WIMBLEDON, SW19 - Allsop · PDF fileWimbledon Rail and The Broadway Underground Stations Centre Court Shopping Centre SUBJECT PROPERTY WIMBLEDON, SW19 COLLINGHAM HOUSE, LIME TREE HOUSE,

Prime High Street Retail and Leisure Investment and Extensive Development Opportunity

COLLINGHAM HOUSE, LIME TREE HOUSE, 1 & 1A RUSSELL ROAD, 2-4 GLADSTONE ROAD,

LONDON SW19

WIMBLEDON, SW19

The BroadwayWimbledon Rail and Underground Stations

Centre Court Shopping

Centre

SUBJECT PROPERTY

WIMBLEDON, SW19 COLLINGHAM HOUSE, LIME TREE HOUSE, 1 & 1A RUSSELL ROAD, 2-4 GLADSTONE ROAD, LONDON SW19

INVESTMENT CONSIDERATIONS

>> Rare opportunity to acquire the freehold of a prominent retail and leisure investment with extensive development potential. STP.

>> Affluent and prosperous London Suburb

>> Situated adjacent to the New Wimbledon Theatre, a five minute walk from Wimbledon Train, Tube and Tram Station

>> The property comprises 36,024 sq ft (3,346.7 sq m) of retail, leisure, office and residential accommodation

>> Freehold

>> Large site area of 0.71 acres (0.29 ha)

>> Over 45% of the income secured to Dun and Bradstreet rated 5A1/ 3A2 covenants

>> Total rent of £675,502 pa

>> AWULT of 11.9 years to expiry and 9.2 years to break excluding office and residential

>> Serviced offices with permitted development rights already granted

>> Offers sought in excess of £15,500,000 (Fifteen Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 4.08% after costs of 6.73%.

DEVELOPMENT POTENTIAL / ASSET MANAGEMENT OPPORTUNITIES

>> Conversion of offices to residential use through the application of ‘permitted development rights’ at Collingham House.

>> Permitted Development granted for 11 residential units to the existing serviced office accommodation at Collingham House.

>> Potential to re-configure existing consent into smaller dwellings thus creating additional units.

>> Potential to regear the leases of JD Wetherspoons and Evans Cycles and sub divide the units thus creating smaller individual commercial spaces

>> Obtain control of the Russell Road frontage enabling a standalone re-development of this section of the site

>> Potential for longer term strategic hold with the prospect of a comprehensive redevelopment of the entire site upon receipt of Vacant Possession

WIMBLEDON, SW19COLLINGHAM HOUSE, LIME TREE HOUSE, 1 & 1A RUSSELL ROAD, 2-4 GLADSTONE ROAD, LONDON SW19

RUSSELL ROAD FRONTAGE GLADSTONE ROAD FRONTAGE

Development PotentialPrior approval was granted on 20 January 2014 in relation to the change of use of the first, second and third floors of Collingham House from B1(A) office space to C3 Residential, to create 11 x self-contained flats. (Application number 13/P3761). The accommodation is currently let on flexible terms. Vacant Possession can be obtained within the short term.

In addition to the existing consent, a comprehensive redevelopment of the site is possible, subject to gaining Vacant Possession. An indicative architectural scheme has been prepared by Carey Jones Chapmantolcher to explore the scale and massing potential of the site. This suggests the potential to create 4-5 storeys on Russell Road and similar development density on Gladstone Road.

For a detailed breakdown of the proposed accommodation, copies of the consented floorplans and an alternative indicative scheme please refer to the downloads section of the dataroom.

Development / Asset Management Opportunities (subject to gaining all necessary consents):

Development / Asset Management Opportunities (subject to gaining all necessary consents):

• Potential to reconfigure the existing residential permitted development consent of the first to third floors of Collingham House into smaller dwellings thus creating additional units and maximising rental income and enhancing the investment value.

• Potential to re-gear the leases of JD Wetherspoons and Evans Cycles and sub divide the units thus creating smaller individual commercial spaces and optimising rents.

• Obtain control of Russell Road and Gladstone Road frontages enabling a standalone re-development of this section of the site.

• Potential for a longer term strategic hold with the prospect of a comprehensive redevelopment of the entire site upon receipt of Vacant Possession.



Residential in WimbledonThere is a major paucity of residential development opportunities in the Wimbledon area, in contrast with other highly accessible and affluent prime London locations. This includes both buildings benefitting from Permitted Development Rights and new build apartment schemes.

The two most notable new build developments in Wimbledon currently being marketed are Pavilions being developed by Linden Homes and the redevelopment of the former hospital site at Wimbledon Hill Park by Berkeley Group.

