216-220 HIGH STREET - Mellersh & Harding€¦ · 216-220 High Street, Sutton, London, SM1 1NU_April 2018_MDR Associates - 2.2 Illustrative Floor Plans 216 22 R ar par retained ( spaces)

RETAIL AND OFFICE INVESTMENT WITH RESIDENTIAL DEVELOPMENT OPPORTUNITIES

mellersh& harding

216-220 HIGH STREET SUTTON SM1 1NU

– A prominent retail and o�ce investment o�ering an excellent opportunity for residential conversion of the upper floors.

– Sutton is a thriving and highly accessible centre just 10 miles from Central London and only 26 minutes by train.

– A total of 7,357 sq ft arranged as a banking hall of 2,685 sq ft and upper floor o�ces of 4,672 sq ft.

– Entirely let to the prime covenant of The Royal Bank of Scotland PLC.

– Pedestrianised high street, rear servicing with up to 13 on-site car spaces and self- contained modern o�ces.

– Excellent potential to convert and extend the upper floors to create at least 10 residential apartments, subject to planning consent.

– Current low income of £139,000 per annum exclusive on a new lease until January 2020 (Tenant break from January 2019).

– O�ers sought in excess of £2,400,000 (two million, four hundred thousand pounds) subject to contract.

216-220 HIGH STREET, SUTTON SM1 1NU 2

INVESTMENT SUMMARY

LOCATION


10

104

6

99

7

78

12

13

15

16

8 9/

11

12

M25

M40

M23

M3

M4

4

A4

A31

A24

A406

A40

A30

READING

3

M1HIGH WYCOMBE

5

4a

1

1

1

1

9

11

A4

A24

A25

A217

A217

A23

A23

A205

A329

A316

A3

REIGATE

DORKING

WINDSOR

SLOUGH

LONDON

BRACKNELL

HEATHROW

GATWICK

STAINES

A322A320

A246

A3

GUILDFORD

WOKING

WEYBRIDGE

LEATHERHEAD

CROYDON

SUTTON

RICHMOND

CHISWICK

WIMBLEDON

EPSOM

REDHILL

7

HIG

H STR

EET

GROVE ROAD

ROBIN HOOD LANE

CEDAR ROAD

MULGRAVE ROAD

BR

IDG

E

RO

AD

BEN

HILL W

OO

D R

D

BENHILL ROAD

GREYHOUND ROAD

ST NICH

OLAS W

AY

THR

OW

LEY WAY

A232 CHEAM ROAD

CARSHALTON ROAD

BR

IGH

TON

RO

AD

GROVE RD SUTTON CT RD

LAN

GLEY PARK

ROAD

ST JAMES R

OAD

SYDNEY R

OAD

COLLINGWOOD R

OAD

THIC

KET R

OA

D LIN

D R

OAD

OAKHILL ROADBR

UN

WIC

K R

OA

DLEN

HAM

RO

AD

P

P

P

P

ST NICHOLAS SHOPPING

CENTRE

TIMES SQUARE SHOPPING

CENTRE

A217/M25

MORRISONS

ASDA

M&S

CROYDON

To VictoriaClapham JunctionLondon Bridge &King’s Cross

WIMBLEDON

CHEAM

To Epsom, Dorking& Guildford

To Wimbledon

Sutton is a major suburban town located approximately 10 miles (16 km) to the south-west of Central London. Croydon is 5 miles (8km) to the east and Wimbledon is 5 miles (8km) to the north. With an estimated population of over 200,000 within 10 minutes’ drive time, the town is a popular and easily accessible location.

Sutton is an established business centre, benefiting from excellent road communications. The A23, A217 and A24 are all easily accessible and serve Junctions 7, 8 and 9 of the M25.

Sutton is among London’s greenest and safest boroughs. Regular rail services link Sutton with Central London. The town’s main line station is a short walk from the property and services to London, Victoria o�er 14 trains per hour with a fastest journey time of 26 minutes. Journeys to London Bridge take approximately 35 minutes. In addition, the Thameslink Sutton rail loop provides frequent services to Wimbledon, St Albans and Luton, passing through London, Blackfriars and London, St Pancras.

Sutton has an a�uent population and has a particularly high proportion of adults aged 25-44. The a�uence of the town is also demonstrated by an above average proportion of adults categorised in social groups A & B.

