239 243 Kingsway | Hove | Bn3 4He

239 243 KINGSWAY | HOVE | BN3 4HE

1 239 243 KINGSWAY | HOVE | BN3 4HE

EXECUTIVE SUMMARY

- Planning permission granted for 37 luxury new-build private tenure residential apartments; - Rare opportunity to deliver premium new-build seafront apartments in Hove; - Ideally positioned with far reaching uninterrupted views over the English Channel, and South Downs National Park; - Advantageously located in Hove, a premier residential destination within the city of Brighton; - Plentiful recreational facilities adjacent, including beach promenade, tennis courts, Hove Lawns, The King Alfred leisure centre and Hove Lagoon; - Diverse range of restaurants, cafes, shops and food stores are available close by along Church Road (1.2 miles); - Well connected, with direct services to London Victoria and Gatwick Airport available from Hove railway station (1.5 miles); - Convenient access to motorway network via A23 and A27 arterial links; - Minimal Section 106 contributions, including obligation to provide 2 onsite affordable tenure dwellings or an offsite contribution of £125,244; - The site occupies an approximate site area of 0.37 acres (0.15 hectares); - Freehold for sale with vacant possession; - Unconditional offers invited.

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HOVE

WORTHING

HOVE LAGOON HOVE LAWNS ROCKWATER

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LOCATION

Brighton and Hove is the most populous city in South East England. The city is located 50 miles (80 km) south of London, and is situated between the South Downs National Park and the English Channel.

The city’s good schools, fine properties, The seafront is lined with hotels, bars and beachside location, abundant recreational restaurants which overlooks the swathes opportunities, excellent entertainment of pebble beaches and the Brighton Pier. and leisure facilities, and its proximity Tourists are attracted to the city to take to London have made it a favourite for advantage of the Victorian seafront, and affluent households, as well as a key tourist can enjoys views across the English Channel destination. from the i360 viewing tower. The modern undercover shopping centre at Churchill South Downs National Park An abundance of arts, dining, music, Square provides an array of retailers, and shopping, jewellery, fashion, theatre and high street shopping is available along Dyke architecture is available in the city centre, Road, Western Road and Queens Road. Rockwater Restaurant, Bar and Members Club which is typically a 12 minute taxi ride from the site. Once in the city centre, everything The Royal Pavilion, the exotic seaside palace is within walking distance. The city is famous of King George IV, is the cultural heart of the for its unique style and culture. city known for its flourishing arts and music scene. It is home to the Brighton Dome; The Lanes in Brighton’s historic quarter Brighton Museum and Art Gallery, and the is an intricate maze of twisting alleyways, peaceful Pavilion Gardens. The Brighton which is full of independent and chain Centre is also located on the seafront, boutiques, restaurants and bars. A number hosting music, comedy and theatre events. of restaurants providing fine dining are also located on Church Road in Hove and along Brighton and Hove is home to two the seafront. Increasing levels of London Universities, including the University of investment and more affluent households Brighton and the University of Sussex. moving to the area are reflected in the recent Prestigious local schools include opening of premium venues and members Brighton College, Roedean School and clubs, including The Ivy, Soho House and Hurstpierpoint College. Rockwater. Brighton Marina has received significant recent investment in its new leisure, gym and shopping facilities, providing an alternate destination to the city centre.

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3 4

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1. North Lanes 2. Photography exhibition Brighton seafront 3. The Ivy 4. Bristish Airways i360 5. Royal Pavilion 6. Brighton Pier 7. West Beach Bar & Kitchen

