EXCITING INVESTMENT / DEVELOPMENT OPPORTUNITY
CALVERLEY HOUSE 53-55 CALVERLEY ROAD & 3 CALVERLEY STREET, TN1 2TU
ROYAL TUNBRIDGE WELLS
INVESTMENT SUMMARYn �Prominent�island�site�in�the�heart�of�Royal�Tunbridge�Wells.
n RoyalTunbridgeWellsboastsoneofthemostaffluentcatchmentpopulationsintheUKandiswithin�commuting�distance�of�the�capital.
n Retailelementcomprisestenunitsextendingto23,039sqftNIAproducingacurrent�income�of�£430,510�per�annum.
n TenantsincludeCEX,CoralandArgoswhohaverecentlysignedanewlease.
n AWULT�of�5.8�years�to�expiry�and�3.8�years�to�break�on�the�retail�income.
n Calverley�House�offices�extend�to�66,034�sq�ft�GIAandaresinglelettoSolutionsBusinessSpaceLtdproducingacurrentrentof£750,000perannum.
n CalverleyHousebenefitsfromPermitted�Development�Rights�to�convert�the�offices�to�112�apartments.
n 3CalverleyHouseextendsto1,966sqftandproducesanannualrentof£25,000perannum.
n 115spacemulti-storeycarparkwithdevelopmentpotential(S.T.P.).
n Freehold.
n Weareinstructedtoseekoffersinexcessof£18,000,000�(Eighteen�Million�Pounds),exclusiveofVAT,forthefreeholdinterestinthisproperty.Afterpurchaser’scostsof6.74%,apurchaseatthislevelreflectsacapital�value�of�£153�psf�on�the�office�GIA,assumingaNIYof7.00%ontheretailandavalueof£1,750,000onthecarpark.
TunbridgeWellsRailwayStation
RoyalVictoriaPlaceShoppingCentre
CalverleyGrounds AssemblyHallTheatre
CALVERLEYROAD
FenwickDepartmentStore
THE PROPERTYCALVERLEY HOUSE
Thebuildingwasconstructedinthe1960sandextensivelyrefurbishedinthelate1980s.Thepropertyisofconcreteframe construction providing retail accommodation atground floor level, with self-contained offices accessedviaCalverleyRoadarrangedovergroundandfourupperfloors.Theofficespaceisarrangedaroundanimpressivecentralcourtyard.
The retail element consists of 10 well configured unitswithretailsalesatgroundfloorlevelandancillarystorageaccommodationatlowergroundfloorlevel.
The office element of Calverley House is accessed viaCalverley Road and is arranged around an impressivecentralcourtyard.TheofficesprovideatotalNIAof46,559sqftandaGIAof66,034sqftinitscurrentconfigurationasabusinesscentre.
Weareoftheopinionofthatthecurrentgrosstonetareacouldbesignificantlyimproved.
3 CALVERLEY STREET
Thebuildingcomprisesadetached,self-containedofficearrangedovergroundandtwoupperfloors,providingatotalNIAof1,996sqft.
CAR PARK
A self-contained car park adjoins 3 Calverley Street,providingparkingfor115vehiclescurrentlydemisedtotheofficetenants.Thecar-parkcoversanareaof0.23acres.
CHICHESTER
M40
M25M1
M20
M20
M2
M25
M25
M11
M23
M4
M3
A3 (M)
A1 (M)
GUILDFORD
PORTSMOUTH
BRACKNELL
SLOUGH
WATFORD
HATFIELDHARLOW
WAREHERTFORD
HIGHWYCOMBE
ROYALTUNBRIDGE
WELLS
STALBANS
HEMELHEMPSTEAD
AMERSHAM
CROYDON
PORTSMOUTH
HEATHROW
STANSTED
LUTON
CHELMSFORD
BASILDON
SHEERNESS
MARGATEROCHESTER
MAIDSTONE
ASHFORD
UCKFIELD
NEWHAVENBRIGHTON
EASTBOURNE
HASTINGS
FOLKESTONE
DOVER
LEWES
SOUTHEND-ON-SEA
CLACTON-ON-SEA
COLCHESTER
SEVENOAKS
A22
A22 A26
A23
A3
A12
A12
A414
A414
A120
A13
A2
A3
A24REIGATE
CRAWLEY
A272
A322
GATWICK
S TR A I TO F
D OVE R
ENGLISH CHANNEL
NORTHSEA
LONDON
LONDON CITY
EBBSFLEET INTERNATIONAL
LOCATION & COMMUNICATIONThe famous Kent spa town of Royal Tunbridge WellsboastsoneofthemostaffluentcatchmentpopulationsintheUKandastrongretailingcentre.TunbridgeWellsisapproximately31milessoutheastofLondon,19mileseastofCrawleyand16milessouthwestofMaidstone.
