farnham common, prospect house & prospect court, the ...€¦ · and servicing and have the...

Farnham Common, Prospect House & Prospect Court, The Broadway, Bucks, SL2 3QQ Two Prime Freehold Retail Parades

FARNHAM COMMONFarnham Common is situated in an attractive and affluent area of South Buckinghamshire, on the edge of the historic Burnham Beeches,15 miles west of Central London, 5 miles north of Windsor and 6 miles east of Maidenhead.

Farnham Common benefits from excellent road communications. The A355 links the town directly to the M40 to the north and M4 to the south. Both motorways feed into the M25 at junctions 15 and 16 respectively.

The area is well served by the rail network making it a popular commuter destination for people working in Central London. Gerrards Cross and Slough stations are situated close by. Both stations currently provide fast and frequent commuter services to Central London with a fastest journey time to Paddington from Slough of approximately 19 minutes and to Marylebone from Gerrards Cross of approximately 23 minutes. Slough is also set to benefit greatly following the expected completion of the new Crossrail/Queen Elizabeth Line in December 2018.

The Farnham Common area has an affluent and rapidly expanding population, with an overrepresentation of people within the AB and C1 demographic groups. This sits at 71.4% of the population compared with the UK average of 52.7%. The population of South Buckinghamshire is also expected to increase by around 20% over the next 15 years (ONS). Furthermore the average house price in Buckinghamshire has increased by over 400% in the last 22 years with the current average house value in the Farnham Common area being circa. £918,000 (Zoopla).

RETAILING IN FARNHAM COMMONFarnham Common’s prime retailing core runs north to south along the Broadway. The centre’s main public car park is located behind the Sainsbury’s and has approximately 75 spaces.

The centre boasts a wide range of convenience shopping including both multiple and local retailers from supermarkets such as Sainsbury’s and Tesco, multiple retailers such as Costa, WH Smiths and Lloyds Pharmacy to local retailers such Simply Flooring, Farm Fisheries and Sunrise Dry Cleaners. There are also an array of specialist upmarket kitchen and DIY shops as well as a fine range of cafés, restaurants and public houses.

LOCATIONBoth properties are situated in the middle section of The Broadway on the eastern side of the street, between the two pedestrian crossings. Nearby occupiers include, Tesco, Costa, WH Smith and Sainsbury’s.

■ Farnham Common is an affluent and attractive retailing centre

■ Prime retailing locations

■ Two properties well secured to 8 tenants

■ Available to purchase as one lot or two separate properties

■ Prospect House – Offers in excess of £1,700,000 representing a Net Initial Yield of 7% assuming normal purchasers costs

■ Prospect Court – Offers in excess of £460,000 representing a Net Initial Yield of approximately 7.6% assuming normal purchasers costs

INVESTMENT CONSIDERATIONS


DESCRIPTION Prospect House The property is a part two and part three storey building of modern construction with brick elevations under a tiled roof. The upper floors of the building were converted to apartments in c. 2016 and the roof coverings were renewed at that time.

The premises comprise seven ground floor lock up shops with eleven self-contained flats above. The shops enjoy good rear access and servicing and have the benefit of allocated parking spaces.


Prospect Court The property was developed in c. 2006 and is of modern construction with brick elevations under a tiled roof.

The premises comprise two ground floor lock up shops with four self-contained flats on two floors over. The shops enjoy good rear access and servicing and have the benefit of two allocated parking spaces per shop.

Farnham Common, Prospect Court

Prospect Court Unit 1

2 x Individuals(t/a Apex Sports)

Gross Frontage Net FrontageShop Depth

5.965.12

11.15

19’ 7”16’ 10”36’ 7”

Ground - SalesITZA

58.62-

631496

£18,000(£36.29)

27/07/2016(26/07/2026)

27/07/2021(26/07/2021)

Tenant only break subject to 6 months’ prior written notice2 parking spaces

Prospect Court Unit 2

Aztec Ceramics Limited


5.945.0811.17

19’ 6”16’8”36’ 8”

Ground - SalesITZA

58.06-

625494

£18,000(£36.43)

01/06/2016(26/07/2026)

27/06/2021(26/06/2021)

Tenant only break subject to 6 months’ prior written noticePersonal guarantee from a director limited to 6 months’ rent plus VAT2 parking spaces

Prospect Court Flats 1-4

4 x Individuals - - - - - -£500

(£125 per flat)14/11/2006

(13/11/2131)

