MARKETING REPORT 69A ALBERT ROAD, KENT, BR2 9PZ

MARCH 2020

PRODUCED BY: THE ACORN GROUP ABOUT THE CONTENTS GROUP

The Acorn Group A brief introduction

Founded in 1984 as a one-office estate agent, The Acorn Group is now one of the largest independent estate agency networks in the UK. The Acorn Group incorporates Acorn Estate Agency, Langford Russell Estate Agency, John Payne Estate Agency, Unique Properties, Start Mortgages and MAP Chartered Surveyors.

The Acorn Group remains privately owned, employs more than 400 staff, and has over 35 offices and divisions. We cover all aspects of the property industry from Residential Sales and Lettings through to New Homes Sales, Property Management, Estate Management, Mortgages, Conveyancing and Commercial and Development Consultancy.

Acorn divisions and subsidiaries

Residential Sales Private Rented Sector Residential Lettings Conveyancing New Homes MAP Chartered Surveyors Property Management Commercial, Investment & Development Estate Management Corporate Sales Start Financial Services Corporate Landlords John Payne PR Division Langford Russell HR Division Unique Start Inventory Services Section 1 - Introduction Section 7 - Conculsion Start Lease Extensions Section 2 - The Property Section 8 - Appendices Operating from offices in London Bridge and Bromley, Acorn’s Commercial & Development Division specialises in the sale and letting of commercial properties, and the sale and acquisition of development Section 3 - Location opportunities and investments throughout London and the South East. We also provide asset and equity management services for institutions and private investors. Section 4 - Value Section 5 - Marketing Section 6 - Feedback

2 3 THE INTRODUCTION PROPERTY

SECTION 1 SECTION 2

Acorn’s Commercial & Development Division has been instructed by Lefa Enterprises Ltd to provide a The property comprises a 0.32acre site comprising a single storey office building & storage unit totalling report analysing expressions of interest previously shown in the property at 69a Albert Road, Bromley, c.3, 500sqft, with 7,500sqft of yard space to the west of the buildings. The existing buildings are in poor Kent, BR2 9PZ. condition throughout and there is evidence of abestos (please see Building Condition Report 8.3).

In April 2019 we were appointed by the former owners, C. W. Gosling Ltd, to provide advice for the proposed sale of 69a Albert Road. C.W Gosling Ltd had operated their electrical contracting business from the property for over 80 years, but in recent years the property had become unfit for purpose. Over the course of their ownership there had been a notible deteriation in the quality of the accommodation, which would have required them to invest significant financial capital to refurbish & renovate, which they were unable to do. Additionally, access into the site had been an on-going problem as the property is located on a primarily residential street, with a single lane access road into the site. The business required large commercial vehicles to enter and exit the site throughout the day, and this became ever more difficult and inappropriate with the parked cars on Albert Road.

We advised C.W. Gosling Ltd to adopt an open marketing campaign which aimed to expose the property to every sector of the market.

4 5 Examples of Marketing

LOCATION

SECTION 3

The property is located in Chaterton Village, a popular area to the South of Bromley town centre and includes a variety of independent retailers, cafes and restaurants. The property sits between Albert Road & Balfour Road, two quiet residential streets which mainly comprise terraced residential dwellings. Railway station is located 1 mile away which offers links into (9mins) Brixton (25mins) and London Victoria (32mins). In terms of major road links, is 0.3miles away and provides a direct route to the A21 (Sevenoaks) and onto the M25.

The number of The Acorn Group branches we operates 6 operate around London & premium brands. 25,000 400 32 The South East. Of people looking for property on our database.

The number of £1. 26 BILLION Subject Property 404,019 staff within The The amount of property we sold last year. The number of pageviews on websites within The Acorn Group. Acorn Group.