ByroadthetowniswellconnectedviawiththeA21,whichlinkstheTunbridgeWellstojunction5oftheM25tothenorth,andHastingstothesouth.Alsotothesouth,theA26connectsthetownwithBrightonandEastbourne.
The town benefits from excellent rail links with regulartrainsintocentralLondonwithafastestjourneytimeof55minutes intoLondonCannonStreetand57minutesinto Charring Cross Station. Calverley House lays lessthana5minuteswalkfromthestation.
Byair, LondonGatwickAirport is25mileswestof thetownandistheUK’ssecondbusiestairport.
TUNBRIDGE WELLS
CALVERLEYGROUNDS
GR
OSV
EN
OR
RD
. MO
UN
T P
LE
AS
AN
T R
D.
MO
UN
T P
LE
AS
AN
T R
D.
CHURCH RD. A264
CRESCENT RD. A264
CALVERLEY RD.
A204
MONSON RD.
C
AM
DEN
RD
.
A26
LO
ND
ON
RD
.
A2
6
ROYAL VICTORIA PLACESHOPPING CENTRE
ASSEMBLYHALL THEATRE
AXA PPPHEALTHCARE HQ
TRINITYTHEATRE
FENWICKWH SMITHS
M&SCALVERLEY RD.
SITUATIONThe property is a prominent island site in the centre ofRoyal Tunbridge Wells with the retail facing the primepedestrianised section of Calverley Road at the busyintersectionofCamdenRoad.
TheentrancetotheWestfieldowned,RoyalVictoriaPlaceShopping Centre lies adjacent to Calverley House and isanchoredbyFenwickandMarks&Spencer.
Other national multiples in close proximity to the subjectproperty include; White Stuff, Edinburgh Woollen Mill,Iceland, Hobbs, Miss Selfridge and Waterstones. Both theRoyalVictoriaPlaceandCrescentRoadcarparksareashortwalkfromCalverleyHouseandTunbridgeWellstrainstationonly600mawayonMountPleasantRoad.
3 CALVERLEY ST.
CALVERLEY HOUSE
50 metres
Tunbridge Wells
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Experian Goad Plan Created: 13/02/2017Created By: CBRE Limited
Copyright and confidentiality Experian, 2017. © Crown copyright anddatabase rights 2017. OS 100019885
TUNBRIDGE WELLS RETAIL MARKETTown centre retail floor space in Tunbridge Wells is intheregionof1.17millionsqft(PROMIS).Thetownhasaprimarycatchmentof307,000peopleandalsobenefitsfrom a large number of tourists, both domestic andforeign.
The prime high street pitch of the town is along thepedestrianisedsectionofCalverleyRoadattheCamdenRoad end. This pitch boasts retailers such as Marks &Spencer, TopShop, Boots and White Stuff. TunbridgeWells’shoppingcentre,RoyalVictoriaPlace,alsoopensout onto the pedestrianised section of Calverley RoadandincludestenantssuchasFenwick,GapandNext.Thequalityofthefashionoffer inthetownissuchthattheRoyalTunbridgeWellsranks24thinthePMA200towns’rankingforfashionprovision.
Primerentshaverisenabovethepre-recessionpeakto£160zoneA.Thecurrentrentaltoneof£50-65psfzoneAonthesubjectpropertyreflectsasignificantdiscounttotheprime.
Planning has beeen granted for an extension of RoyalVictoria Place which would incorporate the site on thecorner of Camden Road and Calverley Road. This willsignificantlyenhancethefootfallpitch,andprominenceofthesubjectproperty.
DEVELOPMENT OPTIONSCALVERLEY HOUSE OFFICES
APriorApprovalapplicationwasapprovedon 11thOctober2016for the change of use of the offices to residential via PermittedDevelopmenttocreateatotalof112apartmentswithatotalNIAof41,254sqft.Theschemecomprises46studioflatswithanaverageNIAof350sqft,and66onebedroomflatswithanaverageNIAof400sqft.Webelievethatthereispotentialtoreconfigurethemixofunitsinordertooptimisethegrosstonetfloorarearatio,subjecttoobtainingthenecessaryplanningconsents.
UnitType NumberofFlats AverageNIA(sqft)
Studio 46 350
OneBedroom 66 400
Total 112 41,245
Witha short journey time intocentralLondonandgood links tothe wider road network, Royal Tunbridge Wells is an establishedcommuter location. Sales’ values in Royal Tunbridge Wells are inexcessof£500-£550psfforonebedroomflats.
