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42 High Street, Epsom KT19 8AH Prime South East Redevelopment Opportunity

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42 High Street, Epsom KT19 8AH Prime South East Redevelopment Opportunity 42 High Street, Epsom KT19 8AH Prime South East Redevelopment Opportunity 42 High Street Epsom KT19 8AH 1 Investment Summary t Epsom is an affluent Greater London market town, located approximately 17 miles t Freehold. south-west of Central London. t Opportunity to reconfigure the retail unit and convert the upper floors to residential use with t A popular commuter town with excellent rail links into Central London. scope to add massing, subject to planning. t The property occupies a prominent high street corner pitch adjacent to the recently t Total existing accommodation of 8,329 sq ft. re-developed Epsom Square leisure plaza. t Seeking unconditional offers in excess of £1,700,000 subject to contract and exclusive of t The property provides a ground and basement retail unit with two upper floors, offered VAT for our client’s freehold interest. with full vacant possession. 42 High Street Epsom KT19 8AH 2 Location Epsom is a well-established and affluent Surrey commuter town location. The town is situated between the A3 and the M25, just 4 miles north of Junction 9 of the M25 and is approximately 17 miles south west of Central London. Renowned for the popular Epsom Downs Racecourse and RAC Woodcote Park Country Club, the town benefits from a number of leisure attractions which are supported by excellent rail networks, adding to Epsom’s appeal of being conveniently connected to Central London and beyond. Mainline services run frequently from Epsom Railway Station to London Vauxhall, Waterloo and Victoria stations with a fastest journey time of 36 minutes into Victoria and 25 minutes into Waterloo. The ongoing road improvement works in the town centre, including the conversion of South Street into a two-way street, has helped reduce congestion and improve access in and out of the town centre for both retail consumers and local residents. 42 High Street Epsom KT19 8AH 3 Situation The property occupies a prime corner pitch on the north side of Epsom High Street, immediately adjacent to McDonalds, with the Epsom Square leisure plaza to the rear. Current occupiers in the plaza include Nandos and Slug & Lettuce. Further surrounding retailers include, HSBC, Metro Bank, JD Sports and Mountain Warehouse. The property is within five minutes walking distance to Epsom Railway Station. 42 High Street Epsom KT19 8AH 4 Description Accommodation Formerly occupied by Maplin, the property comprises a three-storey, purpose-built, corner Description Area (sq ft) Area (sq m) building of brick construction beneath a part pitched and part flat roof, providing ground floor retail accommodation with basement ancillary space and two upper floors. The upper parts benefit from a Ground floor sales area 2,549 237 passenger lift serving all floors. Basement Ancillary 270 25 1st floor 2,755 256 2nd floor 2,755 256 Total 8,329 774 NB: The above areas have been provided from our client’s records and have not been fully verified. Retail in Epsom Epsom boasts an excellent retail provision comprising approximately 560,000 sq ft of floor space. The town’s primary retail pitch is focused within the Ashley Centre which is anchored by Marks & Spencer and Waitrose. Prime rents within the Ashley Centre have achieved in excess of £100 Zone A. In addition to the shopping centre, the popular high street features key A1 and A3 occupiers to include Waitrose, Bills, Tesco Express, Fat Face and JD sports. There is little vacancy within the vicinity, with strong occupier demand evidenced by several recent offers received by our client for the ground floor retail unit. Further information available upon request. 42 High Street Epsom KT19 8AH 5 Development Potential REAR ACCESS BIN STORE Support has been obtained from Epsom and Ewell Borough Council following a positive pre- UNIT 3 70 SQ.M application meeting to convert the existing upper parts to C3 residential use with the addition of a third RESIDENTIAL RESIDENTIAL ENTRANCE FOYER ACCESS storey rooftop level, providing a total of eight residential units. The proposed schedule of residential 3 REAR accommodation is outlined below: ACCESS WC STORE RETAIL 2 UNIT 2 Floor Unit GIA (sq ft) GIA (sq m) Beds 51 SQ.M PLAN 2 First 1 958 89 2 EXISTING GROUND FLOOR PLAN SCALE 1: 100 @ A1 2 549 51 1 1 3 753 70 2 UNIT 1 89 SQ.M RETAIL RESIDENTIAL Second 4 958 89 2 AMENITY 5 549 51 1 STORE 6 753 70 2 RETAIL ACCESS Third 7 602 56 1 Proposed basement & ground floor Proposed first floor 8 538 50 1 Total 5,660 526 12 COMMUNAL TERRACE 55 SQ.M The proposal also includes the partial conversion of the rear ground floor and full conversion of the UNIT 6 basement level, from A1 retail use to C3 residential use to provide ancillary amenity for the residential 70 SQ.M units. As part of this proposal, a new service core is proposed including the insertion of a new entrance 6 opening to the side elevation of Epsom Square. To accommodate the new third storey roof extension, PRIVATE TERRACE 17 SQ.M the intention is to demolish the existing pitched roof structure. 5 UNIT 8 50 SQ.M UNIT 5 51 SQ.M The ground floor retail unit is to be reconfigured to provide the requisite support services, whilst retaining the full existing retail frontage. The reconfigured retail unit will provide the following 8 7 approximate NIA accommodation: 4 UNIT 7 56 SQ.M UNIT 4 Ground floor Sq ft Sq m 89 SQ.M Total sales area 1,582 147 PRIVATE TERRACE ITZA 1,130 105 32 SQ.M Proposed second floor Proposed third floor Floorplans for indicative purposes only. 42 High Street Epsom KT19 8AH 6 ERV and Rental Comparables We consider the ERV on the reconfigured retail unit to be in the region of £70,000 p.a. which reflects a headline rent of £60 psf Zone A. A selection of rental evidence is summarised below: Address Tenant Date Rent (p.a.) Zone A (£ psf) 44 High Street Creams Desserts Jun 18 £63,000 £60.00 59 High Street Post Office Nov 17 £45,000 £73.00 50 High Street Waterstones Oct 17 £75,000 £65.00 57 High Street CeX Oct 15 £40,000 £65.00 Residential Market Front view CGI for indicative purposes only The Epsom residential market has continued to flourish over the past decade, being well recognised as a desirable London suburb owed to its picturesque market town, comprehensive retail/leisure offering and excellent transport links. Epsom is nearby to other affluent towns such as Cheam and Leatherhead, offering multiple retail and leisure destinations within a short drive. The demographics of the town include a high proportion of affluent retired and older working age adults with above average per capital spending levels (source, Promis). Developer sentiment within the location remains strong, evidenced by a number of schemes both under construction and in the pipeline, most notably the new development at the Upper High Street site consisting of 30 flats and a 30,000 sq ft Lidl store. Rear view CGI for indicative purposes only 42 High Street Epsom KT19 8AH 7 VAT The property is elected for VAT and VAT will therefore be chargeable on the purchase price. EPC The property has an EPC rating of B 26-50. The full EPC and recommendations are available upon request. Data Room Further information is available via the data room upon request. Proposal We are instructed to seek unconditional offers in excess of £1,700,000 for the freehold interest, subject to contract and exclusive of VAT. Further Information Should you require further information or wish to view the property please contact either; Liam Taylor Lewis Sinclair Avison Young T. 020 7046 6516 T. 020 7911 2913 M. 07968 110 812 M. 07908 227 966 22 Ganton Street London E. [email protected] E. [email protected] W1F 7FD IMPORTANT NOTICE 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. Avison Young have any authority to make any representation and accordingly any information given is entirely without responsibility on the part of Avison Young, or the seller/lessor. 2. Any photographs (and artist 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 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 of any information given. May 2019 42 High Street Epsom KT19 8AH 8.
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