town centre investment/development/owner occupier
TRANSCRIPT
Town Centre Investment/Development/Owner Occupier Opportunity - For Sale
TUNBRIDGE WELLS 96 MOUNT PLEASANT ROAD TN1 1RT
96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS 1
INVESTMENT HIGHLIGHTS
▪ Entirely let to WH Smith Retail Holdings Ltd until October 2026, with a tenant
break option in October 2021. Note: break notice now served*
▪ Affluent Kent spa town
▪ Attractive corner property
▪ Freehold
▪ Potential ability to relet under planning use class E, including offices, retail,
restaurant, gym and medical centre
▪ Residential conversion potential for upper floors (former consent now lapsed)
▪ Rent £87,500 pa ▪ Offers in excess of £1.5m
* subject to the break conditions.
GOOGLE STREETVIEW
SEE - https://goo.gl/maps/uNW8pHSHkLrbuHFN6
96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS 2
LOCATION
Royal Tunbridge Wells is an attractive and affluent Kent spa town, situated c. 35 miles
south east of London and 30 miles north east of Brighton.
The character property occupies a prominent corner trading position on the eastern
side of Mount Pleasant Road at its junction with Newton Road, a short distance from
the pedestrianised Calverley Road and the entrance to the Royal Victoria Place
Shopping Centre which provides the town’s primary multi-story car park.
Mount Pleasant Road connects the High Street to the primary retail pitch on Calverley
Road and comprises a strong mix of banks, national and independent retailers, and
restaurants. The property is close to Metro Bank, JD Wetherspoon, Pret A Manager
(opposite), Specsavers and HSBC, with Mountain Warehouse, Fat Face, Caffé Nero,
Costa and Prezzo in the immediate vicinity.
Key tenants in the Royal Victoria Place Shopping Centre include:
The town is served by excellent bus links to the surrounding areas and
Tunbridge Wells train station is only a five minute walk from the subject
property, providing a direct service to London Bridge in approximately 50
minutes.
The town benefits from good road communications with the A21 dual
carriageway providing access to Junction 5 of the M25 motorway
approximately 14 miles to the north. In addition, the A26 provides a link
to Brighton and Eastbourne to the south.
96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS 3
GOAD TUNBRIDGE WELLS
96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS 4
DEMOGRAPHICS
Tunbridge Wells has an urban population of 59,947 and its catchment population of c.220,000 is
one of the most affluent of the PROMIS Centres, ranking 12 nationally on the PMA affluence
indicator.
The number of higher and intermediate managerial, administrative or professional households in
the town (socio-economic grade AB) stands at 32.57% compared to the national average of 22.96%.
Tunbridge Wells is an attractive tourist destination with 4.7 million trips made to the town annually,
generating a total value to the local economy of £278 million a year (Visit Kent 2017).
The average value of residential property in the town is £504,854 which is 62% above the national
average of £312,145. Flats are currently selling for an average of £295,962 (Zoopla 2020).
DESCRIPTION The property forms part of the Opera Colonnade which was
constructed in 1902 in a symmetrical Neo-Georgian style with a
Baroque centrepiece. The property is built of red brick with
ashlar dressings, timber sash windows and topped with a
feature copper dome. It is Grade II listed and is situated in the
Tunbridge Wells Conservation Area.
96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS 5
RATING ASSESSMENT
Current Rateable Value
Rate in the £ (2021/22)
Ground Floor and Basement £67,500 51.2p
First and Second Floors £6,800 49.9p
EPC
The property is currently rated within band D. A copy of the EPC is available upon
request.
ACCOMMODATION
The property comprises a ground floor retail unit, basement
storage, as well as self-contained first and second ancillary
floors. Rear access is provided via Newton Road and the
property is let in its entirety to WH Smith Retail Holdings Ltd.
Gross Frontage: 8.23 m 27 ft 0 ins
Return Frontage: 17.67 m 58 ft 0 ins
Internal Width (max): 6.88 m 22 ft 6 ins
Shop Depth: 20.12 m 66 ft 0 ins
Ground Floor Sales: 137.31 sq m 1,478 sq ft
ITZA*: 822 Units
Basement Storage*: 113.06 sq m 1,217 sq ft
First Floor Ancillary: 118.64 sq m 1,277 sq ft
Second Floor Ancillary: 123.38 sq m 1,328 sq ft
Total NIA: 492.39 sq m 5,300 sq ft
*areas agreed and documented in the lease for rent review
purposes. Enquiries should be made with the local authority to verify this information.