Sutton is a key retail destination for south-west London appealing to shoppers due to the extensive range of both national and independent retailers o�ering convenience goods and comparison goods shopping.

216-220

Sutton is a major retailing centre serving an immediate catchment population of over 300,000 and the High Street is characterised by a mix of independent traders and national occupiers including Marks & Spencer, Boots, MetroBank, Waterstones and Top Shop. The High Street is complimented by two covered shopping centres. The St Nicholas Shopping Centre is home to Debenhams, Primark, Next and Sports Direct. The Times Square Shopping Centre is currently undergoing a major refurbishment and is anchored by T K Maxx and WH Smith.

The subject property is situated on the pedestrianised part of High Street with nearby retailers including Argos, Matalan and Asda. To the north of the property is the new 123,000 sq ft Sainsbury’s supermarket with 186 residential units and 27,500 sq ft of A3 and retail/leisure occupiers including Costa Co�ee and Magnet.

SITUATION

50 metres

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

Sutton

Experian Goad Plan Created: 10/04/2018Created By: Mellersh and Harding

Copyright and confidentiality Experian, 2017. © Crown copyright anddatabase rights 2017. OS 100019885

HIG

H S

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4

The property comprises an attractive red brick building below a pitched tiled roof and arranged on ground and two upper floors. The modern ground floor banking hall is well configured with high ceilings and 15.5 metres (51 feet) of frontage to High Street.

The first and second floor o�ces have a self-contained entrance from High Street and an internal access from the banking hall. The accommodation is generally open plan with some partitioned rooms. The specification includes suspended ceilings with recessed lighting, central heating and individual wall mounted air cooling units. There are attractive wooden sliding sash windows overlooking High Street and aluminium frame windows to the rear.

Underfloor trunking is provided to the front o�ces and perimeter trunking to the rear. Toilet accommodation is provided on both o�ce levels.

The ground floor strongroom is a tenant’s improvement and is to be removed at lease expiry.

To the rear of the site there is parking for up to 13 cars with direct access from Benhill Avenue. The open passageway to the side of the property forms part of our client’s freehold and is included within the tenant’s lease.

DESCRIPTION


The property provides the following approximate Net Internal Areas:-

Ground Floor 249.43 sq m 2,685 sq ft

Ground - ITZA 151.15 sq m 1,627 sq ft

First Floor - O�ces 203.50 sq m 2,186 sq ft

Second Floor - O�ces 230.95 sq m 2,486 sq ft

Total 683.88 sq m 7,357 sq ft

Ground Floor 290.2 sq m 3,124 sq ft

First Floor 270.6 sq m 2,913 sq ft

Second Floor 276.0 sq m 2,971 sq ft

Total 836.8 sq m 9,008 sq ft

Building Frontage 17.6 m 57’ 8”

Retail Frontage 15.5 m 50’ 10”

Shop depth 17.18 m 56’ 4”

ACCOMMODATION

Existing Gross Internal Areas:-


TENURE TENANCY TENANT INFORMATION

The property is held freehold. The entire property is let to The Royal Bank of Scotland PLC on a lease dated 30th January 2018. The term is from 29th April 2015 until 29th January 2020 at a rent of £139,000 per annum exclusive. The lease is drawn on a full repairing and insuring basis outside the provisions of the L&T Act 1954 in respect of security of tenure.

The tenant has the option to determine the lease on 30th January 2019 or any time thereafter on giving 6 months’ notice.

RBS have occupied the entire property for many years. The new lease was completed in January 2018 and we believe that their request for a short term tenancy o�ers a buyer a real opportunity to convert, extend or redevelop the site for a mixed commercial and residential scheme, subject to obtaining the necessary planning consent.

The current rent of £139,000 per annum exclusive reflects approximately £57 per sq ft Zone A on the ground floor and £10 per sq ft on the upper floor o�ces. We believe that both rents are conservative and o�er a strong reversion at lease expiry.

The Royal Bank of Scotland (RBS) is one of the UK’s major high street banks. The Bank has 80,000 employees and is currently 70% owned by the Government. Their 2017 Annual Results recently reported an operating profit of £2,239 million.


The property o�ers excellent potential for a refurbishment, extension or redevelopment of the site to create a larger mixed use scheme comprising ground floor retail space and self-contained residential apartments above. The property is not listed and does not lie within a conservation area.

