JASPAR HOUSE 24-28 CHURCH ROAD STANMORE HA7 4AW
MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON
PRIVATECLIENT
PRIVATE CLIENT
THE ELMS TENNIS CLUB STANMORE LIBRARY
STANMORE STATION 0.3 MILES
Outline for indicative purposes only.
JASPAR HOUSE
STANMORE COUNTRY PARK
INVESTMENT CONSIDERATIONS
■ Rare opportunity to acquire the freehold of a prominent unbroken parade in the centre of Stanmore
■ Mixed use building arranged over four floors comprising retail, office and residential accommodation
■ Stanmore is an affluent commuter town with excellent communications to London
■ Total current rent passing of £274,214 per annum
■ Offices are currently let at a low rent of £17-£18 psf with unit 24-26 benefiting from an outstanding rent review
■ Retail and Office AWULT of 3.7 years
■ We are instructed to seek offers in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 5.72% after allowing for purchaser’s costs of 6.57%.
JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON
PRIVATE CLIENT
Stanmore benefits from excellent communications:
TUBEStanmore is situated on the Jubilee line in Travel Zone 5 and benefits from regular direct services to central London. The journey time into Bond Street is approximately 35 minutes and the line connects with the Metropolitan Line at Wembley Park affording additional services to Central London, the City, Harrow, Watford and Amersham.
ROADStanmore benefits from excellent road communications lying some 2.5 miles west from the M1 Motorway (Junction 4) affording easy access to both Central London to the south and the M25, some 8 miles to the north, providing direct links with the National motorway network. The A410 runs through the town and links to the A41 to the east providing further access into Central London as well as Northwood and Hatch End to the west.
AIRHeathrow, Gatwick, Luton and Stansted airports are within easy reach via the MI and M25 Motorways.
JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON
LONDONHeathrow
LondonCity
London Southend Airport
Gatwick
StanstedLuton
J27J25J23
J21
J20
J19
J16
J15
J12
J10
J7J8
J9
J6
J5
J3
J2
J29
J28
A5
A505
A418
A602
A120A131
A131A130
A138
A130
A130A127
A217
A331
A322
A316
A309
A232
A264
A264
A229
A120 A120
A404
A355
A404
A413
A4010
A414
A414
A414
A1
A2
A2
A3
A3
A3
A3
A2
A41
A41
A33
A40
A31
A31
A24
A24
A24
A23A22
A21
A20
A20
A10
A10
A10
A10
A12
A12
A12
A13A13
A26
A26
A21
A21
A22
A22
A22
A23
A23
M1
M4
M4
M2
M3
M3
M10
M40
A404(M)
A329(M)
M25
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
A1(M)
M1
Harlow
Bishop’sStortford
EppingPotters Bar
Knebworth
Hertford
Luton
Aylesbury
DunstableStevenage
Hatfield
Dartford
Bromley
Gravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Croydon
Biggin Hill
RomfordIlford
Dagenham
Walthanstow
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
StaplehurstPaddock
Wood
East GrinsteadCrawley Three Bridges
Horley
Horsham
Witley
Godalming
Cranleigh
NorthHorsham
HaywardsHeath
Burgess Hill
Redhill
Oxted
DorkingGuildford Reigate
Staines
Slough
HemelHempstead St Albans
HighWycombe
Thame
Watford
WembleyUxbridge
Ruislip
EdgwareBrentCross
Woking
Chertsey
Harefield
BorehamwoodEnfield
Windsor
Famborough
Aldershot
Alton
Basingstoke
Famham
Fleet
WokinghamBracknall
Egham
Ascot
SandhurstBagshot
Stratford
Reading
Henley-on-ThamesMaidenhead
Epsom
ChessingtonSutton
Clapham
Swanley
Fulham
Weybridge
Ashford
Hounslow
KingstonUpon Thames
BillericayWickford
Stanford-le-Hope
Benfleet
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Stanmore
LOCATIONThe prosperous and densely populated suburb of Stanmore is situated within the London Borough of Harrow in northwest London. Stanmore is conveniently located approximately 11 miles northwest of Charing Cross, 2 miles west of Edgware, 4.6 miles north of Wembley, 4 miles south of Watford and 2.6 miles north of Harrow.
Stanmore benefits from extensive residential areas which are predominantly affluent in their nature with many of the inhabitants commuting daily to jobs in central London, The City and Canary Wharf. The current population of Stanmore Park and Canons wards is estimated at circa 23,700.
