SOUTH EAST RETAIL/OFFICE INVESTMENT

BRENTWOOD | CM14 4AB

2-8 HIGH STREET &2-6 INGRAVE ROAD

CrossrailElizabeth Line

A12

SHENFIELD ROAD

HIGH STREET

INGRAVE ROAD

Brentwood Station

The BaytreeShopping Centre

Boots

Next

Brentwood Theatre

Sainsbury’s

Mellon HousePDR Scheme

BrentwoodSchool

M&S

SUBJECT PROPERTY

INVESTMENT SUMMARYBrentwood is a highly affluent M25 commuter town with strong road and rail connections to Central London.

Crossrail will further enhance access to Brentwood from London and the South East.

Prominent retail/office parade measuring 22,046 sq ft (2,048.1 sq m).

Prime location with a high footfall and surrounding occupiers including M&S, Next, Monsoon, Carphone Warehouse, Superdrug and Boots.

Fully let by way of 13 tenancies to an attractive mix of national and independent retailers producing a net income of £420,044 per annum.

42% of the income secured against national retailers including Nationwide, Headmasters, Done Brothers (Betfred), Harvey Jones and Countrywide Estate Agents.

AWULT of 4.4 years to expiry and 3.3 years to break.

Long term redevelopment potential, subject to planning.

Freehold.

We are instructed to seek offers in excess of £4,926,000 (Four Million, Nine Hundred and Twenty Six Thousand pounds), subject to contact and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.00%, assuming purchasers costs of 6.59% and a low capital value of £223 per sq ft.

BRENTWOOD | 2-8 HIGH STREET & 2-6 INGRAVE ROAD | CM14 4AB

M11

M1

M1

M2

M2

M3

M3

M3

M4M4

A1(M)

A1(M)

A329(M)

M11

M40

M23

M26

M25

M25

M25

M25

M25

M25

M25

M20

M40

A41

A41

A40

A10

A12

A12

A12

A12

A10

A13 A13

A20

A21

A26

A13

A24

A23

A23

A22

A3

A3

A1

A413

A217

A240 A232

A229

A406

A127

A130

A127

A414

A120A120

A602

A331

A414

A404

A418

A505

A4010

LondonStansted Airport

HeathrowAirport

London CityAirport

London GatwickAirport

London SouthendAirport

Braintree

ChelmsfordHarlow

StevenageLutonDunstable

Aylesbury

Watford

SloughMaidenhead

Reading

Bracknell

WokingEpsom

Croydon

Harrow

Wembley

Enfield

Dartford

Grays

Maidstone

Tonbridge

Sevenoaks

CanveyIsland

Southendon Sea

Bromley

LONDON

BRENTWOOD

Slough

EalingBroadway

MaidenheadTottenham

Court Rd

LiverpoolStreet

WestEaling

WestDrayton

Hayes &Harlington

Paddington

BondStreet

Forest Gate

RomfordStratford

Woolwich

Shenfield

BRENTWOOD

Farringdon

Whitechapel Abbey Wood

SurfaceUnderground

HeathrowAirportReading

Twyford

SOUTH EAST RETAIL/OFFICE INVESTMENT

LOCATIONBrentwood is an established and highly affluent commuter town located 24 miles (38.6 km) to the north east of Central London and 12 miles south west of Chelmsford. The town has a growing population in excess of 80,000 residents and boasts an over-representation of the most affluent AB social group.

The town benefits from excellent access to the national motorway network being strategically located 2 miles (3.2 km) from the M25 Motorway (J28) whilst the A12 passes through the town providing direct access to Central London.

Brentwood Rail Station provides direct access to London Liverpool Street every 10 minutes, with a fastest journey time of around 29 minutes, this will improve further with the arrival of Crossrail. All trains stop at Stratford which offers access to both Jubilee and Central London Underground lines as well as Overground, DLR and Stratford International Train Station.

City, Stansted and Southend airports are all accessible within a 40 minute drive from Brentwood, whilst Heathrow (55 miles, 88.5 km) and Gatwick (47 miles, 75.6 km) can also be accessed quickly.

CROSSRAIL Accessibility to Brentwood will be further enhanced by the opening of Crossrail in late 2020/early 2021, linking Reading and Heathrow Airport in the west to Shenfield in the east.

When the full route opens, passengers will be able to travel through central London without having to change trains. At peak times, Brentwood station will have 12 services an hour in each direction providing a direct journey time of 36 minutes to Canary Wharf, 44 minutes to Bond Street and 72 minutes to Heathrow Airport.

