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Prime retail investments in extremelyaffluent centres
THE BUCKINGHAM PORTFOLIO
THE BUCKINGHAM PORTFOLIO WIMBLEDON – CHICHESTER – LEWES
2
CHICHESTER 46 South Street
WIMBLEDON62 The Broadway
LEWES11 High Street
• Prime retail investments in extremely affluent centres• New leases to tenants including Natwest and CEX• Excellent rental growth potential from low base rental levels
THE INVESTMENT SUMMARY
• Total Income: £190,655• Price: £3,275,000• Net Initial Yield: 5.5%
• Individual sales may be considered
WIMBLEDON 62 THE BROADWAY
THE BUCKINGHAM PORTFOLIO WIMBLEDON – 62 THE BROADWAY
4
LOCATION
Wimbledon is situated in the London Borough of Merton and lies 9 miles (14 km) south west of Central London. An attractive and affluent suburb district, Wimbledon has established itself as a favoured retail and office location within an area of highly sought after residential property.
Wimbledon hosts the world famous tennis tournament known as, ‘The Championships’, which is the oldest tennis tournament in the world and is widely considered the most prestigious, attracting over 490,000 to the area over the “Wimbledon” fortnight.
Wimbledon has excellent communications lying 3 miles (5km) east of the A3 which provides direct access to the M25 (Junction 10) which is approximately 14 miles (22 km) to the south west. The South Circular (A205) lies 2.5 miles (4 km) to the north which connects all the south London Boroughs.
Wimbledon mainline station provides frequent train services to London (Waterloo and Victoria) with an average journey time of about 20 minutes. In addition, Wimbledon is connected to London Underground Services by the District Line, with South Wimbledon being connected via the Northern Line, there are also numerous bus services which serve the surrounding area.
WIMBLEDON
Sevenoaks
Shoreham
Eynsford
Leatherhead
Ashtead
Dorking
Fetcham
Ripley
Reigate Redhill
Croydon
Beckenham
Upper Norwood
BromleySwanley
Dartford
GraysErith
Chigwell
Epsom
Ewell
Cheam
Carshalton
Putney
HackneyCanonbury
Islington
Shoreditch
Marylebone
Hampstead
Hendon
Cricklewood
Colindale
EdgwareStanmoreMill Hill
GoldersGreen
Highgate
Crouch End
EastFinchley
St John’sWood
Camden Town
KentishTown
Leyton
Friern Barnet
Cockfosters
Stoke Newington
Goodmayes
Camberwell
Bermondsey
Rotherhithe
Stepney
Westminster
Maida Vale
Notting Hill
Shepherd’sBush
Kensal Green
Deptford
New MaldenEgham
Esher
Hampton
Teddington
Twickenham
Whitton
ChiswickBrentford
IsleworthHounslow
Heston
Feltham
HEATHROW
Ealing
Wembley
Northolt
Neasden
Queensbury
Kingsbury
Willesden
St Margarets
Sunbury
Claygate
Surbiton
EastMolesey
Woking
Chertsey
Chobham
Guildford
West Clandon
East Horsley
Cobham
Oxshott
Chessington
Worcester Park
MordenMitcham
StreathamCrystalPalace
Purley
Banstead
Burgh Heath
Tadworth
Walton on the Hill
Stoke D’Abernon
Weybridge
Walton-on-Thames
Sutton
Raynes Park
Orpington
Petts Wood
ChislehurstKingston upon Thames
Richmond
Kew
Perivale
Sudbury
Harrowon the Hill
Kenton
Greenford
SouthallHayes
Hillingdon
Acton
Barnes
Ham
Woolwich
Thamesmead
PurfleetCharlton
Barnet
TottenhamFinchley
Borehamwood
Radlett
Oxhey
Hornsey
Winchmore Hill
Palmers Green
