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Royal Tunbridge Wells 3 & 5 Lonsdale Gardens, Tn1 1Nu

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Royal Tunbridge Wells 3 & 5 Lonsdale Gardens, Tn1 1Nu ROYAL TUNBRIDGE WELLS 3 & 5 LONSDALE GARDENS, TN1 1NU Two prime freehold office investments with potential for conversion to residential (subject to planning) Two freehold office buildings situated in the heart of Royal Tunbridge Wells ROYAL TUNBRIDGE WELLS INVESTMENT SUMMARY ● Royal Tunbridge Wells is an affluent commuter town with excellent communications to London. ● Two freehold office buildings situated on a private road in the heart of Royal Tunbridge Wells. ● A prestigious location within walking distance of the railway station and local amenities. ● Excellent town centre car parking provision of 1:352 sq ft. ● Both properties are let to Thomson Snell & Passmore LLP on two separate leases both expiring on the 24th March 2024. There is a break option in favour of the tenant in March 2019. ● The combined topped up rents equate to £197,500 p.a. ● No. 3 provides 3,713 sq ft and No. 5 11,441 sq ft (NIA) of office accommodation - total 15,154 sq ft ● Potential to convert both buildings to residential subject to the necessary consents. ● Our clients will consider a sale of the properties either individually or as a pair; 3 Lonsdale Gardens – we are seeking offers in excess of £800,000 (Eight Hundred Thousand Pounds) subject to contract and exclusive of VAT. This equates to a low capital value of £215 psf. LOCATION LONDON M25 Royal Tunbridge Wells is a spa town located within Access to Tunbridge Wells is provided by the A2115 5 Lonsdale Gardens – we are seeking offers in London the county of Kent in close proximity to its border dual carriageway which, in turn, provides access City excess of £2,350,000 (Two Million Three Hundred with East Sussex with a population of 60,000 to Junction 5 of the M25 which is approximately and Fifty Thousand Pounds) subject to contract (2001 census). Kent is the largest county by 21km (13 miles) to the north. In addition, 12 3 population in the UK and is also one of the fastest Brighton, Eastbourne and Hastings are accessible and exclusive of VAT. Based on the topped-up rent, A20 growing. Between 2001 and 2026 its population via the A26/7 which links with the town. this equates to a net initial yield of 6.7% assuming M20 is expected to increase by over 11%. Communications are excellent, with Central 5 M26 M25 purchasers costs of 5.8% and a low capital value Royal Tunbridge Wells is approximately 50km London being within easy reach with a fastest 7 Maidstone of £205 psf. (31 miles) south east of London, 26km (16 miles) journey time of 45 minutes to London Bridge and A21 from Maidstone and 37km (23 miles) from Crawley. 50 minutes to London Cannon Street. Gatwick ● The purchase of both properties at £3,150,000 International Airport, London’s second largest A22 Gatwick M23 ROYAL airport, is located 32 km (20 miles) to the west. TUNBRIDGE WELLS would reflect a net initial yield of 5.92%. Crawley A26 ROYAL TUNBRIDGE WELLS A26 4 Cr esc ent Road d a o R n o d d a n 3&5 Londsdale o o R t L Gardens n 6 Lower e s 2 Common a A e l p t Calverley n u Grounds o M Tunbridge Wells Gro t ve H e ill R e oa r d t S h ig H SITUATION The subject properties are centrally located within the Town Centre on the Belvedere Estate, a historic private development dating back to the 1800s. Lonsdale Gardens is a private road and forms the heart of the Estate which comprises period office buildings in the main. Clanricarde Gardens to the north, has a mix of residential and office uses in similar period properties. Owing to the prime Town Centre location, there is a current trend for conversion from office use to residential. 3 & 5 Lonsdale Gardens are situated on the south side of the road adjacent to the retail offer provided on Mount Pleasant Road and a short walk from the High Street. Access to the town’s mainline railway station is within 150 metres immediately to the south of the property. Within Tunbridge Wells, Lonsdale Gardens is one of two recognised established office locations with Mount Ephraim being the other. Other occupiers in Lonsdale Gardens include accountancy and solicitors practices, a doctor, a dentists surgery and a child’s day nursery. The property benefits from all the amenities provided by the Town Centre including Sainsbury’s and Morrisons supermarkets as well as the major retailers on Mount Ephraim Road and those