JASPAR HOUSE 24-28 CHURCH ROAD STANMORE …...JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON SITUATION The property is located

JASPAR HOUSE 24-28 CHURCH ROAD STANMORE HA7 4AW

MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON

PRIVATECLIENT

PRIVATE CLIENT

THE ELMS TENNIS CLUB STANMORE LIBRARY

STANMORE STATION 0.3 MILES

Outline for indicative purposes only.

JASPAR HOUSE

STANMORE COUNTRY PARK

INVESTMENT CONSIDERATIONS

■ Rare opportunity to acquire the freehold of a prominent unbroken parade in the centre of Stanmore

■ Mixed use building arranged over four floors comprising retail, office and residential accommodation

■ Stanmore is an affluent commuter town with excellent communications to London

■ Total current rent passing of £274,214 per annum

■ Offices are currently let at a low rent of £17-£18 psf with unit 24-26 benefiting from an outstanding rent review

■ Retail and Office AWULT of 3.7 years

■ We are instructed to seek offers in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 5.72% after allowing for purchaser’s costs of 6.57%.

JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON

PRIVATE CLIENT

Stanmore benefits from excellent communications:

TUBEStanmore is situated on the Jubilee line in Travel Zone 5 and benefits from regular direct services to central London. The journey time into Bond Street is approximately 35 minutes and the line connects with the Metropolitan Line at Wembley Park affording additional services to Central London, the City, Harrow, Watford and Amersham.

ROADStanmore benefits from excellent road communications lying some 2.5 miles west from the M1 Motorway (Junction 4) affording easy access to both Central London to the south and the M25, some 8 miles to the north, providing direct links with the National motorway network. The A410 runs through the town and links to the A41 to the east providing further access into Central London as well as Northwood and Hatch End to the west.

AIRHeathrow, Gatwick, Luton and Stansted airports are within easy reach via the MI and M25 Motorways.


LONDONHeathrow

LondonCity

London Southend Airport

Gatwick

StanstedLuton

J27J25J23

J21

J20

J19

J16

J15

J12

J10

J7J8

J9

J6

J5

J3

J2

J29

J28

A5

A505

A418

A602

A120A131

A131A130

A138

A130

A130A127

A217

A331

A322

A316

A309

A232

A264

A264

A229

A120 A120

A404

A355

A404

A413

A4010

A414

A414

A414

A1

A2

A2

A3

A3

A3

A3

A2

A41

A41

A33

A40

A31

A31

A24

A24

A24

A23A22

A21

A20

A20

A10

A10

A10

A10

A12

A12

A12

A13A13

A26

A26

A21

A21

A22

A22

A22

A23

A23

M1

M4

M4

M2

M3

M3

M10

M40

A404(M)

A329(M)

M25

M25

M25

M25

M25

M25

M23

M26

M20

M20

M11

M11

A1(M)

M1

Harlow

Bishop’sStortford

EppingPotters Bar

Knebworth

Hertford

Luton

Aylesbury

DunstableStevenage

Hatfield

Dartford

Bromley

Gravesend

Gillingham

Shoreham

Rochester

Sittingbourne

Croydon

Biggin Hill

RomfordIlford

Dagenham

Walthanstow

Sevenoaks

Tonbridge

RoyalTunbridge

Wells

Maidstone

Snodland

Sheerness

StaplehurstPaddock

Wood

East GrinsteadCrawley Three Bridges

Horley

Horsham

Witley

Godalming

Cranleigh

NorthHorsham

HaywardsHeath

Burgess Hill

Redhill

Oxted

DorkingGuildford Reigate

Staines

Slough

HemelHempstead St Albans

HighWycombe

Thame

Watford

WembleyUxbridge

Ruislip

EdgwareBrentCross

Woking

Chertsey

Harefield

BorehamwoodEnfield

Windsor

Famborough

Aldershot

Alton

Basingstoke

Famham

Fleet

WokinghamBracknall

Egham

Ascot

SandhurstBagshot

Stratford

Reading

Henley-on-ThamesMaidenhead

Epsom

ChessingtonSutton

Clapham

Swanley

Fulham

Weybridge

Ashford

Hounslow

KingstonUpon Thames

BillericayWickford

Stanford-le-Hope

Benfleet

Brentwood

Chelmsford

ChippingOngar

Basildon

Welwyn GardenCity

Stanmore

LOCATIONThe prosperous and densely populated suburb of Stanmore is situated within the London Borough of Harrow in northwest London. Stanmore is conveniently located approximately 11 miles northwest of Charing Cross, 2 miles west of Edgware, 4.6 miles north of Wembley, 4 miles south of Watford and 2.6 miles north of Harrow.

