CO- OP ANCHORED RETAIL PA RA DE W ITH RES ID ENTIAL U PPERS SOUT H E AST

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Ada Conley
5 years ago
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1 IMAGE SHOWS REFURBISHMENT FOR NEW CO-OP STORE FRONTAGE COMPLETION - TH OCTOBER 0 ASHIN G D ON ROA D, R O C H F O R D E S S E X SS U B CO- OP ANCHORED RETAIL PA RA DE W ITH RES ID ENTIAL U PPERS SOUT H E AST ENTER

INVESTMENT SUMMARY Local shopping parade and residential investment in the South East Situated in a busy residential area close to Rochford Station Busy commuter area close to London and London

0 acres (low site density of 3%) Ground floor retail with apartments over floors above,99 sq ft of retail accommodation Retail comprises a supermarket ( unit shops combined) and unit shops, sq ft of

2 INVESTMENT SUMMARY Local shopping parade and residential investment in the South East Situated in a busy residential area close to Rochford Station Busy commuter area close to London and London Southend Airport, sq ft on a site of.0 acres (low site density of 3%) Ground floor retail with apartments over floors above,99 sq ft of retail accommodation Retail comprises a supermarket ( unit shops combined) and unit shops, sq ft of residential accommodation within duplex flats Total income of,30 per annum 0% of the total revenue derives from the commercial rents, 30% from the residential rents % of total income is secured against A covenant of Co-operative Group Food Limited Co-operative Group Food Limited is a D&B A rated covenant Low base rents with scope for significant reversion AWULT of.9 years to expiry,. years to break Development potential via a further light weight extension on the roof (STP) Quoting offers in excess of,,000 (STC).09% Net Initial Yield, 9.% Reversionary Yield C O - O P A N C HO R E D R E TA I L PA R A D E W I T H R E S I D E N T I A L UP P E R S

3 WOODHAM RD WEALD RD A SHENFIELD RD OLD CHURCH LN HIGH ST A30 WOODHAM RD BURNHAM RD J ST. MARYS LN UPMINSTER LONDON RD J9 WARLEY RD GREAT WARLEY ST CLAY TYE RD BRENTWOOD RD BULPHAN BY-PASS LOWER DUNTON RD NOAK HILL RD A - SOUTHEND ARTERIAL RD LANGDON HILLS UPPER MAYNE CRAYS HILL BROADMAYNE A3 E MAYNE GOLDEN JUBILEE WAY CANVEY WAY RAWRETH LONDON ROAD LOWER RD HIGH ROAD A HOCKLEY STATION MAIN RD LONDON ROAD RECTORY RD HALL RD CHERRY ORCHARD WAY ASHINGDON RD LARK HILL RD ROCHFORD LONDON SOUTHEND SOUTHEND CENTRAL STATION BRAYS LN ROCHFORD STATION SUTTON ROAD ROYAL ARTILLARY WAY SOUTHEND VICTORIA STATION MA R WESTCLIFF-ON-SEA INE PARADE a a a DUNSTABLE DUNSTABLE b HEMEL HEMEL HEMPSTEAD HEMPSTEAD 3 3 ALMING a b a a a a WATFORD WATFORD HAYES HAYES WEYBRIDGE WEYBRIDGE HEATHROW HEATHROW M3 M3 M M LUTON LUTON M M HARROW HARROW M M COBHAM COBHAM A(M) A(M) ST ALBANS ST ALBANS WEMBLEY WEMBLEY DORKING DORKING 3 3 STEVENAGE STEVENAGE 3 3 EPSOM EPSOM BARNET BARNET MITCHAM MITCHAM M3 M3 CROYDON CROYDON CATERHAM CATERHAM HERTOFORD HERTOFORD LONDON PUCKERIDGE PUCKERIDGE BISHOP S BISHOP S STORTFORD STORTFORD M M WOODFORD WOODFORD BROMLEY BROMLEY HARLOW HARLOW M M ROMFORD ROMFORD 3 3 OTFORD OTFORD BRENTWOOD BRENTWOOD 9 9 DAGENHAM DAGENHAM LONDON CITY LONDON CITY 3 3 GRAYS GRAYS WELLING WELLING DARTFORD DARTFORD a a ORPINGTON ORPINGTON STANSTED STANSTED TAKELEY TAKELEY CHIPPING CHIPPING ONGAR ONGAR SEVENOAKS SEVENOAKS M0 M0 NEW ASH NEW ASH GREEN GREEN M M a a BROOMFIELD BROOMFIELD STOCK STOCK GREAT BADDOW GREAT BADDOW RAYLEIGH RAYLEIGH ROCHFORD FOULNESS ROCHFORD FOULNESS ISLAND BASILDON LONDON ISLAND BASILDON LONDON SOUTHEND SOUTHEND SOUTHEND-ON-SEA SOUTHEND-ON-SEA CANVEY ISLAND CANVEY ISLAND RIVER THAMES RIVER THAMES M M BRAINTREE BRAINTREE CHELMSFORD CHELMSFORD ROCHESTER ROCHESTER RAINHAM RAINHAM 3 3 MAIDSTONE MAIDSTONE WITHAM WITHAM ALLHALLOWS ALLHALLOWS M0 M0 LENHAM LENHAM M M COLCHESTER COLCHESTER DANGIE DANGIE ISLE OF ISLE OF SHEPPEY SHEPPEY WIVENHOE WIVENHOE WYE LOCATION Rochford is a town in the Rochford district of Essex in the South East of England. It lies 3 miles from Central London and approximately miles from Chelmsford. The town has a local population of, people (0 census), increasing to,00 for the district. The town benefits from good transport links to London, and is readily accessible by road, rail and air. The A continues westwards to the, and from there access to London and the rest of the south east. The A30 runs to the north and provides access to Chelmsford and Colchester. Rochford railway station has direct trains to Southend Victoria (0 minutes) and London Liverpool Street Station ( minutes), making the town popular for commuters. London Southend Airport lies just.3 miles to the south of Rochford town centre, serving more than,000,000 customers a year to short haul European destinations. The airport saw a 3% growth in passenger numbers and Stobart have announced a further 0m investment over the next years taking capacity to,000 flights per year by 0.

4 RECTORY ROAD ASHINGDON ROAD TO ROCHFORD TOWN CENTRE

SITUATION The property is located to the North of the town, fronting the main thoroughfare, Ashingdon Road and with the access to the car park coming off Rectory Road to the south and Mansted Gardens

There is also a small retail parade directly opposite the subject property, providing a local convenience centre for residents.

5 SITUATION The property is located to the North of the town, fronting the main thoroughfare, Ashingdon Road and with the access to the car park coming off Rectory Road to the south and Mansted Gardens to the north. The immediate area surrounding the property consists primarily of high density residential properties, with The King Edmund Secondary School located in close proximity. There is also a small retail parade directly opposite the subject property, providing a local convenience centre for residents. This parade is occupied by hairdressers, a Coral Bookmakers, a kitchen showroom, an estate agents, veterinarian and physiotherapists. The traditional retail high street of Rochford is located along West and North Street, which are to the south of the subject property. Retail in the town centre includes a strong core of independent retail and leisure operators, as well and national occupiers including Greggs, Upper Crust, Sainsbury s and Londis.

DESCRIPTION The property comprises purpose-built retail parades in a u shaped configuration with residential apartments above arranged over ground and two uppers floors.

The internal courtyard contains a surface car park for approximately 0 vehicles dedicated to residents of the upper floor flats.

6 DESCRIPTION The property comprises purpose-built retail parades in a u shaped configuration with residential apartments above arranged over ground and two uppers floors. The property is of traditional concrete framed construction with brick and window fenestrations around an internal courtyard. We estimate the building to have been constructed in the 90 s. The internal courtyard contains a surface car park for approximately 0 vehicles dedicated to residents of the upper floor flats. Included in the demise is a further concrete surface car park to the front and sides of the building containing spaces for a further 0 vehicles. Outside the demise, to the front of the property (Ashingdon Road), is a free to use Council owned car park for vehicles and recycling bins.

