Land at. Twickenham, Middlesex TW2 7SJ OUTSTANDING RESIDENTIAL DEVELOPMENT OPPORTUNITY FOR 180 UNITS ON 4.8 ACRES

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1 Land at E G E R T O N R O A D Twickenham, Middlesex TW2 7SJ OUTSTANDING RESIDENTIAL DEVELOPMENT OPPORTUNITY FOR 180 UNITS ON 4.8 ACRES

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3 Opportunity Summary We are delighted to present for sale the freehold interest in this outstanding residential development opportunity on behalf of Richmond upon Thames College. 4.8 acre brownfield site currently occupied by a mix of educational buildings Outline planning application submitted for complete demolition and development of 180 units across two phases Phase One comprises 103 units (71 flats and 32 houses) Phase Two comprises 77 units (65 flats and 12 houses) 8 minute walk to Twickenham Station with journey times to London Waterloo of 20 minutes Easy walking distance to local retail and leisure amenities Offers invited on the following bases: a) the whole site and b) Phase One in isolation. Deferred completion to a date 12 months prior to Vacant Possession, which is programmed for September 2017 (Phase One) and September 2018 (Phase Two) Best offers for the freehold interest are invited by 12 noon on Wednesday 19 August Offers should assume that the outline planning permission is granted as per the current application, and should otherwise be subject to contract only. land at Egerton Road 3

4 Location Connectivity The site is located in Twickenham, an affluent suburb 16 km south west of Central London. The site is situated to the north of Twickenham, and currently forms part of the wider College campus, which lies between the Heathfield Estate (east) and Harlequins Rugby Twickenham rail station is an 8 minute walk to the south east of the site, providing frequent trains to London Waterloo station with a journey time of 20 minutes. There are also several bus routes connecting the site to both Twickenham rail station and surrounding towns. Stadium The Stoop (west). The site has convenient connections to the highways network The surrounding area is characterised by low density family housing, particularly to the east towards Twickenham and Richmond. The Stoop lies directly to the west of the site and via the A316 Chertsey Road, and the outline planning application sets a maximum of 217 car parking spaces on the site. the RFU Twickenham Stadium is located circa 500m to the north of the site, on the opposite side of the A316 Chertsey Road. Egerton Road is a 15 minute walk from Twickenham s retail thoroughfare, which offers a range of independent and high street shops, restaurants and cafes. Church Street, which is located between King Street and the river, is a picturesque narrow street featuring several thriving independent restaurants, cafés and bars. There is also a Farmers Market every Saturday morning in the Holly Road car park and a large Waitrose 150m from Twickenham Station. 4

5 MASTERPLAN BOUNDARY RESIDENTIAL LAND Description The site forms part of the wider College campus, which in total extends to approximately 21.1 acres (8.57 hectares). The site is a broadly rectangular area of land at the south east of the main campus and extends to circa 4.8 acres (1.94 hectares). It is bounded by Egerton Road and private housing to the east, semi-detached private housing on Craneford Way to the south, and the existing College campus to the north and private housing / the Stoop to the west. The existing buildings onsite are generally between one and three storeys, with a small six storey element located at the east of the site. The proposed redevelopment of the site includes the demolition of all existing buildings. land at Egerton Road 5

