royal tunbridge wells · tunbridge wells is provided by the a21 dual carriageway which, in turn,...
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FREEHOLD PART VACANT OFFICE INVESTMENT WITH EXCELLENT
DEVELOPMENT POTENTIAL
ROYAL TUNBRIDGE WELLS ‘NORTHFIELDS’
20-26 ST JOHN’S ROAD, KENT, TN4 9NT
Berkeley Homes, Royal Wells Park
Development (243 homes)
Fenwick
Tunbridge Wells Borough Council
Tunbridge Wells Museum and Art Gallery
The Opera House
Tesco Metro
Subject Property
Tunbridge Wells StationAssembly Hall Theatre
Outlines for indicative purposes only.
ROYAL TUNBRIDGE WELLS
INVESTMENT SUMMARY
• Freehold office with excellent development potential totalling a GIA of 1,553.3 sq m (16,720 sq ft).
• Centrally located with prominent road frontage to the A26.
• Affluent commuter town with excellent links to London Bridge, Charing Cross and Cannon Street.
• Ground floor let to Sentinel Core Services Limited at £60,000 per annum.
• Vacant lower ground, first and second floors totalling a GIA of 10,863 sq ft (1,009.2 sq m).
• Extensive car park providing 31 car parking spaces.
DEVELOPMENT POTENTIAL
• Excellent potential to convert the building to residential and develop the car park. Any development would be subject to obtaining all necessary consents.
• The property is considered to present an immediate opportunity for conversion to residential use through the application of permitted development rights. Our client has received planning advice outlining the development potential of the site, which is available on request.
We are instructed to seek offers in excess of £2,000,000 (Two Million Pounds) which would reflect a low capital value of £119.62 per sq ft.
LONDONLondonCity
Gatwick
7
12
15
5
3
A22
A26
A21
A20
M26 M20
M25
M23
M25
MaidstoneSevenoaks
Edenbridge
Dartford
Cobham
Tonbridge
Croydon
Bromley
Brixton
Orpington
CrawleyEast
Grinstead
ROYALTUNBRIDGE WELLS
ROYAL VICTORIA PLACE
RETAIL MALLHANOVER R
D
UPP
ER G
RO
SVEN
OR
RO
AD
GR
OSVEN
OR
RO
AD
LIME HILL ROAD
MOUNT EPHRAIM
CRESCENT ROAD
DUDLEY ROAD
YORK ROAD
CAMDEN
RO
AD
VICTO RIA ROAD
CALVERLEY RD
NEWTON RD
GOODS STA
TIO
N R
OA
D
GROSVENOR PARK
WOODBURY P
ARK ROAD
ROYAL CHASE
CULVERDEN PARK
QUEENS ROAD
PARK ROAD
CA
RLT
ON
RO
AD
ST
JAM
ES
’ ST
RE
ET
ALBION ROAD
STONE STREET
BEULAH ROAD
A26
A26
A
26
LOCATION
Royal Tunbridge Wells is an affluent spa town with a resident population of 108,000 (K.C.C Research & Evaluation. 2011). Kent is the largest UK County by population which is forecasted to increase by 11% between 2001 and 2026.
Royal Tunbridge Wells is located approximately 31miles (50km) south east of London, 16 miles (25km) from Maidstone and 23 miles (37km) from Crawley. Road access to Tunbridge Wells is provided by the A21 dual carriageway which, in turn, provides access to Junction 5 of the M25 approximately 13 miles (21km) to the north. In addition, Brighton, Eastbourne and Hastings are accessible via the A26/7.
Gatwick International Airport is located 20 miles (32km) to the west.
SITUATION
The property is situated in a prominent position on the eastern side of St Johns Road (A26) which runs from the A21 in the north to the A22 in the south. The immediate area provides a mix of office, retail and residential accommodation. The property is located within walking distance (5 minutes) of Tunbridge Wells’ town centre and the Royal Victoria Shopping Centre.
Tunbridge Wells train station is situated 0.6miles (1km) from the property offering regular direct services to London Bridge (45 minutes) and London Cannon Street (50 minutes).
ROYAL TUNBRIDGE WELLS ‘NORTHFIELDS’ 20-26 ST JOHN’S ROAD, KENT, TN4 9NT
SCHEDULE OF ACCOMMODATION AND TENANCIES
Floor Tenant Area Sq m (NIA)
Area Sq Ft (NIA)
Area Sq m (GIA)
Area Sq Ft (GIA)
Lease Start
Lease End Break Rent Rent psf
Comment
Lower Ground
Vacant 107.3 1,155 144.5 1,555 - -
Ground Sentinel Core Services Limited
449.1 4,834 544.1 5,857 20/04/13 19/04/23 20/04/18 *£60,000 £12.41 There is a fixed rental uplift at next rent review 19/4/18 to £66,000 p.a. The lease is subject to a schedule of condition.
