107-143 MUSWELL HILL ROAD LONDON, N10 3HS

RARE PRIME FREEHOLD NORTH LONDON MIXED USE INVESTMENT OPPORTUNITY WITH FUTURE DEVELOPMENT POTENTIAL 107-143 MUSWELL HILL ROAD RARE PRIME FREEHOLD NORTH LONDON MIXED USE LONDON, N10 3HS INVESTMENT OPPORTUNITY WITH FUTURE DEVELOPMENT POTENTIAL

Outline for indicative purposes only. 107-143 MUSWELL HILL ROAD COMMERCIAL AWULT OF 11.37 YEARS, WITH 64% LONDON, N10 3HS OF THE INCOME SECURED FOR OVER 15 YEARS

INVESTMENT CONSIDERATIONS PROPOSAL • A rare freehold mixed use property situated in • The commercial units are fully let to tenants • A number of the commercial units are • Offers sought in excess of£23,500,000 an affluent north London suburb including Everyman Media Group Plc, Planet reversionary including AC Foreman and (Twenty Three Million, Five Hundred • The property, comprising 6 retail units, a Organic, Barnardo’s and Bill’s Restaurant Barnardo’s Thousand Pounds) subject to contract cinema and 19 flats, totals approximately providing a diverse tenant lineup alongside • 18 of the residential flats are let subject to and exclusive of VAT. 41,805 sq ft split between 25,557 sq ft of the local tenants ASTs. The remaining flat is currently being commercial accommodation and 16,248 sq ft • Current passing rent of £1,013,725 per annum refurbished. The residential flats provide of residential accommodation • AWULT of approximately 11.37 years for the approximately 39% of the total income • There is a large car park to the rear of commercial tenants • Significant asset management opportunities, the property that provides parking for • Approximately 64% of the commercial including development of the car park STP approximately 64 vehicles. This is the main car income has over 15 years remaining park in Muswell Hill • The property and car park occupy a site area totalling approximately 1.3 acres (0.53ha) 107-143 MUSWELL HILL ROAD MUSWELL HILL IS A POPULAR AND LONDON, N10 3HS AFFLUENT NORTH LONDON SUBURB

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L C Alexandra A O LOCATION P N Palace P Aleandra E E E T U T N S VE Park A R S KE O DU Muswell Hill is a popular and affluent North London London Underground services are available from A D B550

suburb, located 6 miles north of Central London in East Finchley Station (Northern Line) approximately the London Borough of Haringey. It is a fashionable 1 mile to the west and Highgate Station (Northern Line) A1000 F

O R location with a host of bars, restaurants and approximately 1 mile to the south. Quickest access to RTIS GREEN TI FO S G K R R

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I delicatessens giving it a distinct ‘village’ atmosphere. Central London is from Highgate Underground with a

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E ’ L E I H L PALA A M L Cross St Pancras, 14 minutes to Tottenham Court A

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Road and 19 minutes to Waterloo. Alexandra Palace R A504 the east and Highgate Wood and Queens Wood to LEAND

D A M Overground Station is situated approximately 1.5 miles U the south. In a recent report Muswell Hill Broadway

S A504 G UE W EN AD R V RO to the east and provides access to Moorgate station E A E RY E ID PRIO was named London’s healthiest high street. S L A D O L T O with a quickest journey time of 23 minutes.

N W H I R L The A406 North Circular Road is situated just over

D L E E V N R A There are numerous bus routes running through the S P O LA one mile to the north which provides access to the O H A H IS P D suburb that serve the local and wider area. B ARK ANE L E RC M1 (Junction 2) approximately 4.5 miles to the west. H E T C R

O H HU E A DDL R The A1 is situated approximately one mile to the London City airport is situated approximately 12 miles E R D C A MI V YL Y A M ER T S R R B550 P OA E ueens south and provides access to the M25 (Junction 23) to the south east, London Heathrow Airport is 14 miles O D E A1201 A103 H A1 H S I I LL Highgate Wood B approximately 9 miles to the north. to the south west and London Luton Airport is 28 miles E H T Wood to the north.

