Downs Court 64 Meads Street BN20 7FD

Prime Mixed Use Investment Opportunity Inverness

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Downs Court 64 Meads Street Eastbourne A1 Downs Court 64 Meads Street Eastbourne 3 Skegness 2 Prime Mixed Use Investment OpportunityM6 Prime Mixed Use Investment Opportunity

Wrexham Nottingham Stoke-on-Trent EXECUTIVE SUMMARY EASTBOURNEGrantham Derby An £85 million plan to transform the Eastbourne Arndale Centre RESIDENTIAL AN ATTRACTIVE Downs Court (the development) is located on Meads Street to the south west of EastbourneA1 town centre. The area is known was approvedKing’ in s2014. Lyn nThe extension will provide up to 24 new XX 22 Apartments [2 x 1 beds and 20 x 2 beds] FREEHOLDTel foINVESTMENTrd M1 locally as ‘The Meads’ and is considered to be one of the most shops between the existing Arndale Centre and the railwayNorwic h M42 affluent parts of Eastbourne, characterised by traditional station. The development is a private sector proposal from XX 21 apartments currently fully let on ASTs M54 A47 Great Yarmouth OPPORTUNITY residentialLeiceste accommodation.r A47 Performance Retail Limited Partnership (PRLP) in which Legal XX 1 apartment subject to a long lease & General have a majority share. Construction is expected to The development is approximately 1.3 miles from Eastbourne COMPRISING M69 A47 Peterboroughcommence in 2016 and Legal & General is working towards XX Passing Rent: £215,230 per annum train station which provides access into (Victoria) in completing the scheme by 2018. Lowestoft 22 APARTMENTS Birmingham approximately 1 hour 30 minutes. London Gatwick Airport XX ERV: £236,050 per annum The Eastbourne campus of the University of Brighton is located M1is located approximately 49 miles to the north west of XX Area (GIA): 1,992 sq m / 21,446 sq ft excluding AND RETAIL UNIT M6 Eastbourne. A1(M) in The Meads area and is situated across three main clusters: communal areas Darley Road, Hillbrow and Welkin. In the region of 3,000 students LET TO TESCO. Coventry Eastbourne is a popular seaside town on the south coast of study at this campus. Downs College, with a campus between Brighton and Hastings. The town is situated RETAIL A14 in Eastbourne, is the largest further education college in East M45 at the eastern end of the chalk alongside the Sussex, providing education and training from foundation to X Ground floor retail unit let to Tesco Stores high cliff at . degree level. X Newmarket Limited until 1st July 2025 Worcester Northampton The Seven Sisters Country Park (partBedfor of Southd Downs National XX Area NIA: 349.41 sq m / 3,761 sq ft Park) extends to 280 hectares and is located to the west of The Cambridge Ipswich Meads. XX Current passing: £51,350 per annum The population of Eastbourne grew between 2001 and 2011 from XX RPI linked review due in July 2015 89,800 to 99,412. It is the 2nd fastest growing seaside town in the UK, and the economic driver of . Those living in the Milton Keynes Colchester OFFERS FOR THE WHOLE INVITED Private Rented Sector in Eastbourne roseLuto fromn 16% of households IN EXCESS OF £5M Cheltenham in 2001, to 24% in 2011. Stevenage Gloucester EastbourneAylesbury has a broad economic base. GardnersA1 Books Stansted (the largest book wholesaler in the UK), Veritek Global M1 M11 Oxford(a world leader in digital technology), and Jones Bootmakers Chelmsford are all headquartered in the town. M40 High Wycombe Swansea Southend-on-Sea Swindon Reading London Bristol M4 Cardi M25 Ramsgate Bath A2 Weston-super-Mare M3 Basingstoke Guildford Maidstone M23 Dover M20 Winchester Royal Salisbury Tunbridge Wells Folkestone Crawley Taunton Southampton A21 A22 A27 Hastings Brighton Portsmouth EASTBOURNE Exeter Bournemouth Not to scale. For illustrative purposes only Newport

Torquay Plymouth Downs Court 64 Meads Street Eastbourne Downs Court 64 Meads Street Eastbourne 4 Prime Mixed Use Investment Opportunity 5 Prime Mixed Use Investment Opportunity