7 TENANCY / ACCOMMODATION / EPC The property is multi let in accordance with the tenancy schedule below. The ground floor units are let on FRI terms with the residential tenants occupying on a standard AST basis. COMMERCIAL INCOME SCHEDULE KEY Retail Green - Residential Blue - Retail and Residential Combined SERVICE CHARGE Maintenance is undertaken via a Service Charge: Year Ending th March 0, Year Ending th March 0, The Co-Operative Group Food Limited s lease will have a cap on service charge at 3 psf. Unit EPC Act Tenant Area Lease Start Term Lease Expiry Current Rent Rent PSF ERV ERV (PSF) Comments Block A C- No Cem Pasha sq ft /0/0 /0/00,000., Renewal recently agreed year term at,000 per annum. - Yes Mr TE & Mrs LT Burrage sq ft 0/0/03 0/0/0,000 3.,.00 3 D- Yes Block B - - Yes Andrew Keith Hall & Nicola Sharon Hall Co-operative Group Food Limited 3 sq ft /0/00 0 /0/00,0.3,9.00 Lease end 00. Rent review agreed at,000 per annum in April 0. Lease end 0. 3, sq ft 0//0 0//033 0, ,99.0 Renewal lease of Co-op store. Lease to be granted on completion. 9 C- Yes Rajubhai patel 0 sq ft 3/0/0 30/0/033 3,000 9., Recently agreed regear. 0 C- Yes Chemicrest Limited 9 sq ft //000 0 //00 3,0.00, Block C Lease end 00. Regear agreed at,000 per annum with expiry in December 033, yet to complete. - No Oi Phan Law sq ft /0/03 0 3/0/03 3, ,0.00 June 0 review being negotiated. Tenant break on //00. D- Yes AMS Beauty Limited sq ft 09//00 3 0//00,0.,0.00 Renewal in negotiation. 3 C-3 Yes Golden Crust Bakery Limited 0 sq ft 09/0/0 0 0/0/0,000.9, D-9 No Scott Jay Page 3 sq ft 0/0/0 30/0/0,00.,9.00 D-99 Yes Vacant 39 sq ft ,0.00 Under offer. Lease agreed. Tenant of Unit relocating to Unit 3. 0 year term. Tenant break at year 3. Given 3 years rent free. Rent to be topped up be the vendor. Renewal agreed years from May 0 at average rent of,00 per annum. D-9 Yes Sharon Everitt 39 sq ft /0/0 3 /0/0,000.,90.00 New 3 year lease in legals.,000 pa. D-0 Yes Vacant 0 sq ft 0/0/0 9/0/09,000 3.,00.00 Total / Average,99 sq ft ,00.,30. Food Occupying at present. Rental guarantee offered by the vendor. Available once extension works are complete. * Assumed starting date following relocation.

8 RESIDENTIAL INCOME SCHEDULE KEY Retail Green - Residential Blue - Retail and Residential Combined Unit EPC Act Tenant Area Lease Start Term Lease Expiry Current Rent Rent PSF ERV ERV (PSF) Comments Block A a D- - Mr Richard Pruden, Mrs Hannah Pruden a - Yes Mr TE & Mrs L T Burrage sqft 0/0/03 0/0/0 sqft 0/0/0 0. 0//0 9,000., Included in commercial above -, a D- - Vacant 9 sqft , Block B a D- - Vacant sqft , a - - Alan Stanley Davies & Mary Davies sqft /0/00.0 /0/0,00.9,00. a F-3 - Mrs S Lyons 9 sqft 0/0/ /0/000,00., a F-3 - Mr Richard Pruden, Mrs Hannah Pruden sqft 0/03/03 0/09/03, , a F-30 - Ms Sarah Rogers 9 sqft /0/ //00,00., a D- Yes Rajubhai Patel sqft 3/0/0 30/0/033 0a D- Yes Chemicrest sqft // //00 Block C a D- No Oi Phan Law 00 sqft /0/03 0 3/0/03 Included in commercial above Included in commercial above Included in commercial above -, , , a D-9 - Mrs Cerise Myles sqft 0/0/0 0. 0//0 9,000., a E- - Miss Sally Lawrence sqft 0/0/0 09/0/0,0 9.3, a F- - Vacant 00 sqft , a F-3 - Miss Karen huttley 0 sqft 0//00 0/0/009,00 9., a E- - Miss Fiona Smith 0 sqft 9/0/0 0. //0,00 0.3, a D- - Ms Emma Huckstepp 0 sqft /0/00 /0/0,00 0.3, Total / Average, sqft - 9,300.39,00 9. Total including assumed residential apportionment 9,00 Grand Total, sqft,30 0.,0.0 Residential element of commercial lease. Assume,00 per annum in rent for residential portion. Assume,00 per annum for residential portion. Confirmation of tenancy required from SH. Residential element of commercial lease. Assume,00 per annum for residential portion. Residential element of commercial lease. Assume,00 per annum for residential portion. Residential element of commercial lease. Assume,00 per annum in rent for residential portion. Total of,00 per annum assumed for residential portion of commercial/residential leases.

