Site boundary for indicative purposes only Boots retail frontage

WEMBLEY 500 High Road and 6 St John’s Road, HA9 7JD

Mixed-Use Investment and Development Opportunity 500 High Road and 6 St John’s Road, HA9 7JD 2

INVESTMENT HIGHLIGHTS • A prominently positioned mixed use investment with development potential in Wembley Central. • Wembley is a thriving suburb that has benefitted from substantial levels of investment since 2002. • The property occupies a prime position with retail frontage to Wembley High Road, opposite the Wembley Central development and underground station. • Comprises a prime retail unit of 879 sq m (9,465 sq ft) and a separate building extending to 1,357 sq m (14,607 sq ft) arranged over two floors currently operating as a Job Centre. Site from St John’s Road • Potential for part-redevelopment with pre-application undertaken for a 74 unit residential-led scheme on the site of the existing Job Centre. • The property is fully let on two tenancies, to Boots UK Limited and The Secretary of State for Housing, Communities and Local Government, currently producing £315,000 per annum. • Excellent income security with a WAULT of 9.1 years to expiry and 5.4 years terms certain. • For sale freehold.

View of Wembley High Road and St John’s Road CGI of pre-app scheme Wembley 500 High Road and 6 St John’s Road, HA9 7JD 3

CONNECTIVITY Wembley benefits from excellent transport connections.

Rail Wembley acts as a busy transport interchange as it is served by the , the () and the mainline network. The station provides frequent services into Central London, offering a fastest journey time to London Euston of 10 minutes (Source TFL). The locality benefits from further rail and London Underground services from nearby and Stations.

Road Wembley benefits from excellent road links being approximately 2 miles (3 km) north of the A40, which provides a direct route into Central London in the south-east and intersects with the M25 and M40, 9 miles (14 km) west of Wembley. The M40 and M25 provide easy access to the Midlands, and wider national motorway network. The (A406) is located 1 mile (2 km) south-east of Wembley and facilitates swift access to Junction 1 of both the M1 and M4.

Air View of site from junction of St John’s Road and Elm Road , the UK’s busiest airport and a major international passenger and freight hub, is located 11 miles LOCATION & DEMOGRAPHICS (18 km) south-west of Wembley, and can be accessed within 30 minutes via the North Circular. It offers flights to 185 Wembley is a thriving and vibrant London suburb situated Wembley boasts a lively sports and music scene. It is home of destinations in over 90 countries. within the , 6 miles (10 km) the world-renowned Wembley Stadium, a major sporting and north-west of London’s West End. The area has benefitted music venue that was visited by over 2 million people in 2017. London Luton is also readily accessed approximately 30 miles from significant levels of investment since 2002 and In addition, the SSE is also situated within (48 km) up the M1. consequently the area has evolved into a popular place to Wembley Park and is the second largest arena in London. live, work and socialise. Over 2.5 million people live within a 2 mile radius of Wembley Notable schemes include the £3.5bn regeneration of the town centre, with 300,000 people living in the Borough of 85 acre site adjacent to Wembley Stadium by Quintain, and Brent alone. the development of a new urban quarter around Wembley Central station by St Modwen. Wembley 500 High Road and 6 St John’s Road, HA9 7JD 4

LOCAL DEVELOPMENTS

1. Wembley Link Phase 1 5 Status – Under Construction 239 Residential Units 3

2. Wembley Place 2 1 Status – Under Construction 248 Residential Units

3. Mahatma Ghandi House Status – Under Construction 198 Residential Units

4. Wembley Central Status – Construction Completed 4 294 Residential Units

5. Wembley Park Masterplan Status – Complete / Under Construction 5,000 Residential Units

Site boundary for indicative purposes only Wembley 500 High Road and 6 St John’s Road, HA9 7JD 5

SITUATION TENURE 500 High Road occupies a prime position on the north side of the High Road, Wembley’s The entire property is held Freehold under title number NGL794698. prime traditional retail pitch. The first and second floor premises at 500 High Road comprises residential accommodation 6 St John’s Road occupies a large corner site to the rear of 500 High Road, with an extensive which has been sold off on long leaseholds expiring on 20 December 2135. frontage to St John’s Road and servicing accessible from Elm Road. Nearby retailers include Primark, Barclays, and Sports Direct. Wembley Central Station is situated 100 metres south west of the property.