Wimbledon Hill Park comprises a mix of apartments and houses, with apartments currently achieving circa £1,150 per sq ft. The Pavilions scheme is located on Hartfield Road to the south west of the site and is achieving circa £850 per sq ft with only a few units remaining.

In terms of the second hand market, this typically comprises conversions which command up to circa £900 per sq ft. It is notable that the local market is characterised by larger flats in converted houses with those units that are smaller and of a more optimised layout, achieving a premium.

PAVILIONS - CGI IMAGE WIMBLEDON HILL PARK - CGI IMAGE


Wimbledon benefits from excellent communication links with a major rail and underground interchange

providing quick links into Central London.

ROADThe South Circular (A205) 3 miles north

M25 junction 10, 14 miles south west

M3 2 miles west

LONDON UNDERGROUND (DISTRICT LINE)

Earl’s Court 17 minutes

Westminster 29 minutes

Ealing Broadway 40 minutes

TRAMLINKMerton Park 3 minutes

Mitcham Junction 12 minutes

East Croydon 29 minutes

RAILVauxhall 12 minutes

Waterloo 19 minutes

Richmond 35 minutes

AIRHeathrow Airport

13 miles to the west

Gatwick Airport 29 miles to the south

London City Airport 15 miles to the north east

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Kingston Road A238 Merton High St

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The Broadway

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WIMBLEDON

Location Wimbledon is an affluent London suburb in the London borough of Merton located 8 miles (13 km) southwest of Central London. Wimbledon is a popular residential and commercial centre, home to the internationally renowned All England Lawn Tennis Club.

Wimbledon benefits from excellent communication links with a major rail and underground interchange providing quick links to Central London. The A3 lies 2.3 miles (3.7 km) to west and provides direct access to the M25 (junction 10) approximately 14 miles (23 km) to the south west. The South Circular (A205) is located 3 miles (5 km) to the north and connects all the south London Boroughs.

Wimbledon mainline station provides regular services to Vauxhall and London Waterloo with a fastest journey time of 12 minutes and 19 minutes respectively.

Wimbledon is also connected to the London Underground via the District Line which provides regular trains to Central London. Tramlink connects Wimbledon to 39 stops including East and West Croydon.

Heathrow International Airport is located 13 miles (21 km) to the west and offers flights to over 180 destinations in 84 countries.

Crossrail 2 is the proposed new high frequency, high capacity rail line for the South East, running through London and into Surrey and Hertfordshire. The proposed Crossrail 2 includes a station at Wimbledon which will promote further investment and growth into the area.


Crossrail 2Crossrail 2 is a proposed new railway serving London and the wider south east. It would connect the National Rail networks in Surrey and Hertfordshire via new tunnels and stations between Wimbledon, Tottenham Hale and New Southgate linking in with London underground, London Overground, Crossrail 1, national and international rail services.

Crossrail 2 will deliver economic regeneration by providing the infrastructure needed to support 200,000 new homes and 200,000 new jobs. Crossrail 2 would provide new capacity for up to 270,000 more people travelling into London in peak periods, helping relieve crowding and congestion on the transport network. The Government has identified Crossrail 2 as a ‘priority’ and provided £80million to develop the project. The National Infrastructure Commission endorsed the scheme and called for it to be fully developed now so it can secure powers by 2019 and open in the early 2030s.

Alexandra Palace

Turnpike Lane

Seven Sisters

Dalston Junction

Angel

Hackney

Tottenham Hale

Tottenham Court Road

Victoria

Twickenham

Shepperton

Hampton Court

Chessington South

Motspur Park

King’s Road Chelsea

Clapham Junction

Tooting Broadway

Wimbledon

Epsom

Kingston

Turnpike Lane

Euston King’s Cross St. Pancras


DescriptionThe property comprises a large site providing two retail units, a restaurant, public house, serviced offices with car parking at first floor level and residential accommodation.

>> 2-4 Gladstone Road (t/a Paddy Power) is arranged on ground and two upper floors to provide a ground floor betting hall with a self contained maisonette and studio on the upper floors.

>> 6-12 Gladstone Road (t/a Evans Cycles) is arranged on ground and mezzanine levels to provide a large ground floor retail showroom with workshop and mezzanine office. A staircase provides access to the first floor customer car park. The unit has dual frontage to Gladstone Road and Russell Road.

>> 6-12 Gladstone Road (t/a Wetherspoons) is arranged on ground and first floor levels to provide a large public bar / restaurant with kitchen and staff area on the ground floor with staffing and ancillary accommodation on the first floor. The unit has retail frontages to Gladstone Road and Russell Road.