First Vacant 369.5 3,977 460.0 4,950 - -
Second Vacant 310.5 3,342 405.0 4,358 - -
Total 1,236.4 13,308 1,553.3 16,720 £60,000
*Sentinel Core Services Limited has the right to use car spaces 1-12 (inclusive)
FREEHOLD PART VACANT OFFICE INVESTMENT WITH POTENTIAL FOR CONVERSION TO RESIDENTIAL(subject to obtaining all necessary consents)
DESCRIPTION
Northfields is a purpose built mid terrace office building arranged over lower ground, ground and two upper floors, designed around a central atrium. The building benefits from male and female cloakrooms on the ground and upper floors and an 8 person passenger lift which provides access to all floors.
The property benefits from a secure self-contained car park providing 31 car parking spaces (Sentinel have the right to use 12 spaces). The car park is located to the rear of the property and is accessed via Culveden Square. There are 22 spaces provided in the undercroft parking area and a further 9 spaces to the rear of the property.
The vacant lower ground and two upper floors have been partially stripped out.
TENURE
Freehold.
126.2m
GROSVENOR PARK
Westcombe
2
6House
1
6
2
Chapel
HouseM
eeting
Alst
9
2 to
4
124.1m
Hoare
TCBs
Memorial
CULVERDEN SQUARE
GRO
SVENOR PARK
CULVERDEN SQUARE
5
40
20 to 2616
1
18
Bank
18a
25
3
13
11
30
Culverden
18
5
38
8
34
Bank
27
32
Depot
Abbey Court2
Church
28
36
10
75
4
19
19
0m 10m 20m 30m
ST JOH
N’S R
OAD
© Crown Copyright, ES 100004106. For identification purposes only.
TENANT COVENANT INFORMATION
Sentinel Core Services Limited Group
D&B Rating H2
Sentinel Limited were founded in 1998 as an IT based recruitment company which now has two overseas office’s. Sentinel Core Services Limited has been occupying the ground floor of Northfields since 2013 which acts as their head office. Sentinel had a total net worth of £1,647 (account dated 31st August 2015).
ROYAL TUNBRIDGE WELLS ‘NORTHFIELDS’ 20-26 ST JOHN’S ROAD, KENT, TN4 9NT
SITE AREA
The total site area extends to approximately 0.32 acres (0.13 hec).
RESIDENTIAL MARKET COMMENTARY
In recent years there has been a shortage of new residential development opportunities within Tunbridge Wells which has led to an increase in demand for new residential accommodation.
More recently, a number of residential developments have commenced in the area. Within close proximity is Royal Wells Park, a Berkeley Homes led mixed use scheme, situated, on the site of the former Kent and Sussex Hospital on Mount Ephraim Road. The initial phase of flats sold for prices in excess of £400 per sq ft while the remaining units are currently being offered at prices in excess of £550 per sq ft.
80 St Johns Road is a new development comprising twelve two bedroom flats that are currently being marketed in the region of £275,000 - £290,000 which demonstrates a capital rate in excess of £400 per sq ft.
The ABC cinema site has recently been purchased by Altitude, who anticipate developing a £90million mixed use regeneration scheme which is located 0.4miles south from the subject property, which will further enhance the area.
FUTURE REDEVELOPMENT
It is considered that there is significant scope to redevelop the property utilising permitted development rights and/or extending and in filling to the rear, subject to obtaining all necessary consents.
Our client has commissioned a planning report that outlines that the subject property is considered to present an immediate opportunity for conversion to residential use through the application of permitted development rights (the planning report is available to download from the data room). The planning report found that the site is expected to comply with the technical matters of permitted development due to the highly accessible location of the site, its lawful office use, environmental considerations and surrounding uses. The existing on site car park also means that it is unlikely to materially change the character of traffic in the vicinity of the site.
For further information or to make arrangements for viewing please contact:
www.allsop.co.uk
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 05.16
James Hood020 7344 [email protected]
Michael Linane020 7344 [email protected]
James Salmon020 7543 [email protected]
Roseanna Eden020 7543 [email protected]
ENERGY PERFORMANCE CERTIFICATE
The building has an EPC rating D.
VAT
The property has been elected for VAT we assume the purchase will be treated as a transfer of going concern (TOGC).
DATAROOM
Further information is provided in the dataroom. For access please register on the following website www.northfieldstunbridgewells.com
PROPOSAL
We are instructed to seek offers in excess of £2,000,000 (Two Million Pounds) subject to the existing lease, contract and exclusive of VAT. A purchase at this level would reflect a low capital value of £119.62 p.s.f.
Receiver Caveat:The property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Insolvency Practitioners are acting without personal liability.