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U E N M1 JCT 2 M25 JCT 23 EAST FINCHLEY HIGHGATE LONDON CITY HEATHROW LUTON E R O D D L E 4.5 miles 9 miles 1 mile 1 mile 12 miles 14 miles 28 miles H S

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Kitchen & Bathrooms

TO BE PLANET ORGANIC

LUTON 28 miles 107-143 MUSWELL HILL ROAD PLANET ORGANIC HAVE BEEN IN LONDON, N10 3HS OCCUPATION FOR OVER 10 YEARS

COMMERCIAL The property provides an unbroken parade of commercial units let to Bill’s, Planet Organic, Everyman Cinema, Barnardo’s, a local cafe and a laundrette.

107 Let to Bill’s Restaurant and has been fitted out to the tenants specification providing a restaurant, kitchen, offices and WCs. The unit also benefits from outdoor seating to the front of the property.

109 Let to a local laundrette with ancillary space to the rear.

111-117 Let to Planet Organic with the ground floor providing a supermarket with a café/food counter and internal and external seating. There is are also customer WCs and storage provided on the ground floor. The first floor provides further seating as well as offices, a kitchen, storage, and staff toilets.

119 Recently let to Planet Organic and currently being fitted out by the tenant.

121 Let to Barnardos as a charity shop.

123 Let to a local café operator.

Everyman Cinema Let to Everyman Cinema and provides 5 screens. There is a bar and seating areas provided on both ground and first floors as well as WCs.

We understand that the cinema is Grade II* Listed and the remainder of the property is Grade II Listed.

The retail units benefit from servicing to the rear of the property.

Car Park There is a large car park situated to the rear of the site which can be accessed via the footpath adjacent to Bill’s restaurant and access for vehicles is off Fortis Green Road. The car park provides approximately 64 spaces, 3 of which are disabled car parking spaces. One space is used as a trolley car park.

The property is situated within the Muswell Hill conservation area.

The property benefits from solar panels, installed by the vendor, situated on the roof of the property providing the landlord with a saving on electricity. More information available on the dataroom. 107-143 MUSWELL HILL ROAD THE APARTMENTS WERE COMPREHENSIVELY LONDON, N10 3HS REFURBISHED TO A HIGH STANDARD IN 2015

107-143 Muswell Hill Road, London N10 3HS SITE AREA The property occupies a large site area of approximately 1.33 acres (0.54ha).

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206 © Crown Copyright, ES 100004106. For identification purposes only. 204 0m 10m 20m 30m 7 6 5 4 8 3 202 2 RESIDENTIAL TENANCIES 1 © UKMap Copyright The GeoInformation Group 2018 Licence No. LANDMLON100003121118. Plotted Scale - 1:958 The residential upper parts of 107–143 Muswell Hill Road, known 2015 Renovation Works / Current Condition 18 flats are let subject to Assured Shorthold Tenancies and one flat as ‘Coles House’, are arranged over first, second and third floors Coles House is currently in excellent condition having been is currently being refurbished. configured to provide 19 self-contained flats (4 x one bed, 13 x two comprehensively refurbished and extended (third floor level) in The total current residential rent reserved is £398,812 per annum. bed and 2 x three bed). 2015 to a high specification suitable for both owner occupiers The flats benefit from two entrances, one fronting Muswell Hill Road and tenants. An additional flat (Flat 107c) was also added to (adjacent to the cinema) and the other to the rear of the building. the property at first floor level in 2016. The flats have been well ESTIMATED RENTAL VALUE All the common parts can be reached from either entrance via a maintained by the landlord since the works were completed. We are of the opinion that fully let the ERV for the flats is lift or stairs. Flat 107c has its own private entrance at the rear and Works included complete rewiring / plumbing, new flooring and approximately £430,000 per annum. Interested parties should benefits from a private roof terrace. installation of high specification kitchens and bathrooms. Each flat however undertake their own enquiries with local letting agents. Flats 143a & 143b benefit from having a private balcony. There is is fitted with an independent gas hot water and underfloor heating also a large secure and secluded roof terrace at the rear of the system. The kitchens are fitted with electric hobs and ovens, granite building which is demised to Coles House and is popular with the worktops and modern appliances. Each flat also benefits from a residents. video entry phone system. The flats do not benefit from off-street parking, although we The common parts were also fully refurbished and two new lifts were understand that resident parking permits could be made available installed, together with a fire alarm system. for the rear car park, subject to negotiation with the landlord. There is a secure area to the rear of the property for bike storage. 107-143 MUSWELL HILL ROAD THE EVERYMAN CINEMA IS LET OFF A LOW PASSING RENT OF JUST £5.71 LONDON, N10 3HS AND BENEFITS FROM INDEXED LINKED ANNUAL RENT REVIEWS

