BOGNOR REGIS PO21 2PB - RENT PAID THROUGHOUT LOCKDOWN - Allsop
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ASHLEY HOUSE, 120 ALDWICK ROAD
BOGNOR REGIS
PO21 2PB
LET TO THE 5A2 COVENANT OF BUTLINS SKYLINE LIMITED
21.2 YEARS UNEXPIRED, 16.2 YEARS TERM CERTAIN
ATTRACTIVE RPI LINKED REVIEWS
RENT PAID THROUGHOUT LOCKDOWN
ASHLEY HOUSE, 120 ALDWICK ROAD
BOGNOR REGIS 21.2 years to expiry, 16.2 years term certain with RPI linked reviews
PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited
Unprecedented demand for Summer 2021 holidays at Butlin’s
Site outline for identification purposes only.
INVESTMENT CONSIDERATIONS
■ Unique opportunity to acquire a secure, long let, RPI ■ Butlin’s has paid their rent in full throughout Lockdown Offers sought in excess of £8,000,000 (Eight Million Pounds)
linked investment totalling approximately 21,527 sq ft after allowing for purchaser’s costs of 6.67%. This reflects
■ The parent company, Bourne Leisure Holdings was
(2,000 sq m)
acquired by Blackstone in February 2021 a net initial yield of 5.49%.
■ Situated in the seaside resort of Bognor Regis on the
south coast of England ■ Long unexpired lease term of 21.2 years and a term
certain of 16.2 years Reversionary Yield May 2022 May 2027
■ Let to the 5A2 covenant of Butlins Skyline Limited
■ FRI lease subject to five yearly RPI plus 2% linked rent Minimum 5.49% 6.18%
■ The property provides high quality affordable
reviews with a collar and cap of 112.5% to 122.5%
HMO staff accommodation for workers at Butlins Maximum 5.98% 7.33%
■ The vendor will top up the rent to the minimum uplift ■ Freehold
in May 2022 of £468,731 per annum ■ Butlins is a chain of large seaside resorts founded in 1936
ASHLEY HOUSE, 120 ALDWICK ROAD
BOGNOR REGIS 21.2 years to expiry, 16.2 years term certain with RPI linked reviews
PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited
HEATHROW
WINDSOR
READING M25 RICHMOND CLAPHAM
M4
LONDON
STAINES
M4 BRACKNELL
NEWBURY J12
WOKINGHAM A322
WEYBRIDGE CROYDON
A339 A33 EPSOM
M3
WOKING J10
A34 J9
A22
FARNBOROUGH
BASINGSTOKE A331 M25 J7 J6
J8
ALDERSHOT
GUILDFORD DORKING
REIGATE
A31
ANDOVER
HORLEY
A303 GODALMING
GATWICK J9a J9
A264
A34 J10
CRAWLEY
HASLEMERE M23
J11
A31
WINCHESTER A3 HORSHAM
A22
HAYWARDS
PETERSFIELD
ROMSEY A272 HEATH
A36 EASTLEIGH
A23
M271
SOUTHAMPTON
A3(M) A24
M27
HAVANT
A27
FAREHAM
WORTHING
BRIGHTON
PORTSMOUTH CHICHESTER LITTLEHAMPTON
COWES
BOGNOR
RYDE
SELSEY
REGIS
NEWPORT
TRAVEL TIMES
CHICHESTER – 7 MILES
ROAD PORTSMOUTH – 25 MILES
LONDON – 55 MILES
CHICHESTER – 15 MINUTES
TRAIN BRIGHTON – 45 MINUTES
LONDON VICTORIA – 1 HOUR 40 MINUTES
AIR GATWICK AIRPORT – 45 MILES
BOGNOR REGIS DEMOGRAPHICS
Bognor Regis is located in the county of West Sussex on the south coast of England The total population within the Bognor Regis Primary Retail Market Area
approximately 7 miles south east of Chichester, 25 miles east of Portsmouth and 55 is 84,000, and the town is expected to see significantly above average
miles south of London. growth in population over the period 2017-2022. The town includes a
The town benefits from good transport communications being located on the A29, high proportion of the retired, aged 65 and over.
providing direct access to the A27 dual carriageway which runs across the south The drive for economic growth in Bognor Regis is centred on tourism,
coast from Brighton in the east to Portsmouth in the west. The A27 also provides retail and service industries. Over 65% of employees in Bognor Regis are
access to the A23 and A24 trunk roads which lead to the M23 and M25 motorways. employed by the service sector and this has continued to rise over time.
Bognor Regis has a regular direct rail service to London Victoria (1 hour 40 mins).
The station provides frequent services to Brighton with a journey time of approximately
45 minutes and Chichester within 15 minutes, both requiring one change.
A2
ASHLEY HOUSE, 120 ALDWICK ROAD
BOGNOR REGIS
9
21.2 years to expiry, 16.2 years term certain with RPI linked reviews
PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited
RLES PURLEY WAY
9 CHA
5
A2
BOGNOR REGIS
R T H WA Y B Y P A
A2
59
NO S S REGENERATION
SALTBOX 2
ROWAN OLDLANDS
1 BUTLIN’S
PARK FARM • Recently opened £36 million leisure and splash pool
• Employs approximately 1,400 staff
COMMERCIAL
2
WAY AND AIRFIELD
ROWAN INDUSTRIAL PARK ENTERPRISE BOGNOR REGIS
ESTATE
• The Saltbox site within Enterprise Bognor Regis
has planning consent for a £34m business park
PROPSED ROAD
offering over 323,000 sq ft of new floor space and
the potential to create up to 1,000
new jobs in the area
RETAIL
AD
PARK
• Rolls Royce has invested £70m in its Technology
INDUSTRIAL and Logistics centre totalling approximately
RO
PARK 300,000 sq ft
EY
PN
3
RI
SH
9
UNIVERSITY OF CHICHESTER
A2 • The University’s new £36m Tech Park opened in
2018 and will bring an additional 1,500 students
B25
59 C to the town by 2021
HIC
HE
ST • The Park provides 63,500 sq ft of academic
AD
ER
accommodation, up to 10,764 sq ft of facilities
RO
O accessible to business and the local community.
FELPHAM WAY
R
A
RN
D The park has created approximately 160 new jobs,
9
O
25
delivering an estimated £176 million into the local
TH
B2
and regional economy by 2023/24
W
HA
UNIVERSITY OF CHICHESTER
4
BOGNOR REGIS CAMPUS
TOWN CENTRE INITIATIVES
3 • A Business Improvement District (BID) is in place
B2 from April 2018 for 5 years
16
25
9
B2 1
• The town centre has seen a growth in footfall
figures since 2018
5 BOGNOR REGIS
TOWN 5 RAILWAY STATION
ASHLEY CENTRE 1 • Recently completed £2m refurbishment
HOUSE TRAVEL TIME
TO BUTLINS 4 • Planning permission for The Track, a £1m creative
23 mins
digital hub/shared workspace in the station has
DE been granted and is expected to open in 2019
5 mins ANA
ESP L
TH E
B2 16
6
For identification purposes only.
ASHLEY HOUSE, 120 ALDWICK ROAD
BOGNOR REGIS 21.2 years to expiry, 16.2 years term certain with RPI linked reviews
PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited
SITUATION
The property is prominently positioned fronting Aldwick Road (B2166) with access
to the rear from Nyewood Lane. The property is located in a predominantly
residential area, 200m from the seafront.
The property is situated 1.m
7 iles 2
( 3 minutes a
w lk) from the Butlins campus. There is
aub s stop approximately 0
5 m from the property providing regular services to Butlins.
DESCRIPTION
The property provides HMO sta accommodation for o w rkers at Butlins and is
arranged over ground and two upper oors with a secure garden area, four car
parking spaces and a designated cycle store.
Internally the property comprises a total of 7 5 bedrooms, these are located within
the original building and a recently completed two storey extension.
The bedrooms comprise a mix of single and twin ensuites benetting from large
communal spaces on both the ground and rst oors. Floor plans are available
in the dataroom.
SCHEDULE OF ACCOMMODATION
Flor Bedroms Bedspae
c s Kitchens
Ground 26 51 7
Annex Ground 6 12 1
First 15 28 5
Annex First 6 12 1
Second 1 1 0
Annex Second 3 6 1
ASHLEY HOUSE, 120 ALDWICK ROAD
BOGNOR REGIS 21.2 years to expiry, 16.2 years term certain with RPI linked reviews
PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited
AS
HL
EY
HO
US
E
© Crown Copyright, ES 100004106. For identification purposes only.
created on
TENURE SITE AREA
Freehold. 0.54 acres (0.218 hectares).
TENANCY
The property is let in its entirety to Butlins Skyline
Limited on a FRI lease expiring on 18 May 2042 with
a tenant break option on 18 May 2037. The lease benefits
from
Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, an notice
gives unexpired term
that: (a) certain
these of approximately
particulars do not constitute in whole or in part an offer or c
16.2oryears
to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make to break
give, and neitherand 21.2nor
Allsop years
any oftotheir
expiry.
members nor any person in their employm
relation to the property. The only representations, warranties, undertakings and contractual obligations to be given orTheundertaken
passingby the is
rent instructing
£416,650 perare
party those contained
annum, the vendor and expressly referred to in the
purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness
will top of
upeach
to astatement
minimum contained
uplift atinthe
these
Mayparticulars; (b) inspect the property and th
2022 review,
and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry outper
£468,731 all necessary
annum. The searches and enquiries.
following Allsop
rent review is is the trading name of Allsop LLP
dated
19 May 2027 and from then on five yearly.
The rent is revised to RPI plus 2% subject to Minimum Rent
increase of 112.5% and Maximum Rent increase of 122.5%.