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M40 M1 A1M M11 N

SWINDON M25 CONNECTIVITY READING LONDON M4

M2 ROAD RAIL GUILDFORD M20 M3 MAIDSTONE Hove benefits from excellent road DOVER Brighton and Hove benefits from three M23 connections and the site is located 2.5 miles principal railway stations, including Hove, WINCHESTER GATWICK AIRPORT (4 km) south of the A27 (Shoreham Bypass). FOLKESTONE Brighton and London Road. Hove railway SOUTHAMPTON AIRPORT A23 A259 station is located 1.5 miles (2.4 km) north SOUTHAMPTON The A27 is the main arterial route along the HASTINGS east of the site and is a 5 minute drive or 10 PORTSMOUTH south coast and provides access to Worthing, minute cycle. A27 A27 Chichester and Portsmouth westbound, BOURNEMOUTH BRIGHTON before connecting to the M27 motorway Fast modern trains provide frequent direct which in turn leads to Southampton. The services from Hove railway station to Not to scale, for indication purposes only A27 also provides access to Eastbourne London every 30 minutes at peak times. eastbound. Hove has become a highly desirable commuter location as a result of its superb Hove also benefits from access to the A23 rail connections, providing ease of access to dual carriageway, which connects directly to Central London and other key centres. the M23 at Junction 11. The A23 provides access northbound to Gatwick Airport, BUS Crawley, Redhill, Croydon and Central London (via the M23). The M23 also connects Hove is well served by a network of local and to the M25 at Junction 7 and the national regional bus routes. The nearest bus stop is motorway network beyond. 50m from the site called Langdale Gardens, providing a frequent, reliable and direct bus service to Brighton city centre. Convenient BIKE FACILITIES access to regular services enables local residents to travel the city easily without BTN BikeShare provide a bicycle rental reliance upon cars or trains. service throughout the city. Hubs are located throughout the city and provide affordable and easy access to bicycle rental.

JOURNEY TIMES FROM HOVE RAILWAY STATION (ALL DIRECT JOURNEYS)

PORTSMOUTH & BRIGHTON WORTHING GATWICK AIRPORT EAST CROYDON LONDON VICTORIA SOUTHSEA 4 14 31 48 66 74 MINS MINS MINS MINS MINS MINS

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SITE DESCRIPTION

The site is situated in Hove, an affluent The site comprises three existing residential area located 2.5 miles west of Brighton properties, including one detached city centre. Hove is considered a premium house and two semi-detached houses. All location within the city and benefits from three properties front onto Kingsway and direct access to the seafront and a number overlook Brighton Beach and onto Hove of high-quality local amenities. Local Lawns immediately to the south. Both ways facilities include Hove Lawns, Hove Lagoon, along the Kingsway, there are a number of Rockwater Bar and Restaurant and The King apartment blocks overlooking the seafront. Alfred Leisure Centre. Nearby areas of open To the north of the site, there are residential space include Hove Recreation Ground, Wish roads which predominantly comprise Park Playground, and St. Ann’s Well Gardens. Victorian terrace and semi-detached houses. The famous South Downs National Park is The site occupies an approximate site area located 2.5 miles (4 km) north of Hove and of 0.37 acres 0.15 hectares. The site benefits runs from Winchester to Eastbourne. This from existing vehicular and pedestrian access includes the Devil’s Dyke landmark, which is points from the Kingsway, and a further located is 5 miles (8 km) north of Hove. access point via Braemore road. The existing house at 243 Kingsway has a party wall with 245 Kingsway. A Separation Proposal Condition was approved as part of the planning permission, and is available in the data room to review.

Indicative Site Boundary

NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery 7 Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. Note:- Published for the purposes of identification only and although believed to correct accuracy is not guaranteed.

PLANNING PERMISSION

The site falls within the jurisdiction of Brighton and Hove City Council. Detailed planning permission was allowed at appeal on 18th December 2020 for “Demolition of the existing dwellings and erection of a part five, part eight storey building to provide 37 residential dwellings, with associated access, parking and landscaping.” (ref: APP/Q1445/W/20/3246231). The consented development is subject to a Section 106 agreement. We summarise the Section 106 contributions below.

