ANGEL WALK SHOPPING CENTRE, HIGH STREET TONBRIDGE TN9 1TJ - SOUTH EAST SHOPPING CENTRE INVESTMENT WITH FUTURE DEVELOPMENT POTENTIAL - LoopNet
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ANGEL WALK SHOPPING CENTRE, HIGH STREET TONBRIDGE TN9 1TJ SOUTH EAST SHOPPING CENTRE INVESTMENT WITH FUTURE DEVELOPMENT POTENTIAL
INVESTMENT SUMMARY • South East Shopping Centre investment with significant residential development potential, subject to planning • Tonbridge is an affluent commuter town with close proximity to London and the M25, neighboured by Royal Tunbridge Wells and Sevenoaks • Located 29 miles from London with excellent train and road connections • The subject property is within the prime retail pitch and comprises a shopping centre totalling 1,715.90 sq m (18,470 sq ft) providing 11 units • National tenants account for 44% of the income and include Millets, Superdrug, Timpson’s Ltd and Barnado’s • Total contracted rent of £248,500 per annum (a low average rent of £13.45 psf overall) • Majority of rents have recently been rebased • WAULT of 3.06 years to expiry and 1.47 years to break • Short term asset management opportunities to implement lease renewals and rent reviews • Potential residential redevelopment opportunity, subject to planning, initial massing study available on request • Freehold • Offers sought in excess of £2,918,000 (Two Million, Nine Hundred and Eighteen Thousand Pounds) subject to contract and exclusive of VAT, reflecting an attractive Net Initial Yield of 8.00% after purchasers costs of 6.44% and a low capital value of £158 per sq ft.
A13
LONDON CITY
SHEERNESS
LOCATION LONDON A2
ROCHESTER
PO
EBBSFLEET INTERNATIONAL
Tonbridge is an historic and picturesque commuter town on the
River Medway in Kent. The town is located 29 miles (47 km) south CROYDON M20
east of London, and neighbours commuter towns such as Royal M2
Tunbridge Wells 4 miles (6 km) south, Sevenoaks 7 miles (11 km) M26 CANTERBURY
LONDON BIGGIN HILL
north and Maidstone 12 miles (19 km) north east.
M25 SEVENOAKS MAIDSTONE
A24
Tonbridge benefits from excellent connections. The A21 provides M20
direct access to the M25 at Junction 5 10 miles north. The A26
REIGATE
M23 TONBRIDGE FOLKESTONE
connects Tonbridge with Tunbridge Wells and south coast. ASHFORD
Tonbridge Railway Station provides frequent services every ten
GATWICK A22 EURO TUNNEL LE SHUTTLE
minutes to London Bridge, Waterloo and Charing Cross with
fastest journey time of 30 minutes. In addition the town is 35 CRAWLEY ROYAL
minutes from Ashford International. TUNBRIDGE
A22 A26 WELLS ASHFORD INTERNATIONAL
Gatwick Airport is 24 miles (38 km) south west. The town provides
significant car park facilities with 19 car parks providing a total of
A23
1,700 spaces.
A272 UCKFIELD
Tonbridge is renowned for the number of leading school’s in the RYE
catchment including Tonbridge School.
LEWES
SITUATION HASTINGS
BRIGHTON NEWHAVEN
The property is situated on the eastern side of Tonbridge’s High SHOREHAM
Street, in the town’s prime retail pitch and adjacent to the Pavilion NEWHAVEN
EASTBOURNE
Shopping Centre. To the rear is Sainsbury’s superstore, associated
car park and Angel Leisure Centre, the subject of potential short
term leisure led regeneration and redevelopment.
The property is situated less than 250 metres north-east of
Tonbridge Railway Station and 0.5 miles south from the popular
Tonbridge Castle.
Nearby occupiers include; Monsoon, Sainsbury’s, WH Smiths,
Specsavers, Toni & Guy, Vodafone, Boots, Café Nero, Greggs and
McDonald’s.
SAINSBURY’S
TONBRIDGE CASTLE ANGEL LEISURE CENTRE
SHOPPING CENTRE
ANGEL WALK
SHOPPING CENTRE
HI
GH
ST
RE
ET
TONBRIDGE SCHOOL
TONBRIDGE STATION CAR PARK
TONBRIDGE
TRAIN STATION
PAVILLION SHOPPING CENTRE
DESCRIPTION
Angel Walk was constructed in the early 1980’s and comprises 11
retail units in a covered centre benefitting from dual frontage to
the prime High Street and, via the Angel Walk thoroughfare to
Angel Lane to the rear. Angel Lane in turn links with the dominant
Sainsbury’s superstore, associated car park and Angel Leisure
Centre. The scheme thus provides a major footfall route.
The units trade from the ground floor with the first floor
accommodation used as a mixture of retail, storage or ancillary
accommodation.
The property provides 12 car parking spaces.
N
For indicative purposes only.
Experian Goad Plan Created: 04/02/2020
Created By: GVA
25 metres
Copyright and confidentiality Experian, 2020. © Crown copyright and database For more information on our products and services:
rights 2020. OS 100019885 www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011
TENANCY SCHEDULE
Area Inside/ Next Passing
Address Tenant Lease Start Lease Expiry Break ERV (£ p.a.) Comments
(sqft) Outside Act Rent Review Rent (£ p.a.)