9 TENURE The property is held freehold under title number EX399. S M A N S T E D G A R D E N PROPOSED ATM Legend Boundary line Denotes extent of property demised to the Co-Operative Denotes area demised to the Co-Operative for external plant Denotes area demised to the Co-Operative for customer parking Denotes unrestricted h rights of access for the Co-Operative

10 COVENANT STATUS A total of.% of the rental total income is derived from the Co-Operative Group Food Limited with the remaining commercial and residential income derived from either private individuals or local business operators. Co-operative Group Food Limited (Company Number: IPR) is a wholly owned subsidiary of The Co-operative Group Ltd which was established in and now operates over,000 outlets with over 0,000 employees and an annual turnover of 9.0 billion. Co-operative Group Food is the UK s th largest food retailer with almost,00 local, convenience and medium sized stores employing over 9,000 people. The group have announced a 0m expansion plan in 0, opening 00 new food stores and creating,00 more jobs. A summary of their latest company accounts is provided below: Co-Operative Group Limited th Jan 0 th Jan 0 Turnover 9,0,000,000 9,,000,000 Pre-tax Profits,000,000 ( 3,000,000) Shareholder Funds 3,0,000,000 3,,000,000 Experian Delphi Rating 00 (Very Low Risk) Dun & Bradstreet Rating A Further information is available at

11 ASSET MANAGEMENT The asset provides potential investors with a number of development and asset management opportunities. There is the potential for an extension or addition of floors to fully utilise site area (subject to planning and consents). The residential portion is fully let and demand in the area is strong. The southern boundary to Rectory Road could be demolished and re-built with higher massing and underground parking. The retail units are small and let to local tenants. The units could be merged and extended to the rear to provide an opportunity to let to multiple national retailers with larger size requirements (Subway, Dominos, KFC etc). There is the opportunity of an onward sale of the residential apartments piecemeal or to an investor/registered provider at a premium. INSPECTION TIMETABLE The property is available for inspection on the following dates, subject to prior arrangement: Wednesday 0th October 9.30am -.00pm Thursday th October.30pm -.00pm VAT VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a transfer of a going concern. DATAROOM The vendor has prepared a pre-sale due diligence pack: The following information is available: Architects Plans (PDF and CAD Ground Floor Only) Leases Searches Title Plans & Registers EPCs CPSEs ANTI-MONEY LAUNDERING REGULATIONS In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

PROPOSAL F U R T H E R I N F O R M AT I O N We are seeking offers in excess of For further information or to arrange an inspection, please contact:,,000 for our client s freehold interest subject to

12 PROPOSAL F U R T H E R I N F O R M AT I O N We are seeking offers in excess of For further information or to arrange an inspection, please contact:,,000 for our client s freehold interest subject to contract and exclusive of VAT. A purchase at this level reflects the following:.09% Net initial yield 9.% reversionary yield 3 Capital value psf. Rob Steward 0 00 rs@christopherdee.co.uk Christopher Dee 3 Linen Hall, - Regent Street London, WB TD Daniel Campbell dc@christopherdee.co.uk Mark Powell 0 0 mp@christopherdee.co.uk Christopher Dee 0 Peter Street Manchester M GP MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/ purchasers should satisfy themselves as to the fitness of such equipment for their requirements. October 0. C O - O P A N C HO R E D R E TA I L PA R A D E W I T H R E S I D E N T I A L UP P E R S

Co-Operative Supermarket Investment Former HSBC Bank, East Street, Rhayader, Powys LD6 5DU. CGI for new signage

Co-Operative Supermarket Investment Former HSBC Bank, East Street, Rhayader, Powys LD6 5DU CGI for new signage Co-Operative Supermarket Investment, Former HSBC Bank, East Street, Rhayader, Powys LD6 5DU