6 7 VALUE MARKETING

SECTION 4 SECTION 5

From April 2019 we carried out a comprehensive marketing campaign highlighting the information and details for the property and gave equal opportunity to both commercial and residential occupiers and developers. Our marketing included the following: We advised C.W. Gosling Ltd that the property be marketed with a guide price of £600,000 for the vacant freehold interest. We advised inviting both conditional and unconditional offers. A sales brochure giving all the information interested parties were likely to require. See appendix 8.1.

Clearly the property is unusual for the local area, and therefore there are few direct comparables, - Details sent out on our email circular three times to our database which we have built up over many however, in our professional opinion this was a fair and reasonable marketing price conceived to years and contains 15,000 contacts including a broad range of commercial and residential occupiers generate maximum interest and offers. and developers. See appendix 8.5.

To follow are similar properties which are broadly comparable which we have sold and which we used - Details placed on our website www.acorngroup.co.uk/commercial. The Acorn Group website receives when considering and advising on the guide price of 69a Albert Road for marketing-: over 1.1million hits per year. See appendix 8.7.

-158-160 Ravenscroft Road, , BR3 – Exchanged March 2019- Completed June 2019 for - Details were also place other web portals that we use such as EACH (Estate Agents Clearing House) £1,000,000. (Appendix…) and Move Hut.

The property was sold to a commercial investor who plans to convert, extend and refurbish the existing - Potential purchasers looking for this type of opportunity contacted / spoken to. buildings for both commecial and residential use. - A series of block viewings were undertaken so that interested parties could inspect the property. Ravenscroft Road is the most direct comparable in terms of use, location and condition. Ravenscroft Road provided c.7,500sqft of office & warehouse space, on a site which measured approx. 7,600sqft. Our marketing strategy is tried and test over many years and is designed to maximise interest. The sale price reflects £133sqft. Our agreed strategy was to ensure that we maximised interest, and exhausted our search for any local, 69a Albert Road is 3,500sqft of office & warehouse space, with a 7,500sqft yard, and at the guide price national, or international operators who would be interested in the property. of £600,000, reflects £130sqft for the existing buildings (£455,000), and this equated to £20sqft for the yard area to the west (£145,000). We advertised the property inviting both conditional and unconditional offers, with unconditional offers guided at £600,000, for the vacant freehold interest. As previously stated, this in our professional In terms of usable space which includes the existing buildings and yard space which totals 10,500sqft, opinion, was a fair and attractive guide price. this reflects a guide price of £57per sqft, which is in attractive guide price, when we consider the sale price of 158-160 Ravenscroft Road in Beckenham calculated to be £133 per sqft.

-Albion House, 44a Waldeck Road, Dartford, DA1 - Exchanged & Completed January 2019 for £632,500. (Appendix…)

The property was sold to a retailer for continued commercial use (storage and distribution).

Albion House comprises a 3,600sqft single storey warehouse, and 3,600sqft courtyard located in Dartford. We marketed this property for both sale and rent, inviting offers in excess of £600,000 for the vacant freehold interest, and £35,000p/a for rent. Whilst commercial sales values in Dartford are typically lower than in Bromely, at a guide price of £600,000, this reflected a guide price of £87per sqft for the entire site.

8 9 FEEDBACK CONCLUSION

SECTION 6 SECTION 7

We received 29 enquiries during our marketing campaign. During the marketing, the parties that showed interest in the property were predominantly residential developers. We did receive interest from three commercial operators, although no offers were made, and We carried out 3 block viewings in April and May 2019 for all interested parties to view. The majority of the main reasons for this were; poor condition of the property, inappropriate location for commercial the parties who viewed had the intention of re-developing the property/site for residential. uses and concerns over the impact to the surrounding residential properties.

