 1,612

First Storage 573 6,168

Total 916 9,860

Unit 2 H Thornburrows & Co Ltd

Ground Floor 803 8,643 25/03/2014 25/03/2019 24/03/2024 (25/03/2017) (25/03/2019)

£48,000 (£13.95)

£105,000 (£40.00)

(ITZA) 204.00 2,196

First Storage 537 5,780

Total 1,340 14,423

Bancroft House

Vacant 2nd Floor 895.03 9,634 - - £144,510 (£15.00)

3rd Floor 645.02 6,943 £104,145 (£15.00)

Total 3,796.05 40,860 £118,000 £436,655



COVENANT Bonmarché Limited D&B Rating 4A2

Formed in 1982, Bonmarché is one of the UK’s largest women’s retailers with over 300 stores and concessions. The business has produced the following headline accounts over the last 3 years:

28-Mar-15 (£,000)

29-Mar-14 (£,000)

31-Mar-13 (£,000)

Turnover £178,575 £164,294 £170,252

Pre-TaxProfit £12,626 £9,467 £10,535

Total Net Worth £22,528 £14,651 £7,948

H Thornburrows & Co Ltd D& B Rating A1

Formed in 1946, H Thornburrows & Co is an independent family run business supplying quality furniture. The business has produced the following headline accounts over the last 3 years:

28-Mar-15 29-Mar-14 31-Mar-13

Turnover - - -

Pre-TaxProfit - - -

Total Net Worth £380,225 £429,941 £339,167

AWULT4.5 years to expiry and 1.28 years to break.


Surrounding local amenities include:

DEMOGRAPHICS

Orpington has a primary catchment of 105,000 people with an estimated shoppingpopulationof30,000whichisprojectedtoseesignificantgrowthoverthenextfiveyears.Thetownhasanaffluentcatchmentwithover61%ofthepopulation categorised in the AB and C1 social group. The town has a college which has around 8,000 students, 5,000 of which are mature students in full orparttimestudy.Orpingtonbenefitsfromalowlocalunemploymentrate of6.9%whichcomparesfavourablywiththeLondonregionalaverageof9.2%(Census 2011).

RETAILING IN ORPINGTON

Orpingtonbenefitsfromanexcellentprovisionofmultipleretailerswhichwassignificantlyenhanced in 2013 with the redevelopment and extension of the Walnuts Shopping Centre providing 50,000 sq ft of new retail, restaurants and leisure accommodation, with the view to it being the catalyst for future regeneration of the town. The Walnuts shopping centre is anchored by Argos, Odeon, New Look, J.Sainsbury, B&M Stores and Wilko. Although The Walnut Shopping Centre is regarded as the primary retail destination in Orpington, the town has seen a number ofnationalretailerstakeoccupationonthehighstreetinordertobenefitfrompassingtradegenerated from the shopping centre and the excellent accessibility to Orpington railway station.



PERMITTED DEVELOPMENT

Thevacant2ndand3rdfloorofficesprovide an immediate conversion fromofficetoresidentialthroughthe application of Permitted Development Rights (PD). The16,577sqftofofficeslendthemselveswellbenefitingfromexcellent natural light and suitable floorsplatesforresidentialuse.Should a residential conversion of thevacantofficesbeprogressed, it is estimated that approximately 30 new 1 - 3 bed residential apartments could be provided.

DEVELOPMENT POTENTIAL (Subject to necessary consents)

The property provides a number of potential residential led development opportunitiesincluding;immediateconversionfromofficetoresidentialthroughthe application of Permitted Development Rights, redevelopment and expansion of the building through a full detail planning application and development of the vacant site to the south of the property which forms part of the demise.

In order to establish the development potential, the Vendor has commissioned a planning report which provides a comprehensive review of the development potential of both the existing building and the vacant site. A full copy of the planning report is available upon request.

The report concludes that in planning terms there is the potential to progress apermitteddevelopmentofthevacantofficestoresidential,undertake a comprehensive redevelopment and extension of Bancroft House and progress a residential development on the vacant car park site.

Further information regarding the planning and development potential for the subject property is available through the London Bough of Bromley (LLB) website at: www.bromley.gov.uk

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Vacant Site

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POTENTIAL COMPREHENSIVE REDEVELOPMENT

There is potential through a planning application to increase the height and density of the subject property through redevelopment or extension of the existing building. There is potential to increase the bulk and density of the building via redevelopment to incorporate the rear element of the site which currently provides parking. Furthermore, subject to negotiations with the tenant there is potential to gain vacant possession and convertthe1stfloorancillary/officeaccommodation for residential use The above is subject to necessary consents.

DEVELOPMENT OF VACANT SITE

The vacant site to the south of the property is unconstrained in land use planning policy terms, and it is considered that in principle a proposal for residential development on this land could be progressed as a ‘windfall’ opportunity. In the context of the surrounding built development, it is considered that a residential development of two or three storeyterracedhousesorflattedapartments could be progressed.

Prior to any potential development, the site could be let to a car parking operator on a rolling contract in order to generate additional income.

All the above is subject to necessary consents.



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 warranty whatsoever 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 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: CommandD www.commandHQ.co.uk 05.16

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

Residential Investment & Development National Investment

James Salmon020 7543 [email protected]

James Hood020 7344 [email protected]

Michael Linane 020 7344 [email protected]

Roseanna Eden 020 7543 [email protected] www.allsop.co.uk

TENURE

Freehold.

EPCThe property has an EPC rating of C64.

VATThe property is not elected for VAT.

DATAROOM

Further information is provided in the dataroom. For access please register on the following website www.highstreetorpington.com.

PROPOSALOfferssoughtinexcessof£3,600,000 (Three Million Six Hundred Thousand Pounds) subject to existing leases, contract and exclusiveofVATreflectingalowcapitalvalueof£88.10 psf.

Receiver Caveat:The property is being marketed for sale on behalf of Joint LPA Receivers (acting as agent for the registered proprietors of the property) and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability.

251 – 259 high street orpington - allsop€¦ · gatwick heathrow a272 a229 a228 a299 a256 a253...

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