PRIVATE CLIENT
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SCHMIDT
KITCHEN SHOWROOM
GIBBS
GILLESPIE
JAZZ’S
BARBER SHOP
VACANT
BARRACUDDA
RESTAURANT18 FOURTEEN
BARBERS
M18
RESTAURANT
UNIT BEING M
ARKETED
DEMOGRAPHICSStanmore’s affluence as a town is demonstrated by the fact that Stanmore has 20% more Higher and Intermediate managerial, administrative or professional households than the national average. Young working professionals are well represented with 8.1% of the population aged between 25 - 29 (6.9% - national average) and 22.3% aged between 30-44 (20.6% - national average). Stanmore also has an impressively educated community with 36.8% educated to a ‘Level 4’ in comparison to the national average of 27.4%. In addition, Stanmore has a low proportion of people claiming any form benefit at 9.7% compared to the national average of 13.5%
RETAIL IN STANMORE Stanmore has a flourishing town centre with approximately 450,000 sq ft of retail space. This includes a large Sainsbury’s Superstore, Lidl Supermarket, Pizza Express, Card Factory, Nandos, Costa, Café Nero, Savers and Barclays amongst others. There is currently a very low vacancy rate within the town centre with Stanmore benefiting from a strong mix of demand from both national occupiers and local businesses, with both looking to take advantage of the affluent catchment area and their high disposable income.
The suburb of Stanmore falls within the larger retail catchment area of Harrow. Harrow is currently benefiting from a very strong retail market with a vacancy rate of just 1%. There is a considerable lack of new supply to the market, with less than 9,000 sft anticipated to be delivered in the near future. As a result vacancy rates are predicted to continue to compress with rents benefiting from this lack of supply and forecasted to increase by 0.8% (Co-Star 2018).
JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON
PRIVATE CLIENT
JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON
SITUATIONThe property is located on the south side of Church Road occupying a prime position in the town centre just moments from Stanmore’s busy junction between The Broadway, Church Road and Stanmore Hill. A large Sainsbury’s supermarket is located in close proximity and both Church Road and The Broadway are recognised commercial pitches within the town. Stanmore Hill is a predominately leafy and affluent residential area and leads onto Stanmore Common, a 120 acre local nature reserve and Public Park just over a mile north of the subject property.
The town centre benefits from a number of national occupiers who are major drivers of footfall. National occupiers in the immediate vicinity include Lidl Supermarket, Nandos, Subway, Café Nero, Boots Opticians, Barclays Bank, Pizza Express and Prezzo amongst others.
DESCRIPTIONThe property comprises a four storey mixed use building with retail on the ground floor, offices on the 1st and 2nd floors and residential accommodation to the 3rd floor.
The retail element consists of three units which all benefit from prominent frontages onto Church Street. The units have all been configured in such a way to maximise their sales space and have been fitted out to a high standard.
The upper floors are self-contained and accessed via the main entrance lobby on Church Road with a centralised stairwell running to the office and residential accommodation. There is a further stairwell to the rear of the property which also offers access to all floors.
The offices comprise 4 well-presented self-contained spaces arranged over 2 floors providing good quality office accommodation incorporating raised floors, suspended ceilings and air conditioning. The 4 offices are currently let on two leases but could be individually let if necessary. There is a lift which offers access to all floors accessed via the main lobby.
The residential accommodation comprises three large flats of differing configurations. More information on the residential accommodation can be found on page 8.
RETAIL AND OFFICE AWULT3.7 years.
TENUREFreehold.
PRIVATE CLIENT
TENANCY SCHEDULE
Unit Tenant Accommodation* Size (NIA) Sq Ft
Size (NIA) Sq M
Lease Start
Lease Review
Lease End
Rent p.a
Comments
RETAIL ACCOMMODATION
24 -26 Coffee Snobs Limited t/a Costa Coffee
Ground Floor Retail 2,144 (955 ITZA)
199 19/11/10 19/11/20 £36,300 Further 5% discount on rent for masking.
