BRASSEY PARADE BRASSEY AVENUE, HAMPDEN PARK … · m54 m6 toll m42 m1 m1 m6 m6 m5 m5 m62 m65 m74 m77 m8 m9 m80 m73 m60 m56 m66 m18 a1 a63 a15 a1 a1 a428 a14 a43 a47 a11 a11 a46 a38

Part broken mixed residential and retail parade offering significant development potential and asset management opportunities

BRASSEY PARADE BRASSEY AVENUE, HAMPDEN PARK EASTBOURNE BN22 9NG

ON BEHALF OF JOINT FIXED CHARGE RECEIVERS

14/29, 15/28, 17/26, 18/25, 19/24, 20/23 & 21/22

BRASSEY PARADE BRASSEY AVENUE, HAMPDEN PARK, EASTBOURNE BN22 9NG

Investment Considerations• Freehold part broken mixed use parade comprising:

• Seven ground floor retail units each with a first floor flat (6 x two bedroom and 1 x three bedroom)• Additional first floor ancillary storage above retail unit 14

• Sale excludes retail unit No.16 and residential flat No. 27

• Three separate retail units (Nos: 14,19 & 21) and associated flat each let subject to a Full Repairing & Insuring Lease

• T&S Stores Limited lease expiring June 2017

• Remainder of the parade currently vacant (four flats and four retail units)

• 7,420 sq ft (689.3 sq m) of ground floor retail and 1,441 sq ft (133.8 sq m) of first floor ancillary accommodation and 4,388 sq ft (407.7 sq m) of residential accommodation (excluding Flat 29)

• Estimated Rental Value (assuming fully let) - £127,800 per annum

• Significant development and asset management opportunities

• Offers in excess of £1,000,000 (One Million Pounds) are invited Freehold interest subjecting to all existing leases and tenancies, subject to contract and exclusive of VAT.

BRASSEY PARADE EASTBOURNE BN22 9NG PART BROKEN MIXED RESIDENTIAL AND RETAIL PARADE OFFERING SIGNIFICANT DEVELOPMENT POTENTIAL AND ASSET MANAGEMENT OPPORTUNITIES

