Orpington Kent Br6 0Ny

251 – 259 HIGH STREET ORPINGTON KENT BR6 0NY

PRIME HIGH STREET RETAIL INVESTMENT AND DEVELOPMENT OPPORTUNITY Orpington Village Hall

War Tesco Memorial Superstore SUBJECT Brunswick Square PROPERTY Orpington Berkley Homes Campus of Development Bromley College Sainsbury’s

Orpington Station

Walnuts Shopping Centre High Street

Outlines for indicative purposes only. 251 – 259 HIGH STREET ORPINGTON KENT BR6 0NY

INVESTMENT CONSIDERATIONS DEVELOPMENT POTENTIAL

40,860 sq ft (3,796 sq m) mixed retail and office Vacant upper floors providing immediate The Property provides a number of potential building located within the main retail pitch development potential to residential or residential led development opportunities, on Orpington High Street alternative uses subject to planning (STP) (STP), including; Freehold Total site area of 0.83 acres (0.34 hec) Immediate conversion of the 2nd and 3rd floor offices to residential through Conveniently located between the new Tesco Separate 0.3 acre vacant site located adjacent Permitted Development Rights Super Store and the Walnut Shopping Centre to the main building providing further immediate development potential (STP) Redevelopment and expansion Let to Bonmarché Ltd and H Thornburrows of the existing building through & Co Ltd with an AWULT of 4.12 years Offers sought in excess of £3,600,000 a consented scheme (1.25 years certain) (Three Million Six Hundred Thousand Pounds) subject to existing leases, contract and exclusive Development of the 0.3 acre vacant site Low passing rent of £118,000 per annum of VAT reflecting a low capital value of £88.10 psf to the south of the property which forms with no value attributed to the site. part of the demise 251 – 259 HIGH STREET ORPINGTON KENT BR6 0NY

LOCATION

Orpington is an affluent market town in the London Borough of Bromley approximately 15 miles south east of Central London, 5 miles south east of Bromley and 10 miles east of Croydon. Orpington is located in the heart of the south east commuter belt and is one of the principal suburbs of the London Borough of Bromley. The town is served by South-eastern trains providing frequent services to Central London, with a fastest journey time of 18 minutes to London Bridge, making the town particularly popular with commuters.

Harlow The town benefits from excellent■ road links being situated 4 miles St Albans ■ ■ Hemel south from Junction 4 of the M25. The town is servedChelmsford by 17 different Hempstead ■ bus routesA1(M) providing daily services■ around Orpington and Greater M1 Epping London. Orpington is M25located within 16.3 miles (26 km) of Central Watford Enfield ■ London and 34.3■ miles (55 km) of Gatwick airport. M11 Brentwood ■ Brent Cross Romford Basildon M40 ■ ■ ■ Wembley Uxbridge ■ Southend-on-Sea ■ Barking ■ ■ ■ Slough Canvey ■ Island M4 LONDON ■ Heathrow Windsor Richmond ■ ■ Dartford Gravesend Clapham ■ ■ Staines Ashford A20 A2 Bromley ■ Isle of Margate Croydon Gillingham Sheppey ■ ■ ORPINGTON ■ M3 Sutton ■ Whitstabe ■ A21 ■ M20 Sittingbourne Epsom ■ A299 ■ A253 Ramsgate Woking ■ ■ Biggin Hill Faversham Aylesford ■ A28 ■ ■ A249 Leatherhead M26 M2 ■ Canterbury A3 ■ M25 Sevenoaks A228 Maidstone ■ ■ Guildford ■ ■ Oxted A256 ■ A31 Redhill M20 Tonbridge A2 ■ Horley ■ M23 Gatwick Royal A24 East Tunbridge Ashford Grinstead Wells ■ Dover ■ ■ ■ ■ Crawley A21 A229 A20 Folkestone A26 ■ ■ Horsham A22 A2070 A23 Haywards Heath ROAD■ PositionedA272 on the A232 with links to the A21 connecting to London to the north. The M25 Dungeness ■ is an 8 minute drive to the south. ■ A259 Battle