Potters Bar
Hadley Wood
Enfield
Edmonton
Wood Green
MuswellHill
EnfieldLock
Harrow
Wealdstone
Ruislip Pinner
Yeading
Uxbridge
IverHeath
Northwood
Rickmansworth
BovingdonKings Langley
Caterham
Godstone
Oxted
Westerham
Biggin Hill
Merstham
Bletchingley
Kingswood
Coulsdon
Kenley
Sidcup
Bexleyheath
CatfordForest Hill
Hayes
Downe
Keston
Penge
Tulse Hill
ThorntonHeath
West Wickham
Eltham
Plumstead
EastWickham
Lewisham
Blackheath
Greenwich
Poplar
Bow
Highbury
Hale End
Stratford
Upper Clapton
Lower Clapton
Leytonstone
ForestGate
Walthamstow
HighamHill
Woodford
Chingford
Loughton
Theydon Bois
Epping
Chipping Ongar
Buckhurst Hill
Plaistow
Upton Barking
Clayhall
Barkingside
Gants Hill
Highams Park
ChadwellHeathNewbury
Park
Ilford
Dagenham
Becontree
Rainham
Elm Park
Romford
Gidea Park
SouthOckendonBeckton
East Ham
Limehouse
Isle ofDogs
Dulwich
BatterseaFulham
Hammersmith
Wandsworth
Kennington
Vauxhall
Strand
Kilburn
PeckhamBrixtonClapham
Warlingham
New Addington
Brentwood
UpminsterHornchurch
Harold Hill
Collier Row
Grange Hill
WalthamAbbey
Hainault
Cheshunt
Staines
Gerrards Cross
ChelfontSt Peter
Virginia Water
Watford
Bushey
Sevenoaks
Shoreham
Eynsford
Leatherhead
Ashtead
Dorking
Fetcham
Ripley
Reigate Redhill
Croydon
Beckenham
Upper Norwood
BromleySwanley
Dartford
GraysErith
Chigwell
Epsom
Ewell
Cheam
Carshalton
Putney
HackneyCanonbury
Islington
Shoreditch
Marylebone
Hampstead
Hendon
Cricklewood
Colindale
EdgwareStanmoreMill Hill
GoldersGreen
Highgate
Crouch End
EastFinchley
St John’sWood
Camden Town
KentishTown
Leyton
Friern Barnet
Cockfosters
Stoke Newington
Goodmayes
Camberwell
Bermondsey
Rotherhithe
Stepney
Westminster
Maida Vale
Notting Hill
Shepherd’sBush
Kensal Green
Deptford
New MaldenEgham
Esher
Hampton
Teddington
Twickenham
Whitton
ChiswickBrentford
IsleworthHounslow
Heston
Feltham
HEATHROW
Ealing
Wembley
Northolt
Neasden
Queensbury
Kingsbury
Willesden
St Margarets
Sunbury
Claygate
Surbiton
EastMolesey
Woking
Chertsey
Chobham
Guildford
West Clandon
East Horsley
Cobham
Oxshott
Chessington
Worcester Park
MordenMitcham
StreathamCrystalPalace
Purley
Banstead
Burgh Heath
Tadworth
Walton on the Hill
Stoke D’Abernon
Weybridge
Walton-on-Thames
Sutton
Raynes Park
Orpington
Petts Wood
ChislehurstKingston upon Thames
Richmond
Kew
Perivale
Sudbury
Harrowon the Hill
Kenton
Greenford
SouthallHayes
Hillingdon
Acton
Barnes
Ham
Woolwich
Thamesmead
PurfleetCharlton
Barnet
TottenhamFinchley
Borehamwood
Radlett
Oxhey
Hornsey
Winchmore Hill
Palmers Green
Potters Bar
Hadley Wood
Enfield
Edmonton
Wood Green
MuswellHill
EnfieldLock
Harrow
Wealdstone
Ruislip Pinner
Yeading
Uxbridge
IverHeath
Northwood
Rickmansworth
BovingdonKings Langley
Caterham
Godstone
Oxted
Westerham
Biggin Hill
Merstham
Bletchingley
Kingswood
Coulsdon
Kenley
Sidcup
Bexleyheath
CatfordForest Hill
Hayes
Downe
Keston
Penge
Tulse Hill
ThorntonHeath
West Wickham
Eltham
Plumstead
EastWickham
Lewisham
Blackheath
Greenwich
Poplar
Bow
Highbury
Hale End
Stratford
Upper Clapton
Lower Clapton
Leytonstone
ForestGate
Walthamstow
HighamHill
Woodford
Chingford
Loughton
Theydon Bois
Epping
Chipping Ongar
Buckhurst Hill
Plaistow
Upton Barking
Clayhall
Barkingside
Gants Hill
Highams Park
ChadwellHeathNewbury
