PRIME INVESTMENT WITH DEVELOPMENT OPPORTUNITY IN AFFLUENT SURREY COMMUTER TOWN AUCKLAND
HOUSE NEW ZEALAND AVENUE, WALTON-ON-THAMES, SURREY KT12 1PL AUCKLAND HOUSE
KEY CRITERIA
TOWN CENTRE LOCATION
EXCELLENT RETAIL UNITS WITH CUSTOMER PARKING
FREEHOLD
WAULT 3.25 YEARS
INCOME £112,680 PER ANNUM
ERV £177,456
PLANNING GRANTED FOR AIR SPACE DEVELOPMENT OF 10 FLATS
OFFERS IN EXCESS OF £2.95M WALTON-ON-THAMES IS A MARKET TOWN ON THE SOUTH BANK OF THE RIVER THAMES T A406 h W TO M3 am 26 M40 M11 a e spaces t TO A309 C lto s S o A12 n B St h Sidney Rd tt M1 ri rc im dg u o Wembley e h r Rd 100 C e A40 ield Rd L A404 spaces f n A12 A13 A rch Maidenhead LONDON 30 u 50 Slough Ch M4 A4074 M4 A4 N 800 r ew spaces THE HEART D Z Windsor ea SHOPPING Dartford s lan A2 d d CENTRE Heathrow A205 n Av Reading a e LOCATION Airport A3 l Richmond t 119 A a 2 Bracknell M25 spaces 4 Wimbledon A20 O 4
Wokingham Kingston A23
A322 upon-Thames The town itself consists mostly of affluent suburban streets, 0 5 Croydon WALTON-ON- 0
with a historic town centre of Celtic origin. It is one of the 3 A33 M3 THAMES H
A e e
largest towns in the Elmbridge borough and according to v r s
Epsom A h
Woking a
k the 2011 Census, the town has a total population of 22,834 m r A23 A22
A322 a R
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and the borough 136,400. It is around 19 miles from Central d
A3 y
Farnborough d d
e
M25 l R
London and is served by a wide range of transport links. R
M3 Sevenoaks s S
h e y i s w
A331 d e o
A287 l A B n
h
Guildford e
s y
A24 n H The town is well located just to the south of the A308 trunk A L y
M23 d R e n a
o r d p s road, which provides direct access to junction 12 of the M25 w m h A22 to a d S i m (London Orbital Motorway) approximately 7 miles away. M R A31 A287 A3 A281 d Gatwick Walton is approximately 7.5 miles from Heathrow Airport
Airport TO A3 Tunbridge Wells
and 31 miles from Gatwick.
Crawley
T A406 h W TO M3 am 26 M40 M11 a e spaces t TO A309 C lto s S o TRANSPORT A12 n B St h Sidney Rd tt M1 ri rc im dg u o Wembley e h r Rd 100 C e A40 ield Rd L A404 spaces f n A12 A13 Walton-on-Thames is served by Walton-on-Thames main A rch Maidenhead LONDON 30 u 50 Slough Ch M4 line railway station, which provides 4 trains per hour to A4074 M4 A4 N 800 London Waterloo, with the semi-fast services taking only r ew spaces THE HEART D Z Windsor ea SHOPPING 25 minutes to reach the terminus. This has proven pivotal toDartford s lan A2 d d CENTRE Heathrow A205 n Av Reading a e Airport A3 l the demographicsRichmond and to the town’s growth/development. t 119 A a 2 Bracknell M25 spaces 4 Wimbledon A20 O 4
Wokingham Kingston A23
A322 upon-Thames
Walton has regular bus services supported by Surrey 0 5 Croydon WALTON-ON- 0
County Council to nearby towns including Molesey and 3 A33 M3 THAMES H
A e e
Kingston-upon-Thames. A pleasure boat service runs v r s
Epsom A h
Woking a
k regularly on a stretch of the river that includes a loop m r A23 A22
A322 a R
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around Desborough Island. d
A3 y
Farnborough d d
e M25 l R
R
M3 Sevenoaks s S
h e y i s w
A331 d e o
A287 l A B n AUCKLAND h
Guildford e
s y
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M23 d R e HOUSE n a
o r d p s w m h A22 to a d S i m NEW ZEALAND AVENUE M R A31 A287 A3 A281 WALTON-ON-THAMES, SURREY KT12 1PL d Gatwick
Airport TO A3 Tunbridge Wells
Crawley
COMMERCE
The Heart is an exciting retail and residential complex, which combines top high street fashion with delicious, alfresco dining. The Heart of Walton is the name given to the redevelopment of Walton town centre alongside the High Street. This main area of the town centre was built in the 1960s and The Heart redevelopment includes a shopping mall and 279 one- and two-bedroom apartments, many with views over the private gardens, avenues and public section of Ashley Park. The main part of the centre, a covered walkway, has several brand retailers including Next, Waterstones, H & M and River Island. Restaurants along the New Zealand Avenue side of The Heart include Carluccios, Nando’s, Pizza Express and Wagamama. Further restaurants exist along the High Street axis and at the far north-eastern and southern parades within the town boundaries. DESCRIPTION
The subject property was built in the late 1950’s and has subsequently been converted to provide retail at ground floor and residential above. It is of concrete frame construction with cavity brick walls beneath a flat roof. The property comprises a detached building with three well configured ground floor retail units. Internally the retail units benefit from large display windows and provide open plan sales areas presented in the tenants’ corporate style, with ancillary staff accommodation. The property is accessed via New Zealand Avenue and has the benefit of 9 on site car parking spaces including 1 disabled car parking space, which are reserved for commercial tenants and their customers. There is residential accommodation on the first and second floor which benefits from two entrances located between the commercial elements. There is also secondary means of escape to the rear of the building which is accessible via the stair cores.