14/11/2031 and 25 yearly

thereafter

Rent doubles at each review. 2 parking spaces per flat

Total Ground - Sales 116.68 1,256 £36,500

Total Both 516.15 5,556 £163,390

Address TenantAccommodation (NIA) Current Rent

pa (Zone A)Lease Start

(Expiry)Next Review

(Break) Commentsm ft Floor - Use sq m sq ft

Farnham Common, Prospect House

Prospect House Shop 1

Contract Cleaning Services (S) Limited (t/a Grooms Florists)


5.053.83

11.68

16’ 7”12’ 7”38’ 4”

Ground - SalesITZAYard

54.34-

13.94

585446150

£16,500(£36.34)

22/04/2016(21/04/2021)

Yard at A/20The lease is outside the provisions of sections 24-28 of the Landlord and Tenant Act 1954Rent deposit £4,950Personal guarantee from a director limited to 6 months’ rent plus VAT1 parking space

Prospect HouseShop 2

Thames HospiceGross Frontage Net FrontageShop Depth

4.874.10

11.63

16’ 0”13’ 5”38’ 2”


51.84-

7.06

55843476

£16,500(£37.67)

23/09/2016(22/09/2026)

23/09/2021(23/09/2021)

Yard at A/20Tenant only break subject to 6 months’ prior written notice.The lease is outside the provisions of sections 24-28 of the Landlord and Tenant Act 19541 parking space

Prospect House Shop 3

Buzz Café Limited(t/a Mad Turks Café)


4.953.60

11.71

16’ 3”11’ 10”38’ 5”

Ground - SalesITZA

51.65-

556429

£16,950 (£39.51)

21/09/2017(20/09/2032)

21/09/202221/09/2027

Rent deposit £10,1701 parking space


Rennie Grove Hospice Care


4.473.58

11.73

14’ 8”11’ 9”38’ 6”

Ground - SalesITZA

51.65-

556429

£15,000(£34.96)

31/07/2015(30/07/2020)

-The lease is outside the provisions of sections 24-28 of the Landlord and Tenant Act 19541 parking space

Prospect HouseShop 5/6

Kitchen Art of Berkshire Limited

Gross Frontage Net FrontageReturn FrontageShop Depth

8.637.92

14.1213.99

28’ 4”26’ 0”46’ 4”

45’ 11”

Ground - SalesITZA

102.29-

1,101771

£29,000(£37.61)

29/09/2011(28/09/2021)

-Rent deposit £6,7502 parking spaces


Coral Racing LimitedGross Frontage Net FrontageShop Depth

8.636.88

14.33

28’ 4”22’ 7”47’ 0”


87.70-

52.86

944737569

£29,840(£39.00)

15/02/2013(14/02/2023)

15/02/2018Yard at A/201 parking space

Prospect House11 x Flats

11 x Individuals - - - - - -£3,100

(£250 per flat)01/10/2015

(30/09/2165)

01/01/2026 and 10 yearly

thereafter

Rent increases in accordance with RPI at each review1 parking space per flat

Two Parking Spaces Individual - - - - - - -01/07/1985

(30/06/2135)- 2 parking spaces

Rights to use Four Parking Spaces

P K Developments South East Limited - - - - - - - - - 4 parking spaces

Total Ground - Sales 399.47 4,300 £126,890

ACCOMMODATION & TENANCIES

COVENANT INFORMATIONContract Cleaning Services (S) Limited (t/a Grooms Florists) Grooms Florists is a local florist and gift shop offering fine floral arrangements and gifts for all occasions. They provide a service that is personal, friendly and prompt.

Thames Hospice Thames Hospice is a local charity providing expert care for people living with life-limiting illnesses in East Berkshire and South Buckinghamshire. Their services include therapy, nursing and medical care, as well as practical and emotional support from their Hospice in Windsor. Thames Hospice trade from approximately 18 stores in Berkshire and Buckinghamshire.

Buzz Café Limited (t/a Mad Turks Café) Mad Turks is a Turkish charcoal grill restaurant serving Farnham Common’s residents and visitors to the area. The café scores 4/5 stars on Tripadvisor.

Rennie Grove Hospice Care Rennie Grove Hospice Care started in 2011 when two hospices, The Ian Rennie Hospice and Grove House joined forces to help provide patients with a better quality of life. They recently celebrated 30 years of serving the local community. Rennie Grove Hospice Care trades from approximately 27 shops regionally.

Kitchen Art of Berkshire Limited Kitchen Art have designed and installed bespoke and contemporary fitted kitchens in Berkshire, Buckinghamshire and Oxfordshire for approximately 30 years. They have an extensive knowledge of the design and installation of bespoke furniture achieving exceptional results. Kitchen Art have been in occupation since c. 1988.

