THE KURSAAL EASTERN ESPLANADE SOUTHCHURCH AVENUE SOUTHEND-ON-SEA SS1 2WW

ICONIC LEISURE INVESTMENT OPPORTUNITY THE KURSAAL EASTERN ESPLANADE, SOUTHCHURCH AVENUE, SOUTHEND-ON-SEA SS1 2WW ICONIC LEISURE INVESTMENT OPPORTUNITY

SOUTHEND’S LONGEST PLEASURE ADVENTURE SEA LIFE THE THE ROYALS SOUTHEND UNIVERSITY SOUTHEND IN THE WORLD LAND ADVENTURE KURSAAL SHOPPING CENTRE CENTRAL OF VICTORIA

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For indicative purposes only. THE KURSAAL EASTERN ESPLANADE, SOUTHCHURCH AVENUE, SOUTHEND-ON-SEA SS1 2WW ICONIC LEISURE INVESTMENT OPPORTUNITY

INVESTMENT CONSIDERATIONS ■■ Prominent landmark listed building on Southend’s main leisure pitch ■■ Total rent of £814,415 pa equating to a low rent of £7.29 psf ■■ The property is centrally located, approximately 1 mile from both Southend Central ■■ Over 10 years WAULT and Southend East train stations ■■ Asset Management opportunities to include letting vacant first floor ■■ Southend is an affluent commuter town with excellent links to London ■ We are instructed to seek offers in excess of £8,000,000 (Eight Million Street and London Fenchurch Street ■ Pounds), subject to contract and exclusive of VAT. A purchase at this level ■■ 146 car park spaces to the rear reflects a Net Initial Yield of 10.00%, allowing for purchaser’s costs of 6.67%. ■■ Building totals 10,948.8 sq m (117,853 sq ft) This represents a low capital rate of £67.88 psf. THE KURSAAL EASTERN ESPLANADE, SOUTHCHURCH AVENUE, SOUTHEND-ON-SEA SS1 2WW ICONIC LEISURE INVESTMENT OPPORTUNITY

LOCATION The popular seaside town of Southend-on-Sea is situated within the County of Essex located approximately 39 miles (62 km) east of London, 19 miles (30 km)A5 south A505 Stevenage of and 20 miles (32 A418km) east of Brentwood.Dunstable Stansted Colchester A5 Luton Luton Bishop’s A120 Braintree Road access to Southend is provided by the A127 dual Knebworth A10 Stortford carriageway which in turn, providesA418 access to Junction 29 of A602 A5 A131 the M25, approximatelyAylesbury 20 miles (32 km) to the west. Welwyn Garden A 1 A41 A10 27 B

1 Vi B 0

City a 1 x c London Southend Airport is located 1.5 miles (2.4 km) Hertford 5 t e t oria

Belle r S A C u A414 v h Av t e t r A130 o i e s vue n SOUTHEND Rd Boscombe Rd t c to the north of the town centre, providing regular flights

R h A41 Harlow A13 B VICTORIA Q d u u ee R Hemel y n o a s r sW W d n c ee ay u u h Q r Hatfield n R St Albans 3 A e to a number of European destinations including Venice, 1 13 Q d Hempstead uee m A nsWay A4010 o

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t M10 Chelmsford h Christchurch

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The Victoria Barcelona, Dubrovnik and Vienna. Southend-on-Sea boasts A414 a Park A41 r k

Shopping Centre

R A1(M) A414 Lond o d n Rd L on (670 CPS) J21 don Rd B A e 1 the largest leisure pier in the world. 3 d ll M25 S thchurch R Sou ou A13 e thchurch Rd Chipping vue Potters Bar C C Epping Prince J20 o h

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i l l c o Rd e H h Ongar g u J23 e i A e g t C s S s h h 1 J25 t c has J19 e 1 J27 S h Princes S t A404 r

6 y u W a t R Warrior e

0 r

d c R

h Square A4010 Borehamwood d Q A M25 E u v iviers Dr ee R lmer e

Watford A1 Ash

Enfield Elmer Warrior Sq n s

SOUTHEND THE COMMUTER TOWN Av W bu M1 M11 A12 Approach Car Park High Rickmansworth A10 a Billericay e rnha y Car Park d A355 M40 Wycombe A413 South m Whitegate R Ambleside Dr Ambleside Dr