Rent rises to £30,000 pa from 09/07/2020. The
Tenant -
1,073 Landlord will top-up on completion
Unit 1 (1) Ouyue Ltd t/a Nihaw Sushi 09/07/2018 08/07/2028 Outside 09/07/2023 09/07/2023 £30,000 £30,000
(578) Rent deposit of £15,000. Tenant has right to use one
6 months notice
car parking space.
Tenant - Tenant receives 3 months rent free from 18/07/2020 if
1,317
Unit 2 (3) Sacred Heart Hardware & DIY Ltd 18/07/2019 17/07/2024 Outside n/a 18/07/2020 £20,000 £25,000 break is not triggered. Rent deposit £6,000. Tenant has
(696)
6 months notice right to use one car parking space.
Tenant - Rent increases to £17,500 pa from 08/03/2020. The
Construction Site Products 1,065
Unit 3 (5) 08/03/2018 07/03/2023 Inside 08/03/2021 £17,500 £17,500 Landlord will top-up on completion. Rent deposit
t/a Studio 72 (476)
6 months notice £5,250. Tenant has right to use one car parking space.
Tenant -
1,124
Unit 4 (7) Mr Francis Finkler t/a Hair House 09/10//2018 17/11/2023 Outside 18/11/2021 £16,500 £17,500
(477)
6 months notice
Tenant - Rent commencement 09/02/2020 then £25,000 pa
Station Road Furniture Stores Limited 3,149
Unit 5 (11) 09/12/2019 08/12/2024 Outside 09/12/2021 £25,000 £30,000 until 08/12/21 rises to £30,000 pa from 09/12/21 until
t/a Castons Furniture World (1,271)
6 months notice expiry. Tenant has right to use one car parking space.
3,914
Unit 5a (9) Superdrug Stores plc 17/06/2016 16/06/2021 Inside £33,000 £33,000
(1,156)
Tenant break exercised, under offer to Cancer
Unit 6 (2) Mutual - Research UK, 10 years 5 year TBO with 3 month
1,952
and 1 parking Blacks Outdoor Retail Ltd 21/04/2015 20/04/2025 Inside 21/04/2020 20/04/2020 £27,500 £27,500 penalty, 9 months rent free to be topped up by the
(1,047)
space 6 months notice landlord on completion. Tenant has right to use one
car parking space.
990
Unit 7 (4) Timpsons Limited 07/12/2012 06/12/20/22 Inside £18,000 £18,000
(517)
Tenant - Service charge CAP of £3,979 pa subject to RPI
Unit 8 (6) 1/225
Paws Cat Café Ltd 16/05/2018 15/05/2023 Inside 16/05/2021 £18,000 £18,000 increases. Rent Deposit of £10,800. Tenant has right to
and car space (608)
6 months notice use one car parking space.
Unit 9 (8) Grace Fashion Accessories Limited 1,024 Outstanding Rent Review. Tenant has right to use one
02/11/2011 01/11/2021 Outside 02/11/2016 £15,500 £15,500
and car space t/a Grace (460) car parking space.
1,637
Unit 10 (10) Barnardo’s 09/04/2010 08/04/2020 Outside 09/04/2015 £27,500 £27,500 Outstanding Rent Review
(687)
Total 18,470 £248,500 £258,000
The property is run via a Service Charge with a current year budget of £59,485 per annum £3.22 per sq ft. The service charge shortfall for the period is estimated to be £780.
DEVELOPMENT POTENTIAL
There is scope to materially increase the massing on site through
residential led development above the scheme, subject to gaining the
necessary consents. A initial massing study is available on request.
EPC
Certificates available upon request.
VAT
The property is elected for VAT. It is anticipated that the sale will be
treated as a Transfer of a Going Concern (TOGC).
For indicative purposes only.
FURTHER INFORMATION
PROPOSAL
For further information or to arrange an inspection, please contact the sole agents:
Offers Sought in excess of £2,918,000 (Two Mark Frampton Daniel Tiernan 65 Gresham Street
Million, Nine Hundred and Eighteen Thousand 020 7911 2181 020 7911 2517 London EC2V 7NQ
Pounds) subject to contract and exclusive of VAT, mark.frampton@avisonyoung.com daniel.tiernan@avisonyoung.com avisonyoung.co.uk/15507
reflecting an attractive Net Initial Yield of 8.00%
Avison Young is the trading name of GVA Grimley Limited registered in England and Wales number 6382509. Registered office, 3 Brindleyplace, Birmingham B1 2JB. Avison Young hereby gives notice
after purchasers costs of 6.44% and a low capital that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent Avison Young is) in this brochure is provided on the following conditions:
(1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All
value of £158 per sq ft. descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to
be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No
person in the employment of Avison Young, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure.
(4) All prices quoted are exclusive of VAT. (5) Avison Young shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were
prepared solely by third parties, and not by Avison Young.
Avison Young: February 2020 © Produced by Barbican Studio 020 7634 9573
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