DELTA COURT

1

DELTA COURT & ADJACENT LAND COLES GREEN ROAD, LONDON NW2 7HB

FREEHOLD INTEREST FOR SALE

DELTA COURT DELTA COURT

2 3

INVESTMENT SUMMARY

Substantial freehold apartment block with associated garages and adjacent vacant site.

u An unbroken freehold apartment block configured to provide 38 apartments (2 x studios, 34 x 2 beds and 2 x 3 bed) extending to 2,119 sq m / 22,804 sq ft (GIA excluding common parts)

u 16 garages situated to the rear (four let on short licenses, 12 vacant) and 20 additional surface car parking spaces

u Vacant B1/light industrial building on adjacent site

u Located in Cricklewood, within the London Borough of Brent close to the Brent Cross Cricklewood Regeneration Area

u Current passing rent £432,820 per annum (occupied by 30 ASTs, seven regulated tenants and four garage licenses; one recently refurbished flat and 12 garages are vacant)

u ERV when fully let approximately £500,000 per annum

u Significant scope for further residential development and asset management initiatives

u Combined site area of 0.815 acres (0.2687 hectares)

DESCRIPTIONDelta Court was constructed in the 1950s, with two additional floors added in 2005 (PP/05/1992). The property comprises 38 residential apartments extending to 2,119 sq m (22,804 sq ft) arranged over ground and five upper floors. The building has two cores, each core providing access to the upper floors via a passenger lift and staircase. The two cores are interlinked internally via a corridor on the fourth floor. Internally, the flats are in good letting condition, with the exception of the regulated tenancy flats which require modernisation.

To the rear of the property are 16 garages arranged along the west boundary of the site, extending to 261 sq m (2,807 sq ft).

Immediately to the north is an adjoining plot of land occupied by a empty B1/light industrial building extending to 550 sq m (5,920 sq ft).

The subject property is held on two titles with the entire site extending to 0.815 acres (0.3298 hectares).

60.3m

58.3m

58.1m

S TR E AKES FIEL D R OAD

EYH URS T CLOSE

WATE

RLO

O R

OAD

KE LCEDA CLOSE

CO

LES G

RE E N

ROAD

4

127

24

Works

Oxgate F arm

W orks

45

1 to 38

6 a to x

Oxgate

W orks

12

148

Farm

1

137

11

145 2

139

W orks

113

Delta C ourt

47

W orks

119

W orks

117

43

39

2

W orks

41

150Magic House

4

1

T ank

165h

11

14

8

1

12

5f

G1

to G

18

101

NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100022432 Savills (UK) Ltd.NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

Recently refurbished apartment Recently refurbished apartment

Units38 apartments, adjacent vacant building & 16 garages

Area (sq m/sq ft) 2,119 sq m / 22,804 sq ft

Total Site Area

0.815 acres (0.2687 hectares)

Passing Rent (pa) £432,820

Occupancy 97.37%

ERV (pa) £500,000 (AST ERVs + regulated tenancies)

Tenure Freehold

DELTA COURT DELTA COURT

4 5

CHIC

HELE

ROAD

CEICKLEWOOD LANE

EDGW

ARE ROAD CRIC

KLEWO

OD BRO

ADWAY

A4088

A40

88

A40

6

A

406

N CIRCULAR RD

A41

DOLLIS HILL

CRICKLEWOOD

BRENT CROSSSTATION

WELSH HARPRESERVOIR

GLADSTONE PARK

NEASDON

M1

LOCATIONThe subject property is located on the west side of Coles Green Road, Cricklewood in the London Borough of Brent in north west London.

Cricklewood is located between Willesden Green to the west, Brondesbury and Kilburn to the south, Brent Cross to the north, West Hampstead and Childs Hill to the south east and east. Coles Green Road runs parallel to Edgware Road which runs north/south connecting Central London to the North Circular (A406).

Among a range of nearby amenities is the Brent Cross Shopping Centre, providing over 120 shops including Apple, Gap, John Lewis, Marks and Spencer and Fenwick. The Welsh Harp Reservoir, a 170 hectare park comprising open water, marshes, trees and grassland, is located less than a mile to the north of the property.

TRANSPORTCricklewood mainline train station is 1.6 miles to the south, and Dollis Hill London Underground Station (Travel Zone 3 – Jubilee Line) is about 1.4 miles south of the property. In addition various bus routes run along Edgware Road connecting to Central London.

Road communications are excellent. The A406 (North Circular) is located 300 metres to the north of the property and provides circular access around Greater London. Junction 1 of the M1 is situated to the north east.

TENANCIESThe total passing rent is £432,820 per annum.

