31-45 (odd) Wote Street, Basingstoke, Hampshire RG21 7NF A Predominantly Residential Mixed Use Investment in the heart of Basingstoke
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE INVESTMENT CONSIDERATIONS At practical completion the Freehold will comprise: n 50 new self-contained flats (26 x one bed & 24 x two bed) n Flats to be completed to a high specification ready for immediate occupation n Practical completion May 2017 n Flats to benefit from New Build Warranties n Four fully let retail units with tenants including Bank of Scotland plc (t/a Halifax) and Hays Travel Ltd (t/a Hays Travel) n Total commercial income: 217,500 per annum n ERV of flats: 540,000 per annum n Overall building ERV (once fully let): 757,500 per annum n 7 minute walk (700 yards) from Basingstoke Railway Station (Reading from 16 mins and London Waterloo from 45 mins) n Shopping, dining and entertainment amenities all within close proximity
Crossborough Hill A339 FESTIVAL 31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE Gres Chapel Hill Basing View BASINGSTOKE Basing View Churchill Way East Churchill Way East Ringway East A339 Church St Timberlake Ro ad FESTIVAL PLACE SHOPPING CENTRE Festiv al Way Eastrop Way New Road Lytton Road London Road Sarum Hill Winchester Road Bounty Road New Road Southern Road Hackw ood Road London Road Old Common Road A30 Black Dam Way Fair elds Road Gliddesden Road Ringway South M5 M4 ATH ter Bournemouth Swindon Salisbury BOURNEMOUTH M271 M27 M4 OXFORD Newbury M3 Winchester Southampton ISLE OF WIGHT READING BASINGSTOKE M40 Southampton A3(M) M27 Chichester Portsmouth M3 M25 Woking M1 City LONDON Heathrow Fleet Guildford Farnham M25 A1(M) M23 Gatwick Worthing Brighton M11 London LOCATION Basingstoke is a popular commuter town, located in Hampshire within the Borough of Basingstoke and Deane. Basingstoke is Hampshire s largest town with an immediate population of some 87,000 people. Basingstoke is situated 51.5 km (32 miles) north east of Southampton, 29 km (18 miles) south of Reading and 82 km (51 miles) south west of central London. The building is located on the eastern side of Wote Street at its junction with Market Walk. Wote Street is a pedestrianised retail thoroughfare which runs south from Festival Place Shopping Centre to London Street which is also a busy retail street. As a result of its prominent corner location next to the entrance/exit of the shopping centre, the property benefits from high pedestrian footfall. Pedestrian access to the property is from Wote Street and Market Walk whilst further pedestrian and vehicular access is also available at the rear from Red Lion Lane. The property s central location therefore provides an extensive range of amenities for shopping, entertainment and dining. Festival Place shopping Centre includes retailers such as Apple, Debenhams, Marks & Spence, Next and Sports Direct. The property is located within easy walking distance of a range of supermarkets including Tesco Metro, Waitrose, Sainsbury s and Londis. The Vue Cinema is located within Festival Place as is Basingstoke Sports Centre with a range of facilities including a large gym and swimming pool complex. The open space of Basingstoke common is also within easy reach as is the extensive and varied Hampshire countryside and surrounding villages. Basingstoke benefits from excellent communications with the M3 located 1.77 km (1.1 miles) to the south of the property. The M3 provides direct access to the M25 and M27 to the south. Basingstoke train station is also within 640 metres (700 yards) providing direct services to London Waterloo (45 minutes), Southampton (31 minutes) and Reading (16 minutes).
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE COMMUNICATIONS BY TRAIN Reading 16 mins Woking 18 mins Southampton 31 mins London Waterloo 45 mins Heathrow Airport (Terminal 5) 63 mins BY CAR M3 (Junction 6) 5 mins Reading 30 mins M25 (Junction 12) 35 mins Southampton 36 mins Central London 82 mins AIRPORT DRIVE TIMES Southampton 32 mins London Heathrow 48 mins London Gatwick 65 mins London Luton 72 mins London Stansted 97 mins DEMOGRAPHICS Basingstoke is an expanding commuter town with a resident population of 107,355 (including its outer suburbs) and an estimated shopping population of 208,000 which is above the average for Sub Regional Resilient Towns (ranking the town 63 out of 118 of the PROMIS Centres). The town is projected to see above average population growth over the next five years. According to the 2011 census the Basingstoke area contained a significantly above average population of adults of working age categorised within the most affluent AB social group.* House prices in the area were above the PROMIS average in Q1 of 2016 at 327,300 and house prices increased by 11.1% on average between Q1 2015 Q1 2016. Basingstoke and Deane Council have recently created a 25m Invest to Grow Fund which is aligned with Basingstoke s Economic Master Plan 2033 which aims to achieve significant regeneration within the town resulting in the creation of up to 4,000 new jobs and 233m Gross Value Added pa.