Our clients have commissioned a Planning Report and a Design Feasibility Study for an upper floor residential scheme. Brief details of this indicative scheme are shown below and full information is available on request. The scheme provides 10 self-contained residential apartments totalling approximately 7,590 sq ft. The scheme involves the refurbishment of the existing building and the addition of a new floor to the rear.

PLANNING AND DEVELOPMENT POTENTIAL

11216-220 High Street, Sutton, London, SM1 1NU_April 2018_MDR Associates - www.mdrassociates.co.uk

2.2 Illustrative Floor Plans

216 22

R

ar par retained ( spaces)

Existing caraccess retained

Existing accessreatined forresidential

Existing accessretained

Existing retailretained (240 sq m)

newresidentialaccess

esid

en

tia

l bin

som

merc

ial bin

s

esidentialcycle par ing(10 spaces)

ommercialcycle par ing(6 spaces)

214

222

HIGH STREET

66

ELM GROVE

NOTEDO NOT SCALE DRAWINGS

COPYRIGHT RESERVED

ALL DIMENSIONS TO BE CONFIRMED ON SITE

DISCREPANCIES TO BE VERIFIED PRIOR TO

COMMENCEMENT OF WORKS

Scale:

Date:Drawn: Checked: MAR 18DH

1:200 @ A3

216-220 High Street,

Sutton SM1 1NU

DH

Client: Mellersh & Harding

CommentsRev Date D/B Chk

P2

Preliminary

a 9 Holyrood Street London Bridge London SE1 2EL e [email protected] +44 (0)20 7378 8789

Proposed Conversion &

Extension Ground Floor Plan

18013 - L - 20 - 100 - B

N

0m 2m 4m 6m 8m 10m

Ground Floor Plan


Unit 11 bed (2p)

6.9 sq m

Balcony( sq m)

Unit 1 bed (2p)

1 sq m(no balcony)

Unit 2 bed (4p)72. sq m

nit 1 store(4 sq m)

ooftop plantremo edrelocated toroof

new door

nit 4 errace(48 sq m)

sta

irca

se

rem

oed

oidabo estair

Unit 3 bed (6p)10 .3 sq m

Balcony(8 sq m)

214

222

HIGH STREET

66

ELM GROVE


COPYRIGHT RESERVED




Scale:


1:200 @ A3


Sutton SM1 1NU

DH



P2

Preliminary

a 9 Holyrood Street London Bridge London SE1 2EL e [email protected]

t +44 (0)20 7378 8789


Extension First Floor Plan

18013 - L - 20 - 101 - B

N

0m 2m 4m 6m 8m 10m

First Floor Plan



Unit 1 bed (2p)

2.9 sq m

Balcony( sq m)

sta

irca

se

rem

oed

Unit 1 bed (2p)

1.3 sq m(no balcony)

Unit 2 bed (4p)73.3 sq m

new door

stairsmo ed

Balcony(7 sq m)

newstaircaseto 3rd fl

Unit 3 bed (6p)10 .3 sq m

Balcony(8 sq m)

214

222

HIGH STREET

66

ELM GROVE


COPYRIGHT RESERVED

ALL DIMENSIONS TO BE CONFIRMED ON SITEDISCREPANCIES TO BE VERIFIED PRIOR TO


Scale:


1:200 @ A3


Sutton SM1 1NU

DH



P2

Preliminary

a 9 Holyrood Street London Bridge London SE1 2EL e [email protected]

t +44 (0)20 7378 8789


Extension Second Floor Plan

18013 - L - 20 - 102 - B

N

0m 2m 4m 6m 8m 10m

Second Floor Plan



Balcony(7 sq m)

newstaircasefrom 2nd fl

Existing roof tofront building retained

Unit 92 bed (3p)67.6 sq m

Unit 102 bed (3p)69 sq m

Balcony(7 sq m)

New 3rd Floor

214

222

HIGH STREET

66

ELM GROVE


COPYRIGHT RESERVED




Scale:


1:200 @ A3


Sutton SM1 1NU

DH



P2

Preliminary

a 9 Holyrood Street London Bridge London SE1 2EL e [email protected] +44 (0)20 7378 8789


Extension Third Floor Plan

18013 - L - 20 - 103 - B

N

0m 2m 4m 6m 8m 10m

Third Floor Plan


Ground Floor First Floor

Second Floor Third Floor


Local planning Policy identifies a need for 3,400 homes in Sutton with a focus on the town centre delivering the vast majority of these. National Policy requires town centres to be a mix of residential, commercial and retail uses and we believe that overall planning policy would support a residential and retail scheme in this location.


