elsinore house - allsop · elsinore house, 43 buckingham street, aylesbury hp20 2nq mixed use...

MIXED USE INVESTMENT & DEVELOPMENT OPPORTUNITY

ELSINORE HOUSE

43 BUCKINGHAM STREET, AYLESBURY HP20 2NQ

PRIVATECLIENT

INVESTMENT SUMMARY

• Mixed use property comprising:• Retail: 3,167 sq ft NIA• Office:13,843sqftGIA(11,383sqftNIA)

• Totalsiteareaof0.29acres(0.12hectares)

• Freehold

• Current passing rent of £141,054 per annum

• LocatedinthecentreofAylesburyin a prominent position in close proximity toAylesburyRailStation

• Large undercroft parking area for approximately 30 cars

• TenantsincludePizzaHut(UK)LtdandHaysSpecialist Recruitment

• Allupperfloorleasesarecontractedoutside oftheLandlordandTenantAct1954

DEVELOPMENT POTENTIAL

Thepropertyprovidesanumberofpotentialresidentialleddevelopmentopportunitiesincluding:

• Theconversionofthe1stand2ndfloorofficesthroughPermittedDevelopmentRightsattheexpiryofthecurrentleases

• Anincreaseintheheightanddensityoftheexistingbuildingssubjecttoplanning

• Acomprehensiveredevelopmentofthesitesubjecttoplanning

PROPOSAL

Ourclientisseekingoffersinexcessof£2,000,000 (Two Million Pounds)subjecttoexistingleases,contractandexclusiveofVAT.Apurchaseatthislevelreflectsanetinitialyieldof6.64% and a low capitalvalueof£118 psf(GIA).

ELSINORE HOUSE 43 BUCKINGHAM STREET AYLESBURY HP20 2NQ

ELSINORE HOUSE, 43 BUCKINGHAM STREET, AYLESBURY HP20 2NQ MIXED USE INVESTMENT & DEVELOPMENT OPPORTUNITY

LONDONHeathrow

Oxford

LondonCity

Gatwick

StanstedLuton

J27J25J23

J21

J20

J19

J16

J15

J12

J10

J7J8

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J6

J5

J3

J2

J29

J28

A5

A505

A418

A602A131A130

A138

A130

A127

A217

A331

A322

A33

A339

A316

A309

A232

A264

A264

A229

A120

A404

A355

A404

A418

A413

A4142

A4010

A414

A414

A414

A1

A2

A3

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A41

A41

A34

A40

A31

A24

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A20

A10

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A12

A12

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A26

A21

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A420

A303

A34

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A44

A40

M1

M4

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M2

M3

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M10

M40

A404(M)

A329(M)

M25

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M23

M26

M20

M20

M11

M11

A1(M)

M1

Harlow

Bishop’sStortford

EppingPotters Bar

Knebworth

Hertford

Luton

AYLESBURY

Abingdon

Wantage

Witney

Dorchester

Bradfield

Wallingford

DunstableStevenage

Hatfield

Dartford

Bromley

Gravesend

Gillingham

ShorehamSittingbourne

Croydon

Biggin Hill

Romford

Sevenoaks

Tonbridge

RoyalTunbridge

Wells

Maidstone

Snodland

Sheerness

Staplehurst

East GrinsteadCrawley

Horley

Horsham

Witley

Godalming

Andover

Stockbridge

Cranleigh

HaywardsHeath

Burgess Hill

Oxted

DorkingGuildford Reigate

Staines

Slough

HemelHempstead St Albans

HighWycombe

Thame

Watford

WembleyUxbridge

RuislipHarrow Brent

Cross

Woking

BorehamwoodEnfield

Windsor

Famborough

Aldershot

Alton

Basingstoke

Winchester

Newbury

Famham

Fleet

Bracknall Egham

Ascot

Sandhurst

Reading

Henley-on-Thames Maidenhead

EpsomSutton

Clapham

Swanley

Fulham

Ashford

Richmond

KingstonUpon Thames

Wickford

Stanford-le-HopeCanveyIsland

Brentwood

Chelmsford

ChippingOngar

Basildon

Welwyn GardenCity

Walton-on-Thames

Didcot

Harwell

Oxford

Vale Park

WhiteHill Park

St Mary’sChurch

Hale LeysShopping Centre

AylesburyShopping Park

Sainsbury’s

M&S

Odeon

Theatre

B&Q

Tesco

Aldi

Lidl

Wickes

Mothercare

Pets at HomeAquae Vale

Swimming & Fitness

Morrisons

Friars SquareShopping Centre

Aylesbury

Hale St

High Street

Buckingham S

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Kin gsbury

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Castle Street

St Mary’s Sq

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Cambridge Stre

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Stocklake

A418 Upper Hundred Way

A418 New Street

A41

3Bicester Road

A418 Oxfo

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Walton Street

A41

A41

8

Sapph

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A41 High Street

Park Street

A418

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A41 Gateshouse Road

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ELISNOREHOUSE

LOCATION Surrounded by the Chiltern Hills, Aylesbury is located in the County Town of Buckinghamshire and is considered to be the County’s commercial and economic centre. The town is home to the County Council and is situated approximately 42 miles north west of Central London, 19 miles south of Milton Keynes and 21 miles east of Oxford. The town benefits from excellent communications:

Aylesbury benefits from very strong road communications being located on the A41 dual-carriageway and being in close proximity to a number of motorway networks. Direct access to the M40 is provided via junction 8a of the A418 approximately 14 miles to the west and the M1 is accessed via the A418 or A41 approximately 20 miles to the east.

The town is easily accessible by rail from London with regular train services from London Marylebone with a journey time of one hour via Chiltern Railways. Work for the £270m East-West Rail Project is underway ultimately creating direct links between Aylesbury and Milton Keynes.

Luton Airport is located approximately 25 miles to the east and Heathrow International Airport is 32 miles to the south providing international air travel across the globe.


SITUATION Elsinore House is situated in Aylesbury town centre on the east side of Buckingham Street in close proximity to Market Square and the pedestrianised High Street. Aylesbury’s two primary shopping centres Hale Leys Shopping Centre and Friars Square Shopping Centre are within five minutes’ walk by foot, as are the main multi-storey car parks and Aylesbury’s Bus Station. The town’s railway station, Aylesbury Rail Station, is situated less than 7 minutes by foot to the south of the property.

The immediate surrounding areas to the property comprise retail, leisure and residential dwellings with nearby occupiers including Prezzo, Sainsbury’s, Pizza Express, Ladbrokes, Papa Johns and Nationwide amongst many others.

50 metres

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

Aylesbury

Experian Goad Plan Created: 10/05/2017Created By: Allsop

Copyright and confidentiality Experian, 2017. © Crowncopyright and database rights 2017. OS 100019885

AYLESBURY TRAIN

STATION

THE WHITELEAF CENTRE

HALE LEYS SHOPPING

CENTRE

FRIARS SQUARE

SHOPPING CENTRE

© Crown Copyright, ES 100004106. For identification purposes only.

© Crown Copyright, ES 100004106. For identification purposes only.

DEMOGRAPHICSBetween 2001 and 2011 Aylesbury saw a significant increase in those of working age who now represent an above average percentage of the town’s population. Aylesbury has an above average proportion of adults categorised within the most affluent AB social group and boasts a high percentage of those employed in managerial and professional occupations. The level of car ownership in Aylesbury is significantly above average with a particularly high proportion of 2 car households.

DESCRIPTION The property comprises 3 ground floor lockup shops with two floors of good quality self-contained office accommodation above. The offices are accessed via a separate entrance to the front end and are divided into 9 separate suites incorporating raised floors and suspended ceilings.

The property benefits from surface and undercroft parking to the rear with space for approximately 30 cars. In total the property provides 14,550 sq ft (NIA) of accommodation.

TENUREFreehold.


SCHEDULE OF ACCOMMODATION AND TENANCIES

Unit Current tenant Accommodation Size (NIA) Lease start

Lease end

Rent PA £ psf (ITZA)

CommentsSq ft Sq m

Retail Accommodation

43A Individual Ground Floor Shop ITZA

1103 606

102 56

01/04/11 31/03/21 £15,000 £13.62 (£24.75)

Trading as Watan Halal Food

43B Individual Ground Floor Shop ITZA

1,067 548

99 51

07/11/10 06/11/17 £15,000 £14.06 (£27.42)

Trading as Sue’s Flowers

43C Pizza Hut (UK) Ltd Ground Floor Shop ITZA

998 558

93 52

30/07/99 29/07/24 £17,450 £17.05 (£31.27)

Total Retail Accommodation 3,168 294

Office Accommodation

Suites A1 & A2 Hays Specialist Recruitment Ltd First Floor Office 1,236 115 16/11/15 15/11/20 £9,270 £7.51

Suite B Market House Books Ltd First Floor Office 1,039 97 03/01/07 02/07/08 £12,026 £11.57 Tenant is currently holding over

Suite C Construction Tests Ltd First Floor Office 776 72 23/09/14 22/09/17 £6,624 £8.53

Suite D ABM Eco Contractors Ltd First Floor Office 888 83 09/12/15 08/12/18 £6,660 £7.50

Suite E Agile IT Ltd First Floor Office 702 65 05/08/11 04/08/21 £7,700 £7.96

Suite F1 Vacant First Floor Office 256 24 N/A N/A N/A N/A

Suite F2 Vacant First Floor Office 433 40 N/A N/A N/A N/A

Suite G Identify Group Ltd Second Floor Office 3,900 362 01/02/15 31/08/18 £35,350 £9.06

Suite H Phoenix Medical Advice and Repatriation Ltd Second Floor Office 2,153 200 02/11/15 01/11/20 £15,974 £7.72

Total NIA Office Accommodation 11,383 1,058

Total GIA Office Accommodation 13,843 1,286

Total (NIA) 14,551 1,352 £141,054

* Areas for office accommodation provided by Vendor. Please note that all leases are FR&I by way of a service charge.

