CALVERLEY ROAD, ROYAL TUNBRIDGE WELLS
Vacant prime freehold/part leasehold variety store for sale offering break up/mixed use redevelopment potential 25/27 CALVERLEY ROAD | TUNBRIDGE WELLS
INVESTMENT SUMMARY
• Royal Tunbridge Wells is an attractive spa town, situated in west Kent, approximately 50km (31 miles) south east of London.
• One of the most affluent of the Promis catchments ranking 12 of the 200 Promis Centres (Promis 06/06/2020).
• A rare opportunity to acquire a vacant c. 47,000 sq ft (4,366 sq m) variety store with mixed use break up/ redevelopment potential.
• Ability to increase massing and take advantage of changes to planning.
• Strong proven retail location which is projected to see above average growth in its retail market area.
• Dual frontage to Calverley Road/ Royal Victoria Place.
• Proven tenant demand with offers already received on parts of the store.
• Majority freehold title.
• Offers are invited in excess of £3,000,000 (Three Million Pounds), subject to contract and exclusive of VAT which reflects a capital value of c. £64 per sq ft. M25 M25 LONDON / CALVERLEY ROAD | TUNBRIDGE WELLS M4
HEATHROW TWICKENHAM DARTFORD LOCATION M3 M25 ROCHESTER Royal Tunbridge Wells is an attractive spa town CROYDON situated in west Kent, close to the county border with M2 East Sussex. The town is located approximately 50 EPSOM M2 km (31 miles) south east of London and benefits from M25 M20 M26 being in a relatively isolated position in Kent, being LEATHERHEAD M25 25 km (16 miles) from Maidstone and 31 km (19 miles) SEVENOAKS MAIDSTONE from Crawley.
M20 Royal Tunbridge Wells has good road communications with the A21 dual carriageway linking to the M25 to TONBRIDGE the north at Junction 5, the A26/27 linking to Brighton M23 and Eastbourne to the South and the A21 linking to GATWICK Hastings to the south east. Royal Tunbridge Wells is TUNBRIDGE also well connected to London by train, with regular WELLS services to London Bridge, with the fastest journey CRAWLEY time being approximately 40 minutes. Gatwick Airport is situated 20 miles to the west of the town.
The town is categorised by PMA as a sub regional town on the basis of the volume and quality of its retail offer. The catchment area extends northwards towards the M25 almost as far as Sevenoaks and southwards along the A267, towards Hailsham.
The total population within the Primary Retail Market area is 220,000, ranking the town 69 out of the Promis Centres. The catchment population is one of the most affluent of the Promis Centres, ranking 12 on the PMA affluence indicator.
Employers in the town include AXA PPP Healthcare (Insurance) Thompson Shell, Passmore Solicitors and Cripps Solicitors. 25/27 CALVERLEY ROAD | TUNBRIDGE WELLS / CALVERLEY ROAD | TUNBRIDGE WELLS
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SITUATION
The subject property occupies a prime trading location on the north side of the pedestrianised Calverley Road, adjacent to an entrance of the Royal Victoria Place Shopping Centre. Nearby retailers include Fenwicks, Marks and Spencer, Boots and Waterstones.
DESCRIPTION
The property which was previously occupied by BHS, comprises a variety store arranged over basement, ground and three upper floors. The store has the benefit of servicing from the Royal Victoria Place shopping centre service level. / CALVERLEY ROAD | TUNBRIDGE WELLS
RETAILING IN TUNBRIDGE WELLS
The town centre retail floor space in Royal Tunbridge Wells is estimated at 1.17 m sq ft ranking the town 69 of the Promis Centres on this measure.
The town has a below average proportion of managed floor space with around 20% of the total retail floor space accounted for by the towns one managed shopping centre, the British Land owned Royal Victoria Place. The 300,000 sq ft centre has recently been refurbished and is anchored by a three floor Fenwicks Department Store and a two floor Marks and Spencer. Other retailers include Boots, French Connection, Hobbs and Next.
The pedestrianised section of Calverley Road provides an extension to the prime retailing offer with the Royal Victoria Place Shopping Centre having its two entrances fronting onto the street.
Calverley Road is one of the few pedestrianised streets in Royal Tunbridge Wells with a high representation of multiple retailers, including M&S, Waterstones, Superdrug, Fat Face and Topshop. There are two department stores within the town, Fenwicks and Hoopers, the latter of which is located on Mount Pleasant Road.