RENTAL COMMENTARY
The Heart Shopping Centre is considered as the prime retailing pitch and we understand that recent transactions have been agreed and completed at Zone A rents of £62.50 per square foot. Rental values along both the High Street and New Zealand Avenue currently stand at circa £40.00 psf Zone A, suggesting that the passing rents on the subject property are reversionary, with good prospects for future rental growth. TENANTS
Property Tenancy Passing rent Comments
No. Floor Type ITZA Sq.M Sq.Ft Tenant Start date Break Expiry Rent review £pa Zone A ERV (£pa)
A Ground Retail 1130 131 1406 VACANT N/A N/A N/A N/A £0 N/A £45,000
B Ground Retail 2193 276 2973 Homebase Rooms Ltd 01.10.2019 31.03.2023 24.11.2025 25.11.2020 £60,000 £27.36 £75,000 Assignment of Bathstore lease
C Ground Retail 1465 185 1986 Topps Tiles 25.09.2013 N/A 24.06.2023 N/A £49,800 £33.99 £54,000
1st & 2nd 16 flats Residential N/A N/A N/A Individuals 2007 - 2014 N/A 2106 - 2139 27.07.2029 £2,880 N/A £3,456 £240 per unit RPI increases floors
- 3rd Air Space N/A N/A N/A Vacant N/A N/A N/A N/A N/A N/A N/A PP for 10 flats GDV £3.3m
Total 4788 592 6365 £112,680 £177,456
COVENANTS RESIDENTIAL COMMENTARY MULTI-TILE LIMITED (Company No. 00808214) Multi-Tile are a wholly owned subsidiary of Topps Tiles Plc, Walton is well recognised as a desirable the largest specialist tile retailer in the UK with in excess residential suburb with an attractive local of 365 stores across the country and a group turnover for environment, comprehensive retail provision 2018 of £217m. and strong transport links. Demand for housing is reflective of this with a healthy HOMEBASE ROOMS LIMITED (Company No. 12095209) mixture of apartments and houses. Ashley Homebase Rooms Ltd are a wholly owned subsidiary and Burwood Park provide private parks of Homebase Group Ltd to facilitate the acquisition of whilst the Burhill Estate hosts impressive Bathstore retail units in administration. The company was family homes. Residential flat values are incorporated on 10 July 2019. in the range of £450-£500 per sq. ft. and attract investors and first-time buyers. PLANNING
Planning consent was allowed on appeal under ref: APP/K3605/W/18/3206220 dated 12th February 2019
The development proposed is to provide 4 x 1-bedroom and 6 x 2-bedroom apartments (Use Class C3(a)) on the converted existing building, together with associated cycle spaces and amenities, redecoration of the existing front façade NORTH ELEVATION NEW ZEALAND AVENUE 1:1000 and recladding of the 2 access cores to the 1st, 2nd and 3rd floor flats.
GROUND FLOOR PLAN NEW ZEALAND AVENUE 1:1200 ROOF PLAN NEW ZEALAND AVENUE 1:1200 SCHEDULE OF ACCOMMODATION
Type Number Apartment GIA Sq.M
1B 2P 3 1, 2, 3 50 FOURTH FLOOR PLAN NEW ZEALAND AVENUE 1:1200
1B 2P 1 6 53
2B 3P 1 9 61
2B 4P 2 7 & 8 70 THIRD FLOOR PLAN NEW ZEALAND AVENUE 1:1200 2B 4P 2 4 & 5 73
2B 4P 1 10 78
Total 10 628 EPC
The retail parade affords the following EPC ratings: Unit A - C74, Unit B - C62, Unit C - C60. Copies of the certificates shall be made available upon request.
VAT
The property is elected for VAT and it is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).
ANTI MONEY LAUNDERING
In accordance with Anti Money Laundering Regulations, we shall require additional information from the successful purchaser so that an online verification can be undertaken prior to heads of terms being agreed.
PROPOSAL
We are instructed to seek offers in excess of £2,950,000 (Two Million, Nine Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 5.2% on the retail element and £111 psf capital value for the residential proposition, after allowing for purchaser’s costs of 6.4%.
CONTACTS
Andrew Abbott
T 020 8222 9947 M 07920 769395 E [email protected] Important Notice Willmotts, their clients and any joint agents give notice that: 1. No description or information given about the property or its value, whether written or verbal or whether or not in these particulars (“Information”) may be relied upon as a statement of representation or fact. Varol Zafer Neither Willmotts nor its Joint Agents have any authority to make any representation and accordingly any Information given is entirely without responsibility on the part of Willmotts T 020 8222 9946 M 07900 224967 E [email protected] or the seller/lessor. 2. Any photographs (and artist’s impressions) show only certain parts of the property at the time they were taken. Any areas, measurements or distances given are approximate only. 3. Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other Shahid Sadiq consent has been obtained. These matters must be verified by any intending buyer/lessee. 4. Any buyer/lessee must satisfy himself by inspection or otherwise as to the correctness T 020 8222 9945 M 07961 410931 E [email protected] of any Information given.