74 – 80 Mount Pleasant Road, Royal Tunbridge Wells, Kent TN1

Home , Kent and Sussex Hospital, Royal Tunbridge Wells

78 – 80

Rare multi-let mixed use investment for sale Royal Tunbridge Wells Town Centre Investment Tenant Asset Management Further Location Situation Aerial View Description Accommodation 2 Summary Information Considerations Information

Investment Summary

• Freehold

• Substantial portion of a town centre parade

• Situated in central Royal Tunbridge Wells, an affluent spa town approximately 31 miles south-east of London

• Close proximity to Tunbridge Wells Station and several major redevelopment schemes

• Potential to convert the upper parts to residential, subject to planning and any other necessary consents

• Passing rent of £186,200 per annum exclusive

• Understood that the property is not elected for VAT

• Seeking offers in excess of £3,000,000 (Three Million Pounds), reflecting a net initial yield of 5.83%, allowing for purchasers costs of 6.45%, subject to contract

• For further details and the sales pack, please see: www.mountpleasantroad-tunbridgewells.com Investment Tenant Asset Management Further Location Situation Aerial View Description Accommodation 3 Summary Information Considerations Information

R d G S s R r t R o o e le oy s ne a al v S m le a a d C e d t d M k h n J rn a a A26 R e o s o to F ly O B e ic ria Rd t n o r V n d e y e S k R u n R d G androc x e ard S P d m en P a Rd ar rk a k C d d Location R R R d Royal Victoria e n n im w o Centre t ra o l h Du d r H d Rd a p ley s M u E n C r t a t n a n s u 74 – 80 MPR L o w o r M B2249 A264

Royal Tunbridge Wells is situated in West Kent, close C o l o d A264 K

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Site t C w edge of the High Weald Area of Outstanding Natural n A264 n alv o w a er o Do s le d R a y d ’s

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C t miles south-east of central London. Tunbridge Wells a n Grounds s Tunbridge Wells u

t o l New Civic e B2023

M Borough has a resident population of around 100,000 M R Centre a jo d en Park r Y Tunbridge Wells d people; the town itself comprises a population in the o t B2023 m rk a ’s Common Car Park e R e C order of 56,000. d r t S

C rk h a a M g d m Camden Park P aj i R ll or H Fa d The town’s mainline station provides regular services a Yo rm t e sh rk Mo c Cl n n r ’s u om are o P ge R n be m a n d t L r to London Bridge, Cannon Street, Waterloo East and u S n k H ion W a Charing Cross Stations to the north (approximately r rk A26 w a F i a c P r Ca A267 k a m m 45 – 60 mins), and Hastings to the south (40 mins). r c d i o en P m rk a e be Ln Pa PANTLIES r d k The town is located on the A26, which links via the a M A21 dual carriageway with Junction 5 of the M25 motorway. The UK’s second busiest airport, London Gatwick, is situated 25 miles west of the town.

This attractive spa town is known as a shopping destination and is one of the most important retail and leisure centres in Kent. The Royal Victoria Shopping Centre to north of the town, opened in 1992 by Princess Diana, has approximately 100 stores and services. The historic Pantiles shopping parade and High Street are situated to the south, and are well known for the excellent selection of boutique shops, restaurants and bars. Much of the town’s layout and many of its most attractive buildings are attributable to the celebrated architect Decimus Burton.

There are a number of major employers in the town, including AXA PPP, Reliance Life and Cripps LLP. Investment Tenant Asset Management Further Location Situation Aerial View Description Accommodation 4 Summary Information Considerations Information

Situation

The buildings are well situated in Tunbridge Wells town centre, approximately midway on Mount Pleasant Road, close to the crossroad junction with Crescent Road and Church Road. Mount Pleasant road is a busy retail thoroughfare. Its connects the ‘new town’ centred on the Royal Victoria Shopping Centre to the north, with the historic ‘old town’ centred on Tunbridge Wells High Street and Pantiles to the south. Tunbridge Wells Railway Station is also situated on Mount Pleasant Road and dates from the mid-1800s. It is situated approximately 250m from the subject premises.

