7-13 THE BROADWAY & 1-3 QUEENS SQUARE, RH10 1DX

CRAWLEY

HIGH STREET RETAIL INVESTMENT & RESIDENTIAL DEVELOPMENT OPPORTUNITY INCORPORATING 25 FLATS

CRAWLEY• Crawley is the commercial centre of

West Sussex, located 31 miles south of Central London

• The property is prominently located on the corner of Queen’s Square and The Broadway where nearby tenants include Wilkos, Natwest, Lloyds, Starbucks and Poundland

• Planning Permission to convert the upper parts into 25 residential apartments including adding a further floor

• AWULT of 5.09 years to expiry and 3.97 to breaks

• Current income of £210,000 p.a.

• Freehold

• We are instructed to seek offers in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 9.0% on the commercial income and approximately £1,300,000 on the upper parts assuming the usual purchaser’s costs.

INVESTMENT CONSIDERATIONS

LONDONHeathrow

Gatwick

London City

A272

A264

A217

A283

A299 A253

A256

A250

A249

A229

A259

A228

A2042

A2070

A31

A22

A28

A26

A21

A20

A24

A27

A27

A23

A22

A3

A2

A2M20

M20

M26

M23

M25

M25

M40

M11

M2

M3

M4

M1

CANTERBURY

DOVERASHFORD

FOLKESTONE

EASTBOURNE

BRIGHTON

HASTINGSLEWES

GILLINGHAM

MAIDSTONE

ROYAL TUNBRIDGEWELLS

TONBRIDGE

ISLE OFSHEPPEY

BEACHYHEAD

GRAVESEND

GUILDFORD

WOKING

LITTLEHAMPTON

CRAWLEY

LOCATIONCrawley is a popular retailing and business location in the south east of England. The town is located in West Sussex approximately 50 km (31 miles) south of Central London, 34 km (21 miles) north of Brighton and 44km (27 miles) south east of Guildford.

The town benefits from excellent transport communications being within 3.7 km (2.6 miles) of the M23, which links directly to the M25. Gatwick Airport is 6.4 km (4.0 miles) to the north and is one of the town’s largest employers, generating around 23,500 jobs and a further 20,000 jobs through related activities. Occupiers from the aerospace sector include Virgin Atlantic, British Airways, Thales and The Civil Aviation Authority. There is also a wide range of national and international businesses with presence in the Crawley are including Deloitte, KPMG, PwC, Grant Thornton and Nestlé.

7-13 THE BROADWAY & 1-3 QUEENS SQUARE, RH10 1DX

BY TRAIN

Gatwick Airport 8 minutes

Clapham Junction 37 minutes

Brighton 41 minutes

London Victoria 42 minutes

London Bridge 52 minutes

BY CAR

M23 8 minutes

M25 27 minutes

Brighton 37 minutes

Guildford 46 minutes

Central London 80 minutes

AIRPORT DRIVE TIMES

London Gatwick 17 minutes

London Heathrow 52 minutes

London City 66 minutes

London Luton 76 minutes

London Stansted 82 minutes

COMMUNICATIONS

*2011 Census

DEMOGRAPHICS

Crawley is an expanding commuter town with a resident population of 106,597 and an extensive primary catchment area of 510,000 which is above the sub regional centre average (ranking the town 38 out of the PROMIS centres). The town is predicted to see above average growth in population over the next five years.

In 2011 the Crawley area contained a significantly above average proportion of adults of working age categorised within the most affluent AB social group.*

50 metres

For more information on our products and services:www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011

Crawley

Experian Goad Plan Created: 17/03/2016Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crowncopyright and database rights 2016. OS 100019885

BLAZIAN

WAR HAMMER

INSPIRED HOMESSCHEME

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

RETAILING IN CRAWLEYTown centre retail floor space in Crawley is estimated at 0.96 million sq ft. This is concentrated in two main locations, an open air pedestrianised precinct including Queen’s Square, Queensway, The Pavilion, The Martlets and Broad Walk, and County Mall, a large covered shopping centre located to the south of this area.

Crawley currently ranks 30 in terms of the volume of comparison retail spend available in the catchment area and is forecast to see above average percentage growth in the available pool of comparison spending over the next 5 years. Vacancy in the town centre stands at 9.3% of units, well below the PROMIS average.*

Prime rents in Crawley currently stand at £115 psf Zone A remaining 17.9% below the pre-recession peak of £140 psf Zone A. These prime rents have been set in deals on the lower level of the County Mall. Rents on Queen’s Square are considered to stand in the region of £50-£55 psf Zone A. Rents on The Broadway are understood to stand at approximately £35-£40 psf Zone A.