TENANCY DETAILS The property is let in accordance with the tenancy schedule set out below:

COMMERCIAL

Unit Tenant Floor Area Area Passing Rent Passing Rent Lease Lease Rent '% of Unexpired Comments Sq M Sq Ft £p.a. Zone A (£psf) Start Expiry Review Commercial Term Income (Years) Bill’s Restaurants 107 Ground – Sales 233.62 2,514 £75,000 £29.83 overall 01 Jun 2015 31 May 2035 01 Jun 2020 12.15 16.57 Limited

Ground – Sales 58.09 625

A C Foreman Ground – ITZA 44.40 478 109 t/a St James £36,500 £73.97 25 Dec 2006 24 Dec 2021 5.91 3.13 Launderette Ground – Ancillary 21.18 228

Total 79.26 853

Ground – Sales 371.97 4,003

Ground – Ancillary 33.95 365 Planet Organic 111-117 First Floor – Sales 21.90 235 £185,000 £33.95 Overall 08 Jan 2008 18 Dec 2035 08 Jan 2023 29.96 17.12 Limited First Floor – Ancillary 78.65 846

Total 506.47 5,449

Ground – Sales 64.74 681

To be Planet Unit is currently being fitted out and Allsop were 119 Ground – ITZA 48.90 520 £50,000 £96.15 17 Aug 2018 18 Dec 2035 08 Jan 2023 8.10 17.12 Organic unable to inspect the property.

Total 64.74 681*

Ground – Sales 59.80 644

Ground – ITZA 48.74 525 121 Barnardo’s £45,000 £84.30 09 Aug 2011 08 Aug 2021 7.29 2.75 Ground – Ancillary 13.72 148

Total 73.52 792

Ground – Sales 29.40 316

Oliver Foster Ground – ITZA 25.50 275 123 t/a North & £36,250 £129.05 10 May 2016 09 May 2021 5.87 2.50 The lease contains a schedule of condition. Ten Café Ground – Ancillary 14.10 152

Total 43.50 468

Everyman Odeon Cinemas Limited assigned their lease to Everyman. There is an AGA provided in the Cinema Media Group 1375.0 14,800* £84,551 £5.71 Overall 23 Dec 2013 25 Sep 2034 01 Jul 2018 13.70 15.89 assignment. The lease benefits from annual uplifts Plc in line with RPI (1%-5% collar and cap). Britannia Parking Net rent is based on figures we have been Car Park 64 Spaces £105,012 06 Oct 2017 05 Oct 2019 17.02 0.9 Services Limited provided from September 2017 to August 2018.