Brentwood Wickford R Chigwell d Southend provides excellent connections with central University Pl Oxney J28 t

rdon M25 Go of Essex H i M40 M1 Park g A12 h Stamford S Harefield A London and has become a popular commuter town in the St t

Harrow 1

1

A12 6 Brent Hill Walthamstow A127 SOUTHEND

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CENTRAL

J29 A130 M40 last 5 years. In a recent report by the BBC, Southend was Q Ruislip Romford Basildon T s Ave C d r u A404 Cross A10 lifftown R y le h C i e J16 c Rd e A12 let h am n H Tylers e s A40 Holloway st Scratton Rd W found to be one of the most affordable places for London e H Ave

S a Rd Wembely r ork Y o i Benfleet g y d R R Car u Southchurch eston h d A13 Southend- W t

h Uxbridge A40 Stratford S Park rk Rd Yo c Hall Park t

h commuters to live when taking into account houseM25 prices u

Canvey C r ambridge Rd c h Slough A13 on-Sea

C St A ap rence Bus Station e M25 v v e Cla gate A LONDON Island ey e and train season tickets. l H T M4 e Clarence St r Ave r ygate a Car Park He J15 M4 M4 c Woodgrange Dr Alexandr e a R Hi d C ra St d R an h ay Alex gh St d nsW o R e Fulham Alexandra u hancellor ue Southend provides regular rail services (6 per hour at peak y r C Q c A2 a 0 St h 16 Windsor Hounslow Prittlewell l A 1

R H

Car Park d M4 M25 Heathrow Clapham A20 Gardens Royals er Richmond Mews b times) to London Liverpool Street with a fastest journey ert Dartford Shopping Centre A Clifftow A n Parade 1 A316 G r 1 (450 CPS) n H ro 6 o

a 0

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Staines ve d Gravesend r t Sheerness i time of 58 minutes and Southend Central provides frequent n A S Southend g Kingston o A2 THE v t Ashford J2 o u e Cliff Gardens n P t i h e r R H c KURSAAL Upon Thames A20 ill d h services (9 per hour at peak times) to London Fenchurch Lucy u A309 Rd r c A3 W h Bromley estern Esplanade J12 M3 A23 A

Swanley v e Street, with a fastest journey time of 51 minutes. The subject Tolworth Marine Para A322 J3 Rochester Gillingham de M3 A24 Adventure Be resford Rd Croydon d E R property is 0.9 miles from Southend Central and 1 Weybridgemile from Island as A232 t h M2 ern Es Chessington pla eac M25 Sutton M20 na B A21 de Southend East. A3 A243 Southend B 10 A217 Sittingbourne Pier 16 M3 Epsom Snodland Sea Life Adventure J10 Woking A24 M25 A23 A22 J9 J5 M26 A3 A217 Sevenoaks A229 A26 A331 M25 M25 Maidstone J7 A24 J8 J6 Oxted A21 A3 Guildford Reigate M23 A31 Dorking A22 A229 Redhill A26 A31 A24 A21 Tonbridge M23 A3 Paddock Horley Royal A22 Wood Staplehurst Gatwick Tunbridge A21 A264 Wells A26 A229 A24 A3 Crawley Three Bridges M23 East Grinstead A21 North A264 A26 Horsham A22 A3 A229 Horsham A23 A26 A21 A24 Haywards A22 A23 Heath A24 Burgess Hill A22 THE KURSAAL EASTERN ESPLANADE, SOUTHCHURCH AVENUE, SOUTHEND-ON-SEA SS1 2WW ICONIC LEISURE INVESTMENT OPPORTUNITY

SITUATION The Kursaal is situated in a prominent position on the sea front on the main leisure pitch Marine Parade directly opposite the Sea-Life adventure and close to Adventure island which is located at the start of Southend Pier (the longest in the world at 1.33 miles).