DESCRIPTION TENANCY DETAILS

Downs Court is a freehold development comprising a double The retail unit provides a well configured ground floor shop Floor area Amenity Current Current Tenancy Tenancy Tenancy fronted supermarket with basement and residential with storage at basement level. The space is let to Tesco Stores Apartment Floor Bedrooms Bathrooms Passing ERV PCM ERV PA Status sq ft GIA space Rent PCM Rent PA Type Start Date End Date accommodation on the four upper floors. Limited on a 15 year fully repairing and insuring lease from 2nd July 2010 at a current rent of £51,350 per annum. The lease 1 Ground 1019 2 2 Garden £900 £10,800 £975 £11,700 AST 18/08/2010 17/08/2011 Holding Over The development is of brick construction under a mansard is subject to 5 yearly upward only rent reviews which are RPI roof and is part modern and part conversion. The development 2 Ground 993 2 2 Garden £850 £10,200 £925 £11,100 AST 19/12/2014 19/06/2015 6 month AST linked, the next rent review is due on 2nd July 2015. The lease was completed in 2009. In total the site area extends to 0.17 requires the tenant to contribute to the service charge. 3 First 947 2 2 Balcony £850 £10,200 £950 £11,400 AST 12/10/2012 11/10/2013 Holding Over hectares (0.41 acres). 4 First 898 2 2 Terrace £900 £10,800 £950 £11,400 AST 17/09/2010 16/09/2011 Holding Over The majority of the apartments benefit from a mix of terraces 5 First 1024 2 2 Terrace £795 £9,540 £950 £11,400 AST 06/12/2013 05/12/2014 Holding Over and balconies. Four apartments (17,18,19 & 20) on the top LEGAL floor of the development benefit from sun rooms, as well as 6 First 1088 2 2 Balcony £895 £10,740 £950 £11,400 AST 28/03/2012 27/03/2013 Holding Over extensive balconies with views towards the sea to the south 7 First 948 2 2 £850 £10,200 £950 £11,400 AST 13/01/2012 12/01/2013 Holding Over and west and the South Downs to north and east. Apartments The property is owned freehold. 8 First 1146 2 2 Balcony £900 £10,800 £975 £11,700 AST 20/10/2011 19/10/2012 Holding Over 1 and 2 on the ground floor have private gardens. Apartment 9 is subject to a long lease for a term of 125 years Long Sold on 125 There are 22 residential apartments within the development commencing on 19th February 2010. The lease is subject to 9 First 958 2 2 Balcony £20.8 £250 £20.8 £250 leasehold year lease (2 x 1 beds and 20 x 2 beds). 21 apartments are let on Assured a ground rent of £250 per annum. The ground rent doubles Shorthold Tenancies, whilst Apartment 9 has been sold off on the 25th anniversary of the term commencement date. 10 Second 971 2 2 Balcony £795 £9,540 £925 £11,100 AST 21/05/2013 20/05/2014 Holding Over on a long lease for a term of 125 years commencing on 19th A service charge contribution of 4.47% of the total charge 11 Second 838 1 1 £625 £7,500 £700 £8,400 AST 08/01/2013 07/01/2014 Holding Over February 2010 at an annual ground rent of £250 per annum. is required to be paid by the leaseholder. 12 Second 1036 2 2 Balcony £795 £9,540 £900 £10,800 AST 22/02/2014 21/02/2015 Holding Over The residential accommodation is accessed via a single The freeholders of the garage and residential block situated 13 Second 1018 2 2 Balcony £900 £10,800 £950 £11,400 AST 23/07/2009 22/07/2010 Holding Over entrance at the rear of the development with a lift and staircase to the rear of the development have a right of access across serving the upper residential floors. the car park of the subject property. 14 Second 948 2 2 £795 £9,540 £900 £10,800 AST 01/02/2014 31/01/2015 Holding Over