*PROMIS

7-13 THE BROADWAY & 1-3 QUEENS SQUARE, RH10 1DX

CRAWLEY – A REGENERATION CENTRE

Crawley town centre is set for an ambitious programme of regeneration enhancing the town as a place to live, work and invest in.

Inspired Homes are undertaking a major redevelopment of a vacant town centre site on the Broadway providing new retail units with 78 flats above. Planning was approved by Crawley Borough Council in January with building to commence imminently.

Westrock is currently converting the 130,000 sq ft Babcock House, located on The Boulevard, into 185 apartments. The flats are being built on a build-to-rent basis and with construction expected to conclude in Autumn 2016.

Crawley Borough Council and West Sussex County Council are investing £3m into revitalising Queens Square creating a high

quality, inviting and enjoyable public space. The aim of the investment is to encourage new and existing building owners and businesses to invest in the area acting as a catalyst for wider regeneration. Work is expected to be completed by the end of 2016.

Major plans are in place to regenerate the area around Crawley railway station. The Arora Group plan to work with Crawley Borough Council, West Sussex County Council and other stakeholders to improve this area of the town centre. Plans include redeveloping Overline House and nearby car parks in a residential-led scheme which also include a new train station with coffee shop, retail space, a start-up business hub and networking space alongside an attractive station plaza.

SITUATION The property occupies a prominent corner position at the junction of The Broadway and the pedestrianised Queen’s Square. The Broadway hosts a main bus route for the town centre and as a result the property benefits from strong pedestrian flow. Nearby traders include Wilkos, Natwest, Lloyds, Coral, Savers, Rush, Starbucks and Poundland.

DESCRIPTIONThe property comprises a three storey building comprising retail accommodation on the ground floor and office and ancillary accommodation at first and second floor level. The ground floor is split into five different units. Two of these units have internal stairways leading to ancillary retail floor space. Two of the units have stairways accessed directly from The Broadway providing access to separate upper floor office accommodation. The property benefits from rear servicing access via a shared service yard which is accessed via The Boulevard.

ED Bdy

TCBs

LB

TCB

Posts

Posts

TH

E B

RO

AD

WA

Y

Square

THE BOULEVARD

Queens

CR

OS

S K

EY

S

El Sub Sta

El Sub Sta

Car Park

El Sub Sta

26

162

30

12

19

34

42

Cro

wn

Bu

ildin

gs

Head Post Office

Bank

1

13

5

9

22

8 97

28

to 3

23

8

32 33 34

2

5

10 11

Bank

1 3

34

35

19

14

to

26

13

Bandstand

The Pavilion

40

24 26

15

Shelter

FS

14 to 19

40 3836

0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2016. All rights reserved.

Licence number 100022432. Plotted Scale - 1:1250

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

PLANNING & RESIDENTIAL MARKET COMMENTARY Crawley Borough Council approved plans (Ref: CR/2015/0694/FUL) in February 2016 for the conversion and alteration of the upper parts to residential. The proposal retains the retail on the ground floor and replaces ancillary retail space and office area on the first and second floors with residential accommodation. The scheme also provides an additional storey of residential apartments. The scheme will create 25 new apartments consisting of 14 x 1 bedroom apartments and 11 x 2 bedroom apartments with access being directly off The Broadway.

The plans allow for the part reconfiguration of the retail accommodation which will increase the rentable space on the Broadway units.

There is no affordable contribution as part of the current planning permission.

PROPOSED RESIDENTIAL SCHEDULE OF AREAS:

First Floor

Flat Number Number of Beds GIA (sqm) GIA (sq ft)

1A 2 65.0 700

1B 1 41.7 449

1C 1 42.2 454

1D 1 41.9 451

1E 1 41.2 443

1F 2 64.1 690

1G 2 64.1 690

1H 1 51.1 550

1J 1 57.4 618

Total 468.7 5,045

Second Floor

Flat Number Number of Beds GIA (sqm) GIA (sq ft)

2A 2 65.0 700

2B 1 41.7 449

2C 1 42.3 455

2D 1 41.9 451

2E 1 41.2 443

2F 2 64.3 692

2G 2 64.0 689

2H 1 51.0 549

2J 1 57.5 619

Total 468.9 5,047

Third Floor

Flat Number Number of Beds GIA (sqm) GIA (sq ft)

3A 2 70.0 753

3B 2 72.3 778

3C 2 64.3 692

3D 2 64.0 689

3E 2 64.1 690

3F 1 44.1 475

3G 1 57.0 614

Total 435.8 4,691

Further details are available upon request.