Item Amount (not indexed) Local Employment Scheme Contribution £10,400 Undertaking Costs £3,000 Cycle Vouchers £150 per dwelling Artistic Component £19,250 Car Club Membership Provide each first resident with 2 years free membership Bus Pass Provide each first resident with 6 months free bus pass Cycling Skills Course Provide each first resident with one free cycling skills course

There is an obligation in the Section 106 that two affordable tenure dwellings are to be delivered on site and transferred to a Registered Provider. In the event that a sale to a Registered Provider cannot be concluded, an alternative affordable housing contribution of £125,244 can be paid in lieu of onsite affordable tenure dwellings. The Section 106 agreement is subject to a review mechanism in respect of affordable housing, which is linked to the viability of the consented scheme. Please refer to Schedule 4 of the Section 106 agreement. The consented development is also liable for Community Infrastructure Levy (CIL). Brighton and Hove City Council approved their CIL charging schedule on 23rd July 2020, which took effect from 5th October 2020. The site falls within Zone 1 which is subject to a levy of £175 per sq m for residential floor space, excluding indexation. The existing properties are eligible for CIL relief because they have been occupied for a continuous period of 6 months within the past 36 months. The combined floorspace of the existing properties is 970 sq m.

Computer Generated Image

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Proposed Elevations CONSENTED DEVELOPMENT UNIT TYPE SUMMARY Unit Type Quantity Reception Bedrooms Bathrooms NSA NSA The consented development will comprise 37 private tenure residential Rooms SQ. M Range SQ. FT. Range apartments with 26 on site car parking spaces. The consented development 2 Bedroom Apartments 13 1 2 1 60.8 – 82.6 654 – 889 will benefit from two vehicular access points, one from Kingsway and 2 Bedroom Apartments 20 1 2 2 74 – 90.9 797 – 978 another from Braemore Road. 3 Bedroom Apartments* 4 1 3 2 108.3 – 130.8 1,166 – 1,408 7 car parking spaces will be located at the front of the apartment block, TOTAL 37 whilst 19 car parking spaces will be located at the rear, which can be *(includes 2 penthouse suites) accessed via a gated under-croft entrance. There is no limitation on applying for parking permits for apartments at the consented development, UNIT TYPE SUMMARY which are available to purchase from Brighton and Hove City Council. Separate secure bicycle storage is provided at the front and in the gated 2 Bedroom 3 Bedroom Total Apartments GIA (SQ.M.) GIA (SQ.FT.) area to the rear of the apartment block. Apartments Apartments Per Floor DESIGN AND ARCHITECTURE Ground Floor 3 - 3 360 3,875 First Floor 6 - 6 538.9 5,801 The consented scheme will deliver a scheme of locally acclaimed Second Floor 6 - 6 538.9 5,801 architecture and design. During the planning application, the Vendors have had regular communications with the Council and local societies to ensure Third Floor 6 - 6 538.9 5,801 this. Fourth Floor 6 - 6 538.9 5,801 Fifth Floor 3 1 4 405.9 4,369 The Brighton Society commented “From the wider perspective of the future development of Hove seafront, we consider it was important that Sixth Floor 3 1 4 405.9 4,369 this proposal - and any other future proposals along Kingsway - should be Seventh Floor - 2 2 306.9 3,304 carried out to high standard of design and appearance. This proposal does TOTAL 33 4 37 3,634.4 39,120 that - it is an important new building in an important situation, and it will set a standard to which other developments along the Hove seafront should aspire to in the future.”

9 Residential Market Update BN3 4HE and the 2.0 mile radius 239 243 KINGSWAY | HOVE | BN3 4HE

Average £psf Heat Map

The map below shows the estimated average £psf rates in the local area over the last 12 months. This is calculated by address matching all residential transactions (using HMLR Price Paid Data) to floor areas captured in domestic EPCs (EPC assessors measure houses to GEA & flats to GIA). An average £psf is reported for each LSOA within the radius of the selected postcode, based on the recent transactionsRESIDENTIAL and EPCs within that LSOA (an LSOA is a ‘neighbourhood MARKET level’ statistical geography SUMMARY used by the 2011 Census, each containing approx. 650 households). The estimated £psf rates have been separated into 5 equal sized bands based on the range of values calculated for this catchment.