A283 Lewes ■ BUSA27 Hastings ■ The town’s bus station is located next to the Brighton ■ ■ train station providing regular services to Bognor Worthing Newhaven Regis Bromley, Lewisham,■ Woolwich and Bexleyheath. ■ Eastbourne ■ RAIL Direct services to London Bridge, Charing Cross and London Victoria. Fastest journey time to London Bridge of 18 minutes. AIR Gatwick Airport is a 27 minute drive to the south. The airport serves approximately 200 destinations in 90 countries. Orpington

PRIME HIGH STREET RETAIL INVESTMENT AND DEVELOPMENT OPPORTUNITY

SITUATION

The property is centrally located on Orpington High Street within the main retail thoroughfare. The High Street comprises a wide variety of A1 retail, restaurants, financial and professional services with a mix of national and independent occupiers. The property benefits from a high footfall being conveniently situated between the new Tesco Superstore to the south of the High Street and the Walnuts Shopping Centre. The rear of the property is accessed via Gravel Pit Way which runs adjacent to the east of the High Street. Orpington railway station is situated within a 5 minutes walk (0.3 miles) of the subject property.

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Copyright and confidentiality Experian, 2016. © Crown For more information on our products and services: copyright and database rights 2016. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 Surrounding local retailers include: 251 – 259 HIGH STREET ORPINGTON KENT BR6 0NY

DESCRIPTION

The subject property comprises a prominent 4 storey, mix use commercial building totalling 40,860 sq ft (3,796 sq m). There are two retail units arranged over ground and first floor levels with separate self-contained office accommodation at 2nd and 3rd floor levels.

Unit 1, 253-255 High Street (Bonmarché): Unit 2 – 257-259 High Street (Thornburrows): Bancroft House (offices): Unit 1 comprises a ground floor retail unit with first floor office and storage Unit 2 comprises a ground floor retail unit with first floor office and storage accommodation Bancroft House provides self-contained office accommodation totalling 9,860 sq ft (1,612 ITZA). The unit provides open plan totalling 14,423 sq ft (2,196 ITZA). The unit provides open plan ground floor sales accommodation accommodation totalling 16,577 sq ft (1,540 sq m) ground floor sales accommodation with a shop depth of approximately 52.5 m (172 ft) with shop depth of approximately 52.5 m (172 ft) fronting Orpington High Street. The retail arranged over the second and third floors, situated fronting Orpington High Street. The retail space leads to ancillary staff/office space leads to ancillary staff/office accommodation and WC facilities to the rear. The unit immediately above the two retail units. The offices are accommodation and WC facilities to the rear. The unit benefits from roller benefits from a roller shutter door which provides direct access to the rear car parking area. accessed via a separate entrance at ground floor level shutter doors which provide direct access to the rear car parking area. The first floor is accessed via a pedestrian stairwell and goods lift to the rear of the unit as fronting the high street. The offices benefit from The first floor is accessed to the rear of the unit via a stairwell and goods lift and well as a dual access escalator within the sales area. The first floor comprises open plan stairwell and lift access from ground floor level. comprises open plan storage with office and ancillary staff accommodation. storage with office and ancillary staff accommodation. PRIME HIGH STREET RETAIL INVESTMENT AND DEVELOPMENT OPPORTUNITY

239 Offices 268 Ho me 241 fie 270 ld R ise

272 e 243 s i 6 R 245 d 8 274 l e i e f 10 s e 247 u s e o u 12 H o m k H 276 c o i s 249 w a H r d i e M B 251 2 278