>> Collingham House (serviced offices) is arranged on ground and three upper floors to provide a reception area on ground floor and partitioned self contained offices on 1st, 2nd and 3rd floors.

>> The car park at first floor level is accessed via a ramp from Glasdstone Road and provides approximately 42 car parking spaces.

>> Lime Tree House is arranged over three floors to provide a recently refurbished five bedroom house. The property benefits from bi-folding doors to the enclosed walled garden offering lawn and patio areas. The master bedroom has bi-folding doors to the balcony with access to the garden. The property benefits from two contemporary shower rooms and guest cloakroom.

>> 1&1A Russell Road (t/a Nandos) is arranged on ground and two upper floors to provide a ground and first floor restaurant, kitchen and bar area together with ancillary staff and storage accommodation on second floor.

RUSSELL ROAD FRONTAGE

GLADSTONE ROAD FRONTAGE

FIRST FLOOR CAR PARK

SituationThe property occupies a prominent site at the junction of the main retail thoroughfare, The Broadway.

The property is situated between Gladstone Road and Russell Road just off The Broadway and a short distance to Wimbledon and mainline rail station. The property is well positioned amongst numerous restaurant operators including Pizza Express, Gourmet Burger Kitchen, Chimi Changa, Dirty Burger & Chicken Shop, Wahaca and Five Guys. Other nearby occupiers include Sainsbury’s Local, TX Maxx, Odeon and Morrisons.

The entrance to The New Wimbledon Theatre is located directly opposite the site on Russell Road. The Grade II Listed Edwardian Theatre opened in 1910 and has a seating capacity of 1,670 and hosts regular matinee and evening performances increasing footfall within the vicinity. The Ambassador Theatre Group (ATG), founded in 1992, run the theatre and are the world’s number one live-theatre company with more than 40 venues in Britain, the United States and Australia.

Demographics• The total population within the Wimbledon primary catchment area

is 193,000 within an estimated shopping population of 72,000 (PROMIS)

• Wimbledon is projected to see significantly above average growth in population over the period 2016-21

• The age profile of the Wimbledon primary catchment population includes a particularly high proportion of adults aged 25-44

• In 2011 the Wimbledon 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 | [email protected] | 0845 601 6011

Wimbledon

Experian Goad Plan Created: 04/08/2016Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crown copyright and databaserights 2016. OS 100019885


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

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Theatre

Retail

Collingham House

Saint Marys Catholic

0m 10m 20m 30m

The Broadway

Gladstone Road

TenureFreehold

AWULT11.9 years to expiry and 9.2 years to break excluding office and residential.

Total Site Area0.71 acres (0.29 hectares)



Schedule of accommodation and tenancies

Address Tenant Floor Area sq ft

Area sq m

Lease Start Lease Expiry Rent pa Rent psf (ITZA)

Next Review Break Date Comments

2-4 Gladstone Road Power Leisure Bookmakers Ltd (t/a Paddy Power)

Ground Floor 1,323 122.9 9/7/04 8/7/24 £29,000 £21.92 (£28.57)

25/03/19 Lease outside the protection of the Landlord and Tenant Act 1954.ITZA 1,015 94.3

Total 1,323 122.9

2A Gladstone Road Private Tenants Total 335 31.1 1/10/13 30/09/14 £10,200 AST.

4A Gladstone Road Private Tenants Total 815 75.7 13/12/14 12/12/15 £21,600 AST.

6-12 Gladstone Road JD Wetherspoon PLC (t/a The Wibbas Down Inn)

Ground Floor 8,614 800.2 17/7/95 16/7/30 £189,500 £18.01 17/07/15 2015 rent review outstanding. 4 car parking spaces.

First Floor 1,906 177.1

Total 10,520 977.3

6-12 Gladstone Road Evans Cycles (UK) Ltd (t/a Evans)

Ground Floor 9,896 919.3 13/8/10 12/8/25 £120,000 £12.00 13/08/20 Landlord break option 13/08/2020

Lease outside the protection of the Landlord and Tenant Act 1954. Schedule of condition. 12 car parking spaces.Mezzanine 108 10.0

Total 10,004 929.4

Collingham House Serviced Offices

Various

Ground Floor 0 0

£130,000

The offices are let on 6 agreements on flexible terms, which are terminable on one months notice. The vendor will provide a rental top up for 12 months on completion of the sale. The net receivable income will therefore be £130,000 pa. as set out in the schedule.Areas on a gross internal basis. Floorplans are available in the dataroom.

