ANGEL WALK SHOPPING CENTRE, HIGH STREETTONBRIDGE TN9 1TJ
SOUTH EAST SHOPPING CENTRE INVESTMENT WITH FUTURE DEVELOPMENT POTENTIAL
INVESTMENT SUMMARY
• South East Shopping Centre investment with significant residential development potential, subject to planning
• Tonbridge is an affluent commuter town with close proximity to London and the M25, neighboured by Royal Tunbridge Wells and Sevenoaks
• Located 29 miles from London with excellent train and road connections
• The subject property is within the prime retail pitch and comprises a shopping centre totalling 1,715.90 sq m (18,470 sq ft) providing 11 units
• National tenants account for 44% of the income and include Millets, Superdrug, Timpson’s Ltd and Barnado’s
• Total contracted rent of £248,500 per annum (a low average rent of £13.45 psf overall)
• Majority of rents have recently been rebased
• WAULT of 3.06 years to expiry and 1.47 years to break
• Short term asset management opportunities to implement lease renewals and rent reviews
• Potential residential redevelopment opportunity, subject to planning, initial massing study available on request
• Freehold
• Offers sought in excess of £2,918,000 (Two Million, Nine Hundred and Eighteen Thousand Pounds) subject to contract and exclusive of VAT, reflecting an attractive Net Initial Yield of 8.00% after purchasers costs of 6.44% and a low capital value of £158 per sq ft.
LOCATION
Tonbridge is an historic and picturesque commuter town on the River Medway in Kent. The town is located 29 miles (47 km) south east of London, and neighbours commuter towns such as Royal Tunbridge Wells 4 miles (6 km) south, Sevenoaks 7 miles (11 km) north and Maidstone 12 miles (19 km) north east.
Tonbridge benefits from excellent connections. The A21 provides direct access to the M25 at Junction 5 10 miles north. The A26 connects Tonbridge with Tunbridge Wells and south coast.Tonbridge Railway Station provides frequent services every ten minutes to London Bridge, Waterloo and Charing Cross with fastest journey time of 30 minutes. In addition the town is 35 minutes from Ashford International.
Gatwick Airport is 24 miles (38 km) south west. The town provides significant car park facilities with 19 car parks providing a total of 1,700 spaces.
Tonbridge is renowned for the number of leading school’s in the catchment including Tonbridge School.
SITUATION
The property is situated on the eastern side of Tonbridge’s High Street, in the town’s prime retail pitch and adjacent to the Pavilion Shopping Centre. To the rear is Sainsbury’s superstore, associated car park and Angel Leisure Centre, the subject of potential short term leisure led regeneration and redevelopment.
The property is situated less than 250 metres north-east of Tonbridge Railway Station and 0.5 miles south from the popular Tonbridge Castle.
Nearby occupiers include; Monsoon, Sainsbury’s, WH Smiths, Specsavers, Toni & Guy, Vodafone, Boots, Café Nero, Greggs and McDonald’s.
M20
M26
M20
M2
M25
M23
ROYAL
MAIDSTONE
TUNBRIDGEWELLS
CROYDON
SHEERNESS
MARGATE
RAMSGATE
ROCHESTER
CANTERBURY
ASHFORD
UCKFIELD
NEWHAVENBRIGHTON
EASTBOURNE
HASTINGS
FOLKESTONETONBRIDGE DOVER
LEWES
SEVENOAKS
A22
A22 A26
A23
A13
A2
A24
REIGATE
CRAWLEY
A272
S T R A I TO
FD
OV
E R
LONDON
LONDON CITY
LONDON BIGGIN HILL
GATWICK
RYE
SHOREHAMNEWHAVEN
FOLKESTONE
ASHFORD INTERNATIONAL
DOVER
PORT RAMSGATE
EURO TUNNEL LE SHUTTLE
EBBSFLEET INTERNATIONAL
TONBRIDGE TRAIN STATION
TONBRIDGE STATION CAR PARK
TONBRIDGE CASTLE
TONBRIDGE SCHOOL
SAINSBURY’SSHOPPING CENTREANGEL LEISURE CENTRE
ANGEL WALKSHOPPING CENTRE
PAVILLION SHOPPING CENTRE
HIGH STREET
25 metres
Tonbridge
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Experian Goad Plan Created: 04/02/2020Created By: GVA
Copyright and confidentiality Experian, 2020. © Crown copyright and databaserights 2020. OS 100019885
DESCRIPTION
Angel Walk was constructed in the early 1980’s and comprises 11 retail units in a covered centre benefitting from dual frontage to the prime High Street and, via the Angel Walk thoroughfare to Angel Lane to the rear. Angel Lane in turn links with the dominant Sainsbury’s superstore, associated car park and Angel Leisure Centre. The scheme thus provides a major footfall route.
The units trade from the ground floor with the first floor accommodation used as a mixture of retail, storage or ancillary accommodation.
The property provides 12 car parking spaces.
NFor indicative purposes only.
TENANCY SCHEDULE
Address TenantArea
(sqft) Lease Start Lease Expiry
Inside/Outside Act
Next Rent Review
BreakPassing
Rent (£ p.a.)ERV (£ p.a.) Comments
Unit 1 (1) Ouyue Ltd t/a Nihaw Sushi1,073 (578)
09/07/2018 08/07/2028 Outside 09/07/2023 Tenant -
09/07/20236 months notice
£30,000 £30,000
Rent rises to £30,000 pa from 09/07/2020. The Landlord will top-up on completionRent deposit of £15,000. Tenant has right to use one car parking space.
Unit 2 (3) Sacred Heart Hardware & DIY Ltd1,317 (696)
18/07/2019 17/07/2024 Outside n/a Tenant -
18/07/20206 months notice
£20,000 £25,000Tenant receives 3 months rent free from 18/07/2020 if break is not triggered. Rent deposit £6,000. Tenant has right to use one car parking space.
Unit 3 (5)Construction Site Products t/a Studio 72
1,065 (476)
08/03/2018 07/03/2023 Inside Tenant -
08/03/20216 months notice
£17,500 £17,500Rent increases to £17,500 pa from 08/03/2020. The Landlord will top-up on completion. Rent deposit £5,250. Tenant has right to use one car parking space.
Unit 4 (7) Mr Francis Finkler t/a Hair House1,124 (477)
09/10//2018 17/11/2023 Outside Tenant -
18/11/20216 months notice
£16,500 £17,500
Unit 5 (11)Station Road Furniture Stores Limited t/a Castons Furniture World
3,149 (1,271)
09/12/2019 08/12/2024 Outside Tenant -
09/12/20216 months notice
£25,000 £30,000Rent commencement 09/02/2020 then £25,000 pa until 08/12/21 rises to £30,000 pa from 09/12/21 until expiry. Tenant has right to use one car parking space.
Unit 5a (9) Superdrug Stores plc3,914
(1,156)17/06/2016 16/06/2021 Inside £33,000 £33,000
Unit 6 (2) and 1 parking space
Blacks Outdoor Retail Ltd1,952
(1,047)21/04/2015 20/04/2025 Inside 21/04/2020
Mutual - 20/04/2020
6 months notice£27,500 £27,500
Tenant break exercised, under offer to Cancer Research UK, 10 years 5 year TBO with 3 month penalty, 9 months rent free to be topped up by the landlord on completion. Tenant has right to use one car parking space.
Unit 7 (4) Timpsons Limited990
(517)07/12/2012 06/12/20/22 Inside £18,000 £18,000
Unit 8 (6) and car space
Paws Cat Café Ltd1/225 (608)
16/05/2018 15/05/2023 Inside Tenant -
16/05/20216 months notice
£18,000 £18,000Service charge CAP of £3,979 pa subject to RPI increases. Rent Deposit of £10,800. Tenant has right to use one car parking space.
Unit 9 (8) and car space
Grace Fashion Accessories Limited t/a Grace
1,024 (460)
02/11/2011 01/11/2021 Outside 02/11/2016 £15,500 £15,500Outstanding Rent Review. Tenant has right to use one car parking space.
Unit 10 (10) Barnardo’s1,637(687)
09/04/2010 08/04/2020 Outside 09/04/2015 £27,500 £27,500 Outstanding Rent Review
Total 18,470 £248,500 £258,000
The property is run via a Service Charge with a current year budget of £59,485 per annum £3.22 per sq ft. The service charge shortfall for the period is estimated to be £780.
DEVELOPMENT POTENTIAL
There is scope to materially increase the massing on site through residential led development above the scheme, subject to gaining the necessary consents. A initial massing study is available on request.
EPC
Certificates available upon request.
VAT
The property is elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
FURTHER INFORMATION
For further information or to arrange an inspection, please contact the sole agents:
Mark Frampton
020 7911 [email protected]
Daniel Tiernan
020 7911 [email protected]
PROPOSAL
Offers Sought in excess of £2,918,000 (Two Million, Nine Hundred and Eighteen Thousand Pounds) subject to contract and exclusive of VAT, reflecting an attractive Net Initial Yield of 8.00% after purchasers costs of 6.44% and a low capital value of £158 per sq ft.
Avison Young is the trading name of GVA Grimley Limited registered in England and Wales number 6382509. Registered office, 3 Brindleyplace, Birmingham B1 2JB. Avison Young hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent Avison Young is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of Avison Young, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) Avison Young shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by Avison Young.
Avison Young: February 2020 © Produced by Barbican Studio 020 7634 9573
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For indicative purposes only.