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Bognor Regis Po21 2Pb ASHLEY HOUSE, 120 ALDWICK ROAD BOGNOR REGIS PO21 2PB 21.7 YEARS TERM CERTAIN, RPI LINKED REVIEWS LET TO THE 5A2 COVENANT OF BUTLINS SKYLINE LIMITED RENT PAID THROUGHOUT LOCKDOWN ASHLEY HOUSE, 120 ALDWICK ROAD BOGNOR REGIS 21.7 years term certain with RPI Linked reviews PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited Site outline for identification purposes only. INVESTMENT CONSIDERATIONS ■ Unique opportunity to acquire a secure, long let, RPI ■ Butlins have paid their rent throughout Lockdown ■ Butlins is a chain of large seaside resorts founded in 1936 linked investment totalling approximately 21,527 sq ft ■ Butlins have recently completed the development Offers sought in excess of£7,810,000 (Seven Million, (2,000 sq m) of a £36 million leisure and splash pool Eight Hundred & Ten Thousand Pounds) after allowing for ■ Situated in the seaside resort of Bognor Regis on the ■ purchaser’s costs of 6.67%. This reflects anet initial yield of 5%. south coast of England Long unexpired lease term of 21.7 years Reversionary Yield May 2022 ■ Let to the 5A2 covenant of Butlins Skyline Limited ■ FRI lease subject to five yearly RPI plus 2% linked rent reviews with a collar and cap of 112.5% to 122.5% Minimum 5.63% ■ The property provides high quality affordable Maximum 6.13% HMO staff accommodation for workers at Butlins ■ The first rent review date is19 May 2022 ■ Total passing rent of £416,650 per annum ■ Freehold ASHLEY HOUSE, 120 ALDWICK ROAD BOGNOR REGIS 21.7 years term certain with RPI Linked reviews PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited HEATHROW WINDSOR READING M25 RICHMOND CLAPHAM M4 STAINES M4 BRACKNELL LONDON NEWBURY J12 WOKINGHAM A322 WEYBRIDGE CROYDON A339 A33 EPSOM M3 WOKING J10 A34 J9 A22 FARNBOROUGH BASINGSTOKE A331 M25 J8 J7 J6 ALDERSHOT REIGATE GUILDFORD DORKING A31 ANDOVER HORLEY A303 GODALMING GATWICK J9a J9 A264 A34 J10 CRAWLEY HASLEMERE M23 A31 J11 WINCHESTER A3 HORSHAM A22 HAYWARDS PETERSFIELD HEATH ROMSEY A272 A36 EASTLEIGH M271 A23 SOUTHAMPTON A3(M) A24 M27 HAVANT FAREHAM A27 WORTHING BRIGHTON PORTSMOUTH CHICHESTER LITTLEHAMPTON COWES SELSEY BOGNOR RYDE REGIS NEWPORT TRAVEL TIMES CHICHESTER – 7 MILES ROAD PORTSMOUTH – 25 MILES LONDON – 55 MILES CHICHESTER – 15 MINUTES TRAIN BRIGHTON – 45 MINUTES LONDON VICTORIA – 1 HOUR 40 MINUTES AIR GATWICK AIRPORT – 45 MILES BOGNOR REGIS DEMOGRAPHICS Bognor Regis is located in the county of West Sussex on the south coast of England The total population within the Bognor Regis Primary Retail Market Area approximately 7 miles south east of Chichester, 25 miles east of Portsmouth and 55 is 84,000, and the town is expected to see significantly above average miles south of London. growth in population over the period 2017-2022. The town includes a The town benefits from good transport communications being located on the A29, high proportion of the retired, aged 65 and over. providing direct access to the A27 dual carriageway which runs across the south The drive for economic growth in Bognor Regis is centred on tourism, coast from Brighton in the east to Portsmouth in the west. The A27 also provides retail and service industries. Over 65% of employees in Bognor Regis are access to the A23 and A24 trunk roads which lead to the M23 and M25 motorways. employed by the service sector and this has continued to rise over time. Bognor Regis has a regular direct rail service to London Victoria (1 hour 40 mins). The station provides frequent services to Brighton with a journey time of approximately 45 minutes and Chichester within 15 minutes, both requiring one change. A 2 ASHLEY HOUSE, 120 ALDWICK ROAD 9 BOGNOR REGIS 21.7 years term certain with RPI Linked reviews PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited ES PURLEY ARL WAY CH 59 A2 BOGNOR REGIS TH WAY B OR YPA 9 N SS 25 REGENERATION A SALTBOX 2 BUTLINS ROWANOLDLANDS 1 PARK FARM • Recently opened £36 million leisure and splash pool • Employing approximately 1,400 staff COMMERCIAL AN WAY AND AIRFIELD OW R INDUSTRIAL PARK ENTERPRISE BOGNOR REGIS ESTATE 2 • The Saltbox site within Enterprise Bognor Regis D has secured planning consent for a £34m business A park offering