Downs Court 64 Meads Street Eastbourne BN20 7FD Prime Mixed Use Investment Opportunity Inverness Aberdeen Dundee Perth Stirling Falkirk Edinburgh Glasgow Dumfries Newcastle upon Tyne Carlisle Sunderland Hartlepool Stockton-on-Tees Middlesbrough Darlington Scarborough A1(M) Harrogate York Leeds Preston Bradford Blackburn Kingston upon Hull Burnley M62 M62 Scunthorpe Barnsley Grimsby Manchester Doncaster M180 M1 Liverpool M57 M62 M18 Sheield M53 A57 Colwyn Bay M1 Lincoln Downs Court 64 Meads Street Eastbourne A1 Downs Court 64 Meads Street Eastbourne 3 Skegness 2 Prime Mixed Use Investment OpportunityM6 Prime Mixed Use Investment Opportunity Wrexham Nottingham Stoke-on-Trent EXECUTIVE SUMMARY EASTBOURNEGrantham Derby An £85 million plan to transform the Eastbourne Arndale Centre RESIDENTIAL AN ATTRACTIVE Downs Court (the development) is located on Meads Street to the south west of EastbourneA1 town centre. The area is known was approvedKing’ in s2014. Lyn nThe extension will provide up to 24 new X 22 Apartments [2 x 1 beds and 20 x 2 beds] FREEHOLDTel foINVESTMENTrd M1 locally as ‘The Meads’ and is considered to be one of the most shops between the existing Arndale Centre and the railwayNorwic h M42 affluent parts of Eastbourne, characterised by traditional station. The development is a private sector proposal from X 21 apartments currently fully let on ASTs M54 A47 Great Yarmouth OPPORTUNITY residentialLeiceste accommodation.r A47 Performance Retail Limited Partnership (PRLP) in which Legal X 1 apartment subject to a long lease & General have a majority share. Construction is expected to The development is approximately 1.3 miles from Eastbourne COMPRISING M69 A47 Peterboroughcommence in 2016 and Legal & General is working towards X Passing Rent: £215,230 per annum train station which provides access into London (Victoria) in completing the scheme by 2018. Lowestoft 22 APARTMENTS Birmingham approximately 1 hour 30 minutes. London Gatwick Airport X ERV: £236,050 per annum The Eastbourne campus of the University of Brighton is located M1is located approximately 49 miles to the north west of X Area (GIA): 1,992 sq m / 21,446 sq ft excluding AND RETAIL UNIT M6 Eastbourne. A1(M) in The Meads area and is situated across three main clusters: communal areas Darley Road, Hillbrow and Welkin. In the region of 3,000 students LET TO TESCO. Coventry Eastbourne is a popular seaside town on the south coast of study at this campus. Sussex Downs College, with a campus England between Brighton and Hastings. The town is situated RETAIL A14 in Eastbourne, is the largest further education college in East M45 at the eastern end of the chalk South Downs alongside the Sussex, providing education and training from foundation to X Ground floor retail unit let to Tesco Stores high cliff at Beachy Head. degree level. Newmarket Limited until 1st July 2025 Worcester Northampton The Seven Sisters Country Park (partBedfor of Southd Downs National X Area NIA: 349.41 sq m / 3,761 sq ft Park) extends to 280 hectares and is located to the west of The Cambridge Ipswich Meads. X Current passing: £51,350 per annum The population of Eastbourne grew between 2001 and 2011 from X RPI linked review due in July 2015 89,800 to 99,412. It is the 2nd fastest growing seaside town in the UK, and the economic driver of East Sussex. Those living in the Milton Keynes Colchester OFFERS FOR THE WHOLE INVITED Private Rented Sector in Eastbourne roseLuto fromn 16% of households IN EXCESS OF £5M Cheltenham in 2001, to 24% in 2011. Stevenage Gloucester EastbourneAylesbury has a broad economic base. GardnersA1 Books Stansted (the largest book wholesaler in the UK), Veritek Global M1 M11 Oxford(a world leader in digital technology), and Jones Bootmakers Chelmsford are all headquartered in the town. M40 High Wycombe Swansea Southend-on-Sea Swindon Reading London Bristol M4 Cardi M25 Ramsgate Bath A2 Weston-super-Mare M3 Basingstoke Guildford Maidstone M23 Dover M20 Winchester Royal Salisbury Tunbridge Wells Folkestone Crawley Taunton Southampton A21 A22 A27 Hastings Brighton Portsmouth EASTBOURNE Exeter Bournemouth Not to scale. For illustrative purposes only Newport Torquay Plymouth Downs Court 64 Meads Street Eastbourne Downs Court 64 Meads Street Eastbourne 4 Prime Mixed Use Investment Opportunity 5 Prime Mixed Use Investment Opportunity TENANCY DETAILS DESCRIPTION Downs Court is a freehold development comprising a double The retail unit provides a well configured ground floor shop Floor area Amenity Current Current Tenancy Tenancy Tenancy fronted supermarket with basement and residential with storage at basement level. The