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Westcombe House, 2-4 Mount Ephraim, Tunbridge Wells, Kent TN4 9GW
Office Investment with Development Potential For Sale
Indicative Visualisation
HOME SUMMARY
SUMMARY
Westcombe House, 2-4 Mount Ephraim, Tunbridge Wells, Kent TN4 9GW
• 5-storey B1(a) office building extending to approximately 15,758ft2 NIA with basement and surface level parking
• Let in its entirety on 4 short term leases, producing £193,250 per annum in total
• Prior Approval for conversion of the 1st – 4th floors to create 24 flats totalling 13,207ft2 NIA under PDR, retaining an office unit of 1,399ft2 NIA at ground floor
• Detailed planning permission for a 2-storey roof extension to create an additional 9 flats totalling 5,791ft2 NIA
• Offers invited in excess of £4,500,000 for the freehold interest, reflecting £221 per ft2 on the proposed NIA
DESCRIPTION & LOCATION DEVELOPMENT TERMS
www.kingsbury-consultants.co.uk
TENANCIES
DESCRIPTION
LOCATION
Westcombe House comprises an office building (B1(a) Use Class) which extends to approximately 15,758ft2 NIA across ground and 4 upper floors.
The building occupies a site area of circa 0.16 acres which includes surface car parking for 7 vehicles. There is also a basement car park, accessed from the side of the building, which accommodates a further 17 vehicles (24 spaces in total).
The existing building benefits from an entrance lobby and two lifts, along with WC facilities and open plan office space on each floor. There is a plant room at 5th floor level.
The property is currently fully occupied by 4 tenants and is in a good condition throughout, and benefits from consent to develop 33 flats by way of PDR and detailed planning permission.
Westcombe House is prominently located on Mount Ephraim in Tunbridge Wells, an affluent commuter town in Kent approximately 35 miles south-east of Central London.
The property is situated just to the north of the town centre which offers numerous shops, restaurants and other amenities. Royal Victoria Place Shopping Centre is located approximately 0.3 miles (circa 7 mins walk) from the property.
Tunbridge Wells Station is situated approximately 0.5 miles (circa 12 mins walk) from the property, providing links to London Bridge (45 mins), Cannon Street (55 mins) and Charing Cross (55 mins).
DESCRIPTION & LOCATIONHOME SUMMARY
www.kingsbury-consultants.co.uk Westcombe House, 2-4 Mount Ephraim, Tunbridge Wells, Kent TN4 9GW
DEVELOPMENT TERMSTENANCIES
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT
PLANNING & DEVELOPMENT POTENTIALPrior Approval Consent
Prior Approval was granted on 10th January 2017, under reference 16/07532/PNOCLA, for change of use and conversion of the 1st – 4th floors of the building to provide 24 flats.
The proposed scheme comprises 12 x 1 bedroom, 11 x 2 bedroom and 1 x 3 bedroom units totalling 13,207ft2 NIA.
A self-contained office unit of 1,399ft2 is to be retained at ground floor.
Roof Extension
Detailed planning permission was granted on 15th November 2017, under reference 17/03114/FUL, for demolition of the existing 5th floor mansard, extension at 4th floor level and the construction of two new storeys (5th and 6th floors) to create an additional 9 flats.
The proposed extension will provide 5 x 1 bedroom and 4 x 2 bedroom units totalling 5,791ft2 NIA (giving a total of 33 units consented).
