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Bognor Regis ST JOSEPHS VILLAGE ALBERT ROAD, PO21 1NJ BOGNOR REGIS A FREEHOLD ESTATE PROVIDING HIGH QUALITY ACCOMMODATION FOR STAFF WORKING AT BUTLINS APPROXIMATELY 23.75 YEARS (18.75 YEARS TERM CERTAIN) WITH RPI LINKED REVIEWS LET TO THE SECURE COVENANT OF BUTLINS SKYLINE LIMITED Outline for indicative purposes only. ST JOSEPHS VILLAGE, ALBERT ROAD, PO21 1NJ APPROXIMATELY 23.75 YEARS (18.75 YEARS TERM CERTAIN) WITH RPI LINKED REVIEWS BOGNOR REGIS LET TO THE SECURE COVENANT OF BUTLINS SKYLINE LIMITED WALTON WALLS ESSEX HOUSE WALTON HOUSE ST JOSEPHS BLACKBIRD COTTAGE LAS ARENAS BEACH LODGE 5 MINS WALK TO BUTLINS Outline for indicative purposes only. INVESTMENT CONSIDERATIONS • Unique opportunity to acquire a secure, long let, • Long unexpired lease term of 23.75 years • Butlins have recently completed the development of index linked investment arranged over 7 buildings (18.75 years term certain) a £36 million leisure and splash pool the properties total approximately 29,900 sq ft • FRI lease subject to five yearly RPI plus 2% • Offers sought in excess of £10,800,000 (2,780 sq m) linked rent reviews with a collar and cap of (Ten Million, Eight Hundred Thousand Pounds) • Situated in the seaside resort of Bognor Regis on the 112.5% to 122.5% after allowing for purchaser’s costs of 6.71%. south coast of England • Large site area of approx. 1 acre offering long This reflects a net initial yield of5.25% . • Let to the 5A1 covenant of Butlins Skyline Limited term large scale redevelopment potential Reversionary Yield March 2023 • The property provides high quality affordable • Freehold Forecast based on OBR 6.18% HMO staff accommodation for workers at Butlins • Butlins is a chain of large seaside resorts founded Minimum 5.91% • Total passing rent of £605,360 per annum in 1936 Maximum 6.39% ST JOSEPHS VILLAGE, ALBERT ROAD, PO21 1NJ APPROXIMATELY 23.75 YEARS (18.75 YEARS TERM CERTAIN) WITH RPI LINKED REVIEWS BOGNOR REGIS LET TO THE SECURE COVENANT OF BUTLINS SKYLINE LIMITED M4 M4 M4 HEATHROW FULHAM WINDSOR HOUNSLOW READING M25 RICHMOND CLAPHAM M4 STAINES M4 BRACKNELL LONDON BROMLEY NEWBURY J12 WOKINGHAM A322 BOGNOR REGIS WEYBRIDGE CROYDON A339 A33 EPSOM M3 Bognor Regis is located in the county of West Sussex on the south WOKING J10 BIGGIN HILL A34 J9 A22 coast of England approximately 7 miles south east of Chichester, FARNBOROUGH BASINGSTOKE A331 M25 J8 J7 J6 25 miles east of Portsmouth and 55 miles south of London. ALDERSHOT REIGATE GUILDFORD DORKING A31 ANDOVER The town benefits from good transport communications being located HORLEY EDENBRIDGE GODALMING on the A29, providing direct access to the A27 dual carriageway which A303 GATWICK J9a J9 J10 A264 EAST runs across the south coast from Brighton in the east to Portsmouth in the A34 GRINSTEAD CRAWLEY west. The A27 also provides access to the A23 and A24 trunk roads HASLEMERE M23 A31 J11 A3 which lead to the M23 and M25 motorways. WINCHESTER HORSHAM BILLINGSHURST Bognor Regis has a regular direct rail service to London Victoria HAYWARDS PETERSFIELD ROMSEY A272 HEATH (1 hour 40 mins). The station provides frequent services to Brighton A36 EASTLEIGH BURGESS HILL with a journey time of approximately 45 minutes and Chichester M271 A23 within 15 minutes, both requiring one change. SOUTHAMPTON A3(M) A24 M27 LEWES HAVANT FAREHAM A27 BRIGHTON DEMOGRAPHICS WORTHING PORTSMOUTH CHICHESTER LITTLEHAMPTON GOSPORT NEWHAVEN The total population within the Bognor Regis Primary Retail Market BOGNOR COWES REGIS Area is 84,000, and the town is expected to see significantly above RYDE SELSEY average growth in population over the period 2017-2022. The NEWPORT town includes a high proportion of the retired, aged 65 and over. The drive for economic growth in Bognor Regis is centred on tourism, retail and service industries. Over 65% of employees TRAVEL Chichester – 7 miles Chichester – 15 minutes in Bognor Regis are employed by the service sector and this TIMES Portsmouth – 25 miles Brighton – 45 minutes Gatwick Airport – 45 miles has continued to rise over time. London – 55 miles London Victoria – 1 hour 40 minutes ST JOSEPHS VILLAGE, ALBERT ROAD, PO21 1NJ APPROXIMATELY 23.75 YEARS (18.75 YEARS TERM CERTAIN) WITH RPI LINKED REVIEWS BOGNOR REGIS LET TO THE SECURE COVENANT OF BUTLINS SKYLINE LIMITED BOGNOR REGIS REGENERATION A2 59 CHAR A LE S 2 PU 9 RL EY W A Y RTH WAY B 1 BUTLINS NO YPA 59 SS A2 • Recently opened £36 million leisure and splash pool SALTBOX 