89.9m

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Church

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43 (a), ( b), (c) Buckingham Street

Ordnance Survey © Crown Copyright 2017. All rights reserved.

Licence number 100022432. Plotted Scale - 1:907

Comparable Evidence – Heron House

Heron House, situated almost adjacent to the subject property, at no.49 Buckingham Street comprised a 27,285 sqft vacant office building which offered residential development opportunities. This sold for £4,200,000 in July 2016 and reflected £154 psf.


RESIDENTIAL MARKET COMMENTARYOwing to Aylesbury’s strong communications with central London, the town has been identified as a commuter hotspot and is projected to see above average growth in population over the period 2017-21. In the last five years, Aylesbury has seen a 40% rise in residential property prices as the London ripple effect has had a direct impact on the town’s residential values.

In 2016 Aylesbury had the highest percentage increase in the UK with residential values increasing at a rate of 21.5%; an average house price in the town now achieves in the region of £350,000

As residential values in the town continue to be affordable to those working in London, Aylesbury is expected to remain an attractive option for those leaving the Capital and this demand is unlikely to change. Asking prices in terms of £/psf for residential in Aylesbury are reflected in the following table:

Residential comparable evidence within 0.25 miles

Property* Distance to subjectproperty

Asking Price No.Beds Size Sq Ft £/PSF

The Peninsula, 42 Buckingham Street 331 feet £250,000 2 beds 629 £397

Rycote Place, Cambridge Street 0.1 miles £154,950 1 bed 412 £376

Buckingham Court, Buckingham Street 0.1 miles £169,950 1 bed 457 £372

Flagstones, Granville Place 0.1 miles £144,950 1 bed 398 £364

Pebble Court,Aylesbury Town Centre 0.1 miles £295,500 2 beds 822 £359

Fountain Court, Buckingham Street 60 feet £165,000 1 bed 463 £356

Town Centre, Aylesbury 0.25 miles £250,000 1 bed 720 £347

Prebendal House, Parsons Fee 0.2 miles £285,000 2 beds 867 £329

Town Centre, Aylesbury 0.25 miles £275,000 2 beds 868 £317

*Modern / Refurbished properties on the market/sold last 6 months within 0.25 miles of the subject property

Prices are taken from asking prices only.


DEVELOPMENT OPPORTUNITIESWeconsiderthatonexpiryofallcurrentofficeleasestheproperty’supperfloorswouldlendthemselvestoconversiontoresidentialuseforthefollowingreasons:

• AllleasesarecontractedoutsideoftheLandlordandTenantAct1954

• ThepropertyisnotListedorlocallylisted

• Residentialvalueshaveseena40%increaseinthelast5years

• GoodcommunicationswithCentralLondon

• Aylesburytrainstationislessthan7minutes’walkfromthesubjectproperty

• Thereisconsiderablespacecurrentlyusedfortheundercroftparkingtotherear

• ThepropertydoesnotfallunderanArticle4directionareaandisthereforenotexcludedfromPermittedDevelopmentRights

Development opportunities (subjectto obtainingallnecessaryconsents) include:

• PotentialtoimplementPermittedDevelopmentsRightsfortheconversionofthe1stand2ndfloorofficesattheexpiryofthecurrentleases

• Potentialtoincreasetheheightanddensityofthepropertysubjecttoplanning

• Potentialtoundertakeacomprehensiveredevelopmentofthesitesubjecttoplanning

PRIVATECLIENT

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 05.17

SITE AREAThe property has a total site area of 0.29 acres (0.12 hectares).

DATAROOMFor access to the Allsop Data Room, please use the following link:

https://datarooms.allsop.co.uk/register/Aylesbury

PROPOSALOur client is seeking offers in excess of £2,000,000 (Two Million Pounds) subject to existing leases, contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.64% and a low capital value of £118 psf (GIA).

www.allsop.co.uk

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

Liam Stray020 7543 [email protected]

Alex Butler020 7543 [email protected]

PRIVATE CLIENT TEAM

EPCEPCs are available upon request.

VATThe property is opted to tax. It is assumed the transaction will be treated as a Transfer of a Going Concern (TOGC).

elsinore house - allsop · elsinore house, 43 buckingham street, aylesbury hp20 2nq mixed use...

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