The flats at Delta Court produce £430,120 per annum. There are seven regulated tenancies, 30 ASTS, 17 of which are now periodic tenanciescies, and one recently refurbished flat is vacant. All flats are let on a funished basis.

Four of the garages are let on licences achieving a total rent of £2,700 per annum. 12 garages are vacant.

The ERV when fully let is approximately £500,000 per annum (ERV for AST apartments plus regulated tenants income).

In addition, the vendor has been approached to install a UK Broadband mast on the roof. An initial offer of £13,500 per annum has been submitted.

Flat No. Level Beds Floor area (sq ft)

Floor area (sq m)

Tenancy Type Status Tenancy

Start DateTenancy

End Date Term Rent pcm Rent per annum

1 G 2 565 52.5 Vacant Vacant

2 G 2 578 53.7 AST Let 01-April-15 31-Mar-16 1 year £1,250 £15,0003 G 2 578 53.7 Periodic Let 14-Aug-12 13-Aug-13 1 year £955.50 £11,466 4 G 2 565 52.5 Periodic Let 10-Mar-14 09-Mar-15 1 year £1,000 £12,000 5 1 2 565 52.5 Regulated Let 01-Sep-82 NA £411.67 £4,940 6 1 2 578 53.7 Periodic Let 21-Mar-14 20-Mar-15 1 year £1,050 £12,600 7 1 2 578 53.7 Periodic Let 01-Apr-11 31-Mar-12 1 year £866.66 £10,400 8 1 2 565 52.5 Periodic Let 06-Mar-13 05-Mar-14 1 year £1,007 £12,084 9 2 2 565 52.5 AST Let 29-Nov-14 28-Nov-15 1 year £1,130 £13,560 10 2 2 578 53.7 Regulated Let 01-Dec-85 NA £411.67 £4,940 11 2 2 578 53.7 Regulated Let 01-Sep-84 NA £411.67 £4,940 12 2 2 565 52.5 AST Let 28-Feb-15 27-Feb-16 1 year £1,250 £15,000 13 3 2 565 52.5 AST Let 02-Nov-14 01-Nov-15 1 year £1,120 £13,440 14 3 2 578 53.7 AST Let 19-Nov-14 18-Nov-15 1 year £1,080 £12,960 15 3 2 578 53.7 Periodic Let 09-Feb-14 08-Feb-15 1 year £925 £11,100 16 3 2 565 52.5 AST Let 17-Nov-14 16-Nov-15 1 year £1,050 £12,600 17 G 2 565 52.5 Periodic Let 22-Dec-13 21-Dec-14 1 year £1,023.50 £12,282 18 G 2 578 53.7 Regulated Let 01-Jul-75 NA £411.67 £4,940 19 G 2 578 53.7 Regulated Let 01-Aug-67 NA £411.67 £4,940 20 G 2 565 52.5 AST AST Agreed £1,250 £15,00021 1 2 565 52.5 Periodic Let 15-Jan-14 14-Jan-15 1 year £950 £11,400 22 1 2 578 53.7 Periodic Let 25-Sep-12 24-Sep-13 1 year £1,000 £12,000 23 1 2 578 53.7 Regulated Let 01-Oct-75 NA £411.67 £4,940 24 1 2 565 52.5 Periodic Let 24-Sep-14 23-Sep-15 1 year £1,140 £13,680 25 2 2 565 52.5 Regulated Let 01-Nov-80 NA £411.67 £4,940 26 2 2 578 53.7 AST Let 03-Jan-15 02-Jan-16 1 year £1,160 £13,920 27 2 2 578 53.7 AST Let 20-Nov-14 19-Nov-15 1 year £1,160 £13,920 28 2 2 565 52.5 AST Let 12-Jun-14 11-Jun-15 1 year £1,130 £13,560 29 3 2 565 52.5 Periodic Let 28-Jan-14 27-Jan-15 1 year £1,000 £12,000 30 3 2 578 53.7 Periodic Let 09-Jan-13 08-Jan-14 1 year £979.38 £11,753 31 3 2 578 53.7 Periodic Let 01-Jan-13 31-Dec-13 1 year £1,084.64 £13,016 32 3 2 565 52.5 AST Let 23-Mar-15 22-Mar-16 1 year £1,250 £15,000 33 4 3 868 80.6 Periodic Let 01-Mar-14 28-Feb-15 1 year £1,390 £16,680 34 4 3 868 80.6 AST Let 01-Nov-14 31-Oct-15 1 year £1,425 £17,100

35 4 2 952 88.4 AST Let 30-Sep-14 29-Sep-15 1 year £1,350 £16,200

36 4 Studio 400 37.2 Periodic Let 17-Jun-13 16-Jun-14 1 year £795 £9,540 37 4 Studio 400 37.2 Periodic Let 23-Nov-13 22-Nov-14 1 year £760 £9,120

38 4 & 5 2 1028 95.5 Periodic Let 29-Mar-13 28-Sep-136

months £1,430 £17,160

£35,843.35 £430,120 Garage

1, 3, 9 & 11Garage License Let

6-12 months

£225 £2,700

Total 22,804 £36,068.35 £432,820Not to scale - for identification purposes only

FURTHER DEVELOPMENT POTENTIALWe consider that the adjacent site and garages to the rear of Delta Court offer an opportunity for further residential development, subject to the necessary consents.