in Royal Victoria Place Shopping Centre together with a host of restaurants, coffee shops and bars. ROYAL TUNBRIDGE WELLS DESCRIPTION 3 & 5 Lonsdale Gardens are two interlinked buildings currently occupied by a single tenant - Thomson Snell & Passmore LLP. The two buildings are very different in character with 3 Lonsdale Gardens being of Victorian architecture dating back to the 1800s while 5 Lonsdale Gardens is a more modern red-brick building constructed in the late 1980s. To the rear of the properties, there is a car park which is accessed from Vale Avenue which provides parking for 43 cars and a ratio of 1:352 sq ft. In addition, the tenant currently benefits from 64 permits for parking within the Belvedere Estate. 3 Lonsdale Gardens 3 Lonsdale Gardens is a period detached property of traditional brick construction and untreated stone cladding and provides office accommodation arranged over lower ground, ground and two upper floors. It is interlinked with No. 5 at ground floor level by a walkway which provides access to the lobby. The property provides cellular office accommodation and benefits from attractive period features including single glazed sash windows. The layout of the property would lend itself to residential conversion. 5 Lonsdale Gardens 5 Lonsdale Gardens is a purpose built office building which provides more modern l e n n office accommodation arranged over lower ground, ground and three upper floors. u T The rear lower ground floor level, known as Belvedere House, provides potential for further extension with additional floors. Surgery Surgery C L A The property benefits from a central core which provides a passenger lift and male N R S I CLANRICARDE GARDEN C and female WC facilities. The layout of the property would lend itself to occupation A R D E M on a multi-let let basis as well as residential conversion. R O O U A D N T P L E ACCOMMODATION A SITE AREA S A N T The properties provide the following approximate net internal areas: R The total site area extends to O Mount Pleasant House A Childrens Nursery Surgery D approximately 0.19 hectares 3 Lonsdale Gardens LB (0.46 acres) a site coverage of Posts E D & only approximately 33% providing Net Internal Areas (NIA) Sq m Sq ft ONSDALE GARDENS L W a r d an opportunity for further B Lower Ground Floor Offices & Kitchen 86.2 sq m 925 sq ft d y extensionS or development h e l t S Ground Floor Offices 92.1 sq m 992 sq ft e h 5 3 The r e subject to the necessary l t Barn e r First Floor Offices 83 sq m 893 sq ft s consents. The site is Second Floor Offices & Kitchen 84 sq m 903 sq ft split as follows: SL Total 345.3 sq m 3,713 sq ft TCB • No.3 approximately 0.086 hectares (0.21 acres) 5 Lonsdale Gardens 95.8m • No.5 approximately 0.10 Net Internal Areas (NIA) Sq m Sq ft Posts hectares (0.25 acres) 1 s Lower Ground Floor Offices 347.1 sq m 3,736 sq ft r G e t l e h 2 1 Ramp S Ground Floor Offices 181.6 sq m 1,953 sq ft Central Station n o i t R a First Floor Offices 185.9 sq m 2,001 sq ft amp t S s l l e Second Floor Offices 186.3 sq m 2,005 sq ft W e g d Multistorey i r Third Floor Offices 161.9 sq m 1,744 sq ft b n Car Park r u Total 1,062.8 sq m 11,441 sq ft (above) T Detailed floorplans have been commissioned by Allsop and are available upon request. © Crown Copyright, ES 100004106. For identification purposes only. 94.4m FB p am R Car Park 0m 10m 20m 30m ROYAL TUNBRIDGE WELLS TENURE Freehold TENANCIES The properties benefit from the following tenancies: 3 Lonsdale Gardens is let to Thomson Snell and Passmore LLP for a term of 10 years from 25th March 2014 at a current rent of £27,125 pa (£7.31 psf). The lease is drafted on full repairing and insuring terms with an upwards only rent review and a break option in favour of the tenant at the 5th anniversary (March 2019) when the rent will rise to the higher of £31,000 pa (£8.35 psf) or open market rental value. 5 Lonsdale Gardens is let to Thomson Snell and Passmore LLP for a term of 10 years from 25th March 2014 at a current rent of £145,690 pa (£12.73 psf). The lease is drafted on full repairing and insuring terms with an upwards only rent review and break option in favour of the tenant at the 5th anniversary of the lease (March 2019), at which time the rent will rise to the higher of £166,500 pa (£14.55 psf) or open market rental value. Please note, the vendor intends to top up the current rents payable to their respective minimum uplift levels due in 2019 of £31,000 pa on No.
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