Decoy Drive N

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Brassey Avenue

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Loftbridge Drove

Willi

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Willingdon Drove

Parkfield Avenue Free

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Brodrick R

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Bro

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Roseberry Avenue

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Faraday Close

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Frenchgate Rd Knoll Cres

Dallington Road

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Por

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Manor Road Fletching Road

Ash

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Sackville Road

Percival Rd

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A2290

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HampdenPark

HAMPDENPARK

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PRESTON ■

BLACKBURN

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HUDDERSIELD

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WAKEFIELD

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EAST KILBRIDE

■

CHESTER

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WREXHAM

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TELFORD

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ROYALLEAMINGTON SPA

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SOLIHULL

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REDDITCH

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GLOUCESTER

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NEWBURY

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CHIPPENHAM

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NEWPORT

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BOURNEMOUTH

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TORQUAY

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DARTMOUTH

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FALMOUTH■

PENZANCE

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EXMOUTH

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LYME REGIS

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BIDEFORD

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KING’S LYNN

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BEDFORD

WELWYN■ GARDEN CITY

HEMELHEMPSTEAD ■

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LEIGHTONBUZZARD

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DOVER■

FOLKESTONE

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HASTINGS

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DARTFORD

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NEWMARKET

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HARWICH

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SEVENOAKS■

MAIDSTONE

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HOVE

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CRAWLEY

HASSOCKS ■

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WOKINGHAM

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GUILDFORD

BRADFORD■

HARROGATE■

SCARBOROUGH■

WHITBY■

MIDDLESBROUGH■

HARTLEPOOL■

FALKIRK■

ST ANDREWS■

LANCASTER■

ST HELENS■

BANGOR■

WIGAN■

ROCHDALE■

STOCKPORT■

GREAT YARMOUTH■

LOWESTOFT■

FELIXSTOWE■

DUDLEY■

CREWE■

KIDDERMINSTER■

STOURBRIDGE■

SHREWSBURY■

BARRY■

WESTONSUPER-MARE

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BARNSTABLE■

ILFRACOMBE■

TINTAGEL■

NEWQUAY■

TRURO■

ST. IVES■

BODMIN■

WESTWARD HO! ■

TIVERTON■

BRIDGWATER■

CIRENCESTER■

WORCESTER■

HEREFORD■

MAIDENHEAD■

HIGHWYCOMBE

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AYLESBURY■

FARNBOROUGH■

BRACKNELL■

WOKING■

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ROYALTUNBRIDGE WELLS

TUNBRIDGE■

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HAYWARDSHEATH

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BRIGHTON■LITTLEHAMPTON

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CHICHESTER■

POOLE■

SAILSBURY■

ANDOVER■

EXETER■

MARGATE■

CANTERBURY■

KETTERING■

HUNTINGDON■

WELLINGBOROUGH■

BURYST EDMUNDS

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BRAINTREE■

CHELMSFORD■

■ SANDWICH

SOUTHEND-ON-SEA■

ROMFORD■

GILLINGHAM■CROYDON

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ASHFORD■

CLACTON-ON-SEA■

LUTON■

RUGBY■

CHELTENHAM■

BLACKPOOL ■

FLEETWOOD ■

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M1

M11

M25

M25

M40

M40

M42

M6 TollM54

M42

M1

M1

M6

M6M5

M5

M62M65

M74M77

M8

M9

M80

M73

M60

M56

M66

M18

A1

A63

A15

A1

A1

A428

A14

A43

A47

A11

A11

A46

A38

A52

A52

A59

A59A59

A570

A1(M)

A1(M)

A1(M)

A1(M)

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M180M58■

MANCHESTER■

ST HELENS

■NORWICH

■BRISTOL

■BATH

■PLYMOUTH

■PORTSMOUTH

■SOUTHAMPTON

LONDON

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SUNDERLAND■

CARLISLE

BIRMINGHAM■

WOLVERHAMPTON■

WALSALL■

OXFORD■

CAMBRIDGE■

NORTHAMPTON■

IPSWICH■

LIVERPOOL■

LEEDS■

EASTBOURNE

NEWCASTLE UPON TYNE■

MIDDLESBROUGH■

EDINBURGH■

PERTH■

DUNDEE■

DONCASTER■

YORK■

HULL■

LEICESTER■

■BUXTON

■SHEFFIELD

■ SCUNTHORPEBARNSLEY■

■HALIFAX

■MILTONKEYNES

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SWINDON■

■COVENTRY

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STAFFORD■

BOSTON■

■BOLTON

■SWANSEA

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■GAINSBOROUGH

■GRIMSBY

■BRIGG

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NEWARK-ON-TRENT■

CHESTERFIELD■

SOUTHPORT■

BLACKBURN■

BLACKPOOL■

STOKE-ON-TRENT■

NEWCASTLE-UNDER-LYME■

LINCOLN■

GLASGOW

LOCATION

The property is located in Hampden Park, a neighbourhood of Eastbourne, which is situated approximately 3 km (1.86 miles) north of Eastbourne Town Centre. The property is situated on the north side of Brassey Avenue close to its junction with Elm Grove and Rosebery Avenue.

The property is located to the east of the A22 which runs north to Uckfield and feeds into the A2280 in the south which links directly with Eastbourne town centre.

Hampden Park train station is within 155 metres of the property and provides regular direct services to Brighton (approximately 40 minutes) and Eastbourne (approximately 4 minutes).

A bus stop immediately in front of the property provides regular services to destinations including Eastbourne Central, Hastings and Ashford.

TENUREFreehold

© Crown Copyright, ES 100004106. For identification purposes only.

DESCRIPTION

The property comprises a detached mixed use parade arranged over ground and first floors occupying a site of approximately 0.16 hectares (0.396 acres). The seven retail units are each arranged on the ground floor with a residential flat above. Each of the retail units have a two bedroom flat apart from retail unit 14 which benefits from a three bedroom flat and additional ancillary first floor storage. The flats are accessed from a stairwell at the eastern side of the property and additionally from the rear of the property via a first floor walkway.

Retail units 19 & 21 are A3 while the remaining retail accommodation is A1 (Town and Country Planning (Use Classes) Order 1987). Please note that retail unit No.16 and flat No.27 have been sold separately and do not form part of the sale. We understand that flat 28 and 29 are not in habitable condition.

On the eastern flank wall there is a large advertising hoarding which is not currently let.

There are c.7 car parking spaces in the rear yard which is accessed from Brodrick Road. On the northern edge of the site there are 14 car parking spaces which fall outside the sale although we understand that the retail units have rights to use these spaces.

The location and outline plan (marked in red) are for identification purposes only and should not be relied upon.

COVENANT

Tesco Plc is the ultimate holding company of T&S Stores Limited. T&S Stores Limited had a total net worth in excess of £573m in 2015.

