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100% Prime Reversionary Freehold Mixed-Use Investment for Sale 45 East Street and 9/12 Castle Square | Brighton

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100% Prime Reversionary Freehold Mixed-Use Investment for Sale 45 East Street and 9/12 Castle Square | Brighton 45 EAST STREET & 9/12 CASTLE SQUARE 100% PRIME REVERSIONARY FREEHOLD MIXED-USE INVESTMENT FOR SALE 45 EAST STREET AND 9/12 CASTLE SQUARE | BRIGHTON INVESTMENT HIGHLIGHTS z Brighton is one of the largest retail centres in the UK, with a primary catchment of 515,000 persons and boasts an eclectic and vibrant mix of high end, mass market and boutique retailers. z Catchment population is expected to grow by 7% by 2023. z All high-income Acorn Groups over perform, Pre-family 59% above the UK average. Brighton’s average household income is 6% above the UK average. The shopping population is predicted to increase by 7% by 2023. z Brighton ranks 6th in the UK’s top towns in terms of retail demand (Promis). z The Brighton Office Market remains tightly supplied and prime office rents are now c. £31per sq. ft. z Prime location on the corner of East Street and Castle Square. z Retail/office accommodation of 12,558 sq. ft. z Over £1 billion on ongoing seafront development and regeneration projects in Brighton. z Freehold. z Wault of 6.8 years to expiry and 3.13 years to break. z Current total income of £415,000 pa. z Asset management opportunity to convert the self-contained offices to residential use, subject to planning. z We are instructed to seek offers in excess of £6,750,000 (Six Million Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT for the freehold interest in the subject property. This price reflects an attractive net initial yield of 5.76% and a reversionary yield of 6.03%, assuming standard purchasers’ costs of 6.64%. TOURISM ATTRACTS 10 MILLION VISITORS AND GENERATES c£267 MILLION OF NON GROCERY SPEND 45 EAST STREET AND 9/12 CASTLE SQUARE | BRIGHTON 9 Sevenoaks M25 LOCATION A3 8 6 A21 Dorking Redhill Guildford Tunbridge Brighton is one of the largest commercial centres in the south A31 east of England, located 56 miles (90km) south of London, 25 Golalming GATWICK 9 East Tunbridge Grinstead Wells miles (40km) west of Eastbourne and 62 miles (100km) east of A29 A21 10 A264 Southampton. The City benefits from good road communications Crawley M23 with the A23 dual carriage way linking north and joining the M23 Haslemere 11 Horsham motorway and in turn, the M25 motorway at Junction 7. Crowborough Billingshurst Haywards Heath The A27 dual carriage way acts as a ring road around the City A265 A272 and links Brighton with Eastbourne in the east and Southampton Uckfield Pulborough A23 to the west. Rail links are excellent, with regular train services to Heathfield London Bridge and London Victoria, with a fastest journey time A24 A22 of approximately 50 minutes. London Gatwick Airport is located A26 Lewes only 22 miles (35 kilometres) north of Brighton, via the A23 dual A27 carriage way and the M23 motorway. Hove A27 Worthing BRIGHTON Newhaven Littlehampton Bognor Regis Seaford Eastbourne DESCRIPTION The property comprises a highly prominent corner retail/office building arranged on basement, ground and four upper floors. The retail unit is arranged on ground floor and basement and trades from both levels. The self-contained offices are accessed from Castle Square, via a generous sized self-contained office entrance. The offices benefit from air conditioning, raised floors, perimeter trunking and an 8-person Schindler Lift. 45 EAST STREET AND 9/12 CASTLE SQUARE | BRIGHTON NORTH For Identification purposes only 45 EAST STREET AND 9/12 CASTLE SQUARE | BRIGHTON CATCHMENT & DEMOGRAPHICS Brighton dominates its primary catchment area and the total population within the Brighton catchment area is in excess of 511,000, ranking the City 36 out of the PROMIS centres. The catchment extends east to Hastings, north to Crawley and west to Chichester and encompasses many of the popular and affluent commuter towns and villages that include Haywards Heath, Horsham, Hove, East Grinstead, Uckfield and Midhurst. The estimated shopping population of Brighton is 329,000, ranking the City 29 of the PROMIS centres. Spending in Brighton is boosted by leisure and business tourism. Brighton and Hove City Council estimated that tourist expenditure in 2014 amounted to £780m; an estimated 14,600 jobs are tourism related. Brighton also boasts a very popular student destination, attracting 32,500 students from throughout the UK and worldwide. The age profile of Brighton’s primary catchment population includes a high proportion of adults aged 25-44 and Brighton’s population is set to grow 4.9% by 2021. In 2011 the service sector accounted for 82% of total employment in Brighton. Within this sector, financial and business services account for 27% of total employment. Major employers include Lloyds, Legal & General and American Express, which has its European headquarters in the City. Other major employers include Domestic and General, Bupa, University of Brighton, University of Sussex, Hospitals NHS Trust, Sussex Police and the City Council. (PROMIS Retail Report January 2016). Tourism attracts over 10 million visitors (www.brighton-hove.go.uk) and generates c. £267 million of non-grocery spend (Shoppertrack). 