Stanmore benefits from extensive residential areas which are predominantly affluent in their nature with many of the inhabitants commuting daily to jobs in central London, The City and Canary Wharf. The current population of Stanmore Park and Canons wards is estimated at circa 23,700.

PRIVATE CLIENT

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SCHMIDT

KITCHEN SHOWROOM

GIBBS

GILLESPIE

JAZZ’S

BARBER SHOP

VACANT

BARRACUDDA

RESTAURANT18 FOURTEEN

BARBERS

M18

RESTAURANT

UNIT BEING M

ARKETED

DEMOGRAPHICSStanmore’s affluence as a town is demonstrated by the fact that Stanmore has 20% more Higher and Intermediate managerial, administrative or professional households than the national average. Young working professionals are well represented with 8.1% of the population aged between 25 - 29 (6.9% - national average) and 22.3% aged between 30-44 (20.6% - national average). Stanmore also has an impressively educated community with 36.8% educated to a ‘Level 4’ in comparison to the national average of 27.4%. In addition, Stanmore has a low proportion of people claiming any form benefit at 9.7% compared to the national average of 13.5%

RETAIL IN STANMORE Stanmore has a flourishing town centre with approximately 450,000 sq ft of retail space. This includes a large Sainsbury’s Superstore, Lidl Supermarket, Pizza Express, Card Factory, Nandos, Costa, Café Nero, Savers and Barclays amongst others. There is currently a very low vacancy rate within the town centre with Stanmore benefiting from a strong mix of demand from both national occupiers and local businesses, with both looking to take advantage of the affluent catchment area and their high disposable income.

The suburb of Stanmore falls within the larger retail catchment area of Harrow. Harrow is currently benefiting from a very strong retail market with a vacancy rate of just 1%. There is a considerable lack of new supply to the market, with less than 9,000 sft anticipated to be delivered in the near future. As a result vacancy rates are predicted to continue to compress with rents benefiting from this lack of supply and forecasted to increase by 0.8% (Co-Star 2018).


PRIVATE CLIENT


SITUATIONThe property is located on the south side of Church Road occupying a prime position in the town centre just moments from Stanmore’s busy junction between The Broadway, Church Road and Stanmore Hill. A large Sainsbury’s supermarket is located in close proximity and both Church Road and The Broadway are recognised commercial pitches within the town. Stanmore Hill is a predominately leafy and affluent residential area and leads onto Stanmore Common, a 120 acre local nature reserve and Public Park just over a mile north of the subject property.

The town centre benefits from a number of national occupiers who are major drivers of footfall. National occupiers in the immediate vicinity include Lidl Supermarket, Nandos, Subway, Café Nero, Boots Opticians, Barclays Bank, Pizza Express and Prezzo amongst others.

DESCRIPTIONThe property comprises a four storey mixed use building with retail on the ground floor, offices on the 1st and 2nd floors and residential accommodation to the 3rd floor.

The retail element consists of three units which all benefit from prominent frontages onto Church Street. The units have all been configured in such a way to maximise their sales space and have been fitted out to a high standard.

The upper floors are self-contained and accessed via the main entrance lobby on Church Road with a centralised stairwell running to the office and residential accommodation. There is a further stairwell to the rear of the property which also offers access to all floors.

The offices comprise 4 well-presented self-contained spaces arranged over 2 floors providing good quality office accommodation incorporating raised floors, suspended ceilings and air conditioning. The 4 offices are currently let on two leases but could be individually let if necessary. There is a lift which offers access to all floors accessed via the main lobby.

The residential accommodation comprises three large flats of differing configurations. More information on the residential accommodation can be found on page 8.

RETAIL AND OFFICE AWULT3.7 years.

TENUREFreehold.

PRIVATE CLIENT

TENANCY SCHEDULE

Unit Tenant Accommodation* Size (NIA) Sq Ft

Size (NIA) Sq M

Lease Start

Lease Review

Lease End

Rent p.a

Comments

RETAIL ACCOMMODATION

24 -26 Coffee Snobs Limited t/a Costa Coffee

Ground Floor Retail 2,144 (955 ITZA)

199 19/11/10 19/11/20 £36,300 Further 5% discount on rent for masking.