28 Hair on Broadway Limited
Ground Floor Retail 1,292 (604 ITZA)
120 11/10/06 11/10/21 £24,750
28a Zagora NWL Limited t/a Mail Boxes Etc
Ground Floor Retail 279 (250 ITZA)
26 18/4/15 18/4/20 17/4/25 £10,150
OFFICE ACCOMMODATION
24 -26 Individuals t/a LMK Law
1st and 2nd Floor Offices
2,953 274 29/9/13 29/9/18 28/9/23 £50,000 (£16.93 psf)
28 Individuals t/a Parker Cavandish
1st and 2nd Floor Offices
4,622 429 23/4/12 23/4/22 £83,230 (£18 psf)
RESIDENTIAL ACCOMMODATION & ROOFTOP ANTENNA
26 - 28 Flat 1 Individuals 1 Bedroom top floor flat 817 76 22/1/17 21/1/18 £14,100More information on the residential can be found on page 8.
All flats are let on ASTs which are available on the data room.
26 - 28 Flat 2 Individuals 2 Bedroom top floor flat 1,000 93 3/9/18 2/3/19 £16,500
26 - 28 Flat 3 Individuals 3 Bedroom top floor flat 1,183 110 15/4/18 14/4/19 £19,200
Roof Hutchinson 3G UK Limited and Everything Everywhere Limited
Roof top antenna 8/9/11 7/9/21 £19,984
Total 14,290 1,327 £274,214
* Areas have been provided by the vendor. Floor plans are available on the data room. Any interested party should carry out their own measurement survey.
JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON
PRIVATE CLIENT
RESIDENTIAL ACCOMMODATIONThe property comprises three well-presented top floor flats with good specification throughout. All three flats are large in size and benefit from an outside roof terrace. The flats provide the flowing accommodation:
Unit Accommodation Rent per annum
Rent per month
Size (Sq ft)
1 1 Bedroom, 1 Bathroom, Open plan kitchen/living room, roof terrace
£14,100 £1,175 817
2 2 Bedrooms, 2 Bathrooms, Open plan Kitchen/living room, roof terrace
£16,500 £1,375 1000
3 3 Bedrooms, 2 Bathrooms, Open plan Kitchen/living room, roof terrace
£19,200 £1,600 1183
JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON
DN
DN
1
2
3
Living / Kitchen
Bedroom
Closet
Telecoms
Hall
Cup'd
Bathroom
Cup'd
Stairs
Lobby
16 m²Bedroom
Bathroom
23 m²Bedroom Hall
Bathroom
Living / Kitchen Lift Stairs
15 m²Bedroom Living / Kitchen
Hall
Cup'd
Bedroom
Bathroom
Bathroom
Bedroom
Rise
r
Cup
'd
Roof Terrace Roof Terrace
Roof Terrace
0m 1m 2m 3m 4m1:100
FLOORPLAN
PRIVATE CLIENT
STANMORE OFFICE MARKETStanmore is a well-located M1 office location that has proved to be very popular with the local business community, there are a number of solicitors, accountants, property advisors and brokers that operate from the town. As of 2018 Stanmore has a total of 203,501 sq ft of office space with a very low vacancy rate of 0.6% (CoStar 2018). The demand for space in the town is strong; this is evidenced by the very short average marketing period of offices of just over 2 months. A large part of this demand has been a result of the number of office into residential conversions since the introduction of Permitted Development Rights in 2013 due to the growth of residential values in the town.
JASPAR HOUSE, 24-28 CHURCH ROAD, STANMORE HA7 4AW MIXED USE TOWN CENTRE INVESTMENT IN GREATER LONDON
Misrepresentation Act: 1. Allsop LLP and The Prideview Group on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and The Prideview Group 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 instructing party does not make or give, and neither Allsop or The Prideview Group nor any of their 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 instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party 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: Command D - www.commandhq.co.uk 10.18
allsop.co.uk
propertyinvestmentlondon.co.uk
For further information or to make arrangements for viewing please contact:
PRIVATE CLIENT TEAM
Liam Stray020 7543 [email protected]
Pritesh Patel020 3113 [email protected]
Vishal Patel020 3113 [email protected]
Ronnie Morgan020 7543 [email protected]
SERVICE CHARGEFor the year ending 31 December 2018, the service charge budget has been estimated at £32,626 pa. Further information is available in the dataroom.
VATThe property is opted to tax. It is assumed the transaction will be treated as a Transfer of a Going Concern (TOGC).
DATAROOMFor access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/JasparHouse
PRIVATECLIENT
EPCAvailable upon request.
PROPOSALWe are instructed to seek offers in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 5.72% after allowing for purchaser’s costs of 6.57%.