We had 3 commercial operators who viewed the property. Based on the interest and offers we have received from marketing campaigns on similar commercial properties in 2019, it is apparent that residential accommodation would be better suited for Albert We received no offers for the purchase of the property for commercial use. This is not surprising Road when we consider the location, current condition & clear lack of appeal to commercial operators. when we consider the existing buildings required significant capital investment to bring them up to a suitable standard for continued commercial use, with special attention being paid to the storage units’ asbestos roof. The access road into the property is not suitable for larger commercial vehicles. It is also surrounded by mainly residential accommodation, and commercial users prefer a commercial area where they will not be concerned about complaints from the neighbouring residential properties due to the noise and traffic caused by vehicles entering & exiting the site, which could be during anti-social hours, early in the morning, or late in the evening.

Continued commercial use of any nature, whether across the entire site, or as part of a mixed-use scheme would appear inappropriate when we consider the feedback from the marketing, with special attention being paid to the feedback regarding the inappropriate location of the site when considering the surrounding residential properties, and the concern over commercial vehicles accessing the site.

We received 7 offers. All offers were from parties wanting to develop the property / site for residential use.

We concluded a sale to Lefa Enterprises Ltd who are now the owners. The sale was completed on the 4th October 2019.

10 11 8.1 - Marketing particulars

APPENDICES

SECTION 8

8.1 - Marketing Particulars 8.2 - Site Photographs 8.3 - Building Condition Report 8.4 - Comparables 8.5 - Email Circular 8.6 - Acorn Commercial Website 8.7 - Web Posting

12 13 8.1 - Marketing particulars 8.2 - Site Photographs

14 15 8.2 - Site Photographs 8.3 - Building Condition Report JOB REFERENCE: 19.0101

PROPERTY REFERENCE:

Extended Summary Building Condition Report

LOCATION: PREPARED ON BEHALF OF: Gosling St. Ltd 69a Well Hill Cottage, Pump Lane, , Orpington Albert Road Kent BR6 7PL

Bromley PREPARED BY: Ash Bowles MRICS Kent BR2 9PZ Stephen Barker MRICS

SURVEY DATE: 12 March 2020

ISSUING OFFICE: Capital and Provincial 28 Carnaby Street Revision London W1F 7DQ rd 1: 23 March 2020 [email protected]

16 17 8.4 - Comparables 8.4 - Comparables

158-160 Ravenscroft Road, Beckenham, Kent BR3 4TW Home Description Location Terms View all of our instructions here... III III

LOCATION The subject property is located on Ravenscroft Road; a primarily residential street connecting Road (A214) to Beckenham Road (A234). Birkbeck, Clock House, and Elmers End Stations are all within 1 mile; providing regular services to London Bridge, London Cannon Street and Highbury & Islington. Elmers End also provides a tram service into Croydon, Beckenham and Wimbledon. There are bus stops located less than 0.2 miles away which regularly service the local area. There is a popular secondary parade on Elmers End Road (0.2 miles) which includes a variety of independent retailers, a Co-Operative, as well as Tesco Superstore 1 mile away. Beckenham and Crystal Palace town centres are 1.3 miles & 1.6 miles away respectively, and are both popular leisure destinations offering cafes, restaurants and bars, as well as being home to a number of national retailers. ACCOMMODATION The two-storey office building to the front measures approx. 1,500 sqft, which includes 6 rooms over ground and first floors, a reception area, four toilets, a kitchen and an accessible loft area. The part 1/part 2 storey warehouse to the rear comprises a ground floor area with an eaves height ranging between 2.8m - 3.6m. There is vehicular side access to the warehouse which will benefit commercial operators. The first floor is configured as an open-plan workshop/storage space, accessed via an internal staircase.

USE CLASSIFICATION We understand that the building to the front was previously used as offices (B1), and the warehouses to the rear were used for storage and distribution (B8). Prospective purchases are however advised to satisfy themselves of the same.