Unit Floor Description NIA ft2 NIA m2
1 Ground Office Unit 1,399 130
Residential - Approved PDR Conversion
1 First Three Bedroom Four Person Apartment 840 78
2 First Two Bedroom Three Person Apartment 667 62
3 First One Bedroom Two Person Apartment 517 48
4 First Two Bedroom Three Person Apartment 592 55
5 First Two Bedroom Three Person Apartment 570 53
6 First One Bedroom Two Person Apartment 431 40
7 Second Two Bedroom Three Person Apartment 678 63
8 Second One Bedroom Two Person Apartment 517 48
9 Second One Bedroom Two Person Apartment 517 48
10 Second Two Bedroom Three Person Apartment 592 55
11 Second Two Bedroom Three Person Apartment 570 53
12 Second One Bedroom Two Person Apartment 441 41
13 Third Two Bedroom Three Person Apartment 678 63
14 Third One Bedroom Two Person Apartment 517 48
15 Third One Bedroom Two Person Apartment 517 48
16 Third Two Bedroom Three Person Apartment 592 55
17 Third Two Bedroom Three Person Apartment 570 53
18 Third One Bedroom Two Person Apartment 441 41
19 Fourth One Bedroom Two Person Apartment 517 48
20 Fourth One Bedroom Two Person Apartment 355 33
21 Fourth One Bedroom Two Person Apartment 517 48
22 Fourth Two Bedroom Three Person Apartment 581 54
23 Fourth Two Bedroom Three Person Apartment 560 52
24 Fourth One Bedroom Two Person Apartment 431 40
PDR Total 13,207 1,227
Residential - Approved Roof Extension
25 Fourth One Bedroom Two Person Apartment 538 50
26 Fourth Two Bedroom Four Person Apartment 700 65
27 Fifth One Bedroom Two Person Apartment 538 50
28 Fifth One Bedroom Two Person Apartment 538 50
29 Fifth Two Bedroom Four Person Apartment 829 77
30 Fifth One Bedroom Two Person Apartment 517 48
31 Fifth Two Bedroom Four Person Apartment 764 71
32 Sixth One Bedroom Two Person Apartment 592 55
33 Sixth Two Bedroom Four Person Apartment 775 72
New Build Total 5,791 538
Resi Total 18,998 1,765
Grand Total 20,397 1,895
www.kingsbury-consultants.co.uk Westcombe House, 2-4 Mount Ephraim, Tunbridge Wells, Kent TN4 9GW
6 - 8 MOUNT EPHRAIM WESTCOMBE HOUSE 5 ST JOHN ROAD
PROPOSED STREET VIEW ELEVATION
TERMSTENANCIES
HOME SUMMARY
TENANCIES
The office space within Westcombe House is currently fully let on four separate leases, producing a total income of £193,250 per annum:
The ground floor is let to Office Angels Ltd (www.office-angels.com) on a 5 year lease from 6th June 2014 at a current rent of £25,500 per annum. The lease is outside the provisions of the Landlord & Tenant Act.
The 1st and 2nd floors are let BNP Paribas Commercial Finance Ltd (www.commercialfinance.bnpparibas.co.uk) on a 5 year lease from 1st September 2013 at a current rent of £87,500 per annum. The lease is within the provisions of the Landlord & Tenant Act.
The 3rd floor is let to Regis Mutual Management Ltd (www.rmml.com) on a 5 year lease from 11th December 2013 at a current rent of £40,250 per annum. The lease is outside the provisions of the Landlord & Tenant Act.
The 4th floor is let to Insafe International Ltd (www.insafe.com) on a 5 year lease from 1st July 2014 at a current rent of £40,000 per annum. The lease is outside the provisions of the Landlord & Tenant Act.
www.kingsbury-consultants.co.uk Westcombe House, 2-4 Mount Ephraim, Tunbridge Wells, Kent TN4 9GW
TENANCY & ACCOMMODATION SCHEDULEFloor Description NIA ft2 GIA2 Tenant Lease Start Lease Expiry Rent P.A.
Basement Car Park N/A 5,177 N/A N/A N/A N/A
Ground Offices 1,851 2,917 Office Angels Ltd 6th July 2014 5th July 2019 £25,500
First Offices 3,778 4,585BNP Paribas Commercial
Finance Ltd 1st September 2013 31st August 2018 £87,500Second Offices 3,466 4,241
Third Offices 3,466 4,241 Regis Mutual Management Ltd 11th December 2013 30th November 2018 £40,250
Fourth Offices 3,197 3,972 Insafe International Ltd 1st July 2014 30th June 2019 £40,000
Total 15,758 25,133 £193,250
View of Existing Property
Indicative Visualisation
DESCRIPTION & LOCATION TENANCIES TERMSDEVELOPMENT
TENURE
The property will be sold freehold and subject to the existing tenancies remaining in-situ.
VAT
The property is elected for VAT. We understand that the transaction can be treated as a Transfer of a Going Concern (TOGC).
TERMS
Offers are invited in excess of £4,500,000. A purchase at this level reflects a capital value of £221 per ft2 based on the consented NIA.
ADDITIONAL INFORMATION
Further information including planning and lease documents are available within our dataroom using the access code ‘Westcombe’.
CONTACT
To discuss any aspect of this property or the disposal process, please contact the sole selling agents:
Keir Goldstein
020 7183 2529
Paul Heale
020 7183 2529
Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
TERMSHOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT
www.kingsbury-consultants.co.uk
Kingsbury
1st Floor, 81 Alie Street, London E1 8NH
Westcombe House, 2-4 Mount Ephraim, Tunbridge Wells, Kent TN4 9GW
TENANCIES