28 Hair on Broadway Limited

Ground Floor Retail 1,292 (604 ITZA)

120 11/10/06 11/10/21 £24,750

28a Zagora NWL Limited t/a Mail Boxes Etc

Ground Floor Retail 279 (250 ITZA)

26 18/4/15 18/4/20 17/4/25 £10,150

OFFICE ACCOMMODATION

24 -26 Individuals t/a LMK Law

1st and 2nd Floor Offices

2,953 274 29/9/13 29/9/18 28/9/23 £50,000 (£16.93 psf)

28 Individuals t/a Parker Cavandish

1st and 2nd Floor Offices

4,622 429 23/4/12 23/4/22 £83,230 (£18 psf)

RESIDENTIAL ACCOMMODATION & ROOFTOP ANTENNA

26 - 28 Flat 1 Individuals 1 Bedroom top floor flat 817 76 22/1/17 21/1/18 £14,100More information on the residential can be found on page 8.

All flats are let on ASTs which are available on the data room.

26 - 28 Flat 2 Individuals 2 Bedroom top floor flat 1,000 93 3/9/18 2/3/19 £16,500

26 - 28 Flat 3 Individuals 3 Bedroom top floor flat 1,183 110 15/4/18 14/4/19 £19,200

Roof Hutchinson 3G UK Limited and Everything Everywhere Limited

Roof top antenna 8/9/11 7/9/21 £19,984

Total 14,290 1,327 £274,214

* Areas have been provided by the vendor. Floor plans are available on the data room. Any interested party should carry out their own measurement survey.


PRIVATE CLIENT

RESIDENTIAL ACCOMMODATIONThe property comprises three well-presented top floor flats with good specification throughout. All three flats are large in size and benefit from an outside roof terrace. The flats provide the flowing accommodation:

Unit Accommodation Rent per annum

Rent per month

Size (Sq ft)

1 1 Bedroom, 1 Bathroom, Open plan kitchen/living room, roof terrace

£14,100 £1,175 817

2 2 Bedrooms, 2 Bathrooms, Open plan Kitchen/living room, roof terrace

£16,500 £1,375 1000

3 3 Bedrooms, 2 Bathrooms, Open plan Kitchen/living room, roof terrace

£19,200 £1,600 1183


DN

DN

1

2

3

Living / Kitchen

Bedroom

Closet

Telecoms

Hall

Cup'd

Bathroom

Cup'd

Stairs

Lobby

16 m²Bedroom

Bathroom

23 m²Bedroom Hall

Bathroom

Living / Kitchen Lift Stairs

15 m²Bedroom Living / Kitchen

Hall

Cup'd

Bedroom

Bathroom

Bathroom

Bedroom

Rise

r

Cup

'd

Roof Terrace Roof Terrace

Roof Terrace

0m 1m 2m 3m 4m1:100

FLOORPLAN

PRIVATE CLIENT

STANMORE OFFICE MARKETStanmore is a well-located M1 office location that has proved to be very popular with the local business community, there are a number of solicitors, accountants, property advisors and brokers that operate from the town. As of 2018 Stanmore has a total of 203,501 sq ft of office space with a very low vacancy rate of 0.6% (CoStar 2018). The demand for space in the town is strong; this is evidenced by the very short average marketing period of offices of just over 2 months. A large part of this demand has been a result of the number of office into residential conversions since the introduction of Permitted Development Rights in 2013 due to the growth of residential values in the town.


Misrepresentation Act: 1. Allsop LLP and The Prideview Group on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and The Prideview Group 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 instructing party does not make or give, and neither Allsop or The Prideview Group nor any of their 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 instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party 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: Command D - www.commandhq.co.uk 10.18

allsop.co.uk

propertyinvestmentlondon.co.uk

For further information or to make arrangements for viewing please contact:

PRIVATE CLIENT TEAM

Liam Stray020 7543 [email protected]

Pritesh Patel020 3113 [email protected]

Vishal Patel020 3113 [email protected]

Ronnie Morgan020 7543 [email protected]

SERVICE CHARGEFor the year ending 31 December 2018, the service charge budget has been estimated at £32,626 pa. Further information is available in the dataroom.

VATThe property is opted to tax. It is assumed the transaction will be treated as a Transfer of a Going Concern (TOGC).

DATAROOMFor access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/JasparHouse

PRIVATECLIENT

EPCAvailable upon request.

PROPOSALWe are instructed to seek offers in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 5.72% after allowing for purchaser’s costs of 6.57%.

Documents

JASPAR HOUSE 24-28 CHURCH ROAD STANMORE …...JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON SITUATION The property is located