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

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74 – 80 Mount Pleasant Road, Royal Tunbridge Wells, Kent TN1 74 – 80 Mount Pleasant Road, Royal Tunbridge Wells, Kent TN1 78 – 80 76 74 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 d R d G S s R r t R o o e le oy s ne a al v S m le d e a a M k Ch d t nd a A26 n J r o a R e 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 r n C 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 L in to the border with East Sussex and at the northern n d Belvedere A264 g R s 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 ’s a y d p e P Beauty. The town is situated approximately 31 o l h a s P Calverley i r A26 B k 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.
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