The development includes 23 parking spaces to the rear of the 15 Second 1024 2 2 £800 £9,600 £950 £11,400 AST 31/10/2013 30/10/2014 Holding Over property. 1 of these spaces has been allocated to Apartment 16 Second 958 2 2 Balcony £795 £9,540 £900 £10,800 AST 01/08/2013 31/07/2014 Holding Over 9 sold off on a long lease. The remaining 21 apartments are 17 Third 916 2 2 Sunroom £1,000 £12,000 £1,000 £12,000 AST 17/02/2012 16/02/2013 Holding Over

served by 22 parking spaces, 12 of which are covered. 10

7 18 Third 747 1 2 Sunroom £750 £9,000 £800 £9,600 AST 22/12/2014 22/06/2015 6 month AST 40

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H 21 19 Third 989 2 2 Sunroom £925 £11,100 £1,000 £12,000 AST 13/07/2013 12/07/2014 Holding Over

E 4 40.2m V

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LA 2a 20 Third 983 2 2 Sunroom £950 £11,400 £1,000 £12,000 AST 01/01/2014 31/12/2014 Holding Over 2

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The 46 27 low Bunga D 21 Third 970 2 2 Terrace £895 £10,740 £1,000 £12,000 AST 20/01/2012 19/01/2013 Holding Over

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12 22 Third 1026 2 2 Terrace £950 £11,400 £1,000 £12,000 AST 22/10/2010 21/10/2011 Holding Over N 18a

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8a Total 21,446 £17,936 £215,230 £19,671 £236,050

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Meads Gate 1 to 12

68 31 29 33 LEY ROAD 70 DAR 35 4

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NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills24 (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. 38.9m Darley

Gate

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28 45

0m 10m 20m 30m

Chapel

Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 Downs Court 64 Meads Street Eastbourne Downs Court 64 Meads Street Eastbourne 6 Prime Mixed Use Investment Opportunity 7 Prime Mixed Use Investment Opportunity

SERVICES FURTHER INFORMATION

We have been advised that mains water, electricity A data room is available at: www.savills.co.uk/downscourt and drainage are available. There is no gas is connection containing the following information: to the property. XX EPCs XX Photographs XX Example AST XX Floor plans SERVICE CHARGE XX Commercial lease to Tesco Stores Limited XX Tenancy schedule The service charge is managed by Sanders Property XX Land Registry information Management Limited on behalf of Downs Court Management XX Premier Guarantees Company. The total service charge budget for the period XX 2015 service charge budget 01/01/15 – 31/12/15 is £21,837. The service charge payable in XX Lease – Apartment 9 respect of the 21 apartments totals £16,503.35. This excludes the contribution paid by the leaseholder of Apartment 9, Tesco Stores Limited and a landlord contribution to the insurance. A breakdown of the expenditure is provided in the dataroom. VAT

The property (including both retail and residential elements) is elected for VAT. ENERGY PERFORMANCE CERTIFICATES GUIDE PRICE EPCs for the residential apartments are contained within the data room. Offers are sought in excess of £5,000,000, subject to contract and existing tenancies.

PLANNING VIEWINGS Downs Court is situated within the Meads Conservation area. The development was granted consent in April 2006 The property can be viewed externally. Internal inspections will (Ref:EB/2006/0097). be conducted on specific viewing days. Please contact Savills for details and to arrange an inspection. WARRANTIES

Premier Guarantee Certificates of Insurance (defects and structural) are in place for all 22 apartments. These expire on 22nd December 2019. These are subject to the terms and conditions of the Premier Guarantee New Homes policy. Copies of these are provided within the dataroom.

LOCAL AUTHORITY

Eastbourne Borough Council, 1 Grove Road, Eastbourne, East Sussex, BN21 4TW.

METHOD OF SALE

The property is being offered for sale by way of private treaty. Offers are sought for the freehold interest subject to contract and the existing tenancies. Should a closing date be set for the submission of offers, all parties will be informed in due course. Downs Court 64 Meads Street Eastbourne 8 Prime Mixed Use Investment Opportunity

CONTACTS

For further information please contact:

Savills Residential Capital Savills - Sevenoaks Markets - London 74 High Street 33 Margaret Street Sevenoaks, Kent W1G 0JD TN13 1JR

George Hepburne Scott Sam Kirkaldy +44 (0) 20 7016 3761 +44 (0) 173278 9783 [email protected] [email protected]

Matthew McBride +44 (0) 207 409 5990 [email protected] www.savills.co.uk/resiinvestment

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 | June 2015