Rugby, Warwickshire, CV21 1RA, CV21 1PD
Freehold interest for sale 1 Investment Highlights
Stabilised freehold portfolio comprising part of Phase 2 & Phase 4 of St. Modwen’s Edison Place masterplan, which extends to 82 acres:
An estate comprising 87 apartments and 88 car parking spaces arranged across two phases:
61 apartments let on ASTs arranged over 4 unbroken blocks. Two of the flats are currently held vacant pending refurbishment
26 flats sold on 250 year leases arranged over 4 blocks
88 associated surface car parking spaces (61 car parking spaces remain in full ownership, 1 car parking space for Phase 4 visitors and 26 are in the control of the long leaseholders)
Currently generating a total £502,030 per annum, comprising:
AST income of £498,180 per annum
Ground rent income of £3,850 per annum
Residential Net Saleable Area (“NSA”) of the AST units equates to 3,484 sq m / 37,508 sq ft
26 AST apartments and 14 ground rents comprise Phase 2 delivered in 2014
35 AST apartments and 12 ground rents comprise Phase 4 delivered in 2017
NHBC Warranties
Estimated Realisation Price (“ERP”): £8,845,000 (£236psf)
Situated 1 mile (1.6 km) to Rugby town centre, a desirable market town in Warwickshire, benefitting from immediate access to retail and green space provision
Ideal for commuters, Edison Place is just 500m from Rugby Station, with access to London in under an hour 2 3 M6
Location STOKE ON TRENT
A426 Rugby is a market town in Warwickshire and the second largest town in the county. It is on the eastern edge of Warwickshire, near the borders of Leicestershire and Northamptonshire. It is 83 miles (134 km) north of London, 30 miles (48 km) east of Birmingham BIRMINGHAM and 11 miles (18 km) east of Coventry.
The site is c.2.5 miles (4.0 km) south from RUGBY junction 1 of the M6 motorway, c.5.5 miles (8.85 km) west from junction 18 of the M1 motorway, and 5.2 miles (8.26 km) north of the M45 motorway, providing access to the wider motorway network. Rugby railway station is A4071 500m away and has a journey time, to London Euston, of approximately 50 minutes, with trains running every 30 minutes.
M45 M45
4 M6
M6
A5
A426
RUGBY
LONDON
The site is well located 1.0 mile (1.6 km) north of Rugby town centre. The site is bound by the railway to the south and the River Avon to the north. A428 An attractive, largely pedestrianised, market town, Rugby offers a range of high street stores, as well as a thriving independent retail sector. There is also a wide variety of cafés and restaurants for people to enjoy. Edison Place benefits from being on the same road as Junction One Retail Park which boasts a Cineworld, B&M and Laura Ashley. The award winning Caldecott Park is c.0.7 miles (1.12 km) M45 away. There are a number of schools nearby, including 4 primary schools, 3 secondary schools and the renowned Rugby School. In 2009 St. Modwen signed the Development Agreement to build the new £35 million Warwickshire College adjacent to the Edison Place site.
5 Description
Edison Place is part of the wider multi-million The opportunity comprises the freehold interest pound, mixed-use regeneration of the former in a portfolio of 87 units. These units are arranged within Phases 2 and 4 of St Modwen’s Edison Alstom industrial site at Leicester Road in Place masterplan. The masterplan is intersected by Rugby. The development is a sympathetic Technology Drive; Phase 2 is located north east of low rise scheme which comprises a mix the masterplan and to the north of Technology Drive. of one and two bedroom apartments, and Phase 4 is located south of Technology Drive and to three and four bedroom homes. All of the the north of the masterplan. Phase 2 was completed in 2014 while Phase 4 was completed in 2017. units have been finished to an excellent specification and have proven popular with The opportunity is split into 61 private (70%) and 26 long domestic buyers. Edison Place was first leasehold (250 years) units (30%) across 12 blocks; with launched for sale in 2015 delivering 437 each unit type reflecting a similar layout and appearance. Each of the flats are arranged over single and unbroken units in total. Site completion is expected blocks of 6-15 units. The units are well configured and by December - March 2021. There are 63 provide appropriately spacious accommodation, with units left to sell in Phase 4, 26 of which are the 1 and 2 bed unit types measuring approximately apartments. 533 sq ft and 661 sq ft respectively.
