54-62 HIGH STREET BR1 1EG

PROMINENT UNBROKEN PRIME RETAIL PARADE INVESTMENT INVESTMENT SUMMARY

• A rare prominent unbroken freehold prime retail parade located in major affluent Borough

• The London Borough of Bromley is one of the largest economies within

• Situated in the prime High Street, the main retail thoroughfare diagonally opposite The Glades Shopping Centre

• Freehold

• Total passing rent £490,500 per annum

• WAULT of 6.78 years to expiry and 5.47 years to break.

• Significant inward investment with U+I and Crest Nicholson developing new residential and leisure led schemes

• Opportunity to convert the upper parts to residential use subject to vacant possession and the necessary consents

• Offers in excess of £6,815,000 (Six Million, Eight Hundred and Fifteen Thousand Pounds) for the Freehold interest in the property subject to contract and exclusive of VAT. A purchase at this level will reflect a NIY of 6.75% after allowing purchasers costs of 6.65%. CITY AIRPORT M25 M25 CENTRAL LONDON CANARY WHARF M4 M4

HEATHROW A20 LOCATION AIRPORT TWICKENHAM A3 DARTFORD A23 M25 M25 HAMPTON COURT WIMBLEDON A232 A20 Bromley is a popular and thriving London suburb located within the London Borough of Bromley, BROMLEY M3 KINGSTONA3 MITCHAM the largest borough in Greater London located approximately 11 miles (17.70 km) south east of UPON THAMES CROYDON M20 A24 M25 Central London and approximately 8 miles (12.87 km) east of Croydon. ESHER A21 A232 A3 EPSOM Bromley is the commercial and administrative centre of the Borough and nearby town centres A23 include Beckenham to the west 2.5 miles (4.02 km), Streatham to the north west 8.7 miles M25 (14.00 km) and Greenwich to the north 7.6 miles (12.23 km). A22 LEATHERHEAD A3 M23 M25 M26 Bromley is located within the M25, approximately 9 miles (14.48 km) from both Junction 3 and 4 A24 accessed directly from the A20 and A21 which lies to the west and the east of the town providing REDHILL JOURNEY TIMES - RAIL connectivity to the national motorway network and south east airports. REIGATE Bromley South M23 London Victoria 17 Minutes Bromley is served by two railway stations. Bromley North and South Bromley Rail Station, the London Blackfriars 34 Minutes A22 St Pancras International 44 Minutes latter serves over 6 million passengers a year and is a major interchange providing regular train A24 Gatwick Airport 1 Hour 2 Minutes service to London Victoria and London Blackfriars Station, with fastest journey times of less GATWICK AIRPORT than 18 mins. The station has benefitted from a multi-million pound accessibility improvements Bromley North scheme in recent years. London Victoria 22 Minutes CRAWLEY London Blackfriars 39 Minutes London City Airport is located approximately 12.3 miles (19.79 km) north of the centre, St Pancras International 49 Minutes Gatwick Airport approximately 23 miles (37.01 km) to the south west and Heathrow is 42 miles Gatwick Airport 1 Hour 7 Minutes (67.59 km) north west of the town. DEMOGRAPHICS

Bromley has a total population within it primary catchment of 711,000 above the Regional Centre average with an estimated shopping population of 370,000 (19th PROMIS Centre). The Town is ranked 4th for shopper population across London centres (excluding Central London) (PMA 2017).

Bromley has a significantly above average proportion of its population within the most affluent AB social group whilst there is an under-representation of the least affluent C2 and D&E categories. Bromley is projected to see significant above average growth in population over the period 2016-21.

Bromley contains a practically high proportion of adults within the working age (25-44) and is seen as a home for a number of affluent commuters.

SITUATION

The property occupies a highly prominent corner position on the west side of the High Street, just south of the pedestrianized High Street section. It is situated diagonally opposite to the main entrance of The Glades Shopping Centre and opposite to the entrance of Shopping Centre.

Its location between the town centre and Bromley South railway station (200m to the south) allows the property to benefit from the significant footfall.

Opposite the station is the St Mark’s Square leisure led development scheme currently under construction by U+I and due for completion imminently. The development will significantly increase footfall for the subject property.