SITUATION The property is situated in a prime and highly prominent position at the eastern end of Brentwood High Street with return frontage to Ingrave Road.

Major occupiers in the vicinity include M&S, Next, Monsoon, Carphone Warehouse, Superdrug and Boots, together with numerous independent retailers. In addition, nearby A2/A3 occupiers include Wildwood, Pizza Express, Greggs, Caffe Nero, Halifax, Nationwide Building Society, Lloyds and Halifax bank. The primary multi storey car park (555 spaces) for the town is also situated nearby to the west.

Elizabeth Line

VACANT

BON

DS

JEWELLER

S

FLAGSTORE

GUIDED

LEARNING

LIMITED

VACANT

VACANT

VACANT

VAPOURIZED

BRENTWOOD | 2-8 HIGH STREET & 2-6 INGRAVE ROAD | CM14 4AB

SOUTH EAST RETAIL/OFFICE INVESTMENT

DESCRIPTIONThe property comprises a 22,046 sq ft (2,048.1 sq m) parade of 10 retail units fronting on to High Street and Ingrave Road with upper floors predominantly in use as offices. The building is of concrete frame construction with brick façades below a flat asphalt covered roof.The retail units to the ground floor are well formatted with open plan floor plates and full height windows to the shop frontages. The Countrywide unit also benefits from a highly prominent corner position facing on to High Street with return frontage on to Ingrave Road.The office accommodation to the first and second floors (accessed from either High Street or Ingrave Road) is fitted out with carpet tile coverings on solid concrete floors, central heating, suspended ceilings with recessed strip lighting and perimeter trunking. The accommodation at 2A Ingrave Road also benefits from a 6 person passenger lift. There is a large car park located to the rear with 28 allocated spaces, which is accessed via Cathedral Place.The site totals 0.38 acres (0.15 hectares) and provides an overall site cover of approximately 55%.

TENANCYThe property is let to 10 retail tenants and 3 office tenants as per the below tenancy schedule and produces a current net income of £420,044 per annum exclusive. The AWULT is approximately 4.4 years to expiry and 3.3 years to tenant break.

TENUREFreehold.

EPCEPCs are available upon request.

BRENTWOOD | 2-8 HIGH STREET & 2-6 INGRAVE ROAD | CM14 4AB

Unit Use TenantArea

(sq ft/ITZA)

Rent (per

annum)

Rent (psf/ITZA

psf)

Lease Start

Lease Expiry

Review Date

Break Date Comments

2 High Street Retail Countrywide Estate Agents (t/a Bairstow Eves) 1,454 £35,700 £58.56 25/12/2011 24/12/2021 Outstanding rent review from 25/12/2016. Right to use two

car parking spaces within the car park.

2A High Street RetailThe Vale Corporation (Brentwood) Ltd (t/a Uppercut Hair)

1,739 £35,000 £57.74 22/10/2019 21/10/2024 21/10/2022

4 High Street Retail Private individual (t/a Piccola) 1,770 £37,250 £59.85 24/06/2013 23/06/2023 Right to use two car parking spaces within the car park.

4A High Street Retail Nationwide Building Society 1,631 £34,220 £56.00 25/03/2012 24/03/2022 Outstanding rent review from 25/03/2017. Right to use two car parking spaces within the car park.

6 High Street Retail The Headmasters Partnership Ltd 1,788 £37,000 £59.21 30/03/2017 29/03/2027 30/03/2022 OMV review. Exclusive use of one car parking space within

the car park.

6A High Street Retail Done Brothers (Cash Betting) Ltd (t/a Bet Fred) 1,581 £39,000 £67.95 01/07/2006 30/06/2021 Right to use two car parking spaces within the car park.

8 High Street (Ground floor) Retail Garden Pro Ltd (t/a Tides) 2,830 £42,500 £38.91 24/03/2015 23/03/2025 24/03/2020

OMV Review. Outside of L&T Act 1954. Photographic Schedule of Condition. Right to use two car parking spaces within the car park.

8 High St (1st Floor) Office Jigsaw Recruiting Ltd 1,143 £16,000 £13.99 01/12/2016 30/11/2021

Right to use two car parking spaces within the car park. Parking space 16 is also occupied under a licence expiring 30/11/2021 at a peppercorn per annum.

8 High St (2nd Floor) Office M J Bushell Ltd 1,996 £34,000 £17.03 01/08/2015 31/07/2025 31/07/2023

Reversionary lease commencing 01/08/2020 at a rent of £34,000 with 3 months rent free. The current rent is £27,750 per annum, the vendor will top the rent up to £34,000 per annum. Right to use four car parking spaces within the car park.