2 • Employing approximately 1,400 staff ROWAN OLDLANDS PARK FARM COMMERCIAL AND 2 ENTERPRISE BOGNOR REGIS WAN WAY AIRFIELD RO INDUSTRIAL PARK • The Saltbox site within Enterprise Bognor Regis has secured planning ESTATE consent for a £34m business park offering over 323,000 sq ft of new D floor space and the potential to create up to 1,000 new jobs in the area A O R D • Rolls Royce have invested £70m in their Technology and Logistics E S RETAIL P O centre totalling approximately 300,000 sq ft O R PARK R P INDUSTRIAL D P PARK A O R Y E N IP R UNIVERSITY OF CHICHESTER H 3 S 9 2 A • The University’s new £36m Tech Park opened in 2018 and will bring an additional 1,500 students to the town by 2021 B255 9 CH IC H • The Park provides 63,500 sq ft of academic accommodation, up to E ST 10,764 sq ft of facilities accessible to business and the local community. ER D R A O B2259 FELPHAM WAY The park has created approximately 160 new jobs, delivering an O A R D N estimated £176 million into the local and regional economy by 2023/24 R O H T W A H UNIVERSITY OF CHICHESTER BOGNOR REGIS CAMPUS 4 TOWN CENTRE INITIATIVES 3 6 1 • A Business Improvement District (BID) is in place from April 2018 1 2 B 225 for 5 years B 9 • The town centre has seen a growth in footfall figures in 2018 5 BOGNOR REGIS TOWN 1 RAILWAY STATION 5 CENTRE ST JOSEPHS 4 VILLAGE • Recently completed £2m refurbishment E NAD SPLA • Planning approval for The Track, a £1m creative digital hub/shared THE E workspace in the station has been granted and is expected to open in 2019 For identification purposes only. ST JOSEPHS VILLAGE, ALBERT ROAD, PO21 1NJ APPROXIMATELY 23.75 YEARS (18.75 YEARS TERM CERTAIN) WITH RPI LINKED REVIEWS BOGNOR REGIS LET TO THE SECURE COVENANT OF BUTLINS SKYLINE LIMITED SITUATION The site is bound by road on all sides, except to the south, where it is neighboured by a six storey block of flats, The Espalande Grande, which adjoins the seafront. The Properties are accessed from and bounded by Albert Road to the west, Walton Road to the north and Walton Avenue to the east. The site is square in shape save for the omission of a building (known as Pearlfishers) on the eastern side of the site, fronting Walton Avenue. The properties are situated 0.5 miles (5 minute walk) from the Butlins campus. DESCRIPTION The property provides HMO staff accommodation for workers at Butlins and comprises seven buildings arranged over ground, first and second floors. Internally the buildings provide a total of 84 rooms (151 bed spaces) across a mix of single, twin and double rooms, together with communal kitchens and shower room facilities and manager accommodation. The properties benefit from communal gardens and a large conservatory. Please refer to the Schedule of Accommodation and Floor plans for a full breakdown of the accommodation provided within each property. M R a O r i A a SCHEDULE OF ACCOMMODATION D 5 Property Floor Bedrooms Bedspaces Area sqm Area sqft 1 to 7 D OA N R WALTON HOUSE LTO Ground Floor 15 30 533 5,737 WA K AL First Floor 11 20 272 W 2,928 Sabey OP ISL Court St Josephs Second Floor 3 6 80 861 1 0 TENURE 5 Third Floor 82 883 1 to Walton Court 1 Freehold. Total 29 56 967 10,409 Wellesley 3 Court 7 1 t o Allestree Court Ground 2 1026 1,098 AD Walton Walls First 2 100 1,076 RO 2 SITE AREA 9 N 4 LTO Total 4 202 2 ,174 WA 2 0.96 acres (0.39 hectares). Ground 8 14 158 1,701 1 WALTON WALLS El Office 24 Hatherleigh258 Blackbird Sub TENANCY Cottage First 5 9 13 8 1,485 PEARL FISHERS Sta nds hla W eac The properties are let on two leases to Butlins Skyline Limited from 23 Total 13 23 296 3,186B ST JOSEPHS ESSEX HOUSE A L T March 2018 and 13 June 2019 on full repairing and insuring lease terms. Ground 10 19 266 2,863 O N A First 8 15 201 2,164 V The leases expire coterminously on 22 March 2043 with a tenant break Essex House E vila A N Second 3 4 128 A 1,378 L U BE E option on 23 March 2038. Therefore an unexpired term of approximately BLACKBIRD COTTAGE Total 21 38 595 6,405ley R om T 23.75 years term certain (18.75 years to break). R R WALTON HOUSE O 5 Ground 2 4 100 1,076 LAS ARENAS 1 to 2 A oint D The passing rent of £594,360 pass P is reviewed five yearly to RPI plus 2% Las Arenas First 2 4 11 0 1,184 ompa f BEACH LODGE C rtre 28 Ca with a collar14 to and cap of 112.5% to 122.5%. Total 4 8 210 2,260 s land 2 ast to 1 Ground 3 6 97 1,044E Walton1 Walls is let on a separate lease with a passing rent of £11,000pa.
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