E: [email protected] W: acorncommercial.co.uk

158-160 Ravenscroft Road, Beckenham, Kent BR3 4TW 1 Sherman Road, 120 Bermondsey Street, London SE1 3TX Freehold office & warehouse with apparent development potential for sale View more information... Bromley, Kent BR1 3JH T: 020 8315 5454 T: 020 7089 6555

158-160 Ravenscroft Road, Beckenham, Kent BR3 4TW Home Description Location Terms View all of our instructions here... III III 158-160 Ravenscroft Road, Beckenham, Kent BR3 4TW Home Description Location Terms View all of our instructions here... III III

PLANNING HISTORY • Freehold office building & warehouse for sale Three permitted development applications were refused by Bromley • Offices c. 1,500 sqft & warehouse c. 6,000 Council in November & December 2018 for: - ‘Change of use of frontage building from Class B1 (offices) to Class C3 sqft dwellings to provide 2 two bedroom dwellings’. Ref. 18/05267/RESPA • Guide represents just £130/sqft (158-160 Ravenscroft Road, Beckenham BR3 4TW) • Apparent development potential (STPP) - ‘Change of use of warehouse at rear of site from Class B8 to Class C3 dwellinghouses to form 4 residential dwellings’. Ref. 18/05328/B8RES • Will suit owner-occupiers, investors and (Unit to the rear of 158-160 Ravenscroft Road, Beckenham BR3 4TP)

developers First Floor - ‘Change of use of building from use Class B8 storage to C3 dwellinghouses’. Ref. 18/05243/B8RES • Guide Price - £975,000 F/H (Unit to the rear of 158-160 Ravenscroft Road, Beckenham BR3 4TP) Developers may feel the reasons for refusal on these applications can DESCRIPTION be overcome and are encouraged to carry out their own planning due A rare opportunity for commercial operators, developers and diligence. investors alike to acquire a substantial freehold property in Beckenham which benefits from apparent development potential. Until recently, and for over 50 years the property served as the SERVICES We understand the property is connected to all mains services, however, London HQ for a private business, it is now vacant and being offered interested parties are advised to make their own enquiries in this regard. to the market. First Floor The site measures approx. 0.12 acres and comprises a two-storey TERMS period office building to the front measuring c.1,500 sqft, and a Offers in the region of £975,000 are invited for the freehold interest with part 1/part 2 storey warehouse to the rear measuring c.6,000 sqft. full vacant posession. A deadline for offers may be set, and interested The property is likely to appeal to buyers from a range of business parties are therefore advised to contact our offices for further information. sectors, and the chance to purchase freehold commercial property in such a sought-after location is rare. FURTHER INFORMATION There also appears to be development potential (STPP) given that Loft Copies of title plans, existing floor plans and other relevant information the neighbouring property (162 Ravenscroft Road) comprised are available on request. a similar commercial building, and in 2010 planning permission was granted for a mixed-use development scheme comprising 4 VIEWINGS All viewings are by strict prior appointment with Acorn’s Commercial & residential dwellings and an office building to the rear. Ground Floor Development Division on 020 8315 5454.

For more This [brochure and its content] is copyright of Acorn Limited © 2016. All rights reserved. Any E: [email protected] information redistribution or reproduction of part or all of the contents in any form is prohibited. You may not, E: [email protected] except with our express written permission, distribute or commercially exploit the content, nor may you W: acorncommercial.co.uk contact: W: acorncommercial.co.uk Jamie Stevenson or transmit it or store it in any form. Jeff East on 1 Sherman Road, 120 Bermondsey Street, Acorn as our vendor’s agents have endeavoured to check the accuracy of these sales particulars, but 1 Sherman Road, 120 Bermondsey Street, 020 8315 5454 Bromley, Kent BR1 3JH London SE1 3TX however can offer no guarantee, we therefore must advise that any prospective purchaser employ their Bromley, Kent BR1 3JH London SE1 3TX own experts to verify the statements contained herein. All measurements are approximate and should T: 020 8315 5454 T: 020 7089 6555 Meet the rest of the team... not be relied upon. No equipment, utilities, circuits or fittings have been tested. T: 020 8315 5454 T: 020 7089 6555