Coral Racing Limited Coral is part of one of Europe’s largest betting and gaming businesses with well established brands on the high street and online, primarily in the UK but with successful businesses worldwide. Coral have been in occupation since c. 2003. Coral trades from approximately 1500 stores in the UK.

Apex Sports Apex Sports is an independent specialist running shop. The business opened in 1989 and has been serving the region since. Apex Sports were previously located on the opposite side of the The Broadway, and re-located to Prospect Court in 2006 when the Sainsbury’s development was constructed.

Aztec Ceramics Limited Aztec Ceramics is a tile and bathroom showroom offering a range of tiles and sanitary ware. The business opened in Farnham Common in 1982 and has been trading as a family business since. Aztec Ceramics were previously located on the opposite side of The Broadway, and re-located to Prospect Court in 2006 when the Sainsbury’s development was constructed.


Tenant Date Of Accounts Sales turnover Profit Before Tax Shareholder Funds Creditsafe Rating

Prospect House

Contract Cleaning Services (s) Limited (t/a Grooms Florists) 31/03/2017 - - £4,117 Moderate Risk

Thames Hospice 31/03/2017 £6,679,000 -£278,000 £20,050,000 Very Low Risk

Buzz Café Limited (t/a Mad Turks Café) - - - - Moderate Risk

Rennie Grove Hospice Care 31/03/2017 £7,823,307 £173,256 £6,193,072 Very Low Risk

Kitchen Art of Berkshire Limited 31/07/2016 - - £112,516 Low Risk

Coral Racing Limited 31/12/2016 £867,406,000 £91,174,000 £215,754,000 Very Low Risk

Prospect Court

2 x Individuals (t/a Apex Sports) - - - - -

Aztec Ceramics Limited 31/03/2015 £418,268 £69,325 £26,324 Moderate Risk

RENTAL VALUERetailer occupational demand in Farnham Common continues to be strong and, due to the affluence of the area, rental levels have continued to grow.

We devalue the current passing rents of the subject blocks to an approximate range of between £35-£39.50 psf Zone A. We therefore believe that there are excellent reversionary prospects on the shops, with rents sitting relatively low.

TENUREThe property is held freehold.

VATVAT is applicable and it is anticipated that the sale will be dealt with by way of a TOGC.

ASSET MANAGEMENT OPPORTUNITIES • Coral’s demise includes a large yard, which may be suitable for a

single storey extension to shop 7, or a separate independent shop (subject to planning). Pre-application advice has been sought from South Bucks District Council, copy available on request.

• Active property management to engage with the tenants, completing rent reviews and lease renewals/ re-gears, growing the rents and increasing the unexpired term.

EPCFull information is available on our website.


PROPOSAL The properties are available to purchase individually or as one single transaction.

Prospect House

We are instructed by our client to seek offers in excess of £1,700,000 (one million seven hundred thousand pounds) subject to contract and exclusive of VAT for the freehold interest in the property.

A purchase at this level would reflect an attractive net initial yield of approximately 7% assuming normal purchasers costs.

Prospect Court

We are instructed by our client to seek offers in excess of £460,000 (four hundred and sixty thousand pounds) subject to contract and exclusive of VAT for the freehold interest in the property.

A purchase at this level would reflect an attractive net initial yield of approximately 7.6% assuming normal purchasers costs.

Please note all prospective purchasers will need to be verified for anti-money laundering purposes prior to a sale contract being issued.

CONTACTS To view a copy of the leases, information on title and other information please visit our website,

www.hrhretail.com/property/farnhamcommon2

To register interest and to carry out an internal inspection please contact:

Jack Brown [email protected] T 020 7908 7032 M 07969 291660

Jeremy Lovell [email protected] T 020 7908 7037 M 07949 619657

DISCLAIMER NOTICE: Whilst every care is taken in the preparation of these particulars Harmer Ray Hoffbrand LLP, any joint agents involved and the vendor take no responsibility for any error, mis-statement or omission in these details. Measurements are approximate and for guidance only. These particulars do not constitute an offer or contract and members of the Agent’s firm have no authority to make any representation or warranty in relation to the property. May 2018.

HRH Portland House 4 Great Portland Street, London W1W 8QJ

T: 020 7499 5399 | F: 020 7580 6291 | www.hrhretail.com


farnham common, prospect house & prospect court, the ...€¦ · and servicing and have the...

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