downs court 64 meads street eastbourne bn20 7fd - savillspdf.savills.com/documents/downs...

Downs Court64 Meads StreetEastbourne BN20 7FD

Prime Mixed Use Investment Opportunity

Downs Court 64 Meads Street Eastbourne 2 Prime Mixed Use Investment Opportunity


EASTBOURNE

Downs Court (the development) is located on Meads Street to

the south west of Eastbourne town centre. The area is known

locally as ‘The Meads’ and is considered to be one of the most

affluent parts of Eastbourne, characterised by traditional

residential accommodation.

The development is approximately 1.3 miles from Eastbourne

train station which provides access into London (Victoria) in

approximately 1 hour 30 minutes. London Gatwick Airport

is located approximately 49 miles to the north west of

Eastbourne.

Eastbourne is a popular seaside town on the south coast of

England between Brighton and Hastings. The town is situated

at the eastern end of the chalk South Downs alongside the

high cliff at Beachy Head.

The Seven Sisters Country Park (part of South Downs National

Park) extends to 280 hectares and is located to the west of The

Meads.

The population of Eastbourne grew between 2001 and 2011 from

89,800 to 99,412. It is the 2nd fastest growing seaside town in the

UK, and the economic driver of East Sussex. Those living in the

Private Rented Sector in Eastbourne rose from 16% of households

in 2001, to 24% in 2011.

Eastbourne has a broad economic base. Gardners Books

(the largest book wholesaler in the UK), Veritek Global

(a world leader in digital technology), and Jones Bootmakers

are all headquartered in the town.

An £85 million plan to transform the Eastbourne Arndale Centre

was approved in 2014. The extension will provide up to 24 new

shops between the existing Arndale Centre and the railway

station. The development is a private sector proposal from

Performance Retail Limited Partnership (PRLP) in which Legal

& General have a majority share. Construction is expected to

commence in 2016 and Legal & General is working towards

completing the scheme by 2018.

The Eastbourne campus of the University of Brighton is located

in The Meads area and is situated across three main clusters:

Darley Road, Hillbrow and Welkin. In the region of 3,000 students

study at this campus. Sussex Downs College, with a campus

in Eastbourne, is the largest further education college in East

Sussex, providing education and training from foundation to

degree level.

EXECUTIVE SUMMARY

RESIDENTIAL

X 22 Apartments [2 x 1 beds and 20 x 2 beds]

X 21 apartments currently fully let on ASTs

X 1 apartment subject to a long lease

X Passing Rent: £215,230 per annum

X ERV: £236,050 per annum

X Area (GIA): 1,992 sq m / 21,446 sq ft excluding

communal areas

RETAIL

X Ground floor retail unit let to Tesco Stores

Limited until 1st July 2025

X Area NIA: 349.41 sq m / 3,761 sq ft

X Current passing: £51,350 per annum

X RPI linked review due in July 2015

OFFERS FOR THE WHOLE INVITED IN EXCESS OF £5M

AN ATTRACTIVE FREEHOLD INVESTMENT OPPORTUNITY COMPRISING 22 APARTMENTS AND RETAIL UNIT LET TO TESCO.

Bristol

Bath

Cardi�

Swansea

GloucesterCheltenham

Swindon

Oxford

Milton Keynes

Reading

Aylesbury

High Wycombe

Basingstoke Guildford

Crawley

Maidstone

RoyalTunbridge Wells

London

Chelmsford

Colchester

Ipswich

NorthamptonBedford

Cambridge

NorwichGreat Yarmouth

Lowestoft

King’s Lynn

Peterborough

Newmarket

StevenageStansted

Luton

Leicester

Birmingham

Coventry

Worcester

Telford

Stoke-on-TrentWrexham

Colwyn Bay

Derby

Nottingham

A1M1

M1A57

M180

M62

A1

A14

A1(M)

