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PELHAM COURT &
WAVERLEY COURT
HORSHAM, WEST SUSSEX
RH12 1TW & 1TN
SUBSTANTIAL FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY WITH
DEVELOPMENT POTENTIAL
2 3
CR
38.9m
39.6m
Line of Posts
DFORD ROAD
KIN
El Sub Sta
Sta
13
19
102
7
15
8
10
10 to 18
96
Waverley
Court
2
46to
54
13
28
25
173
17
122
20
30
12
28
Tanfield
9
5
74
14
41
8
28 to 36
18
21
7
3
10
13
4
70
14
10
17
20
13
2
8
37 to 45
4
124
19to
27
8
15
12
16
12
4
11
21
1 to 9
5
3
22
1to9
Pelham
14
18
9
Fender House
9
11
Cox House
7
1
15
15
1
11
16
Scouts Hall
6
19to
27
Court
27
6
7
16
Court
2
90
10to18
14
9
33
12
104
The
Bung
alow
6
El Sub Sta
Executive Summary
The property is a large freehold development in central Horsham. The property is located immediately to the west of Horsham town centre and is close to Horsham train station which provides regular access to Central London and the South Coast.
The current owners have invested heavily in the asset during their ownership including a high specification rolling refurbishment of flats, which is ongoing.
The property offers an incoming investor the opportunity to acquire an asset of scale, benefiting from management efficiencies, a low entry point into the residential market, and an attractive initial yield, with excellent reversionary potential.
There is significant scope for residential development on a plot of 0.144ha (0.355 acres) located to the south west of the estate, currently used as a car park with potential to create additional residential units, (subject to obtaining all the necessary consents).
Portfolio summary and performance:
Description
Pelham Court and Waverley Court are two low rise residential blocks constructed in circa 1959. The blocks comprise 81 self contained flats (27 x one bed, 54 x two bed), extending to 5,410sqm (58,234sqft) arranged over ground, first and second floors.
Internally, 50 of the 81 units have been refurbished to a high standard with quality new kitchens, contemporary bathrooms and hard wood flooring. The remainder of the flats are in good letting condition including the flats
No. Of Units 81
Floor area (sqm/sqft) 5,410/58,234
Occupancy 89%
No. of refurbished units 50
No. of un-refurbished units 31
Current rent reserved (pa) £730,035
Current rent reserved – assuming fully let (pa) - exc parking
£824,082
ERV (pa) £919,920
Total site area1.213ha
(2.997 acres)
occupied by regulated tenants. The communal areas have also undergone extensive upgrading including the replacement of all windows to PVC in January 2013.
The property has ample off street car parking including a dedicated car port/garage area.
The total site area extends to approximately 1.213ha (2.997 acres).
NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only
and although believed to be correct accuracy is not guaranteed.
Unit Type No. of unitsMax Floor Area (sq ft)
Min Floor Area (sq ft)
Av Floor Area (sq ft)
Total
1 bed 27 639 614 625 16,873
2 beds 54 820 633 733 41,361
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Location
The property is situated in Horsham, immediately to the west of the town centre of Bishophic (A281).
Horsham itself is a busy commuter market town situated on the River Arun. The town is approximately 31 miles (50km) south west of London, and 18.5 miles (30km) north west of Brighton. The area has excellent connectivity by road, rail and air, with Gatwick Airport located just 12 miles (20km) away. Horsham Railway Station is approximately 1 mile (1.4km) to the east and provides direct access to London Victoria in 51 minutes.
The town provides a range of amenities and shops including a modern and busy shopping centre- Swan Walk which includes well known high retailers and the recently opened John Lewis and Waitrose complex. Local attractions include the Rookwood Golf Course, Horsham Museum & Art Gallery and the Pavilions in the Park.