HISTORY LEISURE MARKET The Kursaal opened on 24th July 1901 as the first theme park in the world, it Southend-on-Sea welcomes over 6.5 million visitors annually was soon being advertised as “the most popular place of entertainment on the and tourism is the main driving force behind the town’s south coast”, boasting attractions which included numerous fairground and economy supporting in excess of 7,000 jobs and £380m pleasure rides, an amusement arcade (laid out to simulate a street in Cairo), contribution to the local economy. a ballroom, miniature railway, zoo and a horse trotting track. Indeed, for most The town’s leisure offering is predominantly located along of the 20th Century, it was the largest amusement park in the south of England. the sea front. Southend Pier is the world’s longest pleasure Closed during the war, after much restoration and repair, The Kursaal reopened pier and is at the centre of the town’s attractions. At the base at Easter 1946 and continued to flourish in to the 1950s, when it enjoyed of the pier is Adventure Island, an outdoor amusement park its heyday. In 1973, with some attractions either having been dismantled or with in excess of 60 rides and attractions. Adventure Inside has destroyed by fire, the fairground closed and 20 acres of the site were sold off recently been added boasting a range of indoor rides, arcade for housing. The Kursaal continued to operate, with The Kursaal Ballroom games and attractions as well as numerous restaurants. becoming the venue for many famous rock and pop bands including Rod The other hub of leisure is concentrated around the Eastern Stewart, Deep Purple, Doctor Feelgood, The Stranglers and Status Quo. Esplanade where notable attractions include the Kursaal and In 1995, the site was acquired by a developer and after restoration, rebuilding the Sea Life Adventure. and fitting out works, The Kursaal reopened in 1998 and has, since then, continued as an important part in both the history of Southend and the leisure industry in the UK. THE KURSAAL EASTERN ESPLANADE, SOUTHCHURCH AVENUE, SOUTHEND-ON-SEA SS1 2WW ICONIC LEISURE INVESTMENT OPPORTUNITY EX 348981 and EX 332095 ¯ Swingboat Terrace

48 43

to to

79 84 El Sub Sta

1 to 40 1 to 32 SOUTHCHURCH AVENUE Carousel Skelter Marks Steps 102 Court 97

to

7 to 12 HAWTREE CLOSE

5.2m

KURSAAL WAY

El Sub Sta 1 to 6 127 132 1 to 18

Lantern Terrace T

Kursaal Pavement

1 to 32 Romany Steps

Kursaal

1 7 813 14 3 4 16 5 6 11 12 17 18 5 Beresford Mansions T T T

T

El Sub Sta May Villa Ivy Villa T Elm Villa 8 1 3 T Oak PH Villa Ash Villa 3 5 EASTERN ESPLANADE PH Car Park TCB 1 7

LB 2

Car Park Albert Place 11 Cottage 13 14 15

16 TCBs 3.0m 17 18 20 21 22 23

Posts 28 2.7m

2.7m Metres Posts 0Hard 510 20 30 40 50 © Crown Copyright, ES 100004106. For identification purposes only. © Crown copyright and database rights 2018 Ordnance Survey 100019680 Scale 1:1,250

DESCRIPTION CAR PARK The property is listed however has been developed to provide There are a total of 146 car parking spaces which are allocated as follows: modern accommodation on the rear section of the site. The main 1 landlord space entrance fronts Marine Parade leading into the rotunda from which 4 communal spaces access is gained to the ground floor 10- pin bowling alley and to the first floor accommodation. 38 spaces demised to the casino The rotunda is currently occupied under licence and provides for 103 communal spaces within the main car park which has ANPR control arcade machines and soft play area. system. This is operated by MFA under landlord’s licence and can be terminated with a £10,000 break penalty. The western elevation runs along Southchurch Avenue where there is a Tesco Express and an entrance to the car park from which the Casino A multi storey scheme was drawn up and planning permission granted is accessed. There is loading to the first floor level from the car park for the creation of a further car parking spaces. The permission has area on the eastern elevation. now lapsed. THE KURSAAL EASTERN ESPLANADE, SOUTHCHURCH AVENUE, SOUTHEND-ON-SEA SS1 2WW ICONIC LEISURE INVESTMENT OPPORTUNITY

TENANCY SCHEDULE

Unit Tenant Area/Sq m Area/Sq Ft Use Start Expiry Next Review Rent/pa Rent psf Notes

Ground & Part First MFA Bowl Limited(1) 4,293.2 46,212 Leisure 20-May-16 19-May-41 20-May-21 £230,000 £4.98 SC Cap £93,636 plus VAT with annual RPI uplifts capped at 2%

SC Cap £8,107.34. Part Ground Floor Tesco Stores Ltd 471.9 5,079 Retail 22-Jun-09 21-Jun-24 22-Jun-19 £78,165 £15.39 5 yearly rent reviews linked to RPI (1%-4% collar and cap)

Part First Floor Vacant 4,146.2 44,630 Leisure £223,150 £5.00 Landlord to provide a 2 year rent and service charge guarantee In advanced negotiations with a leisure operator to take 25,000 sq ft at £5.00 psf. More details available on request

Second Floor London Clubs Southend Limited 2,037.5 21,932 Leisure 25-Sep-00 24-Sep-25 25-Sep-20 £328,500 £14.98

10,948.8 117,853 £859,815 £7.29

(1)MFA bowl limited hold a number of licences as follows: Ground and First Floor rotunda terminated on 6 weeks notice, car park terminated subject to Landlord paying £10,000 breakage cost.

SERVICE CHARGE The service charge runs from 1st April and the budget for the current financial year is £195,940. Landlords non recoverable costs are as follows:-

Cap on MFA bowl accommodation £1,840.61 Vacant First Floor £61,353.49 Total £63,194.10

TENURE The property is held by way of a leasehold interest from Southend-on-Sea Borough Council dated 28 April 2018 for a term of 250 years at a peppercorn rent.

COVENANT London Clubs Southend Limited (03575588) accounts for 38.21% of the rent

31/12/14 31/12/15 31/12/16 Turnover 5,008,000 5,072,000 5,002,000 Pre-Tax Profit (£1,239,000) (£728,000) (£517,000) Total Net Worth (£14,324,000) (£15,100,000) (£15,617,000)

MFA Bowl Limited (07984522) accounts for 26.75% of the rent

31/03/15 03/04/16 02/04/17 Turnover £16,972,171 £15,614,873 Pre-Tax Profit £208,987 (£1,056,150) Total Net Worth (£203,688) £4,946,875 £4,293,779

Tesco Stores Limited (00519500) accounts for 9.09% of the rent

28/02/15 27/02/16 25/02/17 Turnover 42,278,000,000 39,843,000,000 40,134,000,000 Pre-Tax Profit (£3,727,000,000) (£231,000,000) 266,000,000 Total Net Worth (£98,000,000) 1,077,000,000 749,000,000 THE KURSAAL EASTERN ESPLANADE, SOUTHCHURCH AVENUE, SOUTHEND-ON-SEA SS1 2WW ICONIC LEISURE INVESTMENT OPPORTUNITY

GROUND FLOOR FIRST FLOOR

14 13 15 12 16 11 17 10 18 9 19 8 Upper Floor 20 7 21 6 22 5 Sta Parking 23 4 11 24 3 10 25 2 26 1 2 3 4 8 9 STAIR 2 1 2 3 STAIR 4 6 7 4 5 5 43 6 7 8 14 13 1 2 27 26 15 12 28 25 16 11 Car Park 24 17 10 4 23 18 9 5 22 Lift 19 8 23 6 21 20 7 Entrance 7 20 Motors 21 6 4321 1098765 131211 161514 2120191817 2625242322 CASINO 8 19 22 5 21 22 9 18 23 4 ENTRANCE 2019 10 17 24 3 11 16 25 2 18 12 15 26 1 1716 13 14 Lift Lift Goods 14 15 Lift New Car 13 Reception 12 STAIR 1

11 Park Barrier 10 9 8 7 6 5 4 3 Ducting 2 Cloaks 13 14 1 12 15 11 16 10 17 18 19 STAIR 1 Cellar STAIR 2 33 20 32 21 Workshop 31 22 13 30 23 1 12 1 2 3 4 5 6 7 8 9 10 11 12 13 2 11 29 24 3 10 28 25 4 St. LIFT 9 27 26 Gas 5 MOTOR 8 6 7 ROOM STAIR 14 7 6 8 5 9 Store 4 10 3 11 2 LiftLift 1 24 25 2726 28 29 30 31 32 33 34 35 36 37 STAIR 5 Wash Up Lift STAIR 4 STAIR 5 Kitchen

13 12 11 V.I.P. BOWLING 10 9 Tescos Male 8 7 6 5 4 3 2 38 39 4140 42 43 44 45 46 47 48 49 5150 1 Entrance New Sta

Bar Female

ROLLER SHUTTER Dispense 52 5453 55 56 57 58 59 60 61 62 6463 65

Refuse Area

26 25 24 23 22 21 20 19 Ramp Up 66 6867 69 70 71 72 73 74 75 76 7877 79 18 17 DRM 16 15 14 STAIR 6

26 25 24 13 23 12 22 11 Workshop LIFT 1 21 20 27 26 19 28 25 STAIR 12 18 17 29 24 16 30 23 15 31 22 Pool 14 Inner 1 32 21 Lift 2 33 20 3 STAIR 12 Cash 4 19 5 18 80 6 10 17 7 DRM 8 TEMPORARY SCREENS 13 11 16 9 12 12 15 10 11 11 13 14 BOWLING CENTRE 12 TEMPORARY SCREENS 13 Outer 81 Cash STAIR 6 STAIR 7

TEMPORARY SCREENS 1 2

3 83 82 4 Bowl 5 26 6 25 2 7 STAIR 13 Reception 8 24 3 1 9 23 4 2 10 22 5 3 11 Ducting 4 12 21 6 5 13 20 7 6 19 8 7 STAIR 13 8 26 18 9 25 17 10 24 16 11 23 15 12

85 84 22 Void 14 13 21 Retail Unit 20 19 KEEP 18 17 First 16 CLEAR 15 STAIR 7 Sweet Shop Aid 14 Ducting

1 2 3 54 76 98 10 STAIR 10 Sta 87 86 Room Lease to 12 Female 11 10 9 29 28 27 26 25 24 23 22 21 20 19 8 7 Amusements MAIN ENTRANCE 6 5 321 87654 9 1413121110 18171615 93 92 91 STAIR 9 4 Elec. Intake

3 89 88 2 Room 1 MFA Bowl Limited Pool STAIR 9 Male Area STAIR 10 16 17 Security 18 90

CLEAR 19

KEEP 20 21 22 23 24 25 PATIO 26 104 103 102 STAIR 8 1 2 3 4 5 6 7 Emergency Licence to Exit Gates Dance Bar Floor MFA Bowl limited Electricity 26 25 24 23 22 21 20 19 18 17 16 15 14 N Sub-Station 101 STAIR 8 1 32 987654 13121011 100 Licence to 99 95 94

96 MFA Bowl Limited

97

98 Licence to Lease to For indicative purposes only. MFA Bowl Limited MFA Bowl Limited For indicative purposes only. THE KURSAAL EASTERN ESPLANADE, SOUTHCHURCH AVENUE, SOUTHEND-ON-SEA SS1 2WW

VAT EPC The property is VAT elected. It is anticipated that the sale EPCs are available upon request. will be treated a Transfer of a Going Concern (TOGC).

DATAROOM For further information, please refer to the Agents for access to the legal dataroom.

PROPOSAL We are instructed to seek offers in excess of £8,000,000 (Eight Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 10.00%, allowing for purchaser’s costs of 6.67%. This represents a low capital rate of £67.88 psf.

For further information or to make arrangements for viewing please contact:

Guy Scott Plummer Jonathan Butcher Ken Morgan Matt Hunter 020 7543 6726 020 7543 6755 020 7079 1953 020 7079 1954 [email protected] [email protected] www.allsop.co.uk [email protected] [email protected]

Misrepresentation Act: 1. Allsop LLP and Aston Rose (West End) Limited Chartered Surveyors on their own behalf and on behalf of the instructing party of this portfolio whose agents Allsop and Aston Rose Chartered Surveyors are, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop nor Aston Rose Chartered Surveyors nor any of their members nor any person in their employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP and Aston Rose is the trading name of Aston Rose (West End) Limited. Design: Command D - www.commandhq.co.uk 05.18