Town Centre Investment/Development/Owner Occupier Opportunity - For Sale TUNBRIDGE WELLS

96 MOUNT PLEASANT ROAD TN1 1RT

INVESTMENT HIGHLIGHTS

▪ Entirely let to WH Smith Retail Holdings Ltd until October 2026, with a tenant break option in October 2021. Note: break notice now served*

▪ Affluent spa town

▪ Attractive corner property

▪ Freehold ▪ Potential ability to relet under planning use class E, including offices, retail, restaurant, gym and medical centre ▪ Residential conversion potential for upper floors (former consent now lapsed)

▪ Rent £87,500 pa ▪ Offers in excess of £1.5m

* subject to the break conditions.

GOOGLE STREETVIEW SEE - https://goo.gl/maps/uNW8pHSHkLrbuHFN6

1 96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS LOCATION

Royal Tunbridge Wells is an attractive and affluent Kent spa town, situated c. 35 miles

south east of and 30 miles north east of .

The character property occupies a prominent corner trading position on the eastern side of Mount Pleasant Road at its junction with Newton Road, a short distance from the pedestrianised Calverley Road and the entrance to the Royal Victoria Place Shopping Centre which provides the town’s primary multi-story car park.

Mount Pleasant Road connects the High Street to the primary retail pitch on Calverley

Road and comprises a strong mix of banks, national and independent retailers, and restaurants. The property is close to Metro Bank, JD Wetherspoon, Pret A Manager (opposite), Specsavers and HSBC, with Mountain Warehouse, Fat Face, Caffé Nero, Costa and Prezzo in the immediate vicinity.

Key tenants in the Royal Victoria Place Shopping Centre include:

The town is served by excellent bus links to the surrounding areas and Tunbridge Wells train station is only a five minute walk from the subject property, providing a direct service to London Bridge in approximately 50

minutes.

The town benefits from good road communications with the A21 providing access to Junction 5 of the M25 motorway approximately 14 miles to the north. In addition, the A26 provides a link to Brighton and to the south.

2 96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS GOAD TUNBRIDGE WELLS

3 96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS DEMOGRAPHICS

Tunbridge Wells has an urban population of 59,947 and its catchment population of c.220,000 is one of the most affluent of the PROMIS Centres, ranking 12 nationally on the PMA affluence indicator.

The number of higher and intermediate managerial, administrative or professional households in the town (socio-economic grade AB) stands at 32.57% compared to the national average of 22.96%. Tunbridge Wells is an attractive tourist destination with 4.7 million trips made to the town annually, generating a total value to the local economy of £278 million a year (Visit Kent 2017).

The average value of residential property in the town is £504,854 which is 62% above the national

average of £312,145. Flats are currently selling for an average of £295,962 (Zoopla 2020).

4 96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS DESCRIPTION

The property forms part of the Opera Colonnade which was constructed in 1902 in a symmetrical Neo-Georgian style with a Baroque centrepiece. The property is built of red brick with ashlar dressings, timber sash windows and topped with a feature copper dome. It is Grade II listed and is situated in the Tunbridge Wells Conservation Area.

ACCOMMODATION

The property comprises a ground floor retail unit, basement storage, as well as self-contained first and second ancillary

floors. Rear access is provided via Newton Road and the property is let in its entirety to WH Smith Retail Holdings Ltd.

EPC Gross Frontage: 8.23 m 27 ft 0 ins The property is currently rated within band D. A copy of the EPC is available upon Return Frontage: 17.67 m 58 ft 0 ins request.

Internal Width (max): 6.88 m 22 ft 6 ins Shop Depth: 20.12 m 66 ft 0 ins Ground Floor Sales: 137.31 sq m 1,478 sq ft RATING ASSESSMENT ITZA *: 822 Units Current Rate in the £ Basement Storage*: 113.06 sq m 1,217 sq ft Rateable Value (2021/22)

First Floor Ancillary: 118.64 sq m 1,277 sq ft Ground Floor and Basement £67,500 51.2p Second Floor Ancillary: 123.38 sq m 1,328 sq ft

First and Second Floors £6,800 49.9p Total NIA: 492.39 sq m 5,300 sq ft

*areas agreed and documented in the lease for rent review Enquiries should be made with the local authority to verify this information. purposes.