Copiesof theapprovedplans, a full scheduleof accommodationandtheapprovalnoticeareavailablewithinthedataroom.
CAR PARK
Thisschemedoesnotencompassthecarparkor3CalverleyRoad.Formal pre-application discussions have been held based on theredevelopmentofthecarparkwithamixeduseschemecomprising19appartmentsandofficespace,whichinprincipleissupportedbyLocalauthority.ThiswouldnotfallunderPermittedDevelopment.
Acopyofthepre-applicationadviceisavailablewithinthedataroom.
TENANCYTheofficeelementofCalverley House is single let toSolutionsBusinessSpaceLimited(t/aCalverleyHouseBusiness & Conference Centre) for a term of 15 yearsfrom 10th September 2007 (expiring 9th September2022),atarentpassingof£750,000perannum.Partofthespacehasbeensub-let;asub-tenancyscheduleisavailableinthedata-room.Duetothevendor’sdirectrelationwiththetenant,theremaybescope to achieve vacant possession of the uppers before the lease expiry date.
Theretailelementoftheproperty is multi-let to nine retail tenants with an AWULT of 5.8 years to expiry and 3.8 years to break.ThetenantsincludeCEX,CoralandArgoswhohaverecentlysignedanewlease.Oneoftheunits isvacantwithaoneyearrent, ratesandservicecharge guarantee to be provided by the vendor. Thetotal retail income is £430,510 per annum.
3 Calverley Street is single let to Rochester TuitionCentreLimitedona10 year term from 17th April 2014,subjecttoarentreviewandatenantbreakoptioninthefifthyear.Thecurrent rent is low at £25,000 per annum reflecting £12.53 per sq ft.
The total current income is £1,205,510 per annum.
Unit Tenant UseTotalNIA
Area(sqft)ITZA
(sqft)Basement
(sqft) LeaseStart LeaseExpiry RentReview BreakCurrent
RentRent
ITZA/psfERV
psf/ZA ERV Comments
53aCalverelyRd IndigoFurnitureLtd Retail 2,829 1,026 1,401 10-Jun-16 9-Jun-26 9-Jun-21 9-Jun-21 £70,000 £65 £65 £70,193
53bCalverleyRd Vacant Retail 1,875 700 904 £47,760 £65 £65 £47,76012monthrentandvoidguarantee.
55aCalverleyRd Argos Retail 10,249 2,150 4,710 02-Sep-22 £110,000 £46 £52.5 £124,650Regearagreedatnewrentof£110,000perannum,butnotyetdocumented.
2CamdenRd CEXFranchisingLtd Retail 972 516 456 16-Oct-15 15-Oct-25 15-Oct-25 15-Oct-20 £32,500 £61 £65 £34,680
2aCamdenRd Coral Retail 1,235 481 765 18-Jan-14 17-Jan-24 17-Jan-19 17-Jan-19 £26,500 £51 £65 £33,178
4CamdenRd Children'sTrust Retail 1,289 518 672 26-Apr-10 25-Apr-20 9-May-19 £32,000 £59 £65 £35,350
4aCamdenRd HeartofKentHospice Retail 1,252 513 518 10-May-14 9-May-24 9-May-19 9-May-19 £28,500 £53 £65 £34,640Servicechargecapof£1,670perannum.
6CamdenRd GrahamWebb Retail 1,251 529 733 25-Feb-14 24-Feb-24 23-Feb-19 £25,000 £44 £65 £36,218
6aCamdenRdDesignahead(TunbridgeWells)Ltd
Retail 787 462 380 1-Jul-15 30-Jun-25 30-Jun-20 30-Jun-20 £23,250 £48 £65 £30,980
6bcamdenRd HeavenlySoles Retail 1,300 612 1,079 16-Apr-02 15-Apr-17 15-Apr-17 £35,000 £53 £65 £42,478
3CalverleySt BrightYoungThings Office 1,996 17-Apr-14 16-Apr-24 17-Apr-19 17-Apr-19 £25,000 £12.53 £16.00 £31,936
CalverleyHouse SolutionsBusinessSpace Office 46,559 10-Sep-07 9-Sep-22 £750,000 £16.11 £16.00 £744,944 Grossareaof66,034sqft.
TOTAL 71,594RetailIncome
£430,510 RetailERV £490,125
Total £1,205,510 TotalERV £1,267,005
TENUREThepropertyisheldfreehold.
PLANNINGTheproperty isundertheauthorityofTunbridgeWellsBoroughCouncil;allplanningqueriesshouldbedirectedtothecouncil.