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE TENURE Freehold. DESCRIPTION Festival Apartments is a mixed use building, comprising ground floor retail and four upper floors of residential accommodation. The upper floors were formally offices occupied by the Council and are currently being converted to flats. The property is highlighted in red for identification purposes only on the Location Plan, Goad Plan and OS Map provided. COMMERCIAL The ground floor comprises four retail units fronting Wote Street. Halifax Bank occupies a double fronted unit and also benefits from a return frontage along Market Walk, whilst St Michaels Hospice, Hays Travel and Kims Nails are single units. COVENANT Bank of Scotland Plc For the year ended 31 December 2015, Bank of Scotland plc reported a pre-tax profit of 2.653bn, shareholders funds of 15.119bn and a net worth of 14.692bn. Hays Travel Ltd - For the year ended 30 June 2016, Hays Travel Ltd reported a pre-tax profit of 7.514m, shareholders funds of 24.561m and a net worth of 23.178m. St Michael s Hospice (North Hampshire) - Is a registered charity dedicated to providing care to people throughout North Hampshire who are affected by life-limiting illness. The retail division operates a chain of eight traditional stores and a furniture store in the North Hampshire area. For the year ended 31 March 2016 the charity reported a net worth of 4.545. COMMERCIAL TENANCY SCHEDULE Unit No. Tenant Floor NIA sq m* NIA sq ft* Lease Start Term (years) Unit 31, Wote Street Unit 33, Wote Street Unit 35, Wote Street 1A & 1B, 39 / 45 Wote Street Mina Nails Ltd (t/a Kims Nails) Hays Travel Ltd (Letting agreed) St Michael's Hospice (North Hampshire) Bank of Scotland plc (t/a Halifax) Lease Expiry (Break) G 78.13 841 19/03/2013 15 18/03/2028 (19/03/2023) G 84.36 908 17/03/2017 10 16/03/2027 (16/03/2022) G 83.33 897 21/01/2014 10 20/01/2024 (20/01/2019) G 577.85 6,220 05/07/2012 10 04/07/2022 (04/07/2017 not exercised) Total 823.67 8,866 217,500 * The NIAs have been provided by the Vendor and are indicative only and cannot be relied upon. Purchasers should satisfy themselves as to the accuracy of these measurements, March 2017. Next Review Rent (pa) Comments 19/03/2018 30,000 FRI Lease 17/03/2017 27,500 FRI Lease 21/01/2019 26,000 FRI Lease 05/07/2017 134,000 FRI Lease
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE RESIDENTIAL At practical completion in May 2017 the upper floors, which benefit from two cores (interlinked at first and fourth floor levels) will comprise 50 new self-contained flats (26 x one bed & 24 x two bed) which will benefit from new build warranties. A new lift has been installed within the larger core. The flats will be completed to a high specification ready for immediate occupation. Each flat has an open plan kitchen/ reception and family bathroom while ten flats benefit from ensuite shower rooms. Nine flats also benefit from private terraces whilst the majority of the remaining flats have Juliette balconies. The flats benefit from electric hot water, electric heating systems and electric hob ovens. In addition, the building will provide secure gated residential parking for 8 cars at first floor level (ground floor level at rear) together with cycle storage and an area for refuse. Whilst the existing planning consent is for 8 residential parking spaces there is potential to park up to 14 cars within the demise. A full specification of works is available to download from the data room together with other technical documents. OVERALL ESTIMATED RENTAL VALUE We are of the opinion that once fully let the flats will have an estimated aggregate rental value of 540,000 per annum. This combined with the current commercial rent of 217,500 will provide an overall total income of 757,500 per annum (fully let). ACCOMMODATION SCHEDULE Flat No. Floor No. of Beds Further Accommodation Floor Areas (GIA) SQ M SQ FT 1 First 2 Two bedrooms, bathroom, open plan kitchen / reception room, loft storage 60.5 651 2 2 Two bedrooms, bathroom, open plan kitchen / reception room, loft storage 68.0 732 3 2 Two bedrooms, bathroom, open plan kitchen / reception room 54.4 586 4 2 Two bedrooms, bathroom, open plan kitchen / reception room 56.4 607 5 1 One bedroom, bathroom, open plan kitchen / reception room 56.2 605 6 1 One bedroom, bathroom, open plan kitchen / reception room 55.1 593 7 1 One bedroom, bathroom, open plan kitchen / reception room 57.3 617 8 1 One bedroom, bathroom, open plan kitchen / reception room 43.1 464 9 1 One bedroom, bathroom, open plan kitchen / reception room 38.9 419 10 Second 1 One bedroom, bathroom, open plan kitchen / reception room 52.2 562 11 2 Two bedrooms, bathroom, open plan kitchen / reception room 55.6 598 12 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 72.5 780 13 2 Two bedrooms, bathroom, open plan kitchen / reception room 64.3 692 14 1 One bedroom, bathroom, open plan kitchen / reception room 45.0 484 15 1 One bedroom, bathroom, open plan kitchen / reception room 