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Bristol
Bath
Cardiff
Swansea
GloucesterCheltenham
Swindon
Oxford
Milton Keynes
Reading
Aylesbury
Basingstoke
Crawley
Maidstone
RoyalTunbridge Wells
LONDON
Chelmsford
ColchesterFelixstowePort
IpswichBedford
Cambridge
NorwichGreat Yarmouth
Lowestoft
King’s Lynn
Peterborough
Newmarket
Stevenage
Stansted
Luton
Leicester
Birmingham
Coventry
Worcester
Stoke-on-Trent
Derby
Nottingham
A1M1
A57
M180
M62
A1
A47A47
A47
M1
M69
M6
M54
M6
M42
M45
M40
Manchester
Sheffield
Leeds
York
Liverpool
Preston
Harrogate
MiddlesbroughDarlington
Stockton-on-Tees
Hartlepool
Sunderland
Newcastleupon Tyne
Edinburgh
GlasgowFalkirk
Stirling
Aberdeen
Perth
Dundee
Inverness
Plymouth
Exeter
Torquay
Southampton
Portsmouth
Bournemouth
BrightonEastbourne
Hastings
Southend-on-Sea
London Gateway
Ramsgate
Dover
Folkestone
Kingston upon Hull
Scarborough
Lincoln
Carlisle
Dumfries
Salisbury
WinchesterTaunton
Weston-super-Mare
Newport
M62
M18M1
M1
A1(M)
M11M1
M4
A1(M)
A131
A133
A12
A14
A14A14
A14
A120
A120
A12
A12
A13
A23
A272
A22
A21
A26
A130
M25
M25
M25
M23
A1(M)
HORSHAM
B223
7
B22
37
HURST RD HU
RST RD
A24
A24
A2
4
A24
A264
A281 BISHOPRIC ALBION WAY
QUEEN ST A281
NORTH ST
HORSHAM
H O R S H A M
Economy
Horsham has a population of circa 134,200. This grew by 9.7% between 2001 and 2014. This is inline with England’s population growth during this period of 9.8%.
The key industries in the town are financial services, pharmaceuticals and technology. Key employers include RSA Insurance Group, Novartis and the RSPCA. In addition, the area is fast becoming a retail destination in its own right as well as a key employment area. In June 2015 the John Lewis and Waitrose complex opened creating 217 new jobs.
Unemployment in the area is low, falling by 21% during the period from December 2014 to December 2015, further highlighting the strong economic profile of Horsham.
Savills rental and capital growth forecast for the area are as follows:
Capital Values 2016 2017 2018 2019 2020 5 years
South East 7% 4% 4% 3% 2% 21.6%
Rents 2016 2017 2018 2019 2020 5 years
UK Mainstream 3% 3% 3% 3% 3.5% 16.5%
There area has excellent connectivity by road, rail and air, with Gatwick airport located just 20km (12 miles) away
Red outline for illustrative purposes only
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Tenancies & Current Rent
The total passing rent is £730,035 per annum. The flats currently produce £720,675 per annum subject to 62 assured shorthold tenancies, seven regulated tenancies, three assured tenancies, and nine vacant flats. When fully let the rent equates to approximately £824,082 per annum.
The parking is part let on licenses, achieving a total rent of £9,360 per annum.
The ERV assuming all flats are all fully refurbished and let is approximately £920,000 per annum - exc parking.
BlockNo. Of Units
Floor area (sqm)
Floor area (sqft)
Current rent – assuming fully let (pa)
Current rent reserved (pa)
ERV (pa)
Waverley Court 27 1,802 19,393 £281,134 £233,945 £306,720
Pelham Court 54 3,608 38,841 £542,948 £486,730 £613,200
Parking 42 Garages / 12 Carports / General Surface Parking £9,360
Total 81 5,410 58,234 £824,082 £730,035 £919,920
Tenure
The property is held freehold.
Sample Floor Plans
FLAT 12A
FLAT 46FLAT 47
FLAT 46 FLAT 48
FLAT 14
FLAT 12A
2 bed784 sq ft
Bedroom 1
Bedroom 1
Bedroom 2
1 bed620 sq ft
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Important Notice
Savills, their clients and any joint agents give notice that:
They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.
Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Designed and Produced by Savills Marketing: 020 7499 8644 | February 2016
Development Potential
There is significant scope for residential development on a plot of 0.144ha (0.355 acres) located to the south west of the estate, currently used as a car park with potential to create additional residential units, (subject to obtaining all the necessary consents).
Planning Authority: Horsham District Council Tel: +44 (0) 1403 215100 www.horsham.gov.uk
Sales Process
The property is offered for sale by way of private treaty.
Should a closing date be set for the submission of offers all parties who have expressed an interest will be notified at the appropriate time.
Viewings
A limited number of set viewing days are to be scheduled. Viewings are by appointment only, through the vendor’s joint selling agents.
Further Information
A full suite of property information (including EPCs) is available in the data room:
www.peterboroughandhorsham.co.uk
Contacts
For further information please contact:
James Laverack Tim Theakston 020 7016 3770 020 7344 2607 [email protected] [email protected]
George Hepburne Scott Adam Kerven 020 7016 3761 020 7344 2628 [email protected] [email protected]
Davina Clowes James Hood 020 7016 3838 020 7344 2637 [email protected] [email protected]
