ABBOTS COURT, BENEDICT STREET, GLASTONBURY, SOMERSET, BA6 9NP FREEHOLD TOWN CENTRE RESIDENTIAL INVESTMENT OPPORTUNITY FOR SALE WITH REDEVELOPMENT POTENTIAL SUMMARY Glastonbury is a small market town in Somerset, situated 23 miles (37 km) south of Bristol. A town centre residen@al investment opportunity with undoubted redevelopment poten@al for either a new build residen@al scheme or a variety of alterna@ve uses to include affordable housing, mixed tenure housing, care home, sheltered housing, hotel and hostel uses, subject to obtaining the usual consents. Currently arranged as 25 apartments producing a total of 118,980 per annum. Lapsed planning consent exists for part demoli@on and part new build for con@nued residen@al use. Site area of 0.52 acres (0.21 hectares) Freehold Offers sought in excess of 1,250,000 subject to contract for the benefit of our client s freehold interest. A purchase at this level would reflect a Net Ini@al Yield of 9.0% ater the deduc@on of full purchasing costs of 5.80%, and a capital value of only 50,000 per apartment.
LOCATION Glastonbury is a small market town in Somerset, England, situated at a dry point on the low- lying Somerset Levels, 23 miles (37 km) south of Bristol. The town dates back more than 4,000 years, and the historical background of the town is interwoven with world famous legends and folklore. It is these legends for which Glastonbury is best known, and perhaps the most enduring is that which iden@fies the area as Avalon, the fabled isle said to be the res@ng place of King Arthur. Glastonbury holds many historic assets including The Abbey, The Tor, Chalice Well Trust & Gardens to name but a few. Aside from the town s historical background, Glastonbury has an a^rac@ve range of hotels and restaurants, and is world renowned for the annual Glastonbury Fes@val of Contemporary Performing Arts - best known for its contemporary music, but also features dance, comedy, theatre, circus, cabaret and many other arts. Last year alone, approximately 175,000 people had a^ended the fes@val.
DESCRIPTION The subject property is located within the centre of Glastonbury and is bound by Benedict Street to the south, playing fields to the north, a residen@al development and school to the east, and a warehouse and residen@al property to the west. The site comprises three detached two- storey buildings containing a mixture of 25 studio, one and two bedroom apartments and originally comprised a police sta@on and police houses. The two larger buildings (front and rear blocks) have solid stone eleva@ons, with part render, under a pitched roof covered with natural slate. The third building to the rear of the site is a later addi@on to the development and has cavity blockwork eleva@ons with a reconstructed stone outer eleva@on under a pitched roof with concrete @les. The windows to the proper@es are predominantly @mber framed and single glazed. To the front of the property is a tarmaced parking area and to the rear a lawned area.
TENANCY AND ACCOMMODATION SCHEDULE All the apartments are currently let on assured shorthold tenancies as shown in the table below: Cont d overleaf
(*) NB. Nil rent as apartment is let to the on- site managing agent. The floor areas of the units inspected have been calculated in accordance with the RICS Code of Measuring Prac@ce (5 th Edi@on). The remaining floor areas have been provided to us by our client and therefore are subject to verifica@on. The proper@es are currently producing a total of 118,980 per annum.
SITE AREA The site extends to an area of 0.52 acres (0.21 hectares) and is irregular in shape. For idenjficajon purposes only
PLANNING The site is located within the administra@ve jurisdic@on of Mendip District Council and is not within a conserva@on area, nor does it include any listed buildings. Planning policy for the area is contained within the Mendip District Local Plan 2002. Detailed planning consent (Applica@on Number: 067821/030) was granted on 18 th October 2005 for redevelopment of the site to 23 flats (from 24 bedsits) and upgrading of courtyard, although this applica@on has now lapsed. The consented scheme comprised of the demoli@on of Block 1 (at the front of the site) and replacement with a new build three storey building containing 10 one bedroom and 6 two bedroom flats extending to 6,276 sq T (583 sq m). The rear block would remain as exis@ng but would be reconfigured internally to provide 8 two- bedroom apartments extending to 6,071 sq T (564 sq m). The third block containing flats 19 and 20 would remain as exis@ng. A copy of the planning consent and proposed plans are available upon request. ASSET MANAGEMENT We are of the opinion that the site has considerable scope for redevelopment to either a new build private residen@al scheme, or by way of alterna@ve uses to include affordable housing, mixed tenure housing, care home, sheltered housing, hotel and hostel uses, subject to obtaining the usual consents. For further enquiries, please contact the planning department at Mendip District Council on 01749 648 999.
TENURE The site is held freehold under @tle number WS10055 and will be offered with the benefit of the exis@ng tenancy agreements in place upon comple@on. PROPOSAL We have been instructed to seek offers in excess of 1,250,000 subject to contract for the benefit of our client s freehold interest. A purchase at this level would reflect a Net Ini@al Yield of 9.0% ater the deduc@on of full purchasing costs of 5.80%, and a capital value of only 50,000 per apartment. FURTHER INFORMATION Adam Velleman Burlington Partners 31 Old Burlington Street, London W1S 3AS T: 020 7292 7406 M: 07879 477 710 E: adam@burlingtonpartners.com BURLINGTON PARTNERS FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT: - 1. These par@culars do not cons@tute any part of the offer for sale or contract for sale. 2. All statements contained in these par@culars as to this property are made without responsibility on the part of Burlington Partners or the vendors or lessors. 3. None of the statements contained in these par@culars as to this property are to be relied on as statements or representa@ons of fact. 4. Any intending purchasers must sa@sfy themselves by inspec@on or otherwise as to the correctness of each of the statements contained in these par@culars. 5. Any plans or photographs or drawings shown in these par@culars are to enable prospec@ve purchasers or tenants to locate the property. The plans are photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings are for iden@fica@on purposes only. 6. No warranty or undertaking is given in respect of the repair or condi@on of the proper@es or any items expressed to be included in the sale. 7. Any proper@es or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the neighbouring areas at the date a prospec@ve purchaser or tenant inspects the property. Prospec@ve purchasers are strongly advised to inspect the property and neighbouring areas. 8. Burlington Partners have not measured the property and have relied upon clients informa@on. Therefore Burlington Partners give no warranty as to their correctness or otherwise and the purchasers must rely on their own measurements. 9. All terms quoted are exclusive of value added tax unless otherwise stated. 10. The vendors do not make nor do Burlington Partners any person(s) in their employment give any warranty whatsoever in rela@on to this property. 11. These details are believed to be correct at the @me of compila@on but may be subject to subsequent amendment. 12. These details were prepared as of December 2012. Subject to contract