National retailers within the immediate vicinity include TK Maxx, Sports Direct, Blacks and Wilkinson’s. 17 18 12

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6 7 9 8 3 16 4 1 5 10 15 14 11 21

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KEY 1. Subject Property 12. Waitrose 2. Bromley South Train Station 13. Pavillion Leisure Centre 3. The Mall Shopping Centre 14. Metro Bank 4. The Glades Shopping Centre 15. Clarks 5. TK Maxx 16. Marks & Spencer 6. Sports Direct 17. Bromley Civic Centre 7. Blacks 18. Civic Centre Multi Storey Car Park 8. Boots 19. Churchill Theatre 9. Wilkinsons 20. NCP Car Park (255 Spaces) 10. St Marks Square Development 21. 400 Car Park Spaces (300 Public Spaces) 11. Crest Nicholson’s Regent Place For indicative purposes only Development (160 Apartments) RETAILING IN BROMLEY

Bromley is ranked 4th for shopper population across London centres (excluding Central London) and is projected to see significantly above average growth in population within its Retail Market Area over the period 2017 -2022 (PMA 2017).

The shopping core is dominated by both the High Street and The Glades shopping centre. The Glades Shopping centre comprises over 500,000 sq ft and is anchored by Marks & Spencer (160,000 sq ft) and Debenhams (100,000 sq ft). The centre also offers a mix of well-known brands and national occupiers including: Zara, New Look, H&M and Boots as well as Apple, Phase Eight, Jo Malone, Hobbs and Mac.

The High Street provides a busy and popular throughfare home to a number of major national retailers including; Primark, Next, Topshop and Office and also benefits from a number of banks and local amenities located on the sourthern end of the High Street. In addition to the The Glades, the Mall Shopping Centre is a smaller, partially covered scheme totalling approximately 116,000 sq ft.

The retail provisions within the High Street combined with Bromley’s thriving leisure sector due to further expand with the completion of St Mark’s Square makes Bromley one of South London’s busiest retailing locations.

The subject property is situated between TK Maxx and Wilko and opposite Sports Direct and Poundland. This strategic location between the main shopping centres and Bromley South Train Station/St Mark’s Development draws significant footfall.

Prime Zone A rents in Bromley are achieved within Glades Shopping centre and are approximately £200 per sq ft Zone A. The pedestrianised High Street section prime rents are between £115 -£130 per sq ft Zone A and the southern part of the High Street the prime rental tone is approximately £70 -£75 per sq ft Zone A.

RESIDENTIAL

In Bromley house prices continue to be strong, with sales numbers showing strong capital growth. The family friendly suburban borough remains a popular commuter zone for buyers looking to remain close to the financial and professional services of Central London. The recently completed Crest Nicholson scheme directly behind the subject property comprising 160 apartments has been achieving approximately £600 per sq ft. Bromley NCP CARPARK (255 SPACES)

CREST NICHOLSONSCHEME 160 UNITS 400 SPACE CARPARK (300 PUBLICSPACES)

RESIDENTIAL

UNITS ST

200

MARKS SQUA MARKS

T DEVELOPMEN RE

Experian Goad Plan Created: 09/03/2018 Created By: GVA 50 metres

Copyright and confidentiality Experian, 2016. © Crown For more information on our products and services: copyright and database rights 2016. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 DEVELOPMENTS IN BROMLEY

St Mark’s Square is a new “Urban Lifestyle Quarter” offering a mix of retail, leisure and residential located at the southern end of the town centre, adjacent to Bromley South Railway Station. The development will comprise 200 apartments, 130 bed Premier Inn Hotel and a new 400 secure underground car park with completion due imminently. In addition a landscape public plaza will provide a nine scree multiplex cinema and 25,000 sq ft of cafes and restaurants including Pizza Express, Deans Diner, Nando’s and Turtle Bay. The scheme is expected to inject £220m in the local economy over the next 10 years. The scheme provides a further anchor to the south end of the High Street further improving footfall.

The former Bromley Town Hall (Located to the north of the High Street) has planning consent for the conversion into a 94 bed boutique hotel and restaurants along with a five story block of 53 apartments.

In addition, The London Borough of Bromley has recently completed a £5.5 million public realm improvement scheme of Bromley North Village in partnerships with local businesses. The council is now draft proposals for various improvements along the High Street together with relocation and upgrades of the market improving pedestrian flow and footfall.

Since 2014/0215 there have been approximately 400 completed permitted development units within Bromley with an additional 395 units currently in the pipeline.

