65 High Street Bromley Br1 1Jy

65 HIGH STREET BROMLEY BR1 1JY

PRIME RETAIL INVESTMENT INVESTMENT SUMMARY

• An attractive, single let retail property situated on a good secondary pitch adjacent to the two main shopping centres in Bromley, The Mall and the Glade while also in the vicinity of national retailers including TK Maxx, Sports Direct and Wilko.

• The London Borough of Bromley is one of the strongest sub markets within Greater London.

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

• Freehold.

• Single let to Blacks Outdoor Retail Ltd with an attractive unexpired term of 4.50 years providing excellent income security.

• Total passing rent of £55,000 per annum.

• The tenant has been in occupation since 1973.

• Offers in excess of £740,000 (Seven Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level will reflect a NIY of 7.00% after allowing purchasers costs of 5.40%. 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 (14.00 M25 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 latter serves over six million passengers a year and is a major interchange providing regular train A24 St Pancras International 44 Minutes 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, Gatwick St Pancras International 49 Minutes Airport approximately 23 miles (37.01 km) to the south west and Heathrow is 42 miles (67.59km) Gatwick Airport 1 Hour 7 Minutes north west of the town.

SITUATION DEMOGRAPHICS

The property occupies a highly prominent position on the east side of Bromley High Street Bromley has a total population within it primary catchment of 711,000, above the Regional Centre adjacent to the shopping centre The Mall and The Glades Shopping Centres. 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). Its location between the town centre and Bromley South railway station (200m to the south) allows the property to benefit from significant footfall. 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 Opposite the station is the St Mark’s Square leisure led development scheme under construction categories. Bromley is projected to see significant above average growth in population over the period by U+I and due for completion imminently. The development will significantly increase footfall. 2016-2021.

There are a number of bus stops outside the property resulting in significant dwell time. 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. National retailers within the vicinity include TK Maxx, Argos, Sports Direct and Wilko’s. 17 18 12

20 2

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

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. Laura Ashley 18. Civic Centre Multi Storey Car Park 8. Boots 19. Churchill Theatre 9. Wilko 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 southern end of the High Street. In addition to 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.

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. 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 AREA

St Mark’s Square is a new “Urban Lifestyle Quarter” offering a mix of retail, leisure and residential The current accommodation provides the following NIA areas: located at the southern end of the town centre, adjacent to Bromley South Railway Station. The development will comprise 200 apartments, 130 beds Premier Inn Hotel and a new 400 secure Description Floor Use NIA (Sq ft) ITZA underground car park with completion due imminently. In addition a landscape public plaza will provide a nine screen multiplex cinema and 25,000 sq ft of cafes and restaurants including Pizza 65 High Street Basement Storage 515 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 Ground Retail 1,665 637 Street further improving footfall. First Storage 563 The former Bromley Town Hall (Located to the north of the High Street) has planning consent for Second Storage 330 the conversion into a 94 bed boutique hotel and restaurants along with a five story block of 53 apartments. Total 3,073 637

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. TENURE

Since 2014/2015 there have been approximately 400 completed permitted development units within Bromley with an additional 395 units currently in the pipeline. Freehold.

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). TENANCY

Lease Lease Inside/ DESCRIPTION Unit Tenant Start Expiry Outside Act Passing Rent Comments

65 High Blacks Outdoor Rent review 23/06/2018 24/06/2013 23/06/2023 Inside £55,000 Street Retail Ltd outstanding. The property comprises a red brick, Victorian terraced property with well configured retail accommodation over basement, ground and two upper floors. The tenant has been in occupation since 1973. The ground floor specification includes a suspended ceiling with integrated fluorescent strip lighting. The unit benefits from rear loading. COVENANT INVESTMENT MARKET

Blacks Outdoor Retail Limited is the largest outdoor retailer in the UK with stores nationwide and Date Address Tenant Sq Ft Price Yield % owns Blacks, Millets and Ultimate Outdoors.

77-81 Warren Evans, Nationwide building Dec 17 19,549 5,125,000 6.85 It is a subsidiary of JD sports which is listed on the FTSE 250. High Street, Bromley society, Boots the Chemist

For the last three years, Blacks Outdoor Retail Limited have reported the following:

72-76 2018 £ 2017 £ 2016 £ Nov 17 Metro 4,900 4,100,000 4.85 High Street, Bromley Revenue 157,561,000 137,793,000 129,932,000

Profit before Tax 3,513,000 -3,481,000 -10,696,000

103-105 June 17 Gap 7,714 2,775,000 5.76 Net Assets -30,679,000 -34,491,000 -36,323,000 High Street, Bromley

For the last 3 years JD Sport Fashion PLC have reported the following: 54-64 8 tenants including: Laura Ashley, Sep 18 - 6,700,000 6.80% High Street,Bromley Lloyds TSB, Holland & Barrett 2018 £ 2017 £ 2016 £ Revenue 3,161,400,000 2,378,700,000 1,821,652,000 Boots Opticians, Metro Bank, 78-84 Profit before Tax 294,500,000 238,400,000 131,631,000 Available Harvey & Thompson, - 4,350,000 6.00% High Street, Bromley St Christopher’s Hospice Net Assets 770,400,000 552,200,000 382,420,000 EPC

A copy of the EPC is available on request. VAT

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 going concern (TOGC).

PROPOSAL FURTHER INFORMATION

Offers sought in excess of £740,000 For further information or to arrange an inspection, please contact the sole agents: (Seven Hundred and Forty Thousand Mathew Rogers Mark Frampton 65 Gresham Street Pounds) for the Freehold interest in the 020 7911 2726 020 7911 2181 London EC2V 7NQ property subject to contract and exclusive [email protected] [email protected] avisonyoung.co.uk/14620 of VAT. A purchase at this level will reflect

a NIY of 7.00% after allowing purchasers Avison Young is the trading name of GVA Grimley Limited registered in England and Wales number 6382509. Registered office, 3 Brindleyplace, Birmingham B1 2JB. Avison Young hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent Avison Young is) in this brochure is provided on the following conditions: (1) The particulars are costs of 5.40%. set out as a general outline only, for the guidance of intending purchasers and/or lessees and do 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 Avison Young, 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) Avison Young 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 Avison Young.