Average £psf within 2.0 miles of BN3 4HE, 12 months to February 2021

Target Market Description Unit Type Est. % of unit sales DOWNSIZERS • Living locally currently 2 / 3 bed units 40% • Selling family home to release equity but wish to stay in Hove • May have another home as well SECOND HOMES • Looking for a new apartment close to work 2 bed units 25% • Lifestyle purchase by the sea PROFESSIONAL COUPLE • Good disposable income, predominately without 2 / 3 bed units 15% dependants • Attracted by modern living and high specification • May be selling respective properties to buy together • First time buyers INVESTOR (BUY TO LET) • Domestic and overseas investors are very experienced in 2 / 3 bed units 10% the market and see this as an opportunity to diversify their portfolio. INVESTOR (CAPITAL GROWTH) • Domestic and overseas investors will understand the market 2 / 3 bed units 5% dynamics and see this as midterm hold. YOUNG PROFESSIONAL • Currently renting and work in central Brighton 2 bed units 5% • Small percentage will work in peripheral city locations or may Source: Savills Research, HM Land Registry, EPC Source: Savills Research, HM Land Registry, EPC commute out to surrounding towns

For more information on the methodology used to estimate floor areas by EPC assessors, please click here: https://www.bregroup.com/wp-content/uploads/2019/09 • First time buyers /RdSAP_2012_9.94-20-09-2019.pdf

SavillsHove Research is a premierReport for BN3 destination 4HE within the city of BrightonMay 2021 and Page 3 Aside from its rare seafront position, the consented car parking, and the availability of parking permits, is a key Hove, which historically has achieved premium capital values development has a number of strengths including its selling point for several buyer profiles looking to make the in comparison to the rest of the city. The demand for new- generous layouts and attractive architectural design. Outside move to the South Coast. Collectively, these selling points build seafront apartments continues to remain high due to a space is highly sought after by buyers following the recent will appeal to the key buyer profiles identified in the table lack of high quality schemes being delivered in recent years, experience of lockdown, and every apartment will cater for above. We believe that providing an enhanced specification and the consented development presents an opportunity to this demand by providing private balconies or outside space. and including high quality materials will help further capitalise on this trend. The views of the English Channel The proximity of the site to local amenities and facilities, differentiate the consented development from others being and South Downs National Park are a unique selling point as well as excellent transport connections, will appeal to developed locally, drawing in buyers and persuading them to for the consented development. 29 out of the 37 apartments buyer profiles that are seeking a second-home or those opt for the luxury seafront lifestyle. benefit from direct sea views, and 30 out of 37 apartments that need to commute to London on a regular basis. Onsite are dual aspect.

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Northern Outlook – uninterrupted view directly to hills of the South Downs National Park

FURTHER INFORMATION

TITLE AND TENURE The freehold interest in the site will be sold with vacant possession. The site is in two separate ownerships.

METHOD OF SALE The site is offered for sale by informal tender unless sold prior. Offers are invited for the freehold interest on an unconditional basis. Please note that the Vendors reserves the right not to accept the highest or any offer, withdraw the site from the market or to alter the method of sale at any time.

VAT The property is not elected for VAT.

VIEWINGS South East Outlook– uninterrupted view directly over beach and sea Viewings are strictly by appointment only. Please contact Daniel Giles or Tessa Wright at Savills to make an appointment.

DATA ROOM Further information relating to the site is available for download from our online data room: https://sites.savills.com/239_to_243_Kingsway

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CONTACTS

For further information please contact: Ian Fowler MSc MRICS Daniel Giles MRICS Director Associate 07812 965 313 07870 186 468 [email protected] [email protected] Tessa Wright Graduate Surveyor 0797 703 0108 [email protected]

Important Notice 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 2021