6 The accommodation is as follows:
Phase Block 1 bed units 2 bed units Total Units % of Total 2 Hirst 5 3 8 9% 2 Weinstock (Long Leasehold) 8 9% 2 Chandos Court (Long Leasehold) 6 7% 2 Lindsey Court 4 2 6 7% 2 Gamage Court 2 4 6 7% 2 Railings Court 2 4 6 7% 4 Marigold House (Long Leasehold) 6 7% 4 Oliver House 15 15 17% 4 Elliot House (Long Leasehold) 6 7% 4 Ash House 3 3 6 7% 4 Susan House 8 8 9% 4 Dombey House 6 6 7% Total 87
The internal and external condition of the properties are broadly consistent across the portfolio. Each of the units present very well and have been finished to a good specification. The AST properties have the benefit of NHBC building warranties.
7 Income
AST Rents
The apartments are let on ASTs and currently produce a total rent passing of £498,180 per annum. Typical tenants at Edison Place are employed in London and commute daily meaning the proximity to Rugby train station draws considerable demand.
Summary Beds Count Min Average Max Total Income (pa) Income (pcm) 1 15 479 533 654 11,716 £168,840 £14,070 2 30 645 661 708 25,792 £329,340 £27,445 Ground Rent £3,850 £321 Total 87 37,508 £502,030 £41,836
Assuming a 30% spend, the following number of residents in Rugby local authority could afford the average passing rents of £640 pcm for 1 beds and £703 pcm for 2 beds
Number of people sharing Beds 1 person 2 persons 3 persons 4 persons
19,844 29,401 1 bed - - 62% 92%
17,915 29,415 30,097 2 bed - 56% 91% 94%
Source: ASHE 2017
Ground Rents 26 units are subject to have been sold off and produce a ground rent income. These units are arranged in two blocks in Phase 2 and two blocks in Phase 4. The Management Company (being Edison Place Estate Management Company Two Limited for Phase 2 and Edison Place 4 Estate Management Company Limited for Phase 4) covenants to organise the building insurance and the maintenance for both the AST and ground rent blocks. The Management Company nominates the managing agent. The portfolio is currently managed by Trinity (Estates) Property Management Limited as agent for the relevant Management Company. The units subject to a ground rent are:
Phase 2 - 14 units within Weinstock and Phase 4 - 12 units within Elliot and Marigold have Chandos Court have been sold on long leases of been sold on long leases of 250 years and pay 250 years and pay ground rent. The total annual ground rent. The total annual ground rent income ground rent income is currently £1,750 per is currently £2,100 per annum with the ground annum with the ground rent doubling every 25 rent subject to RPI linked reviews every 10 years. years (next review in 2039)
8 Site plan
Hughes Co urt
T ravelling C rane
N S O WAY OM E l S ub S ta TH P lay Area
HOUSTON
4 3 Ba lancing Po nd
1 to 86.9m S usa 8 n House
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6 1 t ou o o Dom 6 t Br itish H
1 Housebey h Thomson-Houston s
A 7 h t DOY W ar Memorial a L P E C L k OSE 6 Court 5 o s 3 ac t l 1 g D n 1 B i il se a 5 u R ROA 1 o L o Gama L t t H 6 e 1 1 t o 1 E i s o o t 6 B ll u iver g o l E e ld Court H O o
6 se 1 ig o r u t o
H rt Ma 8 u o o t 1 t C ER CLOSE rs T HANSE N Hi CLO S AIN 1 E T Li t
ndle o 6 y Court 8
We i
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87.2m 8 2
WAY 4 2
2 2 SHERA S E M A J