Park
Ilford
Dagenham
Becontree
Rainham
Elm Park
Romford
Gidea Park
SouthOckendonBeckton
East Ham
Limehouse
Isle ofDogs
Dulwich
BatterseaFulham
Hammersmith
Wandsworth
Kennington
Vauxhall
Strand
Kilburn
PeckhamBrixtonClapham
Warlingham
New Addington
Brentwood
UpminsterHornchurch
Harold Hill
Collier Row
Grange Hill
WalthamAbbey
Hainault
Cheshunt
Staines
Gerrards Cross
ChelfontSt Peter
Virginia Water
Watford
Bushey
A1
A4
A312
A3
A4
A205 A3
A23
A2
A2
A2
A2
A3
A3
A414
A406
A127
A406
A205
A102
A316
A309
A308
A308
A232
A217
A10
A10
A12
A41
A12
A12
A41A10
A1
A40
A13
A30
A30
A20
A24
A24
A214
A23
A21
A24
A243
A232
A240
A21
A22
H E R T FORDSH I R E
E S S EX
KENT
SURREY
A1
A4
A312
A3
A4
A205 A3
A23
A2
A2
A2
A2
A3
A3
A414
A406
A127
A406
A205
A102
A316
A309
A308
A308
A232
A217
A10
A10
A12
A41
A12
A12
A41A10
A1
A40
A13
A30
A30
A20
A24
A24
A214
A23
A21
A24
A243
A232
A240
A21
A22
M25
M25
M25
THE BUCKINGHAM PORTFOLIO WIMBLEDON – 62 THE BROADWAY
5
RETAILING IN WIMBLEDON
Wimbledon town is home to the principal retailing in Wimbledon, the area is dominated with department stores and key fashion multiples, with representation from Debenhams, Marks and Spencers, H&M, Next, River Island, Top Shop/Top Man and non-fashion multiples including Argos, Waterstones and WH Smith.
The Centre Court Shopping Centre is situated on 4 Queens Road, a 160 metre walk to the subject property. The centre is occupied with popular national retailers such as The Body Shop, Boots, H&M, Marks & Spencer, River Island and Tesco.
Also in the immediate area is the Wimbledon Piazza which hosts popular eateries, including Bill’s, Wahaca, and Patisserie Valerie as well as The Odeon and Morrisons Supermarket. Over 90 events a year are held in the piazza varying from the big screen tennis championship screening, monthly markets and various cultural events. The Piazza is located 450 feet east of the subject property.
Where Wimbledon Town is occupied with popular national retailers, Wimbledon Village is home to boutique fashion retailers, high end convenience stores and a number of restaurants and coffee houses. The Village offers an affluent shopping experience with fashion retailers such as Petit Bateau, The Kooples, LK Bennett and Molton Brown. Restaurants in the area include Carluccio’s, Café Rouge, Paul, Aubaine and Le Pain Quotidien.
THE BUCKINGHAM PORTFOLIO WIMBLEDON – 62 THE BROADWAY
6
SITUATION
The subject property is located in central Wimbledon, and thus in immediate vicinity to the Centre Court Shopping Centre, with tenants including M&S, River Island, Topman, Tesco, Debenhams and Costa. The Broadway itself is populated with several national retailers, such as TK Maxx, Robert Dyas, Headmasters and UNIQLO. Also situated on The Broadway are several popular eateries, including Five Guys, Nando’s and Pizza Express.
The property is located in immediate proximity to the New Wimbledon Theatre, a Grade II listed Edwardian theatre that stands as the eighth largest theatre in London (1,670 seats across three levels). The Theatre has over fifty shows confirmed for 2016.
The All England Club, which hosts Wimbledon tennis tournament each year is located 1.1 miles to the north west of the property.
