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 © Crown Copyright, ES 100004106. For identification purposes only. 5 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.