42.0 452 16 2 Two bedrooms, bathroom, open plan kitchen / reception room, terrace 76.3 821 17 1 One bedroom, bathroom, open plan kitchen / reception room, terrace 51.9 559 18 1 One bedroom, bathroom, open plan kitchen / reception room, terrace 51.9 559 19 1 One bedroom, bathroom, open plan kitchen / reception room, terrace 47.9 516 20 2 Two bedrooms, bathroom, open plan kitchen / reception room 56.9 612 21 2 Two bedrooms, bathroom, open plan kitchen / reception room 52.4 564 22 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 67.3 724 23 1 One bedroom, bathroom, open plan kitchen / reception room 45.8 493 24 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 75.3 811 25 Third 1 One bedroom, bathroom, open plan kitchen / reception room 52.2 562 26 2 Two bedrooms, bathroom, open plan kitchen / reception room 55.7 600 27 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 73.0 786 28 2 Two bedrooms, bathroom, open plan kitchen / reception room 64.3 692 29 1 One bedroom, bathroom, open plan kitchen / reception room 44.9 483 30 1 One bedroom, bathroom, open plan kitchen / reception room 41.9 451 31 1 One bedroom, bathroom, open plan kitchen / reception room, terrace 40.5 436 32 1 One bedroom, bathroom, open plan kitchen / reception room, terrace 33.5 361 33 2 Two bedrooms, bathroom, open plan kitchen / reception room 52.6 566 34 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 67.3 724 35 1 One bedroom, bathroom, open plan kitchen / reception room 45.9 494 36 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 75.3 811 37 1 Two bedrooms, bathroom, open plan kitchen / reception room, terrace 79.4 855 38 1 One bedroom, bathroom, open plan kitchen / reception room 49.2 530 39 Fourth 2 Two bedrooms, bathroom, open plan kitchen / reception room 55.7 600 40 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 67.9 731 41 2 One bedroom, bathroom, open plan kitchen / reception room 59.1 636 42 1 One bedroom, bathroom, open plan kitchen / reception room 29.9 322 43 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room, terrace 74.1 798 44 1 One bedroom, bathroom, open plan kitchen / reception room, terrace 46.7 503 45 1 One bedroom, bathroom, open plan kitchen / reception room 37.3 401 46 1 One bedroom, bathroom, open plan kitchen / reception room 37.7 406 47 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 53.8 579 48 1 One bedroom, bathroom, open plan kitchen / reception room 42.9 462 49 2 Two bedrooms, bathroom, en-suite shower room, open plan kitchen / reception room 77.1 830 50 1 One bedroom, bathroom, open plan kitchen / reception room 50.7 546 TOTALS 26 x one bed, 24 x two bed 2,756 29,663 * The floor plans and areas have been provided by the vendor s architect. Purchasers should satisfy themselves as to the accuracy of these drawings and measurements. March 2017.
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE PLANNING In April 2015 the Council received notification of proposed change of use of Class B1 (office) to Class C3 (dwelling house) consisting of 36 residential flats (ref: 15/00503/GPDOFF). It was recommended in April 2015 that the application be approved subject to certain conditions. AS BUILT FLOOR PLANS - GROUND FLOOR Planning was granted in July 2015 for the replacement of the existing windows and overcladding the building with insulation and render and rainscreen cladding (planning ref: 15/00763/ FUL). Planning was granted in May 2016 for the extension of the third floor with an additional 4th storey above, to provide 6 no. 1 bed flats and 8 no. 2 bed flats (as an extension to approved scheme for 36 flats under prior notification reference 15/00503/GPDOFF) (planning ref: 15/01309/FUL). Basingstoke and Deane Borough Council Civic Offices London Road Basingstoke Hampshire RG21 4AH Website: www.basingstoke.gov.uk Telephone: 01256 844844
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE FIRST FLOOR
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE SECOND FLOOR
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE THIRD FLOOR
31-45 (ODD) WOTE STREET, BASINGSTOKE, HAMPSHIRE RG21 7NF A PREDOMINANTLY RESIDENTIAL MIXED USE INVESTMENT IN THE HEART OF BASINGSTOKE FOURTH FLOOR
ENERGY PERFORMANCE CERTICATES (EPCS) EPCs are available to download from the dataroom. VAT We understand that the property is not elected for VAT. DATAROOM Title documents, leases, planning consents, EPCs and drawings are available at: www.festival-apartments.co.uk PROPOSAL Offers in excess of 12,250,000 are invited, subject to all existing tenancies, subject to contract and practical completion of the building. For further information or to make arrangements for viewing please contact: Residential Investments National Investments (Commercial) Adam Kerven 020 7344 2628 adam.kerven@allsop.co.uk James Hood 020 7344 2637 james.hood@allsop.co.uk Richard How 020 7344 2652 richard.how@allsop.co.uk Jonathan Butcher 020 7543 6755 jonathan.butcher@allsop.co.uk www.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 03.17