TE C HNOL OGY DRIVE
*For illustrative purposes only
Leasehold
Freehold
9
This drawing is the copyright of Roberts Limbrick Ltd and should not be reproduced in whole or in Indicative floorplans part or used in any manner whatsoever without their written permission. Do Not scale off this drawing, use only figured dimensions and report any discrepancies or omissions to the Architect immediately. rev. date description The following are provided for illustrative purposes only in context of the various unit types A 03.06.16 Kitchen layouts revised comprising the portfolio
Phase 2
Flats 1 and 2, Ash House
W Living
10 11 9 Kitchen 12 13 23 3202m 3202m Bedroom 1 [10'-6"F] [10'-6"F] Bedroom 2 Living/Dining 14 22 15 21 16 Dining 20 19 18 17 This drawing is the copyright of Roberts Limbrick Ltd and should not be reproduced in whole or in part or used in any manner whatsoever without their written permission. Hall Do Not scale off this drawing, use only figured dimensions and report any discrepancies or Hall Communal omissions to the Architect immediately. EnSuite Lobby rev. date description - - - W Kitchen Bedroom 1 Bathroom St. St. Elec/ Bathroom BT W
project
Mill Road, Rugby Apartments Phase 4 -
client ST.MODWEN HOMES Flats 1 and 2, Lindley Court drawing Apartment Block 9 First Floor Sales Plan - -
status CONSTRUCTION
ROBERTS LIMBRICK LTD The Carriage Building, Bruton Way, Gloucester, GL1 1DG The Estates Office, 25 - 26 Gold Tops, Newport, NP20 4PG Bedroom 1 10 T. 03333 405 500 9 11 Lounge [email protected] Lounge Bedroom 2 8 12 www. robertslimbrick.com
Bedroom 1 3641mm 7 13 [11'-11"FT] Block 9 3253mm 3253mm [10'-8"FT] [10'-8"FT] Registered Office : England No. 06658029 6 14 Plot scale 5 292 A1B503 As Drawn Private 1/50 @ A1 or 1/100 @ A3 4 293 A2B652a Handed Private 294 A1B503 As Drawn Private date author 3 February 2016 - 295 A2B652a Handed Private 2 V 296 A1B493 As Drawn Private project drg no. rev. 1 297 A2B647b Handed Private 760 x 900mm tray 7845 APT 9_20 A Hall Communal Hall Lobby Ensuite Kitchen Water Bathroom AC St. Elec/ BT Bath Kitchen
project
client
drawing 12
status
scale 1/50 @ A1 or 1/100 @ A3
date author 09/12/13 -
project drg no. rev. This drawing is the copyright of Roberts Limbrick Ltd and should not be reproduced in whole or in part or used in any manner whatsoever without their written permission. Do Not scale off this drawing, use only figured dimensions and report any discrepancies or omissions to the Architect immediately. rev. date description - - -
Flats 1 and 2, Railings Court
Kitchen
Lounge
Elec/ BT St. 800 x 900mm tray Hall Bathroom St. Bathroom W This drawing is the copyright of Roberts Limbrick Ltd Ensuite Communal Kitchen and should not be reproduced in whole or in Ensuite part or used in any manner whatsoever without Lobby their written permission. Do Not scale off this drawing, use only figured Hall dimensions and report any discrepancies or omissions to the Architect immediately. 760 x 900mm tray rev. date description 1 - - - 2 3 4 VM 5 6
13 7 8 12 3253mm 3253mm [10'-8"FT] Bedroom 1 [10'-8"FT] Bedroom 2 Lounge 11 9 10 3073mm Bedroom 1 Bedroom 2 [10'-1"FT]
project
Flats 3 and 4, Hirst Court client
drawing
status
Bedroom 1 10 9 11 Lounge Lounge Bedroom 2 8 12
Bedroom 1 3641mm 7 13 [11'-11"FT] 3253mm 3253mm [10'-8"FT] [10'-8"FT] 6 14 15