DESCRIPTION AND ACCOMMODATION The property comprises two adjoining demises. 500 High Road comprises regularly configured retail accommodation arranged over ground and lower ground floors. 6 St John’s Road comprises accommodation arranged over ground and first floor level. Due to St John’s Road being on a gradient, the ground floor of 6 St John’s Road adjoins the lower ground floor of 500 High Road.

BUILDING FLOOR NIA (SQ FT) NIA (SQ M) 500 High Road Upper Ground 4,988 463.4 Lower Ground 4,477 415.9 Sub Total 9,465 879.3 ITZA 1,586 147.3

6 St John’s Road Ground 6,602 613.4 First 8,005 743.7 Sub Total 14,607 1,357.0

Total 24,072 2,236.4 Wembley 500 High Road and 6 St John’s Road, HA9 7JD 6

TENANCY SCHEDULE

UNIT TENANT LEASE START LEASE EXPIRY REVIEW DATE BREAK DATE PASSING RENT COMMENTS

500 High Road Boots UK Limited 13-Nov-2018 12-Nov-2028 13-Nov-2023 - £115,000 Rent review to market rent

Rent review to market rent The Secretary of State for 24-Jun-2023 23-Jun-2022 6 St John’s Road Housing, Communities and 24-Jun-2017 31-Mar-2028 £200,000 The Mutual Break Option Local Government 24-Jun-2027 (Mutual) is dependent on serving 9 months’ notice. Flats at 492-500 Inquilab Housing 21-May-2009 20-May-2134 - - - (even) High Road Association Limited

Total £315,000

The property benefits from a WAULT of9.1 years to expiry and 5.4 years terms certain (excluding residential tenancies)

COVENANT Boots UK Limited Boots is the leading pharmacy and health & beauty retailer in the UK, with over 2,500 stores nationwide. The company was founded in 1968 and now has over 40,000 employees.

YEAR ENDING AUG-18 (£M) AUG-17 (£M) AUG-16 (£M)

Sales Turnover 6,790 6,948 6,876

Profit / (Loss) Before 398 498 523 Taxes

Net Current Assets 109 305 68 (Liabilities)

The Secretary of State for Housing, Communities and Local Government The Secretary of State for Housing, Communities and Local Government is considered an undoubted covenant.

Boots retail unit ground floor Wembley 500 High Road and 6 St John’s Road, HA9 7JD 7

Pre-App Scheme - View from Corner of Wembley High Road / St John’s Road Pre-App Scheme - View from Corner of Elm Road / St John’s Road

PLANNING PRE-APP SCHEME AREAS The site is situated within the London Borough of Brent. It is not located within a conservation RESIDENTIAL UNITS NSA (SQ M) NSA (SQ FT) area, nor are there any listed buildings on or adjacent to the site. 74 4,801 51,678 A pre-application meeting with the Local Planning Authority has been undertaken for a mixed-use scheme comprising 74 residential units and a retail / leisure / commercial unit at ground floor. In addition, the scheme also proposes for the Boots retail unit to be retained. The COMMERCIAL UNIT GIA (SQ M) GIA (SQ FT) proposal does not alter the Boots retail unit. The principle of residential development above 360 3,875 commercial/town centre uses was deemed to be acceptable. The full pre-application response is available in the dataroom. Wembley 500 High Road and 6 St John’s Road, HA9 7JD 8

EPC CONTACT 500 High Road has an EPC rating of 91(D), a For further information please contact: copy of which will be provided on request. Residential Development: 6 St John’s Road has an EPC rating of 122(E), a copy of which will be provided on request. Sean Cooper [email protected] 0207 4099 948 DATA ROOM Hugh Bushell www.savills.com/500highroad [email protected] 0207 0752 860 VAT Darren Arnold The property has been elected for VAT [email protected] purposes. It is anticipated the investment 0207 4099 926 sale will be treated as a Transfer of a Going Concern (TOGC). Retail Investment: James Stratton [email protected] METHOD OF SALE 0207 4098 880 The property is for sale freehold by way of informal tender (unless sold prior). Charlie Pascoe [email protected] 0207 5352 968

IMPORTANT NOTICE Maps are reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100022432 Savills (UK) Ltd, and published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | June 2019