EPCsTheEPCratingsareasperthetablebelow:
CalverleyHouseOffices E-122
53aCalverelyRoad D-97
53bCalverleyRoad C-72
55aCalverleyRoad C-70
2CamdenRoad G-162
2aCamdenRoad D-90
4CamdenRoad D-77
4aCamdenRoad F-144
6CamdenRoad E-117
6aCamdenRoad E-117
6bCamdenRoad C-51
3CalverleyStreet C-55
CopiesoftheEPCsareavailableuponrequest. 121.3m
114.9m
121.0m
116.9m
116.3m
LBTCB
TCBs
LB
Spen
cer
Mews
Posts
GARDEN STREET
CALVERLEY ROAD
CADOGAN GAR
DENS
CALVE
RLEY
STREE
T
ROAD
LANSDOWNE
LANS
DOW
NE
El Sub Sta
Royal Victoria Place
29 to 39
3
48
626
4
40
55
13
8
6b
55a8
1
1
6a
20
54
4
Villa
s
1a to 1c
73
12
53a
1
11
Victo
ria H
ouse
2a
15
5
Ely Court
44
10
1b
21
22
Garden
8
19
30
10
1
43
46
35
6
24
61
52
Victo
ria
41
a
32
PH
44
4
29
57
53
2
12
House
School
8
3
9
9
17
Multist
orey
Car
Park
4a
596
1a
49
Nursery
21
2 Papillion
10
3
1a
3
5
5
53b
64
80 to
84
6
50
7
1
1 to 24
HouseThe School
58
13
1
78
CourtyardCottage
AmberCottage
MulberryCottage
22 to 24
CalverleyHouse
SportsFacility
4547
0m 25m 50m 75m
Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
VATWeunderstandthatthepropertyiselectedforVATanditisanticipatedthatthesalewillbetreatedasaTransferofGoingConcern.
DATA ROOMThedataroomcanbeaccessedatwww.calverley-house.com.
CONTACTSJamesBaruchD:02071822011M:[email protected]
PaulIrelandD:02032141907M:[email protected]
PROPOSALWeareinstructedtoseekoffersinexcessof£18,000,000�(Eighteen�Million�Pounds),exclusiveofVAT,forthefreeholdinterestinthisproperty.Applyingpurchaser’scostsof6.74%,apurchaseatthislevelassumes:
n £5,760,000�on�the�retailelementreflectingaNIY�of�7.00%andaRY�of�7.97%.
n £10,100,000�on�Calverley�Houseoffices.ThisreflectsaNIY�of�7.23%�and�a�capital�value�of�£153�psf�on�the�GIA.
n £390,000�on�3�Calverley�StreetreflectingaNIYof6.01%andacapitalvalueof£195psf.
n £1,750,000�on�the�car�park,reflectingtheunderlyingdevelopmentvalue.
HenriettaHouseHenriettaPlace,LondonW1G0NB
www.cbre.com
1stFloor,81AlieStreetLondonE18NH
www.kingsbury-consultants.co.uk
RossKempD:02071832529M:[email protected]
PaulHealeD:02071832529M:[email protected]
Misrepresentationact1967anddeclarationCBRELimitedforitselfandforthevendor/lessorasagentsforthevendor/lessorgivesnoticethat:1.Weprovidetheinformationcontainedintheseparticularsforguidancetointendingpurchasers,licenceesoranyotherthirdpartiesandtheyareforyourgeneralinformationonlyandwillbeusedatyourownrisk.2.Wewilluseallreasonableendeavourstoensuretheaccuracyofinformation,however,wedonotguaranteeorwarranttheaccuracyorcompleteness,factualcorrectnessorreliabilityofanyinformationintheparticulars(especiallyastheinformationmayhavebeenobtainedfromthirdparties)anddonotacceptanyliabilityforanyerrorsoromissionincludinganyinaccuraciesortypographicalerrors.3.Anyinterestedpurchasers,licenceesoranyotherthirdpartiesshouldnotviewtheinformationintheparticularsasstatementsorrepresentationsoffactandshouldsatisfythemselvesthatthefactandspecificdetailsintheparticularsarecorrectandaccurateespeciallyinrelationtofloorareasandothermeasurementsthroughinspectionorothermeans,asappropriate,andwillberesponsiblefortakingindependentsurveysorvaluationsbeforeenteringintoanylegallybindingtransactioninrespectofthepropertyorpremisethatisthesubjectmatteroftheseparticulars.
SubjectToContractCBRE:March2017 ©ProducedbyBarbicanStudio02076349574