A47A47

A47

M1

M69

M6

M54M42

M45

Manchester

She�ield

LeedsBradford

York

Liverpool

PrestonBlackburn

Burnley

Harrogate

MiddlesbroughDarlington

Stockton-on-Tees

Hartlepool

Sunderland

Newcastleupon Tyne

EdinburghGlasgow

Falkirk

Stirling

Aberdeen

Perth

Dundee

Inverness

Plymouth

Exeter

Torquay

Southampton

Portsmouth

Bournemouth

BrightonEASTBOURNE

Hastings

Southend-on-Sea

Ramsgate

Dover

Folkestone

Kingston upon Hull

Scarborough

Grantham

Lincoln

Skegness

Doncaster Grimsby

ScunthorpeBarnsley

Carlisle

Dumfries

SalisburyWinchester

Taunton

Weston-super-Mare

Newport

M53

M57 M62 M18M1

A1(M)

M62

M6

A2

M23

A27

A22

A1

M25

M3

M4

M1 M11

A21

M20

M40

Not to scale. For illustrative purposes only



DESCRIPTION Downs Court is a freehold development comprising a double

fronted supermarket with basement and residential

accommodation on the four upper floors.

The development is of brick construction under a mansard

roof and is part modern and part conversion. The development

was completed in 2009. In total the site area extends to 0.17

hectares (0.41 acres).

The majority of the apartments benefit from a mix of terraces

and balconies. Four apartments (17,18,19 & 20) on the top

floor of the development benefit from sun rooms, as well as

extensive balconies with views towards the sea to the south

and west and the South Downs to north and east. Apartments

1 and 2 on the ground floor have private gardens.

There are 22 residential apartments within the development

(2 x 1 beds and 20 x 2 beds). 21 apartments are let on Assured

Shorthold Tenancies, whilst Apartment 9 has been sold off

on a long lease for a term of 125 years commencing on 19th

February 2010 at an annual ground rent of £250 per annum.

The residential accommodation is accessed via a single

entrance at the rear of the development with a lift and staircase

serving the upper residential floors.

The development includes 23 parking spaces to the rear of the

property. 1 of these spaces has been allocated to Apartment

9 sold off on a long lease. The remaining 21 apartments are

served by 22 parking spaces, 12 of which are covered.

The retail unit provides a well configured ground floor shop

with storage at basement level. The space is let to Tesco Stores

Limited on a 15 year fully repairing and insuring lease from 2nd

July 2010 at a current rent of £51,350 per annum. The lease

is subject to 5 yearly upward only rent reviews which are RPI

linked, the next rent review is due on 2nd July 2015. The lease

requires the tenant to contribute to the service charge.

LEGAL

The property is owned freehold.

Apartment 9 is subject to a long lease for a term of 125 years

commencing on 19th February 2010. The lease is subject to

a ground rent of £250 per annum. The ground rent doubles

on the 25th anniversary of the term commencement date.

A service charge contribution of 4.47% of the total charge

is required to be paid by the leaseholder.

The freeholders of the garage and residential block situated

to the rear of the development have a right of access across

the car park of the subject property.