6 W OF IL LUST R ATIV E SCHEME Proposed Masterplan one way (but, importantly, not the only way) in which the d in accordance with the masterplan presented in section 6. ive scheme including its design, layout, scale, character and he redevelopment presented in section 6, wider which explain the key aspects and benefits arise themselves with those principles n order to best understand the scheme tions of key representative views. cation and the parameters presented in 7.2 Vehicular Access HOK, the redevelopment proposal 7.5 flats Landscape Habitat Areas 103 residential andandhouses (Phase One) should be. that make up the proposals in terms of well as in the graphical style used. New nature of the buildings and open spaces n the extent of information presented as Needs (SEN) School SPG Compliance s intended to be like, without presenting Considered together with the information details that at this point time remain innew Free School and Special Educational presented in chapter 6, the illustrative unknown and which might therefore be scheme presents a clear indication of the considered misleading. This is reflected 7.11 overall character of the redevelopment Townscape & Views office building 7.10 he scheme is designed to show what the Hub B1 Tech Residential Design 7.9 part of the illustrative scheme; rather 77 residential and houses (Phase Two) 7.8 flats Building Massing not presented as Sports Facilities Private Spaces he approvals being sought. Therefore, eviewed in light of the outline nature of extensive details are scheme Public Realm illustrative 7.4 includes: The Pedestrian & Cycle Routes he Design & Access Statement. 7.3 section 6 before reading this section of be familiar with the structure of the appli- Accordingly sections present the Designed by following international information: architecture firm being presented. Similarly, readers should > < 21.1 acre (8.57ofhectare) College campus. the scheme, before presenting illustra- and readers of this section should famil- application the redevelopment oftopics the on and fully accords with the principles of for scheme by focussing on discreet 1 This section presents the illustrative 6 3 OV ERVIEW The design of the illustrative plan is based site in conjunction with a hybrid.. T planning permission for the 4.8 acre FORWA RD.. he College has applied for outline - college buildings, a sports their use, layout, scale,including appearance, landand access. centre withscaping public access The uses that would be directly adjacent to the residential site would be the new sports centre and school developments. Proposed Residential Scheme Preliminary Draft The proposed scheme, which has been submitted for outline planning consent, shows the residential development site HOK Unit types* Phase One Phase Two 1 bed (50 sq m) vacant possession: 2 bed (70-83 sq m) Phase One (3.1 acres) Anticipated VP September bed flats (86 sq m) 0 8 Phase Two (1.7 acres) - Anticipated VP September bed houses (102 sq m) bed flats (99 sq m) bed houses (116 sq m) 16 0 Subtotal units divided into two phases due to the differing timing of anticipated The scheme comprises a total of 180 houses and flats, 103 of which are in Phase One and 77 of which are in Phase Two. The table adjacent shows the proposed unit mix and areas across both phases. The College is currently undertaking a Viability Assessment in Total units 180 conjunction with the planning application process in order to inform negotiations in relation to the level of affordable housing to be provided across the site. Further details and updates on this element are available upon application. Subtotal approx. sq m (NSA) Total approx. sq m (NSA) 8,198 6,746 14,944 Assumed unit sizes in line with GLA minimum housing standards*

7 Market The residential market in Twickenham is currently buoyant and, after a brief pause for breath in the run up to the General Election, it is showing reinvigorated growth and activity. The focus of residential development and investment has more widely shifted from Prime Central London to strong outer zone locations, where good transport links and strong fundamental demographics underpin values with growth prospects over and above Prime Central. Twickenham, with its easy commute time and proximity to Richmond riverside a destination in its own right firmly ticks these boxes. The local area has recently been markedly under-served for good quality new-build residential stock, with the majority of new homes being provided through small scale infill development or office conversions under the temporarily relaxed Permitted Development rights. The stand-out exception to this rule is the Brewery Wharf development (pictured above) located between the site for sale and Twickenham Station, where St James are building 71 flats and 28 houses, with practical completion due in September A reported 80% of the units have sold off plan, with asking prices on the flats starting at 465,000 for one bedroom units, and 1,500,000 for four bedroom houses, reflecting an overall average value of 816 per sq ft. Sales figures on second hand stock underpin the strong prices achieved at Brewery Wharf. The Heathfield Estate, directly to the east of the site, comprises a mix of period and 1930s housing. Recent prices achieved on three bedroom houses are now exceeding 800,000 whilst four bedroom houses are approaching 1,000,000. land at Egerton Road 7