Occupiers in the immediate vicinity include Lloyds Bank plc, Intersport, Bang & Olufsen, Neal’s Yard Remedies, TSB, Phase Eight, Wagamama, Russell and Bromley and Moss Bros. BBC South East and BBC Radio Kent also have their studios on Mount Pleasant Road.

Calverley Park and Grounds border Mount Pleasant Road to the west. This Grade II listed park is a popular public park and garden. It is bordered by an avenue of Decimus Burton Grade II* listed villas along its eastern and north perimeter.

74 – 80 Mount Pleasant Road are also situated immediately opposite Altitude Real Estate’s forthcoming Belvedere scheme. It has been reported that construction will commence in 2019 to provide approximately 100 homes, a cinema, restaurants and shops. Investment Tenant Asset Management Further Location Situation Aerial View Description Accommodation 5 Summary Information Considerations Information

Royal Wells Park

Royal Victoria Shopping Centre Existing Civic Centre & The Belvedere Assembly Hall Theatre Tunbridge Wells Scheme Common

74 – 80 MPR

Tunbridge Wells

Calverley Park Pantiles

High Street

Site of New Civic Centre, Theatre & Offices Investment Tenant Asset Management Further Location Situation Aerial View Description Accommodation 6 Summary Information Considerations Information

Description

The buildings comprise three terraced shops hall. The fourth floor attic is not demised to and upper parts, which form part of a larger Lloyds Banks is currently accessed via no.s attractive terrace of buildings, understood 74 – 76. to have been built in the 1870s. The buildings are constructed of stuccoed brick 76 Mount Pleasant Road masonry under slate roofs. Mount Pleasant The building comprises a first floor, ground Avenue is situated to the rear of the and basement restaurant unit. The unit is terrace, and provides access to the upper let to Strada Trading Ltd, who have recently parts of no.s 78 – 80, together with a rear vacated and are marketing their lease for access to the basement accommodation assignment. The basement of 74 Mount of no.s 74 – 76. The upper floors of no.s Pleasant Road is also demised to Strada, 74 – 76 can be accessed from both Mount and interconnected at basement level. The Pleasant Road and Mount Pleasant Avenue. second, third and fourth floors have been The terrace occupies a significant portion amalgamated with the adjacent floors at of the eastern side of Mount Pleasant Road, 74 Mount Pleasant Road and are currently and is book-ended by two attractive stone occupied by a gym operator. buildings, the Grade II listed No. 82 Beeches Bank Building (currently occupied by Lloyds 74 Mount Pleasant Road Bank) and 32 – 36 Mount Pleasant Road. The building comprises a ground, first and No.s 74 – 80 Mount Pleasant Road are second floor retail unit currently occupied situated at the northern end of the terrace. by Jones Bootmaker Ltd, who have recently been purchased by Pavers Ltd. The third 78 – 80 Mount Pleasant Road and fourth floors are occupied by the gym The building comprises a double fronted operator. ground and basement retail unit and 3 upper floors. The retail element is currently Fourth Floor Attic occupied by a Toni & Guy hairdressing salon. A vacant fourth floor attic, formerly used as The self-contained upper floors are occupied a flat is situated above no. 76 – 80. Access by Lloyds Bank as offices and ancillary to this is via the gym. It is unoccupied and accommodation. The first floor comprises in shell condition. The attic above no. 74 is air-conditioned offices, the second floor staff demised to the gym. room and WCs and the third floor offices and storage. Access to these are via the Tenure adjoining building at 82 Mount Pleasant All of the land and buildings are held Road where Lloyds have a retail-banking Freehold. Investment Tenant Asset Management Further Location Situation Aerial View Description Accommodation 7 Summary Information Considerations Information

Accommodation / Tenancy Schedule

Address – Mount Lease Tenant Lease Expiry Lease Type Security of Tenure Rent Review Break Passing Rent Pleasant Road Commencment

78 /80 – First, Second & Lloyds Bank plc 25/12/2010 23/6/2021 Effective FRI Within LL & T Act 1954 N/A £20,200 Third Floors 78/80 – Ground & Lower Mascolo Limited (t/a Toni & Guy) 24/6/2011 23/6/2021 Effective FRI Within LL & T Act 1954 N/A £54,500 Ground Floors 76 – Ground, Lower Strada Trading Limited 25/3/1999 24/3/2024 Effective FRI Within LL & T Act 1954 25/3/2019 N/A £51,500 Ground and First Floors 74 – Ground, First & Pavers Limited 28/7/2017 27/7/2027 Effective FRI Within LL & T Act 1954 28/7/2022 28/7/2023 £45,000 Second Floors 74/76 – Second, Third, IRI with partial S/C CFTW Limited (Dissolved) 1/3/2016 29/2/2019 Outside LL & T Act 1954 N/A £15,000 Fourth Floors contribution Total Passing Rent £186,200

Building Floor Description Sq ft Sq m

Third Office and Stores 647 60.13 78/80 MPR Second Staff room and WCs 468 43.49 First Offices 1,034 96.10 Ground Retail Sales 1,005 93.40 78/80 MPR Basement Staff room and stores 421 39.13 First Restaurant and WCs 934 86.80 76 MPR Ground Dining and kitchen 894 83.09 Lower Ground Kitchen prep and ancilary 672 62.45 Second Ancillary Retail 444 41.26 74 MPR First Ancillary Retail 640 59.48 Ground Retail 841 78.16 Fourth Former Attic Flat 618 57.39 Fourth Stores 199 18.49 74/76 Third Studios & ancillary 1,022 94.98 Second Studios 812 75.46 Total 10,651 989.82

* All areas are approximate Net Internal Areas (NIA) Investment Tenant Asset Management Further Location Situation Aerial View Description Accommodation 8 Summary Information Considerations Information

Tenant Information Recent Planning History

Mascolo Limited (t/a Toni & Guy) As part of the assignment, it was agreed Founded in 1963, Toni & Guy now operate by side letter to reduce the income until Change of use of second floor from B1 Business (office use) to D2 use th approximately 500 stores in 50 countries. 28 July 2022 to the following: 12/02773/FUL for a Pilates studio | 74 - 76 Mount Pleasant Road Second Floor Royal Tunbridge Wells Kent TN1 1RJ – Permitted – Tue 04 Dec 2012 The ultimate holding company of Mascolo • From and including 29/09/2018 to and Limited is Toni & Guy International Limited. including 28/09/ 2019, the yearly rent Mascolo Limited have a Credit Safe score payable shall be £45,000 per annum; Use of part of public footpath as seating area (6 tables and 12 chairs) of 39/100 that represents a “Moderate • From and including 29/09/ 2019 to and 11/01526/FUL for restaurant | Strada 76 Mount Pleasant Road Royal Tunbridge Wells Risk” of business failure. including 28/09/2020, the yearly rent Kent TN1 1RJ – Permitted – Mon 18 Jul 2011 payable shall be £47,500 per annum; Strada Trading Limited • From and including 29/09/2020 to and Replacement shop front | 76 Mount Pleasant Road Royal Tunbridge The Strada brand was founded in 2000 06/02435/FUL including 28/07 2022, the yearly rent Wells Kent TN1 1RJ – Permitted – Wed 01 Nov 2006 and is currently owned by Sun Capital payable shall be £50,000 per annum; Partners, under the company name Strada Trading Limited. It is understood to be At the Review Date, the yearly rent shall Advertisement: 1 No. non-illuminated projecting sign and 2 No. non- trading from eight locations. The Coppa be reviewed to £53,000 per annum or the 06/00788/ADV illuminated fascia signs | 74 Mount Pleasant Road Royal Tunbridge Club brand is also owned by Strada Trading Open Market Rent at the Review Date, Wells Kent TN1 1RJ – Permitted – Tue 02 May 2006 Limited and operates from four locations. whichever is higher. Strada closed this restaurant in early 2018 Pavers Limited have a Credit Safe score of and are currently seeking to assign the Internal alterations and works to remove existing fascia sign and 93/100 that represents a “Very Low Risk” lease. replace with new internally illuminated fascia signs (x2) and illuminated of business failure. 06/00787/ADV projecting sign. | 74 Mount Pleasant Road Royal Tunbridge Wells Kent Pavers Limited TN1 1RJ – Permitted – Wed 29 Mar 2006 Lloyds Bank plc Pavers Limited are a family-owned Lloyds Bank plc is the principle subsidiary footwear business that operates from of Lloyds Banking Group. Lloyds has approximately 120 stores and has a large Change of use of first floor from offices to restaurant | 76 Mount a Credit Safe score of 86/100 that online presence. 97/02055/FUL Pleasant Road Tunbridge Wells Kent TN1 1RJ – Permitted – represents a “Very Low Risk” of business Mon 23 Feb 1998 Pavers Limited took an assignment of JB failure. Realisations Limited’s (previously Jones Bootmaker Limited In administration) in CFTW Limited (t/a Cordio Fitness) September 2018. Independent personal training gym. The rent agreed at lease renewal was Company was dissolved in March 18. The £53,000. gym is still trading from the premises. Investment Tenant Asset Management Further Location Situation Aerial View Description Accommodation 9 Summary Information Considerations Information

Asset Management Tunbridge Wells Regeneration Considerations

• Investigate the possibility of converting the upper parts of 74/76 to residential or office accommodation, subject to necessary consents, including the vacant 4th floor attic space which used to comprise residential premises.

• Investigate the possibility of converting all of the upper parts to residential by seeking vacant Royal Wells Park Calverley Square possession of the leases as they expire. Situated on the site of the former Kent and Sussex Hospital, Planning has been granted to develop Calverley Square. It Berkeley Homes have recently built an extensive mixed-use is anticipated this scheme will provide a new 1,200-seat • Complete the assignment of Strada Trading regeneration scheme. The 11-acre site situated within central theatre, civic suite, council and commercial offices. A new Limited’s lease. Tunbridge Wells now comprises some 243 homes, offices carpark providing 258 spaces will also be built. The site will and The Wells free school. be situated within the main entrance to Calverley Park and Grounds off of Mount Pleasant Road.

The Belvedere Existing Town Hall and Assembly Hall Located immediately opposite the subject properties is Upon completion of the Calverley Square scheme, it is Altitude’s site for the proposed Belvedere scheme. Situated anticipated that the existing Town Hall and Assembly Hall on the junction of Mount Pleasant Road and Church Road, Theatre, which are situated a short distance to the north of subject to planning, Altitude have proposed a £90m mixed the subject properties, will be sold for redevelopment further use scheme to include approximately 100 contemporary improving the vicinity. apartments, a boutique cinema, cafes, shops and restaurants. EPCs Conservation Area The properties are situated in the Royal Tunbridge Wells No. 78/80 – First, Second Rated D with a score of 93 Conservation Area. & Third Floor Proposal No. 78/80 – Ground & Seeking offers in excess of £3,000,000 (Three Million Rated D with a score of 79 Lower Ground Floors Pounds), reflecting a net initial yield of 5.83%, allowing for purchasers costs of 6.45%, subject to contract. We have No. 76 – Ground, Lower been informed the property is not elected for VAT. Rated E with a score of 103 Ground and First Floors For further details and the sales pack, please see:

No. 74 – Ground, First & www.mountpleasantroad-tunbridgewells.com Rated G with a score of 205 Second Floors For further information please contact:

No. 74/ 76 – Second, Darrell Barber John Giblin Rated D with a score of 90 Third & Fourth Floors 01892 559507 01732 378996 [email protected] [email protected]

Important Notice: Misrepresentation Act 1967:Bracketts, their clients and any joint agents give notice that they have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. The text, photographs and plans are for guidance only and are not necessarily comprehensive. Any areas, measurements or distances are approximate. It should not be assumed that the property has necessary planning, building regulation or other consents and Bracketts have not tested any services equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Prices, rents or any other charges are exclusive of VAT unless stated to the contrary. December 2018.