TENANCY SCHEDULE
96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS 6
COVENANT INFORMATION
WH Smith was established in 1792 and was the first retail chain in the
world. It is a FTSE 250 company and a leading international retailer with
two core businesses, namely global travel retail in news, books and
convenience and a UK high street stationer, bookseller and newsagent. It
is represented in 30 countries with c.13,000 employees and 568 stores
occupying 2.7m sq ft.
ADDRESS LESSEE ACCOMMODATION LEASE TERMS PASSING RENT
96 Mount Pleasant Road
WH Smith Retail Holdings Ltd
Gross Frontage: Return Frontage:
Internal Width: Shop Depth:
Ground Floor Sales: ITZA:
Basement Storage: First Floor Ancillary:
Second Floor Ancillary: Total NIA:
8.23 m 17.67 m
6.88 m 20.12 m
137.31 sq m 822 units
113.06 sq m 118.64 sq m 123.38 sq m 492.39 sq m
27 ft 0 ins 58 ft 0 ins 22 ft 6 ins 66 ft 0 ins
1,478 sq ft
1,217 sq ft 1,277 sq ft 1,328 sq ft 5,300 sq ft
15 year fri lease from 25th October 2011 subject to an upward only rent review on 25th October 2021. The lease provides for a tenant only break clause on the 25th October 2021, subject to six months prior written notice. Note: break notice served by tenant, subject to the break conditions.
£87,500 pa. We calculate that this equates to £93.90 Zone A, based on £3 psf for the basement and first floors and £2 psf for the second floor. The lease is
guaranteed by WH Smith High Street Holdings Ltd
WH Smith Retail Holdings Limited (00471941)
A summary of the company’s consolidated accounts (year end 31st August)
is as follows:
2019 2018 2017
Turnover £188m £181m £181m
Pre Tax Profit £117m £116m £68m
Net Assets £614m £441m £451m
96 MOUNT PLEASANT ROAD / TUNBRIDGE WELLS 7
ASSET MANAGEMENT OPPORTUNITIES
▪ Potential ability to relet under planning use Class E, including offices
retail, restaurant, gym and medical centre.
▪ The self-contained first and second floors are under-utilised by the
current tenant. Subject to obtaining the necessary planning and listed
building consent (see below), there may be an opportunity for a purchaser
to obtain control of the upper floors and undertake a residential
conversion.
PLANNING
▪ Planning and listed building consent was granted on 12th June 2003 under
applications 03/01499/FUL and 03/01496/LBC for “Internal alterations to
change use of first and second floors to 4 self-contained flats”. This
consent has now lapsed but the opportunity exists for the consent to be
regranted or an enhanced consent obtained.
▪ From 1 September 2020 onwards, if a building or other land is being used
in a way falling within Class A1 (shops), A2 (financial and professional
services), A3 (restaurants and cafés), B1 (business), D1 (clinics etc) or D2
(gymnasiums etc), then it will be treated as though it is being used for a
purpose specified in the new Class E. Change of use to another use within
Class E will be allowed without the need for planning permission.
Interested parties should make their own enquires to verify this
information.
TENURE
Freehold.
VAT The property has been elected for VAT. It is anticipated that the sale will be
treated as a Transfer of a Going Concern (TOGC).
PROPOSAL Offers are invited in excess of £1.5m (one million, five hundred thousand
pounds), subject to contract, reflecting a net initial yield of 5.5% after
allowing for standard purchaser’s costs of 6.1%.
FURTHER INFORMATION For further information including CAD survey, EPCs, title, residential
conversion plans, copy lease etc, or to arrange an inspection of the
property, please contact sole agents:-
CHARLIE EVANS
01892 707570
07484 510906
ANDREW MORRISH
01273 617141
07919 172115
8
@CradickRetail
Longford House, 19 Mount Ephraim Road, Tunbridge Wells, Kent TN1 1EN
01892 515001
Cradick Retail LLP for themselves and the vendors of this property whose agents they are give notice that: 1) The particulars are set out as a general outline only for
the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract. 2) All statements contained in these particulars
as to this property are made without responsibility on the part of Cradick Retail LLP or the vendor or lessor. 3) All descriptions, dimensions, references to condition
and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants
should not rely upon them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them. 4)
No person in the employment of Cradick Retail LLP has any authority to make or give any representation or warranty whatever in relation to this property. We are
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