18 19 8.4 - Comparables 8.5 - Email Circular To Database

Home Description Location Terms

• Warehouse unit for sale / to let • Building measures approx. 3,600 sqft, • Courtyard measures approx. 3,600 sqft • Close proximity to Dartford Station and M25 • Apparent development potential (STPP) • Will suit owner occupiers, developers and investors • OIEO £600,000 F/H • Guide Price £35,000pa

DESCRIPTION Albion House is a conveniently located B1/B8 warehouse unit with ample parking and a practical layout. The property provides 3,600 sqft of accommodation over ground floor and is laid out to provide two offices, three large warehouse spaces and a reception area. Externally there is a large courtyard measuring approx. 3,600 sqft ideal for storage, loading and parking. The building also has male and female W/C’s, a kitchen and high ceilings. There is also 3 phase power provided. This property is likely to appeal to buyers from a range of business sectors, and the chance to purchase freehold commercial property is rare in this area. There also appears to be development potential (STPP), the property has a lapsed planning consent for the demolition of warehouse and erection of 3 storey building comprising six 1 bed and three 2 bed apartments.

SERVICES We understand that the property is connected to all main services, however, interested parties are advised to make their own enquiries.

Albion House, 44a Waldeck Road, Dartford, Kent DA1 1UA Warehouse unit for sale / to let View more information...

Albion House, 44a Waldeck Road, Dartford, Kent DA1 1UA Home Description Location Terms View all of our instructions here... III III

LOCATION The property is located behind a row of terraced houses, accessed through a private road to the side of number 44 Waldeck Road. Dartford is a busy commuter town with good local amenities such as Bluewater Shopping Centre and other small retail parks. Dartford is located close to the M25 which provides access to M1, M3, M40 and many more. PLANNING HISTORY There is lapsed planning consent from 2008 for the demolition of existing printers works and erection of a detached three storey building to provide 6 one bedroom and 3 two bedroom flats together with associated car parking M25 and bin/cycle store. Ref. 08/00044/FUL 08/00029 Ref. An application to review this planning consent was refused in 2011, demolition of existing printers works and erection of a detached three storey building to provide 6 one bedroom and 3 two bedroom flats together with associated car parking and bin/cycle store. Ref. 11/01225/FUL. TERMS

Offers in excess of £600,000 are invited for the freehold interest, with M25 full vacant possession. Guide rent £35,000pa with immediate occupancy available. We understand that VAT is not applicable in this transaction. BUSINESS RATES According to the summary valuation effective from 1st April 2018, the rateable value for the property is £18,500. We understand rates payable are therefore approximately £8,800 per annum for the period 2018/2019. FURTHER INFORMATION Copies of floor plans are available upon request. VIEWINGS All viewings are strictly by prior appointment with Acorn’s Commercial & Development Division on 020 8315 5454.

For more This [brochure and its content] is copyright of Acorn Limited © 2016. All rights reserved. Any redistribution or reproduction of part or all E: [email protected] information of the contents in any form is prohibited. You may not, except with our express written permission, distribute or commercially exploit the contact: content, nor may you transmit it or store it in any form. W: acorncommercial.co.uk Adam Hosking Acorn as our vendor’s agents have endeavoured to check the accuracy of these sales particulars, but however can offer no guarantee, 020 8315 5454 we therefore must advise that any prospective purchaser employ their own experts to verify the statements contained herein. All 1 Sherman Road, 120 Bermondsey Street, measurements are approximate and should not be relied upon. No equipment, utilities, circuits or fittings have been tested. Bromley, Kent BR1 3JH London SE1 3TX Meet the rest of the team... T: 020 8315 5454 T: 020 7089 6555

18 21 8.6 - Acorn Website 8.7 - Web Posting - Property Link

22 23 8.7- Web Posting - Movehut 8.7- Web Posting - EACH

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