DEMOGRAPHICS
The socio-economic profile of the area is very affluent, being well above the GB average, summarised below:
Wimbledon GB Average
In Employment 42.25% 37.68%
Education: Higher Degree/Degree 26.10% 14.32%
Managers & Senior Officials 19.18% 14.74%
Professional occupation 15.82% 11.13%
Wimbledon is one of London’s most affluent and desirable residential suburbs. House prices are reported to have risen by up to 686% since 1995 significantly outperforming the UK average (House.co.uk).
THE BUCKINGHAM PORTFOLIO WIMBLEDON – 62 THE BROADWAY
7
62 The Broadway is let to Bob Francis Double Dip Ltd (t/a Dip & Flip) on a 15 year full repairing and insuring lease from 13th March 2015. The current passing rent is £65,000 per annum.
TENURE
TENANCIES
Freehold.
BN7 2LH
62 The Broadway Sq Ft (NIA)
Ground Floor Sales 1,228
Ground Floor ITZA 605
ACCOMMODATION
50 metres
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Wimbledon
Experian Goad Plan Created: 26/11/2015Created By: Fawcettmead
Copyright and confidentiality Experian, 2015. © Crown copyright and database rights 2015. OrdnanceSurvey 100017316
DESCRIPTION
The subject property is an attractive period building, comprising a single retail unit that is arranged over ground floor only, providing a total of 1,228 sq ft (NIA) in extremely well configured accommodation. The front elevation has fully glazed retail frontages at ground floor level, with a red brick façade on the upper floors.
The upper parts are let on a 999 year lease and are being converted to residential use. We understand planning permission has been obtained and there will be a comprehensive refurbishment including the exterior. Further information is available on request.
LEWES 11 HIGH STREET
THE BUCKINGHAM PORTFOLIO LEWES – 11 HIGH STREET
9
LOCATION
Lewes is the County Town of East Sussex, located 8 miles East of Brighton, 27 miles North West of Eastbourne and 57 miles south of London.
The town has excellent communications as it is located close to the A27 which provides direct access to Brighton and Eastbourne, whiles the A26 links Lewes directly with Uckfield and Royal Tunbridge Wells beyond. Following completion of the Brighton by-pass the centre also benefits from excellent road links to the M23 and the national motorway network.
The town also has excellent rail links with a travel time to London Victoria in just over 1 hour.
Its strategic position, enclosed within the South Downs and set beside the River Ouse, made the town a useful and well protected port. For centuries Lewes was the judicial and administrative centre for Sussex until the establishment of East and West, whereon it became County Town of East Sussex.
RETAILING IN LEWES
Retail in Lewes centres around the Towns High Street, where tenants include a mixture of national and local independent retailers. National retailers with representation on the High street include Crew Clothing, Fat Face, Caffe Nero, White Stuff, Waterstones, New Look and WH Smith.
Furthermore, the street is occupied by a range of highly popular eateries that include Prezzo and Pizza Express.
Alongside the national retailers, Lewes is populated with a strong local retail presence. There are a variety of speciality shops throughout the town selling a range of items including homemade chocolate, candles, craftwork, antiques, art and books.
M11M11
M25M25
M25M25
M25M25
M23M23
M26M26
M20M20
M20M20
M2M2
M25M25
Harlow
Southend-on-Sea
Brentwood
Basildon
Gravesend
Dover
Folkestone
Maidstone
Rochester
Gillingham
Crawley
Harlow
Southend-on-Sea
Brentwood
Basildon
Gravesend
Dover
Folkestone
RoyalTunbdirge Wells
Maidstone
Rochester
Gillingham
Crawley
Guildford
Staines
CroydonCroydon
SloughSlough
A3
A23
A26
A31
A34
A33
A339
A36
A338
A419
M4
M3
A272A354
BrightonPortsmouth
Southampton
Isle of WightBournemouth
Salisbury
Farbborough
Reading
Swindon
WinchesterHaslemere
Worthing
Eastleigh
Andover
A26
A3
M40
RoyalTunbdirge Wells
Guildford
Staines
BrightonPortsmouth
Southampton
Bournemouth
Salisbury
Farbborough
Reading
Swindon
WinchesterHaslemere
Worthing
Eastleigh
Andover
Horsham
Bognor Regis
Horsham
LEWES
NewburyNewburyMarleboroughMarleborough
LONDONLONDON
ChichesterChichester
Eastbourne
Hastings
Ashford
Canterbury
Ashford
Canterbury
THE BUCKINGHAM PORTFOLIO LEWES – 11 HIGH STREET
10
SITUATION
The subject property occupies a 100% prime trading location on the junction of Eastgate Street, Friars Walk and the High Street. This prime section of the High Street is also home to retailers including WH Smiths, Waitrose, Argos, Boots, New Look and Laura Ashley.
