New 10 year lease to Oliver Bonas Sat Nav Ref: TN13 1UP
2 INVESTMENT SUMMARY Sevenoaks is an extremely affluent market town in Kent, and is one of the wealthiest constituencies in the UK The subject property is prominently located on the prime retail pitch of Sevenoaks High Street The ground floor is well let to Oliver Bonas Limited on a new 10 year FRI lease commencing 4 May 2018 The first floor provides a recently refurbished three bedroom flat, offered at a low capital value of 350 psf Freehold Total current income: 81,800 per annum Price: 1,500,000 Net Initial Yield: 5.15%
A127 Sevenoaks is an affluent market town in Kent A406 A40 A4 A3 London A13 A2 A249 3 Sevenoaks A21 A2 LOCATION A22 A28 Sevenoaks is an attractive market town in Kent. The town is surrounded by the Kent Downs area of Outstanding Natural Beauty, and is considered to be one of the wealthiest constituency in the UK by earnings per capita (Source: ONS). Sevenoaks enjoys an affluent and rapidly expanding catchment population, with approximately 65% of the population classified within the most affluent AB and C1 social groups. Furthermore, the population within Kent is expected to swell by 20% over the next 20 years (Source: ONS). A272 A23 A26 A2070 The town is located approximately 30 miles south east of Central London and is conveniently located just three miles from the M25 orbital motorway. The town benefits from excellent transport links, with regular train services to key London terminals (Charing Cross, Cannon Street and London Bridge) in a fastest journey time of 24 minutes. The town is located approximately 18 miles north east of Gatwick International Airport, which accommodates over 45 million passengers a year.
SITUATION The subject property is prominently located on the prime retail pitch of Sevenoaks High Street, in close proximity to a number of national retailers such as: 4 DESCRIPTION The property comprises an attractive period building of traditional brick construction. It is arranged over basement (not accessible), ground and first floor. The ground floor comprises approximately 1,414 sq ft of sales and storage accommodation. The first floor comprises an attractive three bedroom flat over approximately 1,001 sq ft. FIRST FLOOR RETAILING IN SEVENOAKS Sevenoaks boasts a highly attractive retail environment, with a range of both multiple and popular local retailers. Notable retailers in the town include: FLAT ROOF KITCHEN / LIVING BATHROOM The sole shopping centre is the Bligh s Meadow Shopping Centre, which further extended Sevenoaks retail offer and further advanced the town with extensive parking provision. The open centre hosts occupiers including Nando s, Costa, Phase Eight, The Body Shop, Crew, JoJo Maman Bebe, Bills, Gap and M&S. BEDROOM 2 BEDROOM 1 BEDROOM 3 / LIVING
5 ACCOMMODATION The subject property provides the following areas: Floor Use sq ft (NIA) sq m (NIA) Ground Sales 956 88.8 ITZA 751 units Ground Remote Store 458 42.5 Residential sq ft (GIA) sq m (GIA) First Flat 1,001 93 *Areas provided by third party, have not measured the subject property. TENURE Freehold. TENANCY The property is let to Oliver Bonas Limited on a Full Repairing and Insuring lease for a term of 10 years commencing on 4th May 2018. There is a tenant only break option on 3rd May 2023. The rent of 65,000 per annum is subject to an upward only rent review in the fifth year of the term. The first floor flat will be available to let from August 2018. The vendor will offer a one year guarantee on this flat at 16,800, reflecting a rental value of 1,400 pcm. Local estate agents have confirmed this rental value. Therefore, the total income is 81,800 per annum.
6 COVENANT Oliver Bonas is a popular independent British lifestyle store, specialised in fashion and homeware. The company trades from 63 stores across the UK and is considered Very Low Risk (Source: Experian). The company displays the highest possible Experian score of 100/100. The most recently published annual accounts are displayed below: 31/12/2016 31/12/2015 Turnover 50,098,655 42,555,212 Pre Tax Profit 4,069,410 5,176,848 Net Worth 5,829,221 4,220,124
The subject property is prominently located on the prime retail pitch of Sevenoaks High Street 7 EPC Energy Performance Certificate for the flat B-82. Energy Performance Certificate for the shop - C-61. VAT We understand the property has been elected for VAT. It is anticipated that the sale will be treated as a transfer of a going concern (TOGC).
8 PROPOSAL Offers sought in excess of 1,500,000 (One Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 5.15% when assuming a value of 350,000 for the first floor flat, after allowing for purchasers costs of 6.10%. FURTHER INFORMATION Graham Fawcett graham@fawcettmead.co.uk 020 7182 7482 07980 548 852 Joe Baio joe@fawcettmead.co.uk 020 7182 7489 07515 889 649 Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. SUBJECT TO CONTRACT Designed by Graphic Outlines Ltd 2018