The 16 garages to the rear of the property extend to approximately 0.06 acres with a site footprint of 261 sq m (2,807 sq ft).

The adjacent site with the derelict B1/light industrial building is 0.136 acres with a site footprint of 550 sq m (5,920 sq ft).

BRENT CROSS CRICKLEWOOD REGENERATION In July 2014 the London Borough of Brent gained planning permission for the Brent Cross Cricklewood master plan. This is a £4 billion plan to create a new town centre delivering 7,500 new homes, 27,000 jobs, three schools, new parks and community facilities. In February 2015, a joint venture between Argent and Related Companies was recommended to Brent Council to develop a key 78 hectare site near Brent Cross Shopping Centre which forms part of the wider regeneration masterplan. In addition the chancellor within the 2015 budget announced that Brent Cross will benefit from a new £97m railway station. More information can be found via the following link http://brentcrosscricklewood.com

HYDEPARK

REGENT’SPARK

WEST WAY

HARROW

EALING

SOUTHALL

HOUNSLOW

SHEPHERDSBUSH

PARK ROYAL

PADDINGTON

NOTTING HILL

LONDONHEATHROWAIRPORT

STAINES ONTHAMES

OXFORD

BRENT

NORTHCIRCULARROAD

CITY OFLONDON

MAYFAIR

LONDON

WESTEND

THAMESVALLEY

M25

M40

M25

A406A41

A40

A501

A1A503

A400

A119

A100

A2

A23

A219

A308

A203A202

A4

A4200

A3036

A3216

A3205

A1202

A4

A5

A307

A316

M25

M4

M4M4

M1

J2 J1

J1

A40

A40

View towards Wembley stadium from top floor flats

FLOOR PLANS

76

Kitchen10'6'' x 6'9''

3.20 x 2.06mBedroom

10'3'' x 8'3''3.12 x 2.51m

Bedroom12' x 11'3''

3.66 x 3.43m

ReceptionRoom

13'6'' x 11'6''4.11 x 3.51m

Kitchen10'6'' x 6'9''

3.20 x 2.06mBedroom

10'3'' x 8'3''3.12 x 2.51m

Bedroom12' x 11'3''

3.66 x 3.43m

ReceptionRoom

13'6'' x 11'6''4.11 x 3.51m

Kitchen10'6'' x 6'9''

3.20 x 2.06mBedroom

10'3'' x 8'3''3.12 x 2.51m

Bedroom12' x 11'3''

3.66 x 3.43m

ReceptionRoom

13'6'' x 11'6''4.11 x 3.51m

Kitchen10'6'' x 6'9''

3.20 x 2.06mBedroom

10'3'' x 8'3''3.12 x 2.51m

Bedroom12' x 11'3''

3.66 x 3.43m

ReceptionRoom

13'6'' x 11'6''4.11 x 3.51m

Kitchen8' x 6'

2.44 x 1.83m

ReceptionRoom

13'6'' x 11'3''4.11 x 3.43m

Bedroom10'3'' x 7'

3.12 x 2.13m

Bedroom12' x 11'6''

3.66 x 3.51m

Kitchen8' x 6'

2.44 x 1.83m

ReceptionRoom

13'6'' x 11'3''4.11 x 3.43m

Bedroom10'3'' x 7'

3.12 x 2.13m

Bedroom12' x 11'6''

3.66 x 3.51m

Kitchen8' x 6'

2.44 x 1.83m

ReceptionRoom

13'6'' x 11'3''4.11 x 3.43m

Bedroom10'3'' x 7'

3.12 x 2.13m

Bedroom12' x 11'6''

3.66 x 3.51m

Kitchen8' x 6'

2.44 x 1.83m

ReceptionRoom

13'6'' x 11'3''4.11 x 3.43m

Bedroom10'3'' x 7'

3.12 x 2.13m

Bedroom12' x 11'6''

3.66 x 3.51m

Bedroom15'6'' x 10'3''4.72 x 3.12m

Bedroom13'6'' x 10'3''4.11 x 3.12m

ReceptionRoom

21'9'' x 10'9''6.63 x 3.28m

Kitchen16'3'' x 9'