45 EAST STREET AND 9/12 CASTLE SQUARE | BRIGHTON RETAILING IN BRIGHTON Brighton’s retail City Centre floor space is estimated at 1.58m sq. ft and is comparable with the Promis regional centre average, ranking the city 27 of the PROMIS centres on this measure. Brighton’s retail core is predominantly linear in nature, stretching along Western Road and North Street, which together with Churchill Square Shopping Centre are the main focus of mass multiple retailing in the City. East Street and the Lanes to the east of the core retail area provides a mix of more upmarket fashion, independent/ local and specialist retailers. Brighton ranks 10 on the basis of its PMA retail score and 8 on the PMA fashion score. Brighton’s retail offer is very extensive for a city of its size. Its fashion offer is well above the average for regional centres. The City faces below average competition from competing retail centres and has limited out of town competition. As a result, demand for the City is particularly strong with outstanding requirements including Anthropology and Ikea. The ownership sits at the entrance to East Street the premier destination for upmarket fashion in Brighton and is opposite the Redevco owned Hannington Estate which is being extended and refurbished and sits at the heart of the Lanes. Brighton ranks 1st of the Promis Centres on the basis of rental performance between 2008-2014 and it will undoubtedly continue to be a strong performer, given the limited supply compared to tenant demand. 45 EAST STREET AND 9/12 CASTLE SQUARE | BRIGHTON OFFICE MARKET Brighton is a major south coast office centre with an estimated total office stock of c. 4.6m sq. ft and is home to a number of blue-chip companies. The office market is categorised by a lack of Grade A office supply due to development constraints, physical geography and pressure from alternative use values. Brighton has a highly qualified and creative population, driving high levels of business start-ups, ranked eighth in the UK by Centre for Cities. The creative sector in Brighton is at the forefront of its growth, with a plethora of digital advertising and marketing agencies, design and gaming studios. Development activity has been limited over the past 5 years, which combined with an upturn in demand has meant that vacancy rates have fallen below 4%. The prime office rent is now c. £31 per sq. ft and is predicted to rise to £33.50 per sq. ft by 2021. (Knight Frank M25 Report 2018). 45 EAST STREET AND 9/12 CASTLE SQUARE | BRIGHTON ACCOMMODATION We have inspected the property which comprises the following approximate net internal floor areas: - RETAIL 45 East Street (COS) Ground Floor Sales 1,695 sq. ft (157.47 sq. m) Ground Floor ITZA 1,110 units Basement Sales 1,086 sq. ft (100.89 sq. m) Basement Stock 809 sq. ft (75.16 sq. m) 3,590 sq. ft 333.52 sq. m OFFICES 9/12 Castle Square (PROPELLERNET) The offices are arranged on part ground, basement and four upper floors comprising a total area of 8,968 sq. ft, having a self-contained entrance/reception area accessed from Castle Square. The offices comprise of the following areas: - Ground Floor Reception 475 sq. ft (39.48 sq. m) Basement Ancillary 254 sq. ft (24.34 sq. m) First Floor Offices 2,080 sq. ft (204.57 sq. m) Second Floor Offices 2,012 sq. ft (191.75 sq. m) Third Floor Offices 2,047 sq. ft (192.68 sq. m) Fourth Floor Offices 2,100 sq. ft (184.04 sq. m) 8,968 sq. ft 833.15 sq. m The offices have the benefit of air conditioning, distribution trunking, raised floors and suspended ceilings. The offices are served by an 8-person 625kg Schinder Lift. 45 EAST STREET AND 9/12 CASTLE SQUARE | BRIGHTON TENURE The property is held freehold. TENANCIES 45 East Street is let to H&M Hennes & Mauritz UK Limited (trading as COS) on an effectively Full Repairing and Insuring lease, to expire on 28th September 2025, subject to a rent review on 29th September 2020 at a current rent of £245,000 pax. The tenant has a break clause effective 28th September 2023 on 6 months’ notice. The tenant extended the term via a reversionary lease from September 2020 for a term of 5 years, subject to the break clause stated. Propellernet Ltd occupy the self-contained offices at 9/12 Castle Square on an effectively Full Repairing and Insuring lease from 8th March 2014 to expire 24th December 2025 at a current rent of £170,000 pa.
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