Crawley is a well sought after commuter town benefiting from its proximity to Gatwick airport and the employment it generates and its good rail links to Central London. The population of Crawley has been rising significantly over the past three decades increasing by circa 22% over the last 20 years. This growth is expected to continue and Crawley borough council has taken a proactive approach to increasing the number of residential units in the area. The local council is committed to providing wider housing opportunity, choice and a better mix in terms of size, type and location of housing.

Looking specifically at the town centre residential market the Inspired Homes scheme on the Broadway is currently being sold off plan. One bed and two bed flats are currently being marketed at £241,950 and £299,950 respectively reflecting £450 psf. Construction is set to be complete in 2017.

7-13 THE BROADWAY & 1-3 QUEENS SQUARE, RH10 1DX

COVENANTMaplin Electronics is the UK’s biggest specialist retailer of consumer electronics with over 210 stores across. Maplin Electronics Ltd in March 2015 reported a turnover of £236,252,000, a pre-tax profit of £13,254,000 and a total net worth of £28,917,000.

Games Workshop is the largest hobby miniatures company in the world with direct sales operations in the UK, The United States, Australia, China and Japan. Products are sold through their own chain of over 400 retail stores worldwide. Games Workshop Ltd in May 2015 reported a turnover of £89,510,000, a pre-tax profit of £15,207,000 and a total net worth of £26,173,000.

Randstad is the second largest HR services provider in the world which has been involved in the education sector for over 20 years. Ranstad Education Ltd reported in December 2014 a turnover of £53,045,000, a pre-tax profit of £4,724,000 and a total net worth of £48,493,000.

SCOPE is a disability charity working with disabled people and their families in England and Wales. In March 2015 SCOPE reported a pre-tax loss of 3,854,000 and a total net worth of £26,626,000.

TENANCY SCHEDULE

Address Tenant Floor Area (sq m)

Area (sq ft)

Area (sq ft ITZA)

Lease Start

Lease Expiry (Break)

Next Review

Rent Rent psf (ITZA)

1-3 Queens Square Maplin Electronics LtdG 1 2

276.6 120.0 134.0

2,977 1,292* 1,442*

1,841 14/04/09 13/04/19 £100,000 £49.90

7 The Broadway Mohan Singh Dhawan G 86.6 932 607 22/03/13 21/03/23 22/03/18 £28,000 £46.13

7a The Broadway Vacant 1 2

64.7 58.3

696 627

9 The Broadway Fearless Hawks Ltd G 77.1 830 522 29/05/15 28/05/25 29/05/20 £23,000 £44.06

9a The Broadway Vacant 1 2

59.1 58.5

637 629

11 The Broadway Games Workshop Ltd G 78.0 840* 502† 26/11/14 25/11/24 (26/11/19) 26/11/19 £20,000 £39.84

11a The Broadway RCCG Living Faith Assembly 2 58.0 624 18/02/1617/02/19

(2 months anytime mutual break option)

£6,000

13 The Broadway Scope G 1

74.8 57.2

805 616 539 31/05/13 31/05/23

(31/05/18) 31/05/18 £24,000 £40.53

13a The Broadway Randstad Education Ltd 1 2

209.0 217.0

2,250* 2,336* 28/06/10 Rolling Over £9,000

Total 1628.9 17,534 £210,000

TENUREFreehold

EPCsMore information is available upon request.

VATWe understand the property is elected for VAT which will be chargeable on the purchase price. We would expect the transaction to be treated as a transfer of a going concern (TOGC).

*Areas provided by vendor. †VOA Zones used.

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 06.16

PROPOSALWe are instructed to seek offers in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 9.0% on the commercial income and approximately £1,300,000 on the upper parts assuming the usual purchaser’s costs.

FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:

Alex Butler020 7543 6722alex.butler@allsop.co.uk

Jonathan Butcher020 7543 6755jonathan.butcher@allsop.co.uk

Michael Linane020 7344 2623michael.linane@allsop.co.uk www.allsop.co.uk