The lease is outside the protection of the Landlord and
Tenant Act 1954.
Butlins Skyline Limited has total responsibility for the
management of the property and all the required HMO
licences have been issued directly to Butlins Skyline
Limited by the Local Authority.
ASHLEY HOUSE, 120 ALDWICK ROAD
BOGNOR REGIS 21.2 years to expiry, 16.2 years term certain with RPI linked reviews
PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited
PLANNING
Local Planning Authority: Arun District Council www.arun.gov.uk
We have been informed by the Local Planning Authority that the property
is not Listed nor is it situated within a Conservation Area.
In August 2016 planning consent (REF: BR/100/16/PL) was granted for ‘change
of use of Ashley House from a care home (Class C2 use) to a House of Multiple
Occupation (HMO) to provide team member accommodation on behalf of Butlin’s
Bognor Regis, together with external alterations to the building, two car parking
spaces (one disabled space), a minibus parking space, a designated cycle store
for in excess of 40 spaces, a designated bin store & associated landscaping.’
In December 2018 a further planning consent (BR/231/18/PL) was subsequently
granted on the site to provide ‘Part 2 & part 3 storey extensions, relocation of
bin store & new cycle stores.’
REFURBISHMENT WORKS
In May 2018, the vendor completed a comprehensive refurbishment and
reconfiguration of Ashley House which was formerly used as a care home.
In November 2019, the vendor completed the construction of the new
build extension on the west side of Ashley House.
All the works were completed to a high standard to ensure that all HMO
licensing criteria were met in terms of Health and Safety regulations as
well as size and density standards.
The property has been fitted with new kitchens, shower rooms, heating
systems and is double glazed throughout.
Works also included rewiring and the installation of a new plumbing
system within the main building at Ashley House. The entire property
benefits from hardwired broadband/WiFi.
YOUTUBE
For a walk through of the extension follow the link below
created by the architects, King and Drury:
https://www.youtube.com/watch?v=OkS9qK9EXjQ
ASHLEY HOUSE, 120 ALDWICK ROAD
BOGNOR REGIS 21.2 years to expiry, 16.2 years term certain with RPI linked reviews
PO21 2PB Let to the 5A2 covenant of Butlins Skyline Limited
PLANNING TO REOPEN
17th MAY 2021
BUTLIN’S
Butlin’s was founded in 1936 and now operates from three
seaside resorts; Bognor Regis, Minehead and Skegness
employing approximately 3,800 staff and hosting more
than 1.5 million guests each year.
BUTLINS SKYLINE LIMITED
The company recorded the following accounts for the past 3 years:-
31 Dec 2017 31 Dec 2018 31 Dec 2019
Turnover £229,682,000 £230,136,000 £241,336,000
Pre-Tax Profit £23,714,000 £20,254,000 £20,412,000
Total Net Worth £53,970,000 £51,281,000 £51,395,000
Butlins Skyline Limited is a subsidiary of Bourne Leisure
Holdings Limited, which also operates Warner Leisure Hotels
and Haven Holidays.
In February 2021, funds managed by Blackstone Capital
Partners and Blackstone Real Estate Partners agreed to acquire
Bourne Leisure with the Harris, Cook and Allen founding
families co-investing, holding a significant minority stake.
BOGNOR REGIS
Butlin’s Bognor Regis opened in 1960 and in 1999 it was
renovated with the construction of a Skyline Pavilion. In
2005, a new £10m hotel called The Shoreline was developed
and, in 2009, a second hotel, The Ocean, opened on the
site. In July 2012 a third hotel, The Wave, opened to guests.
• A new £36m leisure and splash pool
• £76m invested in the site
• Approximately 1,400 staff
• Welcoming approximately 350,000 guests
annually, each staying between 3-7 nights
EPC Available in the dataroom.. VAT The property has not been elected for VAT. DATAROOM Further information is provided in the dataroom. For access please register on the following website: https://datarooms.allsop.co.uk/register/AshleyHouse PROPOSAL Offers sought in excess of £8,000,000 (Eight Million Pounds) after allowing for purchaser’s costs of 6.67%. This reflects a net initial yield of 5.49%. Reversionary Yield May 2022 May 2027 Minimum 5.49% 6.18% Maximum 5.98% 7.33% For further information or to make arrangements for viewing please contact: NATIONAL INVESTMENT RESIDENTIAL INVESTMENT AND DEVELOPMENT Scott Tyler Lottie Hayward Adam Kerven Anthony Dixon 020 7543 6719 020 7543 6750 020 7344 2628 020 7344 2625 scott.tyler@allsop.co.uk lottie.hayward@allsop.co.uk adam.kerven@allsop.co.uk anthony.dixon@allsop.co.uk allsop.co.uk 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 03.21
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