TOTAL COMMERCIAL 2,391.6 25,557 £617,313

*The areas have been provided by the Vendor and have been derived from historic architects floor plans. Purchasers should satisfy themselves as to the accuracy of these drawings and measurements. October 2018.(1) Located above bin store and so lower rent agreed. 107-143 MUSWELL HILL ROAD RARE PRIME FREEHOLD NORTH LONDON MIXED USE INVESTMENT LONDON, N10 3HS OPPORTUNITY WITH FUTURE DEVELOPMENT POTENTIAL

RESIDENTIAL

Flat no. Status Floor Accommodation Gross Internal Floor Area* Current Rent Sq M Sq Ft Tenancy Start Date Expiry Date PM PA Type 2 bedrooms, open plan kitchen / reception room, bathroom, Flat 107a Occupied Mezzanine 73.49 791 AST 21/09/18 20/09/19 £1,550(1) £18,600 en-suite shower room Vacant Flat 107b Mezzanine 1 bedroom, open plan kitchen / reception room, bathroom 52.86 569 VACANT - - - - (under refurbishment) 3 bedrooms, open plan kitchen / reception room, bathroom, Flat 107c Occupied 1st 82.87 892 AST 25/06/18 24/06/20 £2,167 £26,000 en-suite shower room

Flat 125 Occupied 1st 2 bedrooms, kitchen, reception room, shower room, bathroom 94.76 1,020 AST 20/10/16 19/10/17 £2,058 £24,700

2 bedrooms, open plan kitchen / reception room, shower room, Flat 127 Occupied 1st 97.08 1,045 AST 26/07/18 25/07/19 £1,750 £21,000 bathroom 2 bedrooms, kitchen, reception room, en-suite shower room, Flat 129 Occupied 1st 107.02 1,152 AST 19/10/15 18/10/18 £1,993 £23,916 bathroom

Flat 131 Occupied 1st 1 bedroom, open plan kitchen / reception room, bathroom 46.64 502 AST 14/09/18 13/09/19 £1,400 £16,800

Flat 133 Occupied 1st 2 bedrooms, open plan kitchen / reception room, bathroom 79.62 857 AST 15/08/17 14/08/18 £1,950 £23,400

Flat 135 Occupied 2nd 2 bedrooms, kitchen, reception room, shower room, bathroom 98.76 1,063 AST 27/10/17 26/10/18 £1,800 £21,600

2 bedrooms, open plan kitchen / reception room, shower room, Flat 137 Occupied 2nd 99.41 1,070 AST 01/03/18 28/02/20 £1,850 £22,200 bathroom 3 bedrooms, kitchen, reception room, en-suite shower room, Flat 139 Occupied 2nd 109.81 1,182 AST 15/09/18 14/09/19 £2,400 £28,800 bathroom

Flat 141 Occupied 2nd 1 bedroom, open plan kitchen / reception room, bathroom 48.87 526 AST 01/10/18 30/09/18 £1,408 £16,896

Flat 143 Occupied 2nd 2 bedrooms, open plan kitchen / reception room, bathroom 79.90 860 AST 25/04/18 24/04/19 £1,950 £23,400

2 bedrooms, open plan kitchen / reception room, en-suite shower Flat 143a Occupied 2nd 91.14 981 AST 15/08/16 14/08/17 £2,058 £24,700 room, bathroom 2 bedrooms, open plan kitchen / reception room, en-suite shower Flat 135a Occupied 3rd 67.08 722 AST 29/07/18 28/07/19 £1,850 £22,200 room, bathroom 2 bedrooms, open plan kitchen / reception room, en-suite shower Flat 137a Occupied 3rd 70.42 758 AST 09/09/17 08/09/18 £1,700 £20,400 room, bathroom 2 bedrooms, open plan kitchen / reception room, en-suite shower Flat 139a Occupied 3rd 77.02 829 AST 24/06/17 23/06/18 £1,750 £21,000 room, bathroom

Flat 141a Occupied 3rd 1 bedroom, open plan kitchen / reception room, bathroom 41.16 443 AST 05/09/17 04/09/18 £1,300 £15,600

2 bedrooms, open plan kitchen / reception room, en-suite shower Flat 143b Occupied 3rd 91.69 986 AST 01/09/18 31/08/19 £2,100 £25,200 room, bathroom £396,412 19 UNITS 1,509.48 16,248 £33,034 ERV = c. £430,000

