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Rugby, Warwickshire, CV21 1RA, CV21 1PD Freehold Interest for Sale

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Rugby, Warwickshire, CV21 1RA, CV21 1PD Freehold Interest for Sale 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 e s 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 nstock Co 8 o t 1 u rt AD O R Chando S A s 6 C OM o t o 1 urt H T 2 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.
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