8 Chy 96 TCB Mast PHASE 1 16 PHASE 2 El Sub Sta Posts m m 25m 50m 75m m Title Demolition The majority of the Property is held under the freehold title TGL A small area of the Property, which currently occupies a teaching block known as Q Block, is under a separate title An Asbestos Re-inspection Survey was undertaken by the Quoin Consultancy in 2012 for the existing buildings on site. The College has also obtained a quote for demolition works on the existing buildings. TGL Copies of the Asbestos Re-inspection Survey and demolition quotes Copies of the Title documentation are included within the online Data Room. are available within the online Data Room and should be reviewed in determining the demolition costs. Services Access The site is currently connected to all mains services, including gas, electricity, water and mains drainage. However, we advise that services have not been checked by BNP Paribas Real Estate. We recommend that interested parties confirm the availability of services for their own proposals via the appropriate statutory undertaker. Access is to be provided by a new private access road from the A316 Chertsey Road, via Langhorn Drive to the north west. Any site roads and highways improvements beyond the red line of the residential site should be assumed to be provided at the vendors cost (excluding service upgrades and installations). The purchaser will be provided with all appropriate rights over the new private access road to serve the proposed residential development. 8

9 Basis of Sale Sales Structure The College has secured (subject to conditions) matched central funding for the delivery of the new College buildings which is based upon In order to facilitate the delivery of the new College, which is required to release the residential site, the College will require parties to adhere to the following sales structure: receiving the capital receipt from the sale of the Phase One residential site. An application for a similar matched funding package has also been submitted based on the sale of the Both Phases Exchange of Contracts with deferred completion in 2015 Phase Two site. Confirmation of this funding is expected to be received in September Phase One is designed so as to be deliverable in isolation in the unlikely event that the application for matched central funding based on the sale of Phase Two is unsuccessful. Phase One A 6 month Call period for Phase One targeted to start December 2016, whereby the College will require Completion of Phase One to take place Completion of Phase One to be subject to a leaseback with 12 months rent free As such, offers for the site are requested on two bases as follows: Vacant Possession targeted for September 2017 A. The site in its entirety. B. Phase One in isolation. Phase Two Completion of Phase Two to be simultaneous with Vacant Possession of Phase One It is envisaged that, should matched funding be forthcoming based on the Phase Two sale, the site will be sold in its entirety to a single party. Completion of Phase Two to be subject to a leaseback with 12 months rent free Vacant Possession targeted for September 2018 Bids should be submitted on the basis that outline planning permission for the proposed residential scheme is granted. Further information regarding the outline planning application is available in the online Data Room. Programme The acquisition and delivery of the residential site will be intrinsically linked to the delivery of the new College facility. Below we have set out the anticipated programme: Activity Delivery Date Confirmation of funding for Phase Two September 2015 Exchange with Deferred Completion 2015 Completion on Phase One subject to leaseback December 2016 Vacant Possession of Phase 1 September 2017 Completion on Phase Two subject to a leaseback September 2017 Vacant Possession of Phase 2 September 2018 Please note that the programme may be subject to change. land at Egerton Road 9

10 Method of Sale Further Information Best offers for the freehold interest are invited by 12 noon on Wednesday 19 August Offers should assume that the outline planning permission is granted as per the current application, and should otherwise be subject to contract only. There is a dedicated website which includes access to the Data Room. Accompanied viewings will be conducted by BNP Paribas Real Estate on selected viewing dates. For further information and to arrange a viewing We request that all offers are submitted to Simon Rogers in a plain please contact: envelope marked Land at Egerton Road and addressed to: Alex Jackson Mr Simon Rogers BNP Paribas Real Estate alex.jackson@bnpparibas.com 5 Aldermanbury Square London EC2V 7BP Erica Rabone Prospective purchasers are required when submitting offers to erica.rabone@bnpparibas.com include the following: A completed Bid Pro-Forma (available in the online Data Room) Full evidence of your financial ability to complete the purchase Simon Rogers simon.rogers@bnpparibas.com Confirmation that you have read and taken account of all the information held within the Data Room Where an offer is made by an agent it must be accompanied by a letter from the principal outlining and confirming the basis of the offer made The vendor does not undertake to accept the highest nor any offer. 10

11 OLD DEER PARK RICHMOND STATION RICHMOND BRIDGE TWICKENHAM STADIUM RIVER CRANE ST MARGARET S STATION Land at E G E R T O N R O A D RIVER THAMES TWICKENHAM STOOP TWICKENHAM STATION WHITTON STATION CHURCH STREET

12 Land at Egerton Road Twickenham, Middlesex TW2 7SJ Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. July 2015