4.95 x 2.74m

Studio23'3'' x 17'3''7.09 x 5.26m

Studio23'3'' x 17'3''7.09 x 5.26m

ReceptionRoom

19' x 11'6''5.79 x 3.51m

Kitchen11'3'' x 9'9''

3.43 x 2.97mBedroom11'3'' x 11'

3.43 x 3.35m

Bedroom13'9'' x 11'

4.19 x 3.35m

Bedroom11' x 7'3''

3.35 x 2.21m

ReceptionRoom

19' x 11'6''5.79 x 3.51m

Kitchen11'3'' x 9'9''

3.43 x 2.97mBedroom11'3'' x 11'

3.43 x 3.35m

Bedroom13'9'' x 11'

4.19 x 3.35m

Bedroom11' x 7'3''

3.35 x 2.21m

8'3'' x 6'6''2.51 x 1.98m

Bedroom15' x 9'3''

4.57 x 2.82m Bedroom13'3'' x 10'6''4.04 x 3.20m

Kitchen16'6'' x 8'

5.03 x 2.44m

ReceptionRoom

21'9'' x 10'9''6.63 x 3.28m

Kitchen10'6'' x 6'9''

3.20 x 2.06mBedroom

10'3'' x 8'3''3.12 x 2.51m

Bedroom12' x 11'3''

3.66 x 3.43m

ReceptionRoom

13'6'' x 11'6''4.11 x 3.51m

Kitchen10'6'' x 6'9''

3.20 x 2.06mBedroom

10'3'' x 8'3''3.12 x 2.51m

Bedroom12' x 11'3''

3.66 x 3.43m

ReceptionRoom

13'6'' x 11'6''4.11 x 3.51m

Kitchen10'6'' x 6'9''

3.20 x 2.06mBedroom

10'3'' x 8'3''3.12 x 2.51m

Bedroom12' x 11'3''

3.66 x 3.43m

ReceptionRoom

13'6'' x 11'6''4.11 x 3.51m

Kitchen10'6'' x 6'9''

3.20 x 2.06mBedroom10'3'' x 8'3''

3.12 x 2.51m

Bedroom12' x 11'3''

3.66 x 3.43m

ReceptionRoom

13'6'' x 11'6''4.11 x 3.51m

Kitchen8' x 6'

2.44 x 1.83m

ReceptionRoom

13'6'' x 11'3''4.11 x 3.43m

Bedroom10'3'' x 7'

3.12 x 2.13m

Bedroom12' x 11'6''

3.66 x 3.51m

Kitchen8' x 6'

2.44 x 1.83m

ReceptionRoom

13'6'' x 11'3''4.11 x 3.43m

Bedroom10'3'' x 7'

3.12 x 2.13m

Bedroom12' x 11'6''

3.66 x 3.51m

Kitchen8' x 6'

2.44 x 1.83m

ReceptionRoom

13'6'' x 11'3''4.11 x 3.43m

Bedroom10'3'' x 7'

3.12 x 2.13m

Bedroom12' x 11'6''

3.66 x 3.51m

Kitchen8' x 6'

2.44 x 1.83m

ReceptionRoom

13'6'' x 11'3''4.11 x 3.43m

Bedroom10'3'' x 7'

3.12 x 2.13m

Bedroom12' x 11'6''

3.66 x 3.51m

GROUND FLOOR

4TH FLOOR

1ST - 3RD FLOORS

5TH FLOOR

GARAGES

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'

5.00 x 2.74m

Garage16'5" x 9'

5.00 x 2.74m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

Garage16'5" x 9'6"

5.00 x 2.90m

DELTA COURT DELTA COURT

DELTA COURT

8

TENUREBoth properties are held freehold.

VATWe understand that VAT is not payable on the two properties being offered for sale.

METHOD OF SALEThe property is offered for sale by way of private treaty, as two separate lots:

u Delta Court – subject to the existing tenancies

u Adjacent site at 148 Coles Green Road

Should a closing date be set for the submission of offers, all parties who have expressed an interest will be advised accordingly.

VIEWINGSViewings are to be arranged strictly through Savills as the sole selling agent.

FURTHER INFORMATION A full suite of background information, including EPCs and tenancy information can be found on the online data room at www.savills.com/deltacourt

CONTACTSDavina Clowes+44 (0) 207 016 3838dclowes@savills.com

James Laverack+44 (0) 20 7016 3770jlaverack@savills.com

Important Notice

Savills, their clients and any joint agents give notice that:

1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.

2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

Designed and Produced by Savills Marketing: 020 7499 8644

April 2015

33 Margaret StreetLondon W1G 0JD