Broadway Corner 77-81 High Street & 1-3 Elmfield Road Bromley, Kent, Br1 1Jy

BROADWAY CORNER 77-81 HIGH STREET & 1-3 ELMFIELD ROAD BROMLEY, KENT, BR1 1JY

PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY BROADWAY CORNER 77-81 HIGH STREET & 1-3 ELMFIELD ROAD BROMLEY, KENT, BR1 1JY PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

INVESTMENT CONSIDERATIONS

• Exceptionally prominent town centre retail parade investment totalling approximately Bromley South Station 1,577.5 sq m (16,980 sq ft) 4 mins walk • Primary catchment population of 711,000 and ranked 20th of the UK PROMIS Centres • Prime retail position situated opposite the main entrance of The Glades Shopping Centre the pre-eminent shopping destination in Bromley • The property fronts on to the pedestrianised section of the High Street • Freehold • Current income of £382,500 per annum • Let to the Nationwide Building Society, Boots and Warren Evans with short-term asset management opportunity

Potential Development Opportunity • All upper parts are intact with significant redevelopment potential to alternative uses, including residential; subject to planning

• Offers in excess of £5,125,000 BROADWAY (Five Million, One Hundred and Twenty CORNER Five Thousand Pounds) subject to contract and VAT. A purchase at this level would reflect a Net Initial Yield of 7.00%; allowing for standard purchasers costs.

Site outline for identification purposes only. 2 BROADWAY CORNER 77-81 HIGH STREET & 1-3 ELMFIELD ROAD BROMLEY, KENT, BR1 1JY PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

LONDON LONDON CITY BRIDGE AIRPORT LONDON M25 A13 LONDON VICTORIA

A2 GRAYS

A23

BRIXTON A3

DULWICH A282 VILLAGE A2 A205 DARTFORD GRAVESEND WEST DULWICH GROVE PARK A20 SIDCUP

PENGE EAST BECKENHAM A214 JUNCTION

BROMLEY MITCHAM M25

M20 HARTLEY CROYDON A232 ORPINGTON

Location A21 M25 Bromley is the administrative and commercial centre for the London Borough of Bromley situated 12.6 miles (20.2 km) south east of Central London, 7.2 miles LONDON (11.6 km) north east of CroydonBIGGIN and HILL 11.6 miles (18.7 km) south west of Dartford. AIRPORT Bromley is a popular commuter town with excellent rail links to Central London. COULSDON Bromley South Rail Station provides express services to London Victoria with a

fastestA22 journey time of 16 min with immediate access to Victoria, Circle and District Underground Lines; additional destinations include St Albans, Sevenoaks and Ashford M20 International. Bromley North Rail Station provides indirect links to London Bridge, M26 London Cannon Street and London Charing Cross via Grove Park. Biggin Hill International Airport is situated 5.6 miles (9.0 km) to the south providing a range of private and business aviation services. The airport has benefitted from significant CATERHAM A25 Beckenham Junction investment of late, with a new Bombardier Maintenance facilityM25 and new 60,000 sq ft commercial hangar currently under construction to be completed in Q4 2017. SEVENOAKS Penge East West Dulwich London City Airport is situated 12.9 miles (20.7 km) to the north, Gatwick International Grove Park. Airport is 24.7 miles (39.8 km) to the south west and Heathrow International Airport is 41.0 miles (65.9 km) to the north west.

All are on the rail lines already drawn up; please use the same font as London Victoria and Brixton for the station names.

ROAD RAIL AIRPORTS

A21 <1mile London Victoria 16 mins Biggin Hill 5.6 miles A205 (S. circular) 3 miles London Blackfriars 35 mins London City 12.9 miles A20 3.9 miles Sevenoaks 45 mins Gatwick 24.7 miles M25 9.6 miles Ashford International 74 mins Heathrow 41.0 miles

3 BROADWAY CORNER 77-81 HIGH STREET & 1-3 ELMFIELD ROAD BROMLEY, KENT, BR1 1JY PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

Bromley Bromley is the commercial and retailing centre for the London Borough of Bromley with a total primary catchment population of 711,000 and ranked 20th of UK PROMIS Centres. Town centre retail floor space in Bromley is approximately 1.24 million sq ft, of which approximately 37% is situated within The Glades Shopping Centre. The retail core of the town centre is largely focused around the pedestrianised section of the High Street and to the prime pitch within The Glades Shopping Centre. The Glades Shopping Centre, constructed in 1991, attracts over 20 million visitors a year boasting a wealth of high end national retailers including Apple, Debenhams, Marks & Spencer, H&M and French Connection. The centre was recently acquired by Alaska Permanent Fund Corporation, subject to a minority share, held by Bromley Council. The prime pitch within the centre extends from the central atrium to the south east entrance situated directly opposite from Broadway Corner. Bromley’s second managed centre is the smaller and partially covered Mall scheme developed by Henry Boot Developments. The scheme is located directly to the south of the subject property, with additional access from Elmfield Road. The Mall has been substantially re-developed and re-configured of late, to provide a number of large stores, with tenants including Poundland, Sports Direct, Iceland and Argos. The scheme further benefits from a 255 space NCP car park, accessed via Elmfield Road. In December 2015, Travelodge announced plans to build a 58 room hotel adjacent to The Mall with construction expected to complete in Q3 2017.

4 BROADWAY CORNER 77-81 HIGH STREET & 1-3 ELMFIELD ROAD

BROMLEY, KENT, BR1 1JY Bromley PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

Situation The property is situated on the south east corner of the junction of Bromley High Street and Elmfield Road and is immediately opposite the main entrance to The Glades Shopping Centre, Bromley North the pre-eminent town centre retail destination in Bromley. 9 mins walk In addition, the main entrance to The Mall (Shopping Centre) is situated directly to the south providing additional footfall to the property. All units are highly visible and benefit from footfall generated by its close proximity to The Glades Shopping Centre and position between the prime pitch of Bromley High Street and Bromley South Rail Station. Local transport links are excellent, with numerous local bus services available adjacent to the property. Bromley South Rail Station is situated a 4 minute walk to the south, whilst Bromley North Rail Station is situated a 9 minute walk to the north of the property.

BROADWAY CORNER

Bromley South 4 mins walk

Experian Goad Plan Created: 05/06/2017 Created By: Allsop 50 metres

Copyright and confidentiality Experian, 2015. © Crown copyright and database For more information on our products and services: rights 2015. Ordnance Survey 100017316 www.experian.co.uk/goad | [email protected] | 0845 601 6011 BROADWAY CORNER 77-81 HIGH STREET & 1-3 ELMFIELD ROAD BROMLEY, KENT, BR1 1JY PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

Floor Plans Description The property comprises an attractive and prominent ground floor retail scheme with extensive accommodation above. The accommodation on the first and second floors provide sales accommodation, offices and ancillary areas. 77 High Street is arranged on ground and second floors to provide a ground floor banking hall and office Unit A accommodation above. The bank benefits from glazed frontage to the High Street with ATM facilities. Stair and lift (8 persons) access is available to the rear. The second floor Unit A Unit B Unit B Unit C

is currently the Nationwide Southern Counties Training and Assessment Centre. A Unit The retail and office accommodation has recently benefited from a comprehensive refurbishment to a high standard. 79-81 High Street is arranged on ground and first floors to provide ground floor retail and ancillary accommodation above. The unit benefits from glazed return frontage from the High Street to Elmfield Road with stair access and a 500 kg service lift to ancillary storage and staff accommodation above. Unit C 1-3 Elmfield Road is arranged on ground and first floors to Unit C provide retail sales accommodation on the ground and first floors with ancillary accommodation on the second floor. The unit benefits from a customer lift (8 persons) to the rear.

Tenure Freehold GF F1 F2 Potential Residential Opportunity The Bromley residential market is particularly popular due to its close proximity to London, coupled with excellent transport Accommodation and Tenancies links and extensive retail and recreational facilities; residential values are currently achieving between £550 - £625 psf. Unit Tenant Description GIA Sq ft NIA Sq ft ITZA Lease Lease Rent Passing Rent (£ pa) The property is situated immediately adjacent to the newly (sq m) (sq m) sq ft (sq m) Start Expiry Review (Rent PSF/ITZA) redeveloped Elmfield House, which is a conversion of a former office building under Permitted Development Rights to provide Unit A, Nationwide GF (Retail) 2,110 (196.0) 1,771 (164.5) 847 (78.7) 15/09/1997 28/09/2022 24/06/2017 £150,000 77 High Street Building Society (outstanding) (£125 ITZA) 18 new residential apartments. They are achieving £575- GF (Anc.) 32 (3.0) £625 psf for studio and 1 bedroom accommodation; 50% (F2: £12.50 psf) of the units are were placed under offer on the opening day F2 (Anc.) 3,815 (354.4) 3,513 (326.4) of marketing. Sub-Total 5,925 (550.4) 5,316 (493.9) In light of the above, we consider the upper floors would lend Unit B, Boots UK Limited GF (Retail) 2,573 (239.0) 2,153 (200.0) 1,083 (100.6) 25/03/2014 24/03/2019 £107,500 themselves to a conversion to residential; subject to gaining 79-81 (£87 ITZA) the necessary consents and vacant possession. GF (Anc.) 29 (2.7) High Street (F1: £5.00 psf) The centre of the building at 2nd floor level provides a void, F1 (Anc.) 1,959 (182.0) 1,659 (154.1) which could also potentially be infilled, to provide additional Sub-Total 4,532 (421.0) 3,841 (356.8) floor space as could the possibility of providing an additional third floor, given the adjoining building heights; both of which Unit C, Designer Ideas Limited GF (Retail) 2,256 (209.6) 2,140 (198.8) 1,376 (127.9) 01/07/2009 30/06/2019 01/07/2014 £125,000 would be subject to gaining the necessary consents. 3 Elmfield Road t/a Warren Evans (outstanding) (£65 ITZA) F1 (Retail) 5,260 (488.7) 4,555 (423.2) (F1: £7.00 psf) F2 (Anc.) 1,576 (146.4) 1,128 (104.8) (F2: £3.50 psf) Sub-Total 9,092 (844.7) 7,823 (726.8)

Total 19,549 (1,816.1) 16,980 (1,577.5) £382,500

6 BROADWAY CORNER 77-81 HIGH STREET & 1-3 ELMFIELD ROAD BROMLEY, KENT, BR1 1JY PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

Covenant Information

NATIONWIDE BUILDING SOCIETY BOOTS UK LIMITED DESIGNER IDEAS LIMITED (T/A WARREN EVANS) Nationwide Building Society is a British mutual financial institution Boots is the UKs leading pharmacist with over 2,500 stores Warren Evans is a bespoke made to order furniture and the largest building society in the world. The branch employs across the UK and Ireland. The company sells a range of manufacturer and retailer in the UK, with 14 stores around 18,000 people across 700 UK branches. medicines, health and beauty products and have their own in the South East of England. The company is The company provides a range of financial services including mortgage loans, credit cards, loans, ranges in each of these sectors. Optometry and audiology under-going a programme of expansion following savings accounts, bank accounts and insurance products. Nationwide is the second largest provider services are offered as well as a range of food and drink. the issuance of a retail bond in 2013, of household savings and mortgages in the UK and has 7.1% market share of current accounts. In December 2014, Walgreens and Alliance Boots merged, with investment in new retail premises and upgraded store formats. The second floor office accommodation is currently utilised as the Nationwide Southern bringing together the two leading brands in the sector. Counties Training and Assessment Centre benefitting from a recent comprehensive refurbishment to a high standard. Nationwide Building Society recently reported the following financial information: Boots UK Limited recently reported the following financial information: Designer Ideas Limited recently reported the following financial information:

4th April 2014 4th April 2015 4th April 2016 31st March 2013 31st March 2014 31st August 2015 31st December 2014 31st December 2015 31st December 2016 Turnover (‘000s) £489,000 £447,000 £428,000 Turnover (‘000s) £6,204,000 £6,340,000 £9,198,000 Turnover £20,583,484 £23,662,681 £27,344,250 Pre-Tax Profit (‘000s) £677,000 £1,044,000 £1,279,000 Pre-Tax Profit (‘000s) £452,000 £507,000 £542,000 Pre-Tax Profit -£1,835,505 £738,582 £837,492 Total Net Worth (‘000s) £7,950,000 £8,701,000 £9,739,000 Total Net Worth (‘000s) £430,000 £456,000 £367,000 Total Net Worth -£2,372,623 -£1,593,030 -£769,558

7 BROADWAY CORNER 77-81 HIGH STREET & 1-3 ELMFIELD ROAD BROMLEY, KENT, BR1 1JY

The sale is an excellent opportunity to buy three well-secured prominent retail units with significant asset management upside, major development potential and future rental growth.

VAT EPC’s The properties are elected for VAT and it is Further information is available in the anticipated the transaction will be treated dataroom. as a transfer of a going concern (TOGC).

MEASURED SURVEYS DATA ROOM The Vendor has recently carried out For Dataroom access please use the measured surveys of each unit. These following link measured surveys and associated http://datarooms.allsop. warranties will be transferred to the purchaser upon completion of the sale. co.uk/register/highbrom

PROPOSAL We are instructed to seek offers in excess of £5,125,000 (Five Million, One Hundred and Twenty Five Thousand Pounds) subject to contract and VAT. A purchase at this level would reflect a Net Initial Yield of 7.00%; allowing for standard purchasers costs.

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

Jeremy Hodgson Mark Dansky Tom Dales 020 7543 6709 020 7543 6813 020 7543 6866 [email protected] [email protected] [email protected]

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 www.allsop.co.uk 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 09.17