TENANCY DETAILS

Apartment Floor Floor area sq ft GIA Bedrooms Bathrooms Amenity

space

Current Passing Rent PCM

Current Rent PA ERV PCM ERV PA Tenancy

TypeTenancy Start Date

Tenancy End Date Status

1 Ground 1019 2 2 Garden £900 £10,800 £975 £11,700 AST 18/08/2010 17/08/2011 Holding Over

2 Ground 993 2 2 Garden £850 £10,200 £925 £11,100 AST 19/12/2014 19/06/2015 6 month AST

3 First 947 2 2 Balcony £850 £10,200 £950 £11,400 AST 12/10/2012 11/10/2013 Holding Over

4 First 898 2 2 Terrace £900 £10,800 £950 £11,400 AST 17/09/2010 16/09/2011 Holding Over

5 First 1024 2 2 Terrace £795 £9,540 £950 £11,400 AST 06/12/2013 05/12/2014 Holding Over


7 First 948 2 2 £850 £10,200 £950 £11,400 AST 13/01/2012 12/01/2013 Holding Over


9 First 958 2 2 Balcony £20.8 £250 £20.8 £250Long leasehold

Sold on 125 year lease

10 Second 971 2 2 Balcony £795 £9,540 £925 £11,100 AST 21/05/2013 20/05/2014 Holding Over

11 Second 838 1 1 £625 £7,500 £700 £8,400 AST 08/01/2013 07/01/2014 Holding Over






17 Third 916 2 2 Sunroom £1,000 £12,000 £1,000 £12,000 AST 17/02/2012 16/02/2013 Holding Over

18 Third 747 1 2 Sunroom £750 £9,000 £800 £9,600 AST 22/12/2014 22/06/2015 6 month AST

19 Third 989 2 2 Sunroom £925 £11,100 £1,000 £12,000 AST 13/07/2013 12/07/2014 Holding Over

20 Third 983 2 2 Sunroom £950 £11,400 £1,000 £12,000 AST 01/01/2014 31/12/2014 Holding Over

21 Third 970 2 2 Terrace £895 £10,740 £1,000 £12,000 AST 20/01/2012 19/01/2013 Holding Over

22 Third 1026 2 2 Terrace £950 £11,400 £1,000 £12,000 AST 22/10/2010 21/10/2011 Holding Over

Total 21,446 £17,936 £215,230 £19,671 £236,050

Darley

33

435

31

Gate

38.9m

TCB

DARLEY ROAD

Chapel

17 151927

29

1 to 12

28

7068

45

Meads Gate

2024

26

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16

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40.2m

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2729

37

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33

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21

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35

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10

24

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64

DownsCourt

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MEA

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0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.



SERVICES We have been advised that mains water, electricity

and drainage are available. There is no gas is connection

to the property.

SERVICE CHARGE The service charge is managed by Sanders Property

Management Limited on behalf of Downs Court Management

Company. The total service charge budget for the period

01/01/15 – 31/12/15 is £21,837. The service charge payable in

respect of the 21 apartments totals £16,503.35. This excludes

the contribution paid by the leaseholder of Apartment 9, Tesco

Stores Limited and a landlord contribution to the insurance. A

breakdown of the expenditure is provided in the dataroom.

ENERGY PERFORMANCE CERTIFICATESEPCs for the residential apartments are contained within

the data room.

PLANNING Downs Court is situated within the Meads Conservation

area. The development was granted consent in April 2006

(Ref:EB/2006/0097).

WARRANTIES Premier Guarantee Certificates of Insurance (defects and

structural) are in place for all 22 apartments. These expire

on 22nd December 2019. These are subject to the terms and

conditions of the Premier Guarantee New Homes policy.

Copies of these are provided within the dataroom.

LOCAL AUTHORITYEastbourne Borough Council, 1 Grove Road, Eastbourne,

East Sussex, BN21 4TW.

METHOD OF SALEThe property is being offered for sale by way of private treaty.

Offers are sought for the freehold interest subject to contract

and the existing tenancies. Should a closing date be set for the

submission of offers, all parties will be informed in due course.

FURTHER INFORMATIONA data room is available at: www.savills.co.uk/downscourt

containing the following information:

X EPCs

X Photographs

X Example AST

X Floor plans

X Commercial lease to Tesco Stores Limited

X Tenancy schedule

X Land Registry information

X Premier Guarantees

X 2015 service charge budget

X Lease – Apartment 9

VATThe property (including both retail and residential elements)

is elected for VAT.

GUIDE PRICEOffers are sought in excess of £5,000,000, subject to contract

and existing tenancies.

VIEWINGSThe property can be viewed externally. Internal inspections will

be conducted on specific viewing days. Please contact Savills

for details and to arrange an inspection.


CONTACTS

For further information please

contact:

Savills Residential Capital Markets - London33 Margaret Street

W1G 0JD

George Hepburne Scott+44 (0) 20 7016 3761

[email protected]

Matthew McBride +44 (0) 207 409 5990

[email protected]

Savills - Sevenoaks74 High Street

Sevenoaks, Kent

TN13 1JR

Sam Kirkaldy

+44 (0) 173278 9783

[email protected]

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 | June 2015

www.savills.co.uk/resiinvestment

downs court 64 meads street eastbourne bn20 7fd - savillspdf.savills.com/documents/downs...

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