20 16 scale 19 1/50 @ A1 or 1/100 @ A3 18 date author 17 09/12/13 -
760 x project drg no. rev. 900mm tray Communal Hall Lobby Hall Ensuite Kitchen W Bathroom AC St. Elec/ BT Bath Kitchen
project
client
drawing 13
status
scale 1/50 @ A1 or 1/100 @ A3
date author 09/12/13 -
project drg no. rev. Indicative floorplans
This drawing is the copyright of Roberts Limbrick Ltd and should not be reproduced in whole or in part or used in any manner whatsoever without their written permission. Do Not scale off this drawing, use only figured dimensions and report any discrepancies or Phase 4 omissions to the Architect immediately. rev. date description A 03.06.16 Kitchen layouts revised B 28.02.18 Boxing added to Bathrooms and Ensuites. C 07.06.19 Ensuite door handed to plot 237
Flats 3 and 4, Susan House
RWP Gas RWP RWP RWP RWP Riser RWP Boiler svp * * D/W
Living W W/D 10 11 9 Kitchen 12 Lounge 13 23 Bedroom 2 3202mm 3202mm Bedroom 1 [10'-6"FT] [10'-6"FT] 3412mm 14 [11'-2"FT] 22 15 21 Tall Store FF Dining 16 20 This drawing is the copyright of Roberts Limbrick Ltd and should not be reproduced in whole or in 19 part or used in any manner whatsoever without 18 their written permission. Do Not scale off this drawing, use only figured 17 dimensions and report any discrepancies or omissions to the Architect immediately. Hall svp rev. date description
F/F Hall Communal St. A 03.06.16 Kitchen layouts revised EnSuite Lobby Ensuite B 28/02/18 Boxing added to Bathrooms.
Tall Store Kitchen svp Bathroom W W Bathroom D/W W/D St. svp Gas Boiler svp Riser Elec/
* BT Bedroom 1
RWP RWP RWP * RWP RWP
RWP Bedroom 2 2358mm [7'-9"FT]
RWP RWP
project
Mill Road, Rugby Apartments Phase 4 Flats 5 and 6 Dombey House -
client ST.MODWEN HOMES drawing Apartment Blocks 3 & 8 First Floor Sales Plan - -
status CONSTRUCTION
24 Kitchen 23 25 Kitchen ROBERTS LIMBRICK LTD 26 22 The Carriage Building, Living/Dining 21 27 Living/Dining 28 Bruton Way, 29 Gloucester. GL1 1DG 30 T. 03333 405 500 31 F. 03333 408 920 32 [email protected] www. robertslimbrick.com
Registered Office : England No. 06658029
Communal scale Hall Hall 1/50 @ A1 or 1/100 @ A3 Lobby date author February 2016 NG Bedroom 1 W Bedroom 1 project drg no. rev. St. St. 7845 APT3&8_20 C Elec/ BT Bathroom Bathroom W W
project
Mill Road, Rugby Apartments Phase 4 -
client ST.MODWEN HOMES drawing Apartment Block 1, 4 & 7 APT1,4,7 Second Floor Sales Plan -
14 status CONSTRUCTION
ROBERTS LIMBRICK LTD The Carriage Building, Bruton Way, Gloucester, GL1 1DG The Estates Office, 25 - 26 Gold Tops, Newport, NP20 4PG T. 03333 405 500 [email protected] www. robertslimbrick.com
Block 1 Block 4 Block 7 Registered Office : England No. 06658029 Plot Plot Plot scale 220 A1B503 As Drawn Private 242 A1B503 As Drawn Private 278 A1B503 As Drawn Private 1/50 @ A1 or 1/100 @ A3 221 A1B503 Handed Private 243 A1B503 Handed Private 279 A1B503 Handed Private date author 222 A1B503 As Drawn Private 244 A1B503 As Drawn Private 280 A1B503 As Drawn Private February 2016 - 223 A1B503 Handed Private 245 A1B503 Handed Private 281 A1B503 Handed Private project drg no. rev. 224 A1B493 As Drawn Private 246 A1B493 As Drawn Private 282 A1B493 As Drawn Private 225 A1B493 Handed Private 247 A1B493 Handed Private 283 A1B493 