space is let to Tesco Stores Apartment Floor Bedrooms Bathrooms Passing ERV PCM ERV PA Status sq ft GIA space Rent PCM Rent PA Type Start Date End Date accommodation on the four upper floors. Limited on a 15 year fully repairing and insuring lease from 2nd July 2010 at a current rent of £51,350 per annum. The lease 1 Ground 1019 2 2 Garden £900 £10,800 £975 £11,700 AST 18/08/2010 17/08/2011 Holding Over The development is of brick construction under a mansard is subject to 5 yearly upward only rent reviews which are RPI roof and is part modern and part conversion. The development 2 Ground 993 2 2 Garden £850 £10,200 £925 £11,100 AST 19/12/2014 19/06/2015 6 month AST linked, the next rent review is due on 2nd July 2015. The lease was completed in 2009. In total the site area extends to 0.17 requires the tenant to contribute to the service charge. 3 First 947 2 2 Balcony £850 £10,200 £950 £11,400 AST 12/10/2012 11/10/2013 Holding Over hectares (0.41 acres). 4 First 898 2 2 Terrace £900 £10,800 £950 £11,400 AST 17/09/2010 16/09/2011 Holding Over The majority of the apartments benefit from a mix of terraces 5 First 1024 2 2 Terrace £795 £9,540 £950 £11,400 AST 06/12/2013 05/12/2014 Holding Over and balconies. Four apartments (17,18,19 & 20) on the top LEGAL floor of the development benefit from sun rooms, as well as 6 First 1088 2 2 Balcony £895 £10,740 £950 £11,400 AST 28/03/2012 27/03/2013 Holding Over extensive balconies with views towards the sea to the south 7 First 948 2 2 £850 £10,200 £950 £11,400 AST 13/01/2012 12/01/2013 Holding Over and west and the South Downs to north and east. Apartments The property is owned freehold. 8 First 1146 2 2 Balcony £900 £10,800 £975 £11,700 AST 20/10/2011 19/10/2012 Holding Over 1 and 2 on the ground floor have private gardens. Apartment 9 is subject to a long lease for a term of 125 years Long Sold on 125 There are 22 residential apartments within the development commencing on 19th February 2010. The lease is subject to 9 First 958 2 2 Balcony £20.8 £250 £20.8 £250 leasehold year lease (2 x 1 beds and 20 x 2 beds). 21 apartments are let on Assured a ground rent of £250 per annum. The ground rent doubles Shorthold Tenancies, whilst Apartment 9 has been sold off on the 25th anniversary of the term commencement date. 10 Second 971 2 2 Balcony £795 £9,540 £925 £11,100 AST 21/05/2013 20/05/2014 Holding Over on a long lease for a term of 125 years commencing on 19th A service charge contribution of 4.47% of the total charge 11 Second 838 1 1 £625 £7,500 £700 £8,400 AST 08/01/2013 07/01/2014 Holding Over February 2010 at an annual ground rent of £250 per annum. is required to be paid by the leaseholder. 12 Second 1036 2 2 Balcony £795 £9,540 £900 £10,800 AST 22/02/2014 21/02/2015 Holding Over The residential accommodation is accessed via a single The freeholders of the garage and residential block situated 13 Second 1018 2 2 Balcony £900 £10,800 £950 £11,400 AST 23/07/2009 22/07/2010 Holding Over entrance at the rear of the development with a lift and staircase to the rear of the development have a right of access across serving the upper residential floors. the car park of the subject property. 14 Second 948 2 2 £795 £9,540 £900 £10,800 AST 01/02/2014 31/01/2015 Holding Over The development includes 23 parking spaces to the rear of the 15 Second 1024 2 2 £800 £9,600 £950 £11,400 AST 31/10/2013 30/10/2014 Holding Over property. 1 of these spaces has been allocated to Apartment 16 Second 958 2 2 Balcony £795 £9,540 £900 £10,800 AST 01/08/2013 31/07/2014 Holding Over 9 sold off on a long lease. The remaining 21 apartments are 17 Third 916 2 2 Sunroom £1,000 £12,000 £1,000 £12,000 AST 17/02/2012 16/02/2013 Holding Over served by 22 parking spaces, 12 of which are covered. 10 7 18 Third 747 1 2 Sunroom £750 £9,000 £800 £9,600 AST 22/12/2014 22/06/2015 6 month AST 40 9 T 42 H 21 19 Third 989 2 2 Sunroom £925 £11,100 £1,000 £12,000 AST 13/07/2013 12/07/2014 Holding Over E 4 40.2m V 44 I L LA 2a 20 Third 983 2 2 Sunroom £950 £11,400 £1,000 £12,000 AST 01/01/2014 31/12/2014 Holding Over 2 GE The 46 27 low Bunga D 21 Third 970 2 2 Terrace £895 £10,740 £1,000 £12,000 AST 20/01/2012 19/01/2013 Holding Over E R 29 W E 12 22 Third 1026 2 2 Terrace £950 £11,400 £1,000 £12,000 AST 22/10/2010 21/10/2011 Holding Over N 18a 18 48 T 16 R OAD 8a Total 21,446 £17,936 £215,230 £19,671 £236,050 15 4 14 54 LB 33 4c 4a 5 5 The Ship Inn 4d 5 ta 35 (PH) 19 S ub S l 37 E ET E 21 R T S S Downs D A Court E 64 41 M o t 38.4m 24 56 27 19 17 15 Meads Gate 1 to 12 68 31 29 33 LEY ROAD 70 DAR 35 4 TCB 20 NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M.