over 323,000 sq ft of new floor O R space and the potential to create up to 1,000 new D jobs in the area E S P RETAIL D P • Rolls Royce have invested £70m in their O PARK A O R INDUSTRIAL O R Technology and Logistics centre totalling P R P PARK Y approximately 300,000 sq ft E N IP R H S UNIVERSITY OF CHICHESTER 9 3 2 A • The University’s new £36m Tech Park opened in 2018 and will bring an additional 1,500 students to B25 59 C the town by 2021 HIC HE S D T • The Park provides 63,500 sq ft of academic E A R O accommodation, up to 10,764 sq ft of facilities R R O accessible to business and the local community. N A ELPHAM WAY R F D 9 The park has created approximately 160 new jobs, O 5 H 2 T 2 delivering an estimated £176 million into the local B W and regional economy by 2023/24 A H UNIVERSITY OF CHICHESTER BOGNOR REGIS CAMPUS TOWN CENTRE INITIATIVES 4 • A Business Improvement District (BID) is in place 3 6 B 1 2 from April 2018 for 5 years 1 25 2 9 B • The town centre has seen a growth in footfall figures in 2018 5 BOGNOR REGIS TOWN 5 RAILWAY STATION ASHLEY CENTRE • Recently completed £2m refurbishment TRAVEL TIME 1 HOUSE TO BUTLINS 4 • Planning approval for The Track, a £1m creative digital hub/shared workspace in the station has 23 mins been granted and is expected to open in 2019 ADE 5 mins LAN ESP THE B216 6 For identification purposes only. ASHLEY HOUSE, 120 ALDWICK ROAD BOGNOR REGIS 21.7 years term certain with RPI Linked reviews PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited SITUATION The property is prominently positioned fronting Aldwick Road (B2166) with access to the rear from Nyewood Lane. The property is located in a predominantly residential area, 200m from the seafront. The property is situated 1.7miles (23 minutes walk) from the Butlins campus. There is a bus stop approximately 50m from the property providing regular services to Butlins. DESCRIPTION The property provides HMO staff accommodation for workers at Butlins and is arranged over ground and two upper floors with a secure garden area, four car parking spaces and a designated cycle store. Internally the property comprises a total of 57 bedrooms, this is made up of the original building and a recently completed two storey extension. The properties comprise a mix of single and twin ensuites benefitting from large communal spaces on both the ground and first floors. Floor plans are available in the dataroom. SCHEDULE OF ACCOMMODATION Floor Bedrooms Bedspaces Kitchens Ground 26 51 7 Annex Ground 6 12 1 First 15 28 5 Annex First 6 12 1 Second 1 1 0 Annex Second 3 6 1 Total 57 110 15 120 Aldwick Road, Bognor Regis, PO21 2PB ASHLEY HOUSE, 120 ALDWICK ROAD BOGNOR REGIS 21.7 years term certain with RPI Linked reviews PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited ASHLEY HOUSE © Crown Copyright, ES 100004106. For identification purposes only. created on Plotted Scale - 1:1,250 TENURE SITE AREA Freehold. 0.54 acres (0.218 hectares). TENANCY The property is let in its entirety to Butlins Skyline Limited on a FRI lease expiring on 18 May 2042 therefore benefiting from an unexpired term certain of Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are,approximately gives notice t ha21.7t: (a) years. these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop nor any of their members nor any person in their employment has any authority to make or give, any representation or warranty whatsoever in The passing rent is £416,650 per annum. The first rent relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctnessreview is of dated each statement 19 May 2022 contained and infrom these then particulars; on five (b) yearly. inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e)The carry rent out is all revised necessary to RPIsearches plus and2% subjectenquiries. to Allsop Minimum is the trading name of Allsop LLP. Rent increase of 112.5% and Maximum Rent increase of 122.5%. The lease is outside the protection of the Landlord and Tenant Act 1954. Butlins Skyline Limited has total responsibility for the management of the property and all the required HMO licences have been issued directly to Butlins Skyline Limited by the Local Authority.
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