DESCRIPTION
The subject property offers an attractive and prominent corner block on the towns prime retail pitch. The unit comprises a single retail unit arranged over ground floor providing a total of 1,522 sq ft (NIA) of well configured, open plan retail accommodation. Natwest are due to carry out an extensive refit of the store.
The upper parts are let on a 999 year lease and are being converted to residential use. We understand planning permission has been obtained and there will be a comprehensive refurbishment including the exterior. Further information is available on request.
DEMOGRAPHICS
17,000 affluent population of Lewes
92,000 catchment populationof Lewes
Source: PROMIS
Lewes is a thriving town with an affluent population of approximately 17,000 and a district catchment population of approximately 92,000 residents. The affluence of the town is demonstrated as 17.76% of the population is categorised as a symbol of success compared to 9.7% nationally. Furthermore, another indicator of affluence is displayed by the towns’ life expectancy of 83.4 years, which is higher than both the district average (79.8 years) and the national average (81.5 years).
Lewes has a prosperous tourist trade, enhanced by the town’s wealth of historic buildings in particular the famous Lewes Castle, a Grade I listed building formed of a traditional motte and bailey formation.
THE BUCKINGHAM PORTFOLIO LEWES – 11 HIGH STREET
11
11 High Street is let to National Westminster Bank Plc on a 10 year full repairing and insuring lease from 20th October 2015. The Current passing rent is £55,655 per annum.
There is a tenant option to break at the end of year 5.
TENURE
TENANCIES
Freehold.
BN7 2LH
11 High Street Sq Ft (NIA)
Ground Floor Sales 1,522
Ground Floor ITZA 990
ACCOMMODATION
50 metres
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Lewes
Experian Goad Plan Created: 23/11/2015Created By: Fawcettmead
Copyright and confidentiality Experian, 2015. © Crown copyright and databaserights 2015 Ordnance Survey 100017316
CHICHESTER 46 SOUTH STREET
THE BUCKINGHAM PORTFOLIO CHICHESTER – 46 SOUTH STREET
13
M11M11
M25M25
M25M25
M25M25
M23M23
M26M26
M20M20
M20M20
M2M2
M25M25
Harlow
Southend-on-Sea
Brentwood
Basildon
Gravesend
Dover
Folkestone
Maidstone
Rochester
Gillingham
Crawley
Harlow
Southend-on-Sea
Brentwood
Basildon
Gravesend
Dover
Folkestone
RoyalTunbdirge Wells
Maidstone
Rochester
Gillingham
Crawley
Guildford
Staines
CroydonCroydon
SloughSlough
A3
A23
A26
A31
A34
A33
A339
A36
A338
A419
M4
M3
A272A354
Brighton
Lewes
Portsmouth
Southampton
Isle of WightBournemouth
Salisbury
Farbborough
Reading
Swindon
WinchesterHaslemere
Worthing
Eastleigh
Andover
A26
A3
M40
RoyalTunbdirge Wells
Guildford
Staines
Brighton
Lewes
Portsmouth
Southampton
Bournemouth
Salisbury
Farbborough
Reading
Swindon
WinchesterHaslemere
Worthing
Eastleigh
Andover
Horsham
Bognor Regis
Horsham
CHICHESTER
NewburyNewburyMarleboroughMarleborough
LONDONLONDON
LOCATION
Chichester is a historic cathedral city and popular retail centre located in the heart of South East England. Chichester is the administrative centre and only city of West Sussex, lying approximately 68 miles south west of London, 17 miles east of Portsmouth and 34 miles west of Brighton.
Chichester benefits from excellent road communications being situated on the A27 dual carriageway, linking Brighton to the east and Portsmouth to the west. Furthermore, the A3, which lies 12 miles to the west of the city, provides excellent access to London.