First Floor 357 33.2

Second Floor 515 47.8

Third Floor 932 86.5

Total 1,803 167.6

Vacant

Ground Floor 315 29.3

First Floor 1,578 146.6

Second Floor 2,614 242.9

Third Floor 2,197 204.2

Total 6,705 622.9

Various Various 11 spaces £5,404

Vacant 15 spaces

1&1A Russell Road Nando’s Chickenland Ltd (t/a Nandos)

Ground Floor 1,257 116.8 29/9/04 28/9/29 £118,798 £50.17 29/03/19

First Floor 913 84.8

Second Floor 198 18.4

Total 2,368 220.0

Lime Tree House Private Tenants Total 2,151 199.8 26/3/16 26/11/16 £51,000 Tenant has exercised option to terminate the tenancy on the 26/11/16.

Total 36,024 3,346.7 £675,502

J D WETHERSPOON PLC D&B Rating 5A1Company Number 1709784

28/7/13 27/7/14 26/7/15

Turnover £1,280,929,000 £1,409,333,000 £1,513,923,000

Pre-Tax Profit £57,143,000 £78,365,000 £58,732,000

Total Net Worth £194,749,000 £200,330,000 £192,896,000

F.W. EVANS CYCLES (UK) LIMITED D&B Rating 3A2Company Number 2784079

02/11/13 01/11/14 31/10/15

Turnover £114,044,000 £127,653,000 £133,368,000

Pre-Tax Profit £2,279,000 £4,237,000 £1,367,000

Total Net Worth £4,937,000 £7,509,000 £7,285,000

NANDO’S CHICKENLAND LIMITED Company Number 2580031

24/2/13 23/2/14 22/2/15

Turnover £431,369,000 £470,744,000 £517,849,000

Pre-Tax Profit £71,297,000 £68,693,000 £64,663,000

Total Net Worth £55,822,000 £73,999,000 -£261,779,000

POWER LEISURE BOOKMAKERS LIMITED Company Number 3822566

31/12/12 31/12/13 31/12/14

Turnover £648,788,903 £814,514,814 £1,073,460,247

Pre-Tax Profit -£3,892,878 -£12,791,679 -£3,844,364

Total Net Worth -£48,540,339 -£57,948,514 -£55,831,709

Covenants


Retailing in WimbledonTown centre retail floorspace in Wimbledon is estimated at 710,000 sq ft centred in two main locations; the High Street and The Broadway.

The Broadway is located to the south east of Wimbledon Station and includes occupiers such as Morrisons, Uniqlo, Robert Dyas, TK Maxx, Franco Manca, Headmasters and Sainsbury’s Local.

The High Street is located to the north west of Wimbledon Station and includes occupiers such as The Ivy Café Wimbledon, Cote Brasserie, PAUL, Aubaine, Le Pain Quotidien and Carluccios.

The main shopping centre, Centre Court is centrally located with the train, tube and tram station adjoining the centre. The centre comprises 347,000 sq ft of retail and leisure space over three levels, anchor tenants include Debenhams, H&M, Gap, Tesco Metro and Odeon.

Prime rents in Wimbledon are currently achieving Zone A rents of approximately £155 psf which is still 8.8% below the pre recession peak of £170 psf. Rents have grown by approximately 5% since 2012 and the area currently benefits from a low vacancy rate of only 0.6%. It is therefore is particularly well placed to benefit from short to medium rental growth in the future.

The majority of the ground floor of the subject property provides large format retail units which are let off modest rents of between £11.99 psf to £18.01 psf and are well placed to benefit from future rental growth. An opportunity exists to either sub divide or redevelop the site to provide smaller units and therefore significantly improve the rental tone.


VATThe property has been elected for VAT and as such the transaction will be treated as a TOGC.

EPCEPCs are available upon request

DataroomFurther information is provided in the dataroom. For access please register on the following website http://datarooms.allsop.co.uk/register/WimbledonSW19


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 Command D www.commandHQ.co.uk 10.16

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

Commercial Residential

www.allsop.co.uk

Jeremy Hodgson020 7543 6709

[email protected]

Andrew Boyd020 7344 2609

[email protected]

William Shoebotham020 7344 2659

[email protected]

Lottie Hayward020 7543 6750

[email protected]

ProposalOffers sought in excess of £15,500,000 (Fifteen Million Five Hundred

Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 4.08%

after costs of 6.73%.

Documents

WIMBLEDON, SW19 - Allsop · PDF fileWimbledon Rail and The Broadway Underground Stations Centre Court Shopping Centre SUBJECT PROPERTY WIMBLEDON, SW19 COLLINGHAM HOUSE, LIME TREE HOUSE,