2.3 Schedule of AccommodationMDR Associates 18013 600 E2 Schedule 180321.xls09/04/18

216-220 High Street Sutton - Conversion & Extension Feasibility Schedule

Unit ref Unit Type NIA(m2) NIA (ft2) 1 bed 2 bed 3 bed Total Units Hab Rooms

Residential

1 1 bed [2p] 56.9 612 1 22 3 bed [6p] 105.3 1,133 1 43 1 bed [2p] 51.0 549 1 24 2 bed [4p] 72.5 780 1 35 1 bed [2p] 52.9 569 1 26 3 bed [6p] 105.3 1,133 1 47 1 bed [2p] 51.3 552 1 28 2 bed [4p] 73.3 789 1 39 2 bed [3p] 67.6 728 1 310 2 bed [3p] 69.0 743 1 3

RESIDENTIAL TOTAL 705.1 7,590 4 4 2 10 28

40% 40% 20%

Ground Floor Commercial 240.0 2,583

5 car parking spaces

216-220 High Street, Sutton - Conversion & Extension

5 car parking spaces

GIA GIA

Sutton’s proximity to Central London, with fast journey times to both the West End and the City, has lead to strong demand for residential apartments in the town centre.

Recent developments include: -

Sutton Court – A new development of 1 and 2 bedroom apartments situated close to the town centre and the St Nicholas Shopping Centre. Quoting prices range between £213,950 - £499,950.

The Quarter – A new development located close to Sutton High Street. Comprising 181 private and investor apartments, 9 retail units and 5 town houses. Quoting prices range between £330,000 - £550,000.

Abbott Court – A new development on Devonshire Road of 10 x 2 bedroom apartments being sold “o� plan” with quoting prices of £525,000.

Tavernelle House – A recent development of 186 units situated adjacent to Sainsbury’s at the north end of High Street. Quoting prices of £310,000 - £375,000 for 1 and 2 bedroom apartments.

SUTTON RESIDENTIAL MARKET


VATThe property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

EPCThe property has an EPC rating of 116E. A copy of the report is available on request.

PROPOSAL We are instructed to seek o�ers in excess of £2,400,000 (two million, four hundred thousand pounds) subject to contract for our client’s freehold interest. This will provide a net initial return of 5.45% on the short term income.

FURTHER INFORMATION Copies of the Planning Report and the Design Feasability Study are available along with accompanying information.

Should you wish to arrange an inspection, please do not hesitate to contact the sole selling agent.

MISREPRESENTATION ACT 1967Mellersh & Harding LLP for themselves, hereby give notice that: (i) These particulars do not constitute any part of an o�er or contract. (ii) Mellersh & Harding LLP accept no legal responsibility for any statement or representation whether written, oral or implied or whether contained in any advertisement particulars or other matters issued by any correspondence entered into by them and whether made in any antecedent present or subsequent enquiries or negotiations. (iii) Neither Mellersh & Harding LLP nor their principals, agents, servants or representatives have any authority whatsoever to make or give any representation or warranty whatsoever whether written or implied in relation to this property. (iv) Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of any antecedent present or subsequent statements or representations, and should not rely upon the same unless he has satisfied himself accordingly. (v) Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax(VAT). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction.NOTE. The enclosed plans are based upon the Ordnance Survey Map with the sanction of the Controller of H M Stationery O�ce (Crown Copyright Reserved), Chas E Goad Limited, Geographia Limited and Geographers A-Z Map Co Limited, where applicable. These plans are published for the purposes of identification only and, although believed to be correct, their accuracy is not guaranteed and they do not form any part of any Contract. Details prepared April 2018

David MundyDirect Dial: 020 7522 8513Mobile: 07880 740507Email: [email protected]

Jeremy WaterworthDirect Dial: 020 7522 8504Mobile: 07471 356565Email: [email protected]

mellersh& hardingwww.mellersh.co.uk020 7522 8500

216-220 HIGH STREET SUTTON SM1 1NU

Documents

216-220 HIGH STREET - Mellersh & Harding€¦ · 216-220 High Street, Sutton, London, SM1 1NU_April 2018_MDR Associates - 2.2 Illustrative Floor Plans 216 22 R ar par retained ( spaces)