Handed Private 7845 APT1,4,7_21 B This drawing is the copyright of Roberts Limbrick Ltd and should not be reproduced in whole or in part or used in any manner whatsoever without their written permission. Do Not scale off this drawing, use only figured dimensions and report any discrepancies or omissions to the Architect immediately. rev. date description A 12.04.16 Drawing title amended. B 02.06.16 Kitchen layouts revised, plot schedule added C 28.02.18 Boxing added to Bathrooms and Ensuites Flats 4, 5, 6, 7 Oliver House where possible. D 31.08.18 Dimensions added to Bathrooms and Ensuites. E 20/05/19 Ensuite doors iD06 shown opening outwards as per markup
RWP RWP RWP RWP
Kitchen Kitchen Bedroom 1 Bedroom 1
Living 3965m 3965m
[13'-0"F] [13'-0"F] Living 1308m 1308m [4'-3"F] [4'-3"F]
Dining Dining
EnSuite EnSuite 3290m 3290m 2310m 2310m [7'-7"F] [7'-7"F] [10'-10"F] [10'-10"F] 2100m Hall Hall 2100m [6'-11"F] [6'-11"F]
Bedroom 2 Bathroom Bathroom Bedroom 2 St. St. 1700m 1700m [5'-7"F] [5'-7"F]
Inner Lobby
RWP RWP
3202m 3202m [10'-6"F] [10'-6"F] 2049m 2049m [6'-9"F] EnSuite EnSuite [6'-9"F] Bedroom 1 RWP Bedroom 1 RWP Dry Riser
1615m 1615m [5'-4"F] Elec, VM [5'-4"F] Hall BT Hall W W RWP RWP 1700mSt. W St.1700m [5'-7"F] Communal [5'-7"F] Lobby
Bedroom 2 Bathroom Bathroom Bedroom 2 17 2163m 2163m 3202m [7'-1"F] 18 [7'-1"F] 3202m [10'-6"F] [10'-6"F] 19 20 21 project 22 Mill Road, Rugby Apartments 8 9 Phase 4 Living 10 Living - 11 Kitchen Kitchen client 12 16 13 15 ST.MODWEN HOMES 14 drawing Apartment Blocks 5 & 6 Dining Dining First Floor Sales Plan - RWP RWP -
RWP RWP status This drawing is the copyright of Roberts Limbrick Ltd and should not be reproduced in whole or in CONSTRUCTIONpart or used in any manner whatsoever without their written permission. Do Not scale off this drawing, use only figured dimensions and report any discrepancies or ROBERTS LIMBRICK omissionsLTD to the Architect immediately. Block 6 The Carriage Building, rev. date description Plot Bruton Way, - - - 248 A2B645 As Drawn Private 263 A2B645 Handed Private Gloucester. GL1 1DG 249 A2B645 Handed Private 264 A2B645 As Drawn Private 250 A2B652c Handed Private 265 A2B652c As Drawn Private T. 03333 405 500 251 A2B645 As Drawn Private 266 A2B645 Handed Private F. 03333 408 920 252 A2B645 Handed Private 267 A2B645 As Drawn Private [email protected] 253 A2B652c Handed Private 268 A2B652c As Drawn Private www. robertslimbrick.com 254 A2B652c As Drawn Private 269 A2B652c Handed Private 255 A2B645 As Drawn Private 270 A2B645 Handed Private Registered Office : England No. 06658029 256 A2B645 Handed Private 271 A2B645 As Drawn Private scale 257 A2B647a Handed Private 272 A2B647a As Drawn Private 1/50 @ A1 or 1/100 @ A3 258 A2B647a As Drawn Private 273 A2B647a Handed Private 259 A2B645a As Drawn Private 274 A2B645a Handed Private date author February 2016 NG 260 A2B645a Handed Private 275 A2B645a As Drawn Private 261 A2B647c Handed Private 276 A2B647c As Drawn Private project drg no. rev. 262 A2B647c As Drawn Private 277 A2B647c Handed Private 7845 APT5&6_20 E Flats 5 and 6, Railings Court 1.5m 2.0m Boiler 1.5m 2.0m F/F
Dining
Kitchen
svp W/M svp 1.5m D/W Elec/ Store BT Bathroom Hall Store Store Store W Communal Lobby Bathroom Kitchen
Bath Hall Ext
32 31
22 3962mm
