OF INTEREST TO DEVELOPERS AND INVESTORS

THE HYDE 1606 , ROAD NW9 6NW

CAR SHOWROOM INVESTMENT WITH DEVELOPMENT POTENTIAL 1606 THE HYDE, CAR SHOWROOM INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

Opportunity Overview

• A successful pre app submission has established the principle of a redevelopment to provide a ground floor showroom together with 114 residential units above in an 8 storey development.

• The property occupiers a prominent North London location fronting the Edgware Road.

• Located within the Area Action Plan one of the largest growth and regeneration areas in the Borough of Barnet.

• Total accommodation of 40,228 sq ft (3,738.6 sq m) on a site area of 0.47 hectare (1.15 acres).

• Fully let to HR Owen Ltd producing a current passing rent of £425,000 pa equating to approximately £10.56 psf.

• The property is under-let to Regent Automotive Ltd on a co-terminus lease for a term certain of approximately 6.75 years.

• ERV of £16.50 psf producing a rent of approximately £663,750 per annum.

• We are seeking offers in excess of £10,000,000 subject to contract reflecting an attractive net yield of 4.0% and a reversionary yield of 6.22% in December 2018 after purchaser’s costs of 6.7%.

2 1606 THE HYDE, EDGWARE ROAD CAR SHOWROOM INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

Location The property is located in Colindale, North Thameslink to London Blackfriars. Numerous West London, six miles south of Junction 4 of bus services also contribute to the excellent the and eight miles north of transport links. The Hyde Central 26 Mins . Approximately 300 yards to the south of the The Hyde Colindale 16 Mins This area of north-west London is densely site lies a Sainsbury’s foodstore and a number populated with an affluent catchment of retail warehouse schemes are situated The Hyde Hendon 17 Mins area. within close proximity. To the north and west of The Hyde are several major residential The Hyde M1 11 Miles Colindale benefits from two London developments including Colindale Gardens, Underground Stations at and Edition Colindale and The Silver Works. The Hyde M25 20 Miles Colindale (shortly to undergo a £11m University, home to over 37,000 renovation), providing a 30-minute journey students lies approximately 1.4 miles to the The Hyde Heathrow 24 Miles time to Kings Cross on the Northern Line. north of the property. Hendon Station located within easy walking distance provides a 27-minute commute on

SUNNY HILL PARK

COLINDALE

M1 A5

STAG WAY COLINDALE AVE COLINDEEP LANE

GROVE PARK EVELYN AVE

M1 NEW WAY RD SHEAVESHILL AVE

COLIN GARDENS WOODFIELD AVE CROSSWAY ROE THE BURROUGHS WAKEMAN HILL AVE RUSHGROVE AVE

KINGSBURY HIGHFIELD AVE

ROE GREEN SPRINGFIELD MOUNT WATFORD WAY

HENDON CENTRAL A4006 THE HYDE HENDON WAY A5 STATION RD

M1

HENDON TOWNSEND LN LN TOWNSEND

FRYENT WAY PLAYING FEILD

B454

KINLOCH DR TOWNSEND LN

WOOD LANE A5 WOODFIELD PARK

B454 3

NORTH CIRCULAR RD 1606 THE HYDE, EDGWARE ROAD CAR SHOWROOM INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

Situation The property occupies a prominent position fronting directly onto Edgware Road, with Hillfield Avenue and Silkfield Road to the north and south respectively.

The surrounding area is predominately residential. The subject property is conveniently situated in close proximity to a number of national and independent retail traders including Costa Coffee, Barclays, Lloyds Bank, William Hill, Londis and a Sainsbury foodstore. Description The property comprises a car showroom, workshops and offices, constructed during the 1930’s and fully refurbished in the 1990’s. The property is of brick construction providing a open plan showroom.

Internally, the building is arranged over three floors, the basement being used for parts and storage. The ground floor forms a mix of showroom, office and servicing accommodation with the first floor being utilised as further offices, meeting rooms and a staff canteen. Accommodation We have been provided with the following floor areas which are measured on a gross internal basis.

Area Use Sq m Sq ft Ground Floor Main Showroom 501.02 5,393 Ancillary/Stores 147.99 1,593 Offices 313.82 3,378 Workshop/Parts 1016.17 10,938 First Floor Offices/Stores 587.42 6,323 Parking Number of Spaces The Site Basement Parts Storage 669.08 7,202 Display 45 The property occupies a prominent site with a frontage to Undercroft Valet 413.51 4,451 Parking 75 Edgware Road of approx. 77.3m (254 ft) a maximum site depth (frontage onto Silkfield Road) of 78.9m (259 ft), and Plant Room 88.25 950 Total 120 extends to an approximate site area of 0.47 hectares (1.15 Total Gross Internal Areas 3737.3 40,228 acres).

