WESTLEGATE & BOARS HEAD NORWICH NR1 3LT

Transcription

1 On the instructions of Telereal Trillium WESTLEGATE & BOARS HEAD RETAIL INVESTMENT & RESIDENTIAL DEVELOPMENT OPPORTUNITY

2 NORWICH BUS STATION NORWICH TRAIN STATION < 5 MIN WALK NORWICH MARKET Outline for indicative purposes only.

3 INVESTMENT CONSIDERATIONS Unique opportunity to acquire a significant retail and office investment offering ongoing active asset management and significant development potential. Well located in Norwich city centre, between John Lewis and Marks and Spencer Total floor area of 56,155 sq ft (5,217 sq m) Freehold Large site area of acres (0.201 ha) 15 retail units with a total passing rent of 451,000 per annum AWULT of 6.2 years to expiry and 3.2 years to break WESTLEGATE FRONTAGE DEVELOPMENT POTENTIAL Total scheme provides 69 apartments via office conversion and new build extensions 100% private accommodation The total consented proposed residential accommodation comprises an approximate NSA of 3,232.3 sq m (34,792 sq ft) Alternative uses such as a hotel or student scheme may be achievable, subject to the necessary consents. PROPOSAL BOARS HEAD FRONTAGE Offers sought in excess of 7,000,000 (Seven Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 9.4% assuming standard purchaser s costs on the retail accommodation and a low psf on the NSA of the consented residential accommodation.

4 KING S LYNN A1067 M1 A14 A1 A1(M) A1(M) PETERBOROUGH ELY HUNTINGDON A428 STEVENAGE LONDON A10 A142 CAMBRIDGE M25 M11 BISHOP S STORTFORD NEWMARKET A134 A47 A11 THETFORD NORWICH A140 FELIXSTOWE IPSWICH A1042 Great Yarmouth Lowestoft A12 LOCATION Norwich is an affluent cathedral city and a major regional centre in East Anglia. The city is located approximately 43 miles north of Ipswich, 62 miles east of Cambridge and 110 miles north east of London. The city benefits from good road communications providing direct access to the A11 which connects Norwich with Cambridge to the south west and London Cambridge Ipswich 110 miles 62 miles 43 miles onto junction 9 of the M11. The A140 provides access to the A14 and Ipswich to the south. Rail communications are provided from Norwich railway station with direct services to Ipswich, Cambridge and London Liverpool Street with quickest journey times of approximately 38 minutes, 1 hour 19 minutes and 1 hour 50 minutes respectively. ROAD RAIL AIR London Liverpool Street Cambridge Ipswich 1 hour 50 minutes 1 hour 19 minutes 38 minutes Norwich International Airport is located approximately 3.5 miles to the north of the site and London Stansted Airport is located approximately 77 miles to the south west. The airport handled a record 24.3 million passengers in London Stansted Airport Norwich International Airport 77 miles 3.5 miles

5 WESTLEGATE & BOARS HEAD SITUATION The property is situated fronting Westlegate and St Stephens Street in a predominantly retail location. Nearby occupiers include Debenhams, Tesco Express, Marks & Spencer, and John Lewis. Castle Mall is located 200 metres to the north east and the Intu Chapelfield Shopping Centre approximately 200 metres west from the property. The pedestrianisation of the street and improved bus routes have increased footfall to this high street and encourage use of the local public realm. Recent residential development has provided a mix of unit sizes and blocks nearby are delivering student housing with good connections to the City College, UEA and Norwich Research Park. DESCRIPTION The property comprises a total of approximately 56,155 sq ft of retail and office accommodation arranged over 4 storeys. WESTLEGATE Westlegate comprises eight retail units on the ground floor extending to approximately 9,439 sq ft (877.0 sq m). The three upper floors extend to approximately 26,062 sq ft (2,421.3 sq m) of vacant B1 office accommodation. BOAR S HEAD Boar s Head comprises seven retail units on the ground floor and part first floor extending to approximately 10,851 sq ft (1,008.0 sq m). Part of the first floor is used as retail ancillary space for the retail unit below (No.3) on the ground floor. The remaining space on this floor and two floors above extend to approximately 9,803 sq ft (910.7 sq m) of vacant B1 office accommodation. Floorplans area available in the dataroom. 2 to 8 2 to 10 TCB 20.1m 21.6m WESTLEGATE to a 5 PH 2 to 8 Boars Head Yard LB 12 Bank 1 Bank 1a 3 3a 21.6m 9 TENURE Freehold. SITE AREA The property has a total site area of acres (0.201 ha).