OUTSTANDING DILAPIDATIONS

A dilapidations notice was served on Lloyds Pharmacy Limited (formerly in occupation of 15/28 Brassey Parade) in April 2016 with the dilapidation schedule of works outlining £97,911.96 of costs (inc VAT).

We understand that a schedule of dilapidation has been prepared (but not served) against T&S Stores Plc (unit 14/29 Brassey Parade) at a total cost of £459,346.19 (inc VAT).


ACCOMMODATION AND TENANCY SCHEDULE

Unit Number

Accommodation Floor AREAS (Retail NIA and Residential GIA) Tenant Lease Dates Rent (per annum)

SQ M (ITZA)

SQ FT (ITZA)

Start Date End Date

14 Shop Ancillary Storage

Ground Floor First Floor

286 (121.22)

134

3,080 (1,304.88)

1,441Tesco Stores Limited (Not in occupation) Flat is not in habitable

13.12.1996 23.06.2017 £33,300

29 3 bedrooms, bathroom, reception room, bathroom First Floor No Access No Access

15 Shop Ground Floor 90 (71.87)

967 (773)

Vacant - - -

28 Two bedrooms, bathroom, reception room, bathroom First Floor 73 788 Vacant (not in habitable condition) - - -


680 (493)

Vacant - - -

26 Two bedrooms, bathroom, reception room, bathroom First Floor 56 600 Vacant - - -


667 (493.5)

Vacant - - -


19 Shop (A3) Ground Floor 68 (47.36)

736 (509.75) Mr C K Choi and Wilson Choi 24.06.1998 23.06.2018 £12,500

24 Two bedrooms, bathroom, reception room, bathroom First Floor 56 600


633 (480.50)

Vacant - - -


21 Shop (A3) Ground Floor 61 (45.22)

657 (486.75) Mr P Christou 25.12.1992 24.12.2012 £12,320

22 Two bedrooms, bathroom, reception room, bathroom First Floor 56 600

Advertising Hoarding Eastern Flank Wall Vacant

Total £58,120


RESIDENTIAL DEVELOPMENT POTENTIAL

In order to establish development potential the Vendor has commissioned CBRE to undertake a detailed planning report.

The report states:

• Discussions with Eastbourne Council have confirmed that the Council are keen for the site to be comprehensively redeveloped.

• Given the focus on the provision of new housing the site would suit residential development with potential to increase height and density.

• The Council would expect an element of retail accommodation within any new build proposal although they are realistic about the amount of retail / floorspace that can be supported in this location.

The detailed report is available to download from the data room (www.brasseyparadeeastbourne.com)

PLANNING

Local Planning Authority, Eastbourne Borough Council Tel: 01323 410000 Website: www.eastbourne.gov.uk

We have been advised that the property is neither Listed nor situated in a Conservation Area.

ASSET MANAGEMENT AND DEVELOPMENT OPPORTUNITIES (subject to obtaining all necessary consents)

Residential:

• Refurbishment and reconfiguration of existing flats

• Potential to add an additional floor/mansard

• Potential to convert unit 14 first floor ancillary space into one or more residential flats

• Comprehensive redevelopment of the site in its entirety

• Letting of the residential flats

Commercial:

• Settling the dilapidations claim with Lloyds Pharmacy Limited

• Continuing discussions regarding the dilapidation schedule with T & S Stores Limited

• Merging of existing retail units to create larger units to attract stronger covenants

• Letting of the vacant commercial accommodation

• Letting of the advertising hoarding on the eastern flank wall

• Potential to purchase units 16 & 27 to create an unbroken parade

VAT

We understand that the property is not elected for VAT.

EPCs

EPCs are available to download from the data room.

DATAROOM

Further information is provided in the dataroom. For access please register on the following website www.brasseyparadeeastbourne.com


Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 09.16

Receiver Caveat:This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely on their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of the sale without personal liability.

ProposalOffers in excess of £1,000,000 (One Million Pounds) are invited for the Freehold interest subject to all existing leases and tenancies, subject to contract and exclusive of VAT.

For further information please contact:

National Investments Residential Investment & DevelopmentJames Salmon020 7543 [email protected]

James Hood020 7344 [email protected]

Liam Stray020 7543 [email protected]

Richard How020 7344 [email protected]

Michael Linane020 7344 [email protected] www.allsop.co.uk

Documents

BRASSEY PARADE BRASSEY AVENUE, HAMPDEN PARK … · m54 m6 toll m42 m1 m1 m6 m6 m5 m5 m62 m65 m74 m77 m8 m9 m80 m73 m60 m56 m66 m18 a1 a63 a15 a1 a1 a428 a14 a43 a47 a11 a11 a46 a38