*The areas have been provided by the Vendor and have been derived from historic architects floor plans. Purchasers should satisfy themselves as to the accuracy of these drawings and measurements. October 2018.(1) Located above bin store and so lower rent agreed. 107-143 MUSWELL HILL ROAD SIGNIFICANT ASSET MANAGEMENT OPPORTUNITIES, LONDON, N10 3HS INCLUDING THE DEVELOPMENT OF THE CAR PARK STP

POTENTIAL DEVELOPMENT OF CAR PARK

TENURE ASSET MANAGEMENT OPPORTUNITIES

Freehold. Potential asset management opportunities including: • Improving the commercial tenant profiles • Potential to add further floors of esidentialr • Regearing shorter leases to improve the AWULT (subject to planning) • Let the car park to an operator on traditional lease • Longer term development of the car park terms to improve the security of the income (subject to planning). • Regear lease terms to Everyman Media Group to increase the rental value n Potential area for future development'

COVENANT ANALYSIS % SPLIT OF COMMERCIAL INCOME

Bills Restaurants Ltd 12.15% of commercial income Everyman Media Group Plc 13.70% of commercial income

Date 2/8/15 31/7/16 30/7/17 Date 31/12/15 29/12/16 28/12/17 12.15% Turnover £91,681,942 £110,547,458 £118,572,000 Turnover £20,316,000 £29,554,000 40,620,000 13.70% Pre-Tax Profit £6,672,756 £7,002,637 £4,880,000 Pre-Tax Profit -£734,000 £540,000 £1,628,000 5.91% Total Net Worth £11,259,911 £16,965,095 £20,425,000 Total Net Worth £23,836,000 £24,008,000 £41,273,000

17. 0 2 % Barnardo’s 7.29% of commercial income Odeon Cinemas Limited (Everyman Guarantor)

Date 31/3/15 31/3/16 31/3/17 Date 31/12/15 31/12/16 31/12/17 Turnover - - - Turnover £218,034,000 £220,136,000 £235,701,000 5.87% 29.96% Pre-Tax Profit -£3,131,000 -£1,733,000 -£12,691,000 Pre-Tax Profit £21,644,000 £9,884,000 £19,109,000 Total Net Worth £18,208,000 £14,844,000 £2,153,000 Total Net Worth £201,598,000 £210,478,000 £185,127,000 7. 2 9 %

Planet Organic Ltd 29.96% of commercial income Britannia Parking Services Limited 17.02% of commercial income

Date 31/8/15 27/8/16 26/8/17 Date 30/6/15 30/6/16 30/6/17 n Bill’s Restaurant Ltd n Oliver Foster Turnover £24,226,437 £28,132,128 £30,665,277 Turnover £10,555,767 £7,560,748 £8,446,624 n AC Foreman Ltd n Britannia Parking Services Ltd Pre-Tax Profit £427,866 -£391,642 -£323,171 Pre-Tax Profit -£72,585 -£56,208 £1,086,332 n Planet Organic Ltd n Everyman Media Group Plc n Barnado’s Total Net Worth £1,927,979 £1,540,232 £1,220,400 Total Net Worth -£62,665 -£118,873 £399,387

Planet Organic has recently benefited from an investment from a private equity firm of approximately £15m 107-143 MUSWELL HILL ROAD LONDON, N10 3HS

SERVICE CHARGE The budgeted service charge for the year ending 28/09/2019 is £27,878 p.a. which reflects £1.14psf. Further information is available on the dataroom.

VAT The property has been elected VAT. We envisage that the transaction will be treated as a Transfer of a Going Concern (TOGC). DATAROOM Further information is available on the dataroom which is available at https://datarooms.allsop.co.uk/register/107-143-muswellhillroad

PROPOSAL Offers sought in excess of£23,500,000 (Twenty Three Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.

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

Commercial Residential

Andy Pointon Richard Lea Adam Kerven Owen Rees 020 7543 6720 020 7543 6832 020 7344 2628 020 7344 2643 [email protected] [email protected] [email protected] [email protected] www.allsop.co.uk

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 11.18