6 Norwich benefits from a significant tourism industry estimated to be worth approximately 650 million per year DEMOGRAPHICS AND RETAILING IN NORWICH Due to Norwich s attractive and historical central area, the city benefits from a significant tourism industry with reports estimating that tourism is worth approximately 650 million per year to the Norwich area and supports more than 11,000 jobs. Norwich is home to the University of East Anglia (UEA) with over 15,000 students and Norwich Research Park, both of which are situated within a campus stretching over 320 acres of parkland 2.6 miles west of the site. The business park comprises over 80 businesses, 12,000 employees and 3,000 scientists, researchers and clinicians. The estimated shopping population for Norwich is 595,000. The city ranks 14 out of 200 PROMIS centres in terms of the volume of comparison retail spend available in the catchment area. City centre retail floor space in Norwich is estimated at 2.22 million sq ft of which approximately 538,000 sq ft is within Intu Chapelfield Shopping Centre and approximately 380,000 sq ft within Castle Mall Shopping Centre. VACANT HEAVENLY DESSERTS Crown Copyright, ES For identification purposes only. Experian Goad Plan Created: 27/09/2018

7 TENANCY SCHEDULE Westlegate Tenant Description Area sq ft Area sq m Lease Start Lease Expiry Lease Break Next Review Rent pa Rent psf Zone A Comments Ground 1, Westlegate Sweet Outcomes Ltd (t/a Heavenly Desserts) ITZA 1, Total 1, /12/ /12/ /12/ /12/ , Ground Westlegate Gillian and Dale Carter ITZA Total /06/ /06/ , Tenant has assigned the lease Ground Westlegate Norwich Samaritans ITZA /08/ /08/ , Total Westlegate Hidden Hearing Limited (Guarantor - Hidden Hearing International Plc) Ground ITZA Total /09/ /09/ /09/ /09/ /09/ /09/ , Westlegate Vacant Ground ITZA Total /01/ /01/2020 Tenant has vacated and not paying any rent Ground 1, Westlegate Adnams Plc ITZA 1, /10/ /10/ /10/ , Total 1, Ground Westlegate Games Workshop Limited (t/a Warhammer) ITZA Total /07/ /07/ /07/ /07/ , Ground 2, Westlegate Noa Noa Norwich Limited ITZA 1, Total 2, /10/ /10/ /10/ /10/ , First 9, Westlegate Upper Parts Vacant office accommodation Second 9, Third 6, Total 26,062 2,421.2 Sub Total 35,501 3, ,500

8 TENANCY SCHEDULE Boars Head Tenant Description Area sq ft Area sq m Lease Start Lease Expiry Lease Break Next Review Rent pa Rent psf Zone A Comments 1 & 1a St Stephens Street Vodafone Limited (t/a A Phone Shop) Ground ITZA First /09/ /09/ , Vodafone have sublet to Phone Gadget Ltd. Total Ground St Stephens Street Andrew Smith Enterprises (t/a Snappy Snaps) ITZA First /05/ /05/ /05/ /05/ , Total a St Stephens Street Vacant Office Accommodation First 2, Total 2, Ground 2, St Stephens Street Jonathan Trumbell Limited ITZA 1, Basement 1, /10/ /10/ , Total 3, Ground a St Stephens Street Jennings Racing Limited (t/a Jennings Bet) ITZA Total /11/ /11/ /11/ /11/ , Ground St Stephens Plain Mr Flatt (t/a Just Cards) ITZA First /03/ /03/ /03/ /03/ , Total 1, Ground St Stephens Plain H Siddall and Sons Limited (t/a Siddalls) ITZA First /10/ /10/ , Total 1, Second Floor 5, Boars Head Upper Parts Vacant office accommodation Third Floor 4, Total 9, Sub Total 20,654 1,9, ,500 Total 56,155 5, ,000

9 COVENANT TENANT COMPANY NUMBER YEAR END TURNOVER PRE TAX PROFIT TOTAL NET WORTH Vodafone Limited Mar-17 5,843,900, ,500,000 3,128,100,000 Andrew Smith Enterprises (t/a Snappy Snaps) Dec-17 41,608 Jonathan Trumbell Limited Mar ,428 Jennings Racing Limited Apr-17 17,337, ,196-12,917,367 H Siddall and Sons Limited Jan-17-76,775 Hidden Hearing Limited Dec-17 50,499,554 2,317,315 10,468,190 Adnams Plc Dec-17 74,765,000 1,549,000 28,642,000 Games Workshop Limited May ,648,000 37,821,000 23,245,000 Noa Noa Norwich Limited Aug-17-8,998.00

