Angel Walk Shopping Centre, High Street Tonbridge Tn9 1Tj
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ANGEL WALK SHOPPING CENTRE, HIGH STREET TONBRIDGE TN9 1TJ SOUTH EAST SHOPPING CENTRE INVESTMENT WITH FUTURE DEVELOPMENT POTENTIAL INVESTMENT SUMMARY • South East Shopping Centre investment with significant residential development potential, subject to planning • Tonbridge is an affluent commuter town with close proximity to London and the M25, neighboured by Royal Tunbridge Wells and Sevenoaks • Located 29 miles from London with excellent train and road connections • The subject property is within the prime retail pitch and comprises a shopping centre totalling 1,715.90 sq m (18,470 sq ft) providing 11 units • National tenants account for 44% of the income and include Millets, Superdrug, Timpson’s Ltd and Barnado’s • Total contracted rent of £248,500 per annum (a low average rent of £13.45 psf overall) • Majority of rents have recently been rebased • WAULT of 3.06 years to expiry and 1.47 years to break • Short term asset management opportunities to implement lease renewals and rent reviews • Potential residential redevelopment opportunity, subject to planning, initial massing study available on request • Freehold • Offers sought in excess of £2,918,000 (Two Million, Nine Hundred and Eighteen Thousand Pounds) subject to contract and exclusive of VAT, reflecting an attractive Net Initial Yield of 8.00% after purchasers costs of 6.44% and a low capital value of £158 per sq ft. A13 LONDON CITY SHEERNESS LOCATION LONDON A2 MARGATE ROCHESTER PORT RAMSGATE EBBSFLEET INTERNATIONAL Tonbridge is an historic and picturesque commuter town on the River Medway in Kent. The town is located 29 miles (47 km) south CROYDON M20 RAMSGATE east of London, and neighbours commuter towns such as Royal M2 M26 CANTERBURY Tunbridge Wells 4 miles (6 km) south, Sevenoaks 7 miles (11 km) LONDON BIGGIN HILL north and Maidstone 12 miles (19 km) north east. SEVENOAKS MAIDSTONE A24 M25 Tonbridge benefits from excellent connections. The A21 provides M20 REIGATE direct access to the M25 at Junction 5 10 miles north. The A26 DOVER TONBRIDGE FOLKESTONE connects Tonbridge with Tunbridge Wells and south coast. M23 ASHFORD Tonbridge Railway Station provides frequent services every ten GATWICK A22 EURO TUNNEL LE SHUTTLE DOVER minutes to London Bridge, Waterloo and Charing Cross with ROYAL fastest journey time of 30 minutes. In addition the town is 35 CRAWLEY FOLKESTONE minutes from Ashford International. TUNBRIDGE A22 WELLS A26 ASHFORD INTERNATIONAL R E Gatwick Airport is 24 miles (38 km) south west. The town provides V A23 O significant car park facilities with 19 car parks providing a total of D 1,700 spaces. F UCKFIELD O A272 I T A Tonbridge is renowned for the number of leading school’s in the R RYE T catchment including Tonbridge School. S LEWES SITUATION HASTINGS BRIGHTON NEWHAVEN The property is situated on the eastern side of Tonbridge’s High SHOREHAM NEWHAVEN Street, in the town’s prime retail pitch and adjacent to the Pavilion EASTBOURNE Shopping Centre. To the rear is Sainsbury’s superstore, associated car park and Angel Leisure Centre, the subject of potential short term leisure led regeneration and redevelopment. The property is situated less than 250 metres north-east of Tonbridge Railway Station and 0.5 miles south from the popular Tonbridge Castle. Nearby occupiers include; Monsoon, Sainsbury’s, WH Smiths, Specsavers, Toni & Guy, Vodafone, Boots, Café Nero, Greggs and McDonald’s. SAINSBURY’S TONBRIDGE CASTLE ANGEL LEISURE CENTRE SHOPPING CENTRE ANGEL WALK SHOPPING CENTRE HIGH STREET TONBRIDGE SCHOOL TONBRIDGE STATION CAR PARK TONBRIDGE TRAIN STATION PAVILLION SHOPPING CENTRE Tonbridge DESCRIPTION Angel Walk was constructed in the early 1980’s and comprises 11 retail units in a covered centre benefitting from dual frontage to the prime High Street and, via the Angel Walk thoroughfare to Angel Lane to the rear. Angel Lane in turn links with the dominant Sainsbury’s superstore, associated car park and Angel Leisure Centre. The scheme thus provides a major footfall route. The units trade from the ground floor with the first floor accommodation used as a mixture of retail, storage or ancillary accommodation. The property provides 12 car parking spaces. N For indicative purposes only. Experian Goad Plan Created: 04/02/2020 Created By: GVA 25 metres Copyright and confidentiality Experian, 2020. © Crown copyright and database For more information on our products and services: rights 2020. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 TENANCY SCHEDULE Area Inside/ Next Passing Address Tenant Lease Start Lease Expiry Break ERV (£ p.a.) Comments (sqft) Outside Act Rent Review Rent (£ p.a.) Rent rises to £30,000 pa from 09/07/2020. The Tenant - 1,073 Landlord will top-up on completion Unit 1 (1) Ouyue Ltd t/a Nihaw Sushi 09/07/2018 08/07/2028 Outside 09/07/2023 09/07/2023 £30,000 £30,000 (578) Rent deposit of £15,000. Tenant has right to use one 6 months notice car parking space. Tenant - Tenant receives 3 months rent free from 18/07/2020 if 1,317 Unit 2 (3) Sacred Heart Hardware & DIY Ltd 18/07/2019 17/07/2024 Outside n/a 18/07/2020 £20,000 £25,000 break is not triggered. Rent deposit £6,000. Tenant has (696) 6 months notice right to use one car parking space. Tenant - Rent increases to £17,500 pa from 08/03/2020. The Construction Site Products 1,065 Unit 3 (5) 08/03/2018 07/03/2023 Inside 08/03/2021 £17,500 £17,500 Landlord will top-up on completion. Rent deposit t/a Studio 72 (476) 6 months notice £5,250. Tenant has right to use one car parking space. Tenant - 1,124 Unit 4 (7) Mr Francis Finkler t/a Hair House 09/10//2018 17/11/2023 Outside 18/11/2021 £16,500 £17,500 (477) 6 months notice Tenant - Rent commencement 09/02/2020 then £25,000 pa Station Road Furniture Stores Limited 3,149 Unit 5 (11) 09/12/2019 08/12/2024 Outside 09/12/2021 £25,000 £30,000 until 08/12/21 rises to £30,000 pa from 09/12/21 until t/a Castons Furniture World (1,271) 6 months notice expiry. Tenant has right to use one car parking space. 3,914 Unit 5a (9) Superdrug Stores plc 17/06/2016 16/06/2021 Inside £33,000 £33,000 (1,156) Tenant break exercised, under offer to Cancer Unit 6 (2) Mutual - Research UK, 10 years 5 year TBO with 3 month 1,952 and 1 parking Blacks Outdoor Retail Ltd 21/04/2015 20/04/2025 Inside 21/04/2020 20/04/2020 £27,500 £27,500 penalty, 9 months rent free to be topped up by the (1,047) space 6 months notice landlord on completion. Tenant has right to use one car parking space. 990 Unit 7 (4) Timpsons Limited 07/12/2012 06/12/20/22 Inside £18,000 £18,000 (517) Tenant - Service charge CAP of £3,979 pa subject to RPI Unit 8 (6) 1/225 Paws Cat Café Ltd 16/05/2018 15/05/2023 Inside 16/05/2021 £18,000 £18,000 increases. Rent Deposit of £10,800. Tenant has right to and car space (608) 6 months notice use one car parking space. Unit 9 (8) Grace Fashion Accessories Limited 1,024 Outstanding Rent Review. Tenant has right to use one 02/11/2011 01/11/2021 Outside 02/11/2016 £15,500 £15,500 and car space t/a Grace (460) car parking space. 1,637 Unit 10 (10) Barnardo’s 09/04/2010 08/04/2020 Outside 09/04/2015 £27,500 £27,500 Outstanding Rent Review (687) Total 18,470 £248,500 £258,000 The property is run via a Service Charge with a current year budget of £59,485 per annum £3.22 per sq ft. The service charge shortfall for the period is estimated to be £780. DEVELOPMENT POTENTIAL There is scope to materially increase the massing on site through residential led development above the scheme, subject to gaining the necessary consents. A initial massing study is available on request. EPC Certificates available upon request. VAT The property is elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). For indicative purposes only. FURTHER INFORMATION PROPOSAL For further information or to arrange an inspection, please contact the sole agents: Offers Sought in excess of £2,918,000 (Two Mark Frampton Daniel Tiernan 65 Gresham Street Million, Nine Hundred and Eighteen Thousand 020 7911 2181 020 7911 2517 London EC2V 7NQ Pounds) subject to contract and exclusive of VAT, [email protected] [email protected] avisonyoung.co.uk/15507 reflecting an attractive Net Initial Yield of 8.00% 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 after purchasers costs of 6.44% and a low capital 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 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 value of £158 per sq ft. 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.