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986 Garratt Lane TOOTING BROADWAY LONDON

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986 Garratt Lane TOOTING BROADWAY LONDON 50 – 56 Tooting High Street & 984 – 986 Garratt Lane TOOTING BROADWAY ■ LONDON ■ SW17 0RN Unique South London freehold site comprising a mixed use substantially reversionary investment with considerable development potential computer generated image 50 – 56 Tooting High Street ■ 984 – 986 Garratt Lane ■ Tooting Broadway ■ London ■ SW17 0RN 02 Garratt Lane Tooting Market Tooting High Street Garratt Terrace SUBJECT PROPERTY to St George’s University Hospital Tooting Broadway Underground Station A24 Mitcham Road 50 – 56 Tooting High Street ■ 984 – 986 Garratt Lane ■ Tooting Broadway ■ London ■ SW17 0RN 03 • Rare opportunity to purchase a unique and prominent freehold development site in the heart of one of South London’s most popular areas which is expected to see further growth as a result of Crossrail 2. • Situated directly opposite Tooting Broadway station, in a prime retail pitch. • Let to the undoubted covenant of HSBC, Halifax, JD Wetherspoons and the NHS with a INVESTMENT SUMMARY INVESTMENT diversified income stream. • Current total rental income of £580,850 per annum including rental guarantees. • Substantial rental reversion with excellent rental growth prospects. • Opportunity to reposition the property through redevelopment with an increased height and density, potentially for retail, leisure, residential, hotel or student housing uses, subject to the usual consents. Offers are sought in excess of £17,000,000 (Seventeen Million Pounds) subject to contract and exclusive of VAT, giving a net initial yield of 3.20% and a reversionary yield of 4.57% after allowing for standard acquisition costs of 6.74%. 50 – 56 Tooting High Street ■ 984 – 986 Garratt Lane ■ Tooting Broadway ■ London ■ SW17 0RN 04 Located in Tooting, within the affluent Borough of Wandsworth in south Transport links are excellent, with the property situated west London, the property benefits from a prime location, situated immediately opposite Tooting Broadway underground station immediately opposite Tooting Broadway Station in the heart of the (Northern Line). Tooting Railway Station is located 0.8 miles prime retail pitch. The surrounding area offers a wide variety of shops, to the south and provides regular direct services to London bars and leisure facilities. Nearby occupiers include: Blackfriars and onwards to City Thameslink, Farringdon and St Pancras International. The area is expected to benefit from the arrival of Crossrail 2 with Tooting Broadway and Balham stations both being safeguarded. The arrival of Crossrail 2 will reduce congestion on the Northern Line and reduce the journey Farringdon The newly redeveloped Tooting Market is a very popular local time to London VictoriaBaker to as little as 10 minutes. In addition Whitechapel Madame Street Tussauds Tottenham Liverpool attraction, run by the team who set up the famous Camden Market. there are a number of major busCourt Road routes serving Tooting StreetHigh Paddington Marble CANNING Arch Blackfriars TOWN It is home to over 50 pop up food stalls and retail units and has won Street, connecting to CentralOxford Circusand GreaterLeicester London. Limehouse Piccadilly Square Tower Hill Shadwell Circus Trafalgar Monument Westferry Square East India numerous awards including Best Small Indoor Market @ The Great Green Blackwall Park Wapping Kensington Gardens Hyde Charing British Market Awards 2017. Park Cross Southwark London Rotherhithe Heron Quays LOCATION & SITUATION LOCATION Bridge SOUTHWARK Waterloo Canada Water North St. James’s Greenwich E A R L ’ S KNIGHTSBRIDGE Park C O U R T Surrey Quays Over recent years Tooting has experienced rapid growth, benefitting from the Elephant Shopping WESTMINSTER SOUTHWARK Centre & Castle PARK Surrey Victoria Quays ripple effect of rapid house price growth in central London resulting in increased Kensington Mudchute Farm gentrification further south down the Northern Line. Residential house prices have Pimlico Vauxhall Kennington Charlton increased by 32.44% over the past 5 years (Zoopla). In 2017 Tooting was voted as one Burgess Vauxhall Park Battersea Maze Hill of the worlds “Top Ten Coolest Neighbourhoods” by Lonely Planet. Park Deptford B A T T E R S E A New Cross Gate C H E L S E A Stockwell Greenwich Greenwich Park The area is now a popular neighbourhood full of young families and professionals, Clapham High Street P E C K H A M Loughborough Nunhead with several major retail and commercial occupiers seeking representation and a Lewisham & Lewisham C L A P H A M Junction Southwark Shillington College Gardens Clapham Brixton Ruskin B L A C K H E A T H number of regeneration and development schemes being planned and consented. Clapham Common Park Brockley Junction Brixton Hilly Fields These include Crest Nicholson’s residential/ commercial development The Blackheath Park Peckham Rye Park Clapham Park Wandsworth Common Common Broadway, a consented 5 storey £40 million ApartHotel to be developed by the Honor Oak Ladywell Park L E W I S H A M Hither Green London Hotel Group and a 5 storey Premier Inn/ Lidl anchored mixed use scheme Brockwell Ladywell Park Fields DULWICH Catford B R I X T O N Mountsfield currently under construction. VILLAGE St Dunstans Bridge College Park West Catford Balham Tulse Dulwich Forest Hill Hill Another important driver of the local economy is St George’s Hospital( 150 m from Streatham Sydenham Hill Tooting Bec Hill the property), one of the largest hospitals in the UK providing 1,300 beds. St George’s Garden Of Rememberance University shares the same site and is consistently voted the Best Medical School in SUBJECT PROPERTY TOOTING West Norwood the country. As a result the area is home to a large medical population comprising BROADWAY Gibsy Hill over 8,500 medical staff and nearly 10,000 students attending the university, with Streatham very limited student accommodation available in the area. Tooting Colliers Wood 50 – 56 Tooting High Street ■ 984 – 986 Garratt Lane ■ Tooting Broadway ■ London ■ SW17 0RN 05 Tooting’s combination of excellent transport links, vibrant commercial centre and good housing stock make it a very attractive residential location. According to CACI, Tooting has a total resident population of 66,134, which includes areas up to Tooting Bec and Wandsworth Common to the north and parts of Streatham to the south. Population growth for the next 10 years is forecast to be 5.70%, compared to the UK average of 5.10%. DEMOGRAPHICS The Tooting catchment is notably wealthy, with 77% of the population earning more that £40,000 per annum. Using CACI’s Acorn classification, 74% of the Tooting population are classified as‘Affluent Achievers’ or ‘Rising Prosperity’, compared to 32% of the UK’s population generally. Underpinning the areas growing prosperity is the Borough’s housing stock which has seen capital growth of 28% over the past 5 years, and 7% over the last year, significantly better when compared to both London and the UK as a whole, -1.9% and 2% respectively over the same period. Situated directly opposite Tooting Broadway station, in a prime retail pitch. 50 – 56 Tooting High Street ■ 984 – 986 Garratt Lane ■ Tooting Broadway ■ London ■ SW17 0RN 06 The total retail floorspace in Tooting is estimated at 0.67 million sq ft, above the average for a London centre of this nature, reflecting its wide catchment and affluent population. The Tooting area is favoured by young families and young professionals which helps to underpin retail spend within the locality, as demonstrated by the high levels of rental growth the market has experienced, as major national multiples enter the market, recently including Pret a Manger, Lidl and Superdrug. Tooting is forecast to see above average percentage growth in the volume of total retail spend between 2017 and 2022. The strength in demand has been witnessed by recent lettings to Pret a Manger and Holland & Barrett at 3 and 5/9 Mitcham Road, which reflect a headline Zone A rent of £155 per sq ft and a net Zone A rent of £145 per sq ft. The letting to Holland & Barrett at 5/9 The Broadway showed a circa 28.5% RETAILING IN TOOTING RETAILING increase on the previous passing rent which was a lease renewal effective December 2013. There is currently a paucity of available retail space in Tooting and pent up demand which will assist in maintaining rental growth. Outstanding tenant requirements include: 50 – 56 Tooting High Street ■ 984 – 986 Garratt Lane ■ Tooting Broadway ■ London ■ SW17 0RN 07 The property comprises a rare standalone site totalling approximately 0.5 acres. To the south east of the site there is a two-storey commercial building. The property provides a terrace of 4 retail units, fronting onto Tooting High Street. There are an additional two retail units fronting onto the A217/ Garratt Lane. The first-floor upper parts provide a mix of independent office space as well as a variety of ancillary accommodation. 50 – 52 High Street (Halifax) provides a two-storey corner unit with return frontage onto the A217. The ground floor is arranged as a banking hall, with additional meeting rooms and ancillary accommodation on the first floor. DESCRIPTION DESCRIPTION 54 High Street (formerly Snappy Snaps) provides a retail unit at ground floor with offices on the first floor, which benefit from a self contained access from High Street. 56A High Street (J D Wetherspoon) is arranged as a public house on ground floor only, benefitting from a kitchen and storage area to the rear. 56 High Street (HSBC) comprises a large corner unit arranged as a bank with a return frontage onto Garratt Terrace, where a number of ATM machines are installed. The unit presents well and has recently benefitted from a refurbishment. 1st Floor, 56 High Street (NHS) provides modern office accommodation, currently arranged as several meeting / consultation rooms. The property benefits from its own access on Garratt Terrace and has a passenger lift installed.
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