10 ST STEPHENS AREA MASTERPLAN The site falls within the St Stephens Area Masterplan expanse, which aims to regenerate the area whilst working to compliment the transport improvements. The masterplan recognises the vitality that residential development contributes to this placemaking and as a result a number of new developments and PD schemes are being delivered in Norwich. Westlegate has been outlined as a proposed development in the masterplan and the St Stephens study area falls within the East of England Plan and Regional Economic Strategy. These identify Norwich as one of seven Engines of Growth in the region. They target Norwich for the development of financial and business services, creative industries, retailing and a focus for housing, employment and educational progression. The East of England plan outlined the target of a minimum of 10,610 new build dwelling to be delivered in Norwich from April 2006 to March 2021 and 35,000 new jobs in Greater Norwich within this period. DEVELOPMENT IN NORWICH Norwich is a key UK business nucleus with a mix of traditional residential stock and a pipeline of new development. Significant regeneration projects have enhanced the quality of accommodation and infrastructure in this vibrant city. Occupiers are drawn by the breadth of corporate occupiers and local amenities including the Intu Chapelfield Shopping Centre and River Wensum. The site falls within the St Stephens Street Outline Masterplan (2009), which encompasses the sites occupied by Aviva and stretches south to Queens Road. This initiative seeks to enliven the city centre and encourages the development of residential dwellings as part of the wider regeneration. Development is either proposed or has commenced on several large scale sites within the vicinity including private housing and student accommodation. RESIDENTIAL SCHEMES Sentinel House, situated approximately 0.2 miles south of the subject site is a five storey 1990s former Aviva Building that is a PD scheme completed in September 2018 to provide 199 units, a residents gym, concierge and underground car parking and bike stores. 150 units are under offer or completed and the majority have sold at asking prices (approximately per sq ft). Skipper House, 130 Ber Street (formerly Elliot House) is a PD scheme approximately 0.4 miles southeast of the subject site. Planning was approved in August 2016 for the change of use from offices to 45 residential dwellings. Recent sales include one bedroom flats and 140, ,000 with an average of 400 per sq ft, and two bedroom apartments at approximately 190,000 and 300,000 ( 350 per sq ft average). STUDENT SCHEMES The former Aviva office towers at St Stephens 1 & 2, St Stephens Street is a redevelopment of the existing building to deliver a 740 bed student scheme. Planning was approved in July 2017 and it is currently being converted over the existing eight floors with a further two storey extension. All Saints Green has recently been the focus of major regeneration work by Alumno including the renovation of No. 50, a Grade II listed building, and creating a new landscaped public square with gardens. Following this Alumno have just completed a new scheme at Pablo Fanque House, 30 All Saints Green, which is located to the rear of the subject site opposite John Lewis. It comprises 244 student units with management facilities and amenities along with flexible office/business space with independent access.