18 253 280 20 255 282 22 e s u 257 o H

t f 284 o r 26 c n 259 a 28 B 286 y 261 a 288 W

it K P no 263 ll l Ri 290 e se v a 265 r G

267

269 e n a L 271 s u t s 273 u 294 g u A 275 296

277 298

300

302 279 304 Vacant Site 281 306 283 308 27 25 285 29 310 23 289 TOTAL SITE AREA VACANT SITE 312 21 291 The property including the The property includes a separate vacant 293 314 19 vacant site has a total site 0.3 acre site located to the south of the 295 area of 0.83 acres (0.34 hec). property adjacent to Gravel Pit Way. 316 The site is covered with a tarmacadam 297 17 surface and is secured by palisade fencing. 318 15 The site benefits from a right of way from both 299 320 Gravel Pit Way and Orpington High Street. 0m 10m 20m 30m 322 301 18 13 16 20 324 For identification purposes only. © UKMap Copyright The GeoInformation Group 2016 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250 251 – 259 HIGH STREET ORPINGTON KENT BR6 0NY

TENANCY SCHEDULE COVENANT Bonmarché Limited D&B Rating 4A2 H Thornburrows & Co Ltd D& B Rating A1 Unit Tenant Floor Area Area Lease Rent Lease Expiry Rent ERV (sq m) (sq ft) Start Review (breaks) (ITZA) (ITZA/psf) Formed in 1982, Bonmarché is one of the UK’s largest Formed in 1946, H Thornburrows & Co is an independent Unit 1 Bonmarché Ltd Ground Floor 343 3,692 07/12/2012 - 06/12/2017 £70,000 £83,000 women’s retailers with over 300 stores and concessions. family run business supplying quality furniture. The (£32.00) (£40.00) The business has produced the following headline business has produced the following headline accounts (ITZA) 149.75 1,612 accounts over the last 3 years: over the last 3 years: First Storage 573 6,168 Total 916 9,860 28-Mar-15 29-Mar-14 31-Mar-13 28-Mar-15 29-Mar-14 31-Mar-13 (£,000) (£,000) (£,000) Unit 2 H Thornburrows Ground Floor 803 8,643 25/03/2014 25/03/2019 24/03/2024 £48,000 £105,000 & Co Ltd (25/03/2017) (£13.95) (£40.00) Turnover £178,575 £164,294 £170,252 Turnover - - - (ITZA) 204.00 2,196 (25/03/2019) Pre-Tax Profit £12,626 £9,467 £10,535 Pre-Tax Profit - - - First Storage 537 5,780 Total 1,340 14,423 Total Net Worth £22,528 £14,651 £7,948 Total Net Worth £380,225 £429,941 £339,167 Bancroft Vacant 2nd Floor 895.03 9,634 - - £144,510 House (£15.00) 3rd Floor 645.02 6,943 £104,145 (£15.00) AWULT Total 3,796.05 40,860 £118,000 £436,655 4.5 years to expiry and 1.28 years to break. PRIME HIGH STREET RETAIL INVESTMENT AND DEVELOPMENT OPPORTUNITY

DEMOGRAPHICS RETAILING IN ORPINGTON

Orpington has a primary catchment of 105,000 people with an estimated Orpington benefits from an excellent provision of multiple retailers which was significantly shopping population of 30,000 which is projected to see significant growth over enhanced in 2013 with the redevelopment and extension of the Walnuts Shopping Centre the next five years. The town has an affluent catchment with over 61% of the providing 50,000 sq ft of new retail, restaurants and leisure accommodation, with the view to it population categorised in the AB and C1 social group. The town has a college being the catalyst for future regeneration of the town. The Walnuts shopping centre is anchored which has around 8,000 students, 5,000 of which are mature students in full by Argos, Odeon, New Look, J.Sainsbury, B&M Stores and Wilko. Although The Walnut Shopping or part time study. Orpington benefits from a low local unemployment rate Centre is regarded as the primary retail destination in Orpington, the town has seen a number of 6.9% which compares favourably with the London regional average of 9.2% of national retailers take occupation on the high street in order to benefit from passing trade (Census 2011). generated from the shopping centre and the excellent accessibility to Orpington railway station.