4 1606 THE HYDE, EDGWARE ROAD CAR SHOWROOM INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

Tenure Occupational Market Freehold The passing rent of £425,000 pa equates to only £10.56 psf which we believe is reversionary. We are of the opinion that the ERV is in the order of £663,750 p.a equating to £16.50 psf. We set out below a sched- ule of rental comparables. Tenancy The property is let to HR Owen Plc for a term of 25 years from 4th March 1999 Property Date Site Area Unit Size Rent (Per Overall Rent expiring on 4th March 2024 on an FRI lease at a current rent of £425,000 per annum (Acre) psf Annum) psf leaving a term certain of approximately 6.75 years. The lease provides for rent reviews Ford Commercial, Orion Q4 2015 2 17,764 £320,000 £18.01 every fifth year falling on 25th December 2018 and 1st December 2023. Park, , RM9 6SA The entire property is sublet to Regent Automotive Ltd on a co-terminus lease less Porsche, Gallions Reach, London Q4 2014 2 25,511 £480,000 £18.86 two days at the passing rent. The sublease is excluded from the security of tenure Volvo, 115 Power Q3 2014 1.17 15,949 £554,386 £34.76 provisions under the Landlord and Tenant Act 1954. Road, Peugeot/ Citroen, Q4 2013 1.8 24,972 £450,000 £18.02 Road, , E4 8SP Covenant Honda, Edgware Road, Q3 2014 1.47 23,787 £560,000 £27.50 HR Owen Ltd Hendon, London, NW9 6JZ (effective rent) A franchised motor dealer operating from sites in , Greater Manchester, Berkshire, Surrey and Hertfordshire. Accounts provide the following;

12 months to 16 months to April 2016 April 2015 Turnover £355.6 m £451.9 m Pre Tax Profit £1.637 m £5.84 m Net Asset Value £20.71 m £19.18 m

Regent Automotive Ltd Operates as a Volvo franchise dealership. The latest available accounts provide the following;

12 months to 12 months to December 2015 December 2014 Car showroom. Workshop. Turnover £77.095 m £70.998 m Pre Tax Profit £0.436 m £2.375 m Net Asset Value £3.65 m £3.3 m

5 1606 THE HYDE, EDGWARE ROAD CAR SHOWROOM INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

Development Opportunity Total Residential Units 1 Bed Units 55 The vendors have discussed the principle of a re-development with Barnet Council planning officers and have submitted a request for 2 Bed Units 59 pre-application advice which included a Design Intent brochure Total 114 together with a drawing pack with a schedule of accommodation. These documents are available in the data room. Floor GIA sqm GIA sqft The illustrative scheme comprises a mixed use building of Basement 3,940 42,410 basement, ground and seven upper floors which we believe Ground Floor 2,018 21,722 is the minimum height that can be achieved. First Floor 1,918 20,645 The ground floor proposal comprises continuation of the Second Floor 1,735 18,676 current car showroom or an alternative commercial use Third Floor 1,348 14,510 with a GIA (Gross Internal Area) of 2,018 sqm (21,722 sq ft) together with one duplex flat. Fourth Floor 1,188 12,788 Fifth Floor 1,188 12,788 The seven upper floors comprise a total of 114 flats (55 x 1B, Sixth Floor 1,188 12,788 59 x 2B) with a total GIA of 9,662 sqm (104,002 sq ft). Seventh Floor 1,097 11,808 The basement includes 129 car spaces for residential use and Total 15,620 168,135 additional ground floor commercial car parking. The scheme will require an affordable housing element and the percentage of this will be down to negotiation on A landscaped amenity deck is proposed at first floor level submitting a detailed planning application above the ground floor car park along with roof gardens to the lower buildings on Silkfield Road.

6 1606 THE HYDE, EDGWARE ROAD CAR SHOWROOM INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

1 3 Colindale

2 4 6 5

Development Details 1 TNQ (The Northern • 460 apartments THE HYDE Quarter) • 60,000 sq ft of COLINDALE commercial space 2 Silver Works • 191 apartments • 6 town houses KINGSBURY GREEN 3 Green Point • 32 apartments 8 4 Edition Colindale • 1,495 apartments

5 Colindale • Set over 9 acres 7 Gardens • 2,900 new homes 6 Beaufort Park • 2,800 apartments • 78,000 sq ft of commercial space 7 The Rushgroves • 386 Residential Units 10 8 Premier Inn

9 Sainsbury Foodstore Colindale to London - 28 mins 10 Connaught Business Park 9

7 1606 THE HYDE, EDGWARE ROAD CAR SHOWROOM INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

VAT The Property is elected for VAT and it is proposed that the sale will be treated as a Transfer of a Going Concern (TOGC). EPC Available on request. Data Room There is a data room for the property. Access can be obtained on request. Proposal We are seeking offers in excess of £10,000,000 subject to contract reflecting a net yield of 4.0% and a reversionary yield of 6.22% in December 2018 after purchaser’s costs of 6.7%. For further Information contact John Reavley D: 0203 667 8404 M: 07899 841 312 E: [email protected]

Andrew Barrs D: 020 3667 8408 M: 07909 522 151 E: [email protected]

Tom Steadman D: 020 3667 8406 M: 07904276239 E: [email protected]

BCM Misrepresentation Act: St Christophers House These particulars are issued, without responsibility on the part of the vendor, BCMRE or any of their respective employees or agents and serve only as an introductory guide to the premises. No part of them constitutes a term of a contract or a statement or representation upon which any reliance can be placed. Any person with an actual or prospective interest in the premises must satisfy themselves as to any matter concerning the premises by inspection, St Christophers Place independent advice or otherwise. BCMRE nor any of their employees or agents have authority to make or give any representation or warranty as to the premises whether in this report or otherwise. Unless otherwise stated all figures London, W1U 1NZ quoted are to be considered exclusive of VAT. The plans are published for convenience of identification only, and although believed to be correct, their accuracy is not guaranteed and does not form part of any contract. www.bcmre.com Design and produced by PLP London T:020 3137 3079 • plplondon.com

8