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

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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 | goad.sales@uk.experian.com | 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:07889085112james.baruch@cbre.com

PaulIrelandD:02032141907M:07912205868paul.m.ireland@cbre.com

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:07793746270ross.kemp@kingsbury-consultants.co.uk

PaulHealeD:02071832529M:07799011142paul.heale@kingsbury-consultants.co.uk

Misrepresentationact1967anddeclarationCBRELimitedforitselfandforthevendor/lessorasagentsforthevendor/lessorgivesnoticethat:1.Weprovidetheinformationcontainedintheseparticularsforguidancetointendingpurchasers,licenceesoranyotherthirdpartiesandtheyareforyourgeneralinformationonlyandwillbeusedatyourownrisk.2.Wewilluseallreasonableendeavourstoensuretheaccuracyofinformation,however,wedonotguaranteeorwarranttheaccuracyorcompleteness,factualcorrectnessorreliabilityofanyinformationintheparticulars(especiallyastheinformationmayhavebeenobtainedfromthirdparties)anddonotacceptanyliabilityforanyerrorsoromissionincludinganyinaccuraciesortypographicalerrors.3.Anyinterestedpurchasers,licenceesoranyotherthirdpartiesshouldnotviewtheinformationintheparticularsasstatementsorrepresentationsoffactandshouldsatisfythemselvesthatthefactandspecificdetailsintheparticularsarecorrectandaccurateespeciallyinrelationtofloorareasandothermeasurementsthroughinspectionorothermeans,asappropriate,andwillberesponsiblefortakingindependentsurveysorvaluationsbeforeenteringintoanylegallybindingtransactioninrespectofthepropertyorpremisethatisthesubjectmatteroftheseparticulars.

SubjectToContractCBRE:March2017 ©ProducedbyBarbicanStudio02076349574