11 This drawing is to be read in conjunction with all other relevant drawings and specifications. Do Not Scale WESTLEGATE & BOARS HEAD WG WG WG WG WG WG WG WG WG WG WG WG WG WG WG-308 Riser WG WG WG WG WG WG WG-302A East Corridor WG WG WG WG WG WG WG WG WG WG WG-301 Central Corridor WG WG WG WG WG301A 3rd Floor Stairwell WG-304B West Corridor WG-304A West Corridor WG-305 West Fire Escape WG Ingleton W ood LLP WG WG WG WG WG WG PROPOSED SCHEME WG TYPICAL FLOORPLANS By Department Legend The site is situated within the boundaries of Norwich City Council. Website: Person 1 2 Person Apartment 2 3 Person Apartment Circulation 3rd Floor Fire Escape The buildings are not listed, nor do they fall within a conservation area. Fire Escape 3rd Floor WG-FA-Level 03 Proposed Scale 1 : 100 WG The site benefits from consent for 69 units and associated access delivered as part of four separate consents: WG WG WG WG WG WG WG WG WG WG WG WG WG BH WG WG WG WG WG WG-201 2nd Floor WG WG WG-205B FR WG WG WG WG WG WG WG WG WG WG WG WG WG WG WG WG WG WG-206B West Corridor WG-206A West Corridor WG WG WG WG-204 West Fire Escape WG WG WG WG WG WG WG WG WG WG WG WG-202B East Corridor WG-202A East Corridor WG WG-205A 2nd Floor Plantroom WG WG WG Westlegate Permitted Development - 18/00651/PDD Prior approval was granted in April 2018 for the conversion of the vacant office accommodation in Westlegate to C3 Residential comprising 40 apartments (19 x studio, 17 x one bed, 4 x two beds). WG WG WG WG room WG-203 East Fire Escape Change of use from office (class B1(a)) to dwellinghouses (class C3) to provide 40 apartments. WG-207 WG By Department Legend 1 1 Person 1 2 Person Apartment 2. Westlegate Extension - 18/00642/F A further two storey extension to Westlegate was granted full planning consent in August 2018 to provide for 9 apartments. The consent also includes the change of use of the retail units to facilitate access to the apartments (1 x studio, 6 x one bed, 2 x two beds). 2 3 Person Apartment Circulation 2nd Floor Fire Escape Fire Escape 2nd Floor 2nd Floor WG-FA-Level 02 Proposed Scale 1 : 100 Upward extension to provide 9 residential dwellings (Class C3) within two new storeys, the change of use of one retail unit (Class A1) to provide access to residential units, provision of bin and cycle storage and exterior alterations to the building facade, windows, doors and roof. By Department Legend BH By Department Legend BH Person 1 2 Person Apartment 2 4 Person Apartment Circulation BH-6-06 BH-7-01 Fire Escape BH-8-01 BH-8-03 Fire Escape BH BH BH202 Corridor BH205 BH302 Corridor BH BH306 Form new opening in external wall and install new external grade timber fire door complete with escape hardware. Infill existing floor where existing staircase has been removed. BH304 BH Fire Escape Rear New internal party wall acoustic and min 60minute fire separation BH301 3rd Floor BH-9-07 BH203 Corridor BH206 BH-202 Fire BH BH BH BH-9-06 BH BH BH-9-05 BH-9-04 BH BH BH BH BH BH BH BH BH BH BH BH BH307 Corridor BH303 Fire BH BH BH BH BH BH BH BH BH BH-9-03 Ensuite BH308 BH Level 02 Proposed PA Scale 1 : 100 BH Level 03 Proposed PA Scale 1 : 100 BH BH305 Plantroom BH Boars Head Permitted Development - 18/00652/PDD Planning consent was granted in April 2018 for the conversion of vacant office accommodation in Boars Head to C3 Residential comprising 20 apartments (6 x studio, 11 x one bed, 3 x two beds). Change of use from offices (Use Class B1(a)) to dwellinghouses (Use Class C3) to provide 20 apartments. 4. Boars Head Entrance Change of Use - 18/00641/F Planning consent was granted in July 2018 for the change of use and reconfiguration of the ground floor entrance and part of the adjacent retail unit to facilitate access to the apartments. Change of use and reconfiguration of existing street level office entrance (Class B1(a)) and part of adjacent retail shop (Class A1) to provide residential access (Class C3) to upper floor residential units, provision of bin and cycle storage, exterior alterations to the existing building, provision of new windows, roof alterations and alterations to the rear service yard area. BH New internal apartment walls to comprise of robust metal stud partitions complete with acoustic batts. New internal apartment walls to comprise of robust metal stud partitions complete with acoustic batts. BH BH BH BH BH204 BH Fire Escape Rear BH-201 2nd Floor Stairwell BH-9-08 BH BH BH BH BH-9-01 BH New pre-cast concrete staircase complete with metal railings and handrail Infill existing floor where existing staircase has been removed. BH BH BH BH BH-8-05 BH Circulation BH-7-03 BH-7-05 BH-8-04 BH Person Apartment BH-20-3 BH-7-04 New pre-cast concrete staircase complete with metal railings and handrail BH-6-04 BH-6-05 BH-7-02 BH Person Apartment BH Person Apartment New internal party wall acoustic and min 60minute fire separation BH Person COMMUNITY INFRASTRUCTURE LEVY (CIL) The development will be subject to Norwich City Council CIL which we understand the council have calculated to be 79, in relation to the consented extension.

12 EPC Available upon request. VAT The property has not been elected for VAT. FURTHER INFORMATION For access to the Allsop Data please use the following link: PROPOSAL Offers sought in excess of 7,000,000 (Seven Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 9.4% assuming standard purchaser s costs on the retail accommodation and a low psf on the NSA of the consented residential accommodation. VIEWING ARRANGEMENTS For further information or to make arrangements for viewing please contact: Residential Investment & Development: Commercial National Investment: Andrew Boyd andrew.boyd@allsop.co.uk Victoria Barron victoria.barron@allsop.co.uk Dale Johnstone dale.johnstone@allsop.co.uk Lottie Hayward lottie.hayward@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