Surrounding local amenities include: 251 – 259 HIGH STREET ORPINGTON KENT BR6 0NY

239 Offices 268 Ho me 241 fie 270 ld R ise

272 e 243 s DEVELOPMENT POTENTIAL i 6 R 245 d 8 274 l e i e f 10 s e 247 (Subject to necessary consents) u s e o u 12 H o m k H 276 c o i s 249 w a H r d i e M B 251 2 278

The property provides a number of potential residential led development 18 253 280 20 opportunities including; immediate conversion from office to residential through 255 282 22 e s u 257 o H

t f 284 o the application of Permitted Development Rights, redevelopment and expansion r 26 c n 259 a 28 B 286 of the building through a full detail planning application and development of the y 261 a 288 W

it vacant site to the south of the property which forms part of the demise. K P no 263 ll 290 l Ri e se v a 265 r In order to establish the development potential, the Vendor has commissioned G 267

269 a planning report which provides a comprehensive review of the development e n a L 271 s potential of both the existing building and the vacant site. A full copy of the u t s 273 u 294 g u A 275 planning report is available upon request. 296

277 298

The report concludes that in planning terms there is the potential to progress 300

302 a permitted development of the vacant offices to residential, undertake 279 304 Vacant Site 281 a comprehensive redevelopment and extension of Bancroft House and 306 283 308 27 25 progress a residential development on the vacant car park site. 285 29 310 23 289 312 21 Further information regarding the planning and 291 293 314 19 development potential for the subject property is 295 316 297 17 available through the London Bough of Bromley (LLB) 318 15 299 320 website at: www.bromley.gov.uk 0m 10m 20m 30m 322 301 18 13 16 20 324 For© U KidentificationMap Copyright The GeoIn forpurposesmation Group 2016 Lonly.icence No. LANDMLON100003121118. Plotted Scale - 1:1250

PERMITTED DEVELOPMENT

The vacant 2nd and 3rd floor offices provide an immediate conversion from office to residential through the application of Permitted Development Rights (PD). The 16,577 sq ft of offices lend themselves well benefiting from excellent natural light and suitable floors plates for residential use. Should a residential conversion of the vacant offices be progressed, it is estimated that approximately 30 new 1 - 3 bed residential apartments could be provided. PRIME HIGH STREET RETAIL INVESTMENT AND DEVELOPMENT OPPORTUNITY

POTENTIAL COMPREHENSIVE REDEVELOPMENT

There is potential through a planning application to increase the height and density of the subject property through redevelopment or extension of the existing building. There is potential to increase the bulk and density of the building via redevelopment to incorporate the rear element of the site which currently provides parking. Furthermore, subject to negotiations with the tenant there is potential to gain vacant possession and convert the 1st floor ancillary/office accommodation for residential use The above is subject to necessary consents.

DEVELOPMENT OF VACANT SITE

The vacant site to the south of the property is unconstrained in land use planning policy terms, and it is considered that in principle a proposal for residential development on this land could be progressed as a ‘windfall’ opportunity. In the context of the surrounding built development, it is considered that a residential development of two or three storey terraced houses or flatted apartments could be progressed. Prior to any potential development, the site could be let to a car parking operator on a rolling contract in order to generate additional income. All the above is subject to necessary consents. 251 – 259 HIGH STREET TENURE EPC VAT

Freehold. The property has an The property is not EPC rating of C64. elected for VAT. ORPINGTON KENT BR6 0NY DATAROOM

Further information is provided in the dataroom. For access please register on the following website www.highstreetorpington.com.

PROPOSAL Offers sought in excess of £3,600,000 (Three Million Six Hundred Thousand Pounds) subject to existing leases, contract and exclusive of VAT reflecting a low capital value of £88.10 psf.

Receiver Caveat: The property is being marketed for sale on behalf of Joint LPA Receivers (acting as agent for the registered proprietors of the property) and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability.

For further information or to make arrangements for viewing please contact:

Residential Investment & Development National Investment

Michael Linane James Hood James Salmon Roseanna Eden 020 7344 2623 020 7344 2637 020 7543 6880 020 7543 6740 [email protected] [email protected] [email protected] [email protected] www.allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) 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 vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) 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) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 05.16