Bromley Council have a five year supply target of 3,365 units from 2017 which will be achieved through permitted development schemes along with other sources including allocated sites and Draft Local Plan allocations (London Borough of Bromley, Five Year Housing Land Supply 2017)

DESCRIPTION

The property comprises an attractive three storey unbroken parade essentially over two buildings, unit 54-60 High Street are of a mock Georgian style comprising 4 retail units and 62 High Street is of an Art Deco style comprising 4 retail units. The parade benefits from dual aspect onto the High Street and Ringers Road.

The accommodation is provided through eight well configured retail units with the units offering a mix of sales and ancillary accommodation on the upper floors.

The property benefits from rear access road to the rear via Ringers Road. ACCOMMODATION

The current accommodation provides the following NIA areas:

Description Floor NIA (Sq ft) ITZA

54 High Street Ground Floor 1,772 515

56 High Street Ground Floor 881 574

58 High Street Ground Floor 1,082 615

First Floor 1,142

Second Floor 545

60 High Street Ground Floor 1,156 636

First Floor 1,028

Second Floor 544

62 High Street-Unit 1 Ground Floor 928 597

62 High Street-Unit 2 Ground Floor 963 604

First Floor 1667

62 High Street-Unit 3 Ground Floor 609 489

62 High Street-Unit 4 Ground Floor 2578 1140

First Floor 3,302

Second Floor 4,921

Total 23,118 TENURE

Freehold.

TENANCY

The property is let to 8 tenants on 8 leases with a WAULT of 6.78 years to expiry and 5.47 years to break, producing a total income of £490,500 per annum. Within the last 2 years 5 tenants have either renewed or taken new lettings resulting in re-based rents.

Area Lease Break Rent Address Tenant (sqft) Status Lease Start Expiry Option Next RR (£ p.a.) Brochure Comments

54 High Street Tina Yu Beauty Limited 1,772 Let 25/05/16 24/05/26 25/05/21 £47,500

56 High Street Holland & Barrett Limited 881 Let 25/03/11 24/03/26 25/03/21 £65,000

Currently under offer for a renewal on a 10 year lease subject to TBO in year 5 58 High Street TSB Bank Plc 2,769 Let 25/12/93 24/12/18 £55,000 and a rent review at £54,000 per annum. Stepped rent, 23rd January 2018 ending on 22nd January 2019 - £57,000 p.a 60 High Street LA Pasta Limited 2,728 Let 23/01/17 22/01/27 23/01/22 £60,000 23rd January 2019 onwards £60,0000. The vendor will provide a top-up What’s New Pussycat Limited 62 High Street - Unit 1 928 Let 01/08/15 31/07/25 01/08/20 01/08/20 £42,000 Guarantor - John Leyser

62 High Street - Unit 2 Princess Alice Hospice 2,630 Let 19/02/18 18/02/28 19/02/23 19/02/23 £52,000 6 months rent free from lease start date. The vendor will provide a top-up

From commencement date ending 31st July 2018 - £32,000 p.a From 1/08/2018 62 High Street - Unit 3 The Glasses Lab Ltd 609 Let 01/08/16 31/07/26 01/08/21 01/08/21 £34,000 to review date £34,000. The vendor will provide a top-up

62 High Street - Unit 4 Laura Ashley Limited 10,801 Let 25/12/13 24/12/23 £135,000

Totals 23,118 £490,500 EPC

Address Description Rating 54 High Street Retail E121 56 High Street Retail C66 58 High Street Retail C71 60 High Street Retail E116 62 High Street – Unit 1 Retail C70 62 High Street – Unit 2 Retail D82 62 High Street – Unit 3 Retail D87 62 High Street – Unit 4 Retail C74

VAT

We understand the property has been elected for VAT and therefore VAT will be chargeable on the purchase price. We anticipate that the transaction will be treated as a transfer of a going concern (TOGC).

PROPOSAL FURTHER INFORMATION

Offers sought in excess of £6,815,000 For further information or to arrange an inspection, please contact the sole agents: (Six Million, Eight Hundred and Fifteen Mathew Rogers Mark Frampton 65 Gresham Street Thousand Pounds) for the Freehold interest 020 7911 2726 020 7911 2181 London EC2V 7NQ in the property subject to contract and exclusive [email protected] [email protected] www.gva.co.uk/13986 of VAT. A purchase at this level will reflect

a NIY of 6.75% after allowing purchasers GVA is the trading name of GVA Grimley Ltd an Apleona company. ©2017 GVA. GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do costs of 6.65%. not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA.

GVA: May 2018 © Produced by Barbican Studio 020 7634 9573