5 96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS TENANCY SCHEDULE

ADDRESS LESSEE ACCOMMODATION LEASE TERMS PASSING RENT 96 Mount WH Smith Retail Gross Frontage: 8.23 m 27 ft 0 ins 15 year fri lease from 25th October £87,500 pa. We calculate Pleasant Road Holdings Ltd Return Frontage: 17.67 m 58 ft 0 ins 2011 subject to an upward only rent that this equates to Internal Width: 6.88 m 22 ft 6 ins review on 25th October 2021. The £93.90 Zone A, based on Shop Depth: 20.12 m 66 ft 0 ins lease provides for a tenant only £3 psf for the basement Ground Floor Sales: 137.31 sq m 1,478 sq ft break clause on the 25th October and first floors and £2 psf The lease is ITZA: 822 units 2021, subject to six months prior for the second floor. guaranteed by Basement Storage: 113.06 sq m 1,217 sq ft written notice. Note: break notice WH Smith High First Floor Ancillary: 118.64 sq m 1,277 sq ft served by tenant, subject to the Street Holdings Second Floor Ancillary: 123.38 sq m 1,328 sq ft break conditions. Ltd Total NIA: 492.39 sq m 5,300 sq ft

COVENANT INFORMATION

WH Smith was established in 1792 and was the first retail chain in the world. It is a FTSE 250 company and a leading international retailer with two core businesses, namely global travel retail in news, books and convenience and a UK high street stationer, bookseller and newsagent. It is represented in 30 countries with c.13,000 employees and 568 stores

occupying 2.7m sq ft.

WH Smith Retail Holdings Limited (00471941)

A summary of the company’s consolidated accounts (year end 31st August) is as follows:

2019 2018 2017

Turnover £188m £181m £181m Pre Tax Profit £117m £116m £68m Net Assets £614m £441m £451m

6 96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS ASSET MANAGEMENT OPPORTUNITIES

▪ Potential ability to relet under planning use Class E, including offices retail, restaurant, gym and medical centre.

▪ The self-contained first and second floors are under-utilised by the current tenant. Subject to obtaining the necessary planning and listed

building consent (see below), there may be an opportunity for a purchaser to obtain control of the upper floors and undertake a residential conversion.

PLANNING

▪ Planning and listed building consent was granted on 12th June 2003 under applications 03/01499/FUL and 03/01496/LBC for “Internal alterations to change use of first and second floors to 4 self-contained flats”. This

consent has now lapsed but the opportunity exists for the consent to be regranted or an enhanced consent obtained.

▪ From 1 September 2020 onwards, if a building or other land is being used in a way falling within Class A1 (shops), A2 (financial and professional

services), A3 (restaurants and cafés), B1 (business), D1 (clinics etc) or D2 (gymnasiums etc), then it will be treated as though it is being used for a

purpose specified in the new Class E. Change of use to another use within Class E will be allowed without the need for planning permission.

Interested parties should make their own enquires to verify this information.

7 96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS

TENURE

Freehold.

VAT

The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

PROPOSAL

Offers are invited in excess of £1.5m (one million, five hundred thousand pounds), subject to contract, reflecting a net initial yield of 5.5% after allowing for standard purchaser’s costs of 6.1%.

FURTHER INFORMATION

For further information including CAD survey, EPCs, title, residential conversion plans, copy lease etc, or to arrange an inspection of the property, please contact sole agents:-

CHARLIE EVANS ANDREW MORRISH

01892 707570 01273 617141 07484 510906 07919 172115 [email protected] [email protected]

Cradick Retail LLP for themselves and the vendors of this property whose agents they are give notice that: 1) The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract. 2) All statements contained in these particulars @CradickRetail www.cradick.co.uk as to this property are made without responsibility on the part of Cradick Retail LLP or the vendor or lessor. 3) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely upon them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them. 4) No person in the employment of Cradick Retail LLP has any authority to make or give any representation or warranty whatever in relation to this property. We are Longford House, 19 Mount Ephraim Road, Tunbridge Wells, Kent TN1 1EN fully registered under the Data Protection Act 2018 and personal data is collected, held and processed by us in accordance with the Act. For a full copy of our privacy 8 01892 515001 policy, please refer to our website www.cradick.co.uk.