By rail, there are frequent services to London Victoria with a fastest journey time of 1 hour 30 minutes. As a result, Chichester is a popular commuter location for those working in London’s City and West End, which has benefitted the local economy accordingly.
Chichester comprises an attractive and historic retail environment with core retail floor space totalling 730,000 sq ft. Prime retailing is focused on North, South and East Street where retailers with representation amongst many others include:
RETAILING IN CHICHESTER
There are currently no managed shopping centres in Chichester and, in light of the historic nature of the retail core, there is limited scope for future development. As a result, Chichester has one of the lowest vacancy rates in the UK with no current vacant units on the pedestrianised section of East Street. This is clearly reflective of the strong occupational demand that exists for Chichester and therefore the excellent prospects for future rental growth, with average forecasts of 3.7% pa over the next five years against a UK average of 2.4% pa (Experian).
Furthermore, retail warehouse supply for Chichester is limited with an estimated 420,000 sq ft of accommodation, ranking the city 150th in the UK on this provision (PROMIS).
THE BUCKINGHAM PORTFOLIO CHICHESTER – 46 SOUTH STREET
14
SITUATION
The subject property is situated on South Street, one of the town’s most prominent shopping locations. South Street accommodates a number of popular fashion retailers including White Stuff, Moss Bros, Cath Kidston and Joules as well as a number of upmarket eateries including Wagamama, Côte Brasserie and Prezzo.
South Street is supported by the pedestrianised North and East Street, where retailers including Marks & Spencer, Boots the Chemist and The White Company have representation.
DEMOGRAPHICS
248,000 total population within the Chichester primary catchment area
154,000 Estimated shopping population
Source: PROMIS
Chichester’s catchment population is one of the most affluent in the UK with a significantly above average representation of the most affluent AB social group and an under representation of the least affluent social groups, D and E. The level of housing ownership in Chichester is above average with 66% of the population owning their homes. Average house prices in Chichester are £390,000 compared to a UK average of £228,900.
Chichester’s catchment population is significantly increased by tourism, particularly during the summer months, when it is reported that the influx of tourists swells the catchment by over 1.5 million people. Chichester’s cathedral is over 900 years old and attracts visitors from all over the world.
THE BUCKINGHAM PORTFOLIO CHICHESTER – 46 SOUTH STREET
15
TENANCIES
46 South Street is let to CEX Franchising Limited on a 10 year full repairing and insuring lease from 3rd June 2015. The Current passing rent is £70,000 per annum.
TENURE Freehold.
PO19
46 South Street Sq Ft (NIA)
Ground Floor Sales 1,512
Ground Floor ITZA 778
ACCOMMODATION
50 metres
For more inform
ation on our products and services:w
ww
.experian.co.uk/goad | [email protected]
| 0845 601 6011
Chichester
Experian Goad Plan C
reated: 23/11/2015C
reated By: Fawcettm
ead
Copyright and confidentiality Experian, 2015. ©
Crow
n copyright and database rights 2015. Ordnance
Survey 100017316
TO BE
DESCRIPTION
The subject property is a three-storey building, compromising a single retail unit that is arranged over ground floor only, providing a total of 1,512 sq ft (NIA) of well configured retail accommodation. The front elevation has fully glazed retail frontages at ground floor level.
The upper parts are let on a 999 year lease and are being converted to residential use. We understand planning permission has been obtained and there will be a comprehensive refurbishment including the exterior. Further information is available on request.
FURTHER INFORMATION
For further information or to arrange an inspection, please contact the sole agent:
Graham Fawcett
020 7182 7482
07980 548 852
Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2015
Joe Baio
020 7182 7489
07515 889 649
EPC
EPCs are available on
request.
VAT
We understand the property is
elected for VAT. It is anticipated
that the sale is treated as a Transfer
of a Going Concern.
PROPOSAL
We are instructed to seek offers in the region of £3,275,000 (Three Million
Two Hundred and Seventy Five Thousand Pounds), subject to contract
and exclusive of VAT. A purchase at this level would reflect a net initial
yield of 5.5%, assuming a current net income of £190,655 per annum, after
purchasers costs of 5.80%.
Individual sales may be considered.
THE BUCKINGHAM PORTFOLIO