The town has a significantly above average volume and quality of retail provision of upper middle fashion retailers given the affluence of the population. Retailers include Russell and Bromley, Whistles, Mint Velvet, Hobbs and Jigsaw. 25/27 CALVERLEY ROAD | TUNBRIDGE WELLS
ACCOMMODATION
The property is arranged on basement (service level), ground and three upper floors. The ownership has frontages to both Calverley Road and Royal Victoria Place at upper and lower mall levels. The total demise has an overall area of 46,863 sq ft (4,353.8 sq m) as detailed below and split on the freehold/ leasehold demises: -
Freehold Tenure Leasehold Tenure
sq. ft sq. m sq. ft sq. m
Service Level 3,007 279.4
Service Level Mezzanine 1,369 127.2 2,287 212.5
Ground Floor/Lower Mall 13,057 1,213.0 3,055 283.8
First Floor/Upper Mall 12,994 1,207.2 4,962 461.0
Second Floor Staff 5,846 543.1 Accommodation Level
Roof Top Plant Room 286 26.6
Total 27,420 2547.4 19,443 1,806.4
Total Floor Area 46,863 4,263.8 25/27 CALVERLEY ROAD | TUNBRIDGE WELLS
GROUND FLOOR AL V CT A PLAC TENURE
25/27 Calverley Road is held freehold under title number (K697246) and is shown highlighted in red edging on the attached plan. The ownership also includes a long lease over the rear part of the overall demise, fronting onto Royal Victoria Place which is held leasehold from MEPC (now British Land) on a underlease for a term of 125 years from 25th March 1992 at a rent of £1 p.a. The superior landlord is Tunbridge Wells Borough Council. The extent of the leasehold portion is highlighted in blue on the title plan. Further details are available on request.
DEVELOPMENT POTENTIAL CALV L
The new planning provisions which came into force on 1st September 2020 will
allow significantly greater flexibility to change uses without the need to obtain CALV L AD Freehold planning permission. Leasehold
The building provides the buyer with flexible break up opportunities, given the prime frontages of Calverley Road/ Royal Victoria Place and the potential to increase massing for residential development on the freehold section fronting FIRST FLOOR AL V CT A PLAC Calverley Road, subject to planning. The vendor had initially considered a sub division of the store to create 4 retail units and had received offers/interest from multiple retailers on a significant proportion of the space. Further information is
available from this office. PP ALL SHORTFALLS
V D The current annual principle shortfalls for 2020/2021 can be set out as follows: -
Service Charge – Shopping Centre £117,129.72 Insurance £5,267 Business Rates £323,386 Bid Levy £5,100 CALV L AD Freehold Total Costs £450,882.72 Leasehold VAT We are informed that the property has been registered for VAT and VAT is therefore payable on the purchase price. It is however envisaged that the transaction will be treated as a Transfer Of A Going Concern (TOGC).
EPC
The EPC rating is E124 and further information is available from this office.
Town Tenant Area Buyer/Status Date Price Capital Value PROPOSAL Archived psf Offers are being sought in excess of Torquay Debenhams 35,505 Torbay Council May 2020 £1,650,000 £46.47 £3,000,000 (Three Million Pounds), subject to contract and exclusive of VAT for our Folkstone Debenhams 51,628 Hythe Council May 2020 £2,050,000 £39.71 clients freehold/part leasehold interests, Chelmsford Debenhams 126,973 On the market £9,000,000 £70.88 which will be sold with vacant possession. Guildford Debenhams 233,704 Under offer – c. 20 bids c. £21,000,000 £89.86 A purchase at this level would reflect a Exeter House of Fraser 55,960 Prydus February 2020 £9,500,000 £169.76 capital value of £64 per sq ft. Hastings Debenhams 96,089 Bought by Hastings Council January 2020 £2,550,000 £26.53 Recent comparable sales can be set out Bournemouth Debenhams 106,000 Bought by a private January 2020 £8,600,000 £81.13 as follows: - Bournemouth House of Fraser 86,016 Bought by a private January 2020 £4,350,000 £50.57
FOR FURTHER INFORMATION, PLEASE CONTACT:
Philip Hay BSc (Hons) MRICS Michael Lockhart 020 7637 7100 or 07770 580 590 020 7637 7100 or 07779 248 780 [email protected] [email protected]
Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements of representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. 102542. Designed by TCC 09/20.