30 [13'-0"FT] 29 23 Lounge 28 24 Dining Bedroom 1 27 25 26
2.0m 2.0m 2.0m
1.5m 1.5m 1.5m 1.5m 1.5m
project
15 client
drawing
status
Block 4 & 5 Plot 110 RL07-1A As Drawn Private 111 RL07-1B As Drawn Private 112 RL07-1A As Drawn Private 113 RL07-1B As Drawn Private 114 RL11-1A As Drawn Private 115 RL13-1B As Drawn Private 116 RL07-1A As Drawn Private 117 RL07-1B As Drawn Private 118 RL07-1A As Drawn Private 119 RL07-1B As Drawn Private scale 120 RL11-1A As Drawn Private 1/50 @ A1 or 1/100 @ A3 121 RL13-1B As Drawn Private date author 09/12/13 -
project drg no. rev. Tenure Build Warranties
The blocks are held under five separate freehold titles: Individual NHBC warranties, for the AST properties, are available on the Dataroom Marigold House & Elliot House – WK496288 Ash House & Susan House – WK495940 Building Survey Dombey House – WK492449 Oliver House – WK494036 Further information on the building survey can be Weinstock Court, Hirst Court, Railings Court, found in the dataroom Gamage Court, Lindley Court and Chandos Court – WK485637 EPCs
Planning A full suite of EPCs are available on the Dataroom
We understand the property is being used in Viewings accordance with the permitted statutory consents pertaining to the properties There will be strict viewing block dates to be arranged by Savills Property Management Method of Sale The two phases are currently managed together with other apartment blocks at Edison Place by Trinity The property is for sale by way of private treaty, if a (Estates) Property Management Limited on behalf bid deadline is set those parties who have engaged of the management companies, Edison Place Estate with the sales process will be informed. Offers are Management Company Two Limited and Edison sought for the freehold interest subject to contract Place 4 Estate Management Company Limited. and the existing tenancies.
Tenants of the long leases are obliged to pay service St Modwen Residential Living Limited comprises charge directly to the management companies and Edison Place and ‘Metro Apartments, Wembley’ which service charge for the apartments let on ASTs is is also available for sale. Offers will be considered payable by the freehold owner. The freehold owner for the portfolio on an asset basis as well as for the and long lease tenants are entitled to membership company ‘St Modwen Residential Living Limited’. and directorship of the management companies. Financial proposals should be based on no onward Membership in the management companies is unit sales being permitted until November 2019. proportionate to apartment ownership. Further information on the management companies can be found in the dataroom. Further information
Further information can be found on the dataroom Service Charge using the following link: Service charge accounts for years ending 2016, 2017 https://sites.savills.com/EdisonPlaceRugby/ and 2018, as well as the 2018/19 service charge budget are available on the dataroom
16 17 Davina Clowes Associate Director Residential Capital Markets [email protected] 0207 016 3838
William Pearce Investment Agent Residential Capital Markets [email protected] 0203 107 5496
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 | August 2019
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