2 Ingrave Road Retail Bagel Bytes Ltd 1,234 £18,354 £38.57 20/05/2014 19/05/2021 Rent deposit of £5,100 inc. VAT. Right to use two car

parking spaces within the car park.

2A Ingrave Road Office

KMG Travel Management Ltd (t/a Ace Travel Management Limited)

1,982 £34,000 £17.15 01/12/2017 30/11/2027 01/12/2022 30/11/2022

OMV Review. Outside of L&T Act 1954. Rent increases to £35,000 per annum on 01/12/2021. Negotiations in process to remove the tenant’s break option on 30/11/2022.

4 Ingrave Road Retail Harvey Jones Limited 1,522 £29,020 £46.87 25/03/2011 24/03/2021

Outstanding rent review from 25/03/2017. Right to use two car parking spaces within the car park. Parking spaces 7 & 27 are also occupied under rolling licences at a combined rent of £2,520 per annum (included in rent stated).

6 Ingrave Road Retail Neatsmith South London

LLP 1,375 £28,000 £49.69 28/02/2017 27/02/2032 28/02/2022 27/02/2027 OMV review. Additional rent review on 28/02/2027. Right to use two car parking spaces within the car park.

TOTAL 22,046 £420,044

COVENANT INFORMATION The income for the property is well diversified with each tenant accounting for no more than approximately 10% of the total rent. Furthermore, 43% of the income is secured against national retailers as per the below pie chart:

OCCUPATIONAL MARKET Brentwood is an affluent M25 town benefiting from a high presence of national retailers and strong demand from various local and regional occupants. Prime ITZA rents currently stand at £80.00 per sq ft as evidenced by the below:

INVESTMENT MARKET Recent comparable investment transactions include:

WELL SECURED PRIME RETAIL INVESTMENTSOUTH EAST RETAIL/OFFICE INVESTMENT

REDEVELOPMENT POTENTIALThe upper floors of the building and the car park to the rear have future potential for redevelopment to alternative uses including residential, subject to planning.We understand that Mellon House immediately to south of the subject is currently being converted to residential under permitted development rights.

Tenant Year Turnover D&B Rating

Nationwide Building Society 04/04/18 £5.267bn 5A1

The Headmasters Partnership 31/03/18 £5.702m 2A1

Done Brother (Cash Betting) ltd 30/09/18 £437.368m N2

Harvey Jones Limited 31/12/18 £20.182m 2A2

Countrywide Estate Agents 31/12/18 £352.131m N2

Date Address Tenant Size (sq ft) Rent (ITZA) Term

May-19 39-41 High Street Monsoon 2,857 £62.00 5 years

Nov-18 33 High Street Vaporized 1,212 £66.70 10 years

Apr-18 73A High Street Costa 2,454 £80.70 10 years

May-18 38a High Street Bonds Jewellers 694 £81.00 10 years

Date Address Tenant AWULT (Break) Price NIY

July-19 68-70 High Street, Brentwood Greggs 7 years

(3 years) £645k 5.86%

Dec-18 73A High Street, Brentwood Costa 9.5 years £1.19m 5.95%

Nov-18 56-70 High Street, Billericay

Boots, Specsavers, Card Factory amongst others

4 years (3.2 years) £3.25m 7.16%

43%

19%

38%National

Regional

Local

Lewis Ellis LLP for themselves or nominees or lessors of this property whose agents they give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers or lessees, and do not constitute part of an offer or contract; (2) all descriptions, dimensions, references to condition and necessary permissions 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 on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: 01282 858200. February 2020.

James ElkingtonTel: 020 7493 3330Mob: 07810 722 459E: jelkington@lewisellis.co.uk

John EllisonTel: 020 7493 3330Mob: 07889 437 236E: jellison@lewisellis.co.uk

VATThe property is elected for VAT and it is proposed that the sale will be treated as a Transfer of Going Concern (TOGC).

DATA ROOMThere is a data room for the property which contains key tenancy information and title documents. Access for the data room will be given on request.

PROPOSALWe are instructed to seek offers in excess of £4,926,000 (Four Million, Nine Hundred and Twenty Six Thousand pounds), subject to contact and exclusive of VAT.

A purchase at this level reflects a net initial yield of 8.00%, assuming purchasers costs of 6.59% and a low capital value of £223 per sq ft.

FURTHER INFORMATION Should you require further information or wish to view the property, please contact either: