Detail

SECURE income INVESTMENT
Tonbridge – 94 High Street
Let to J D Wetherspoon plc
Satnav Reference TN9 1AP
Click arrows on your keyboard to navigate this brochure.
Investment Considerations
•
•
•
•
•
•
•
•
•
•
Freehold
Tonbridge is a prosperous Kent market town
Established leisure location
Let to J D Wetherspoon plc until 30th March 2034
Secure income until 2029
Total accommodation: 8,006 sq ft (743.9 sq m)
Next rent review is due on 31st March 2014
Total income: £157,398 per annum
Price: £2,590,000 (Subject to contract)
Net Initial Yield of 5.75% allowing for purchasers costs of 5.80%
© Google maps 2012
Location
Tonbridge is a prosperous market town in Kent located approximately
29 miles south east of London, 4 miles north of Tunbridge Wells and
12 miles south west of Maidstone. Tonbridge has an affluent primary
catchment population of approximately 160,000, comprising many London
commuters with a higher than average disposable income. Tonbridge
benefits from good transport infrastructure, with close proximity to the
M25 and M20 motorways. Tonbridge railway station provides services to
London Charing Cross in approximately 40 minutes.
Tonbridge
Accommodation
Floor Use
Sq.ftSq.m
Ground
Main bar area
5,168
480.2
Ground
Ancillary
1,440
133.8
First Ancillary
1,398129.9
Residential*
-
Total
8,006743.9
*Residential flats not measured.
Rental Commentary
We have analysed the rent passing of £157,398 per
annum to reflect £19.66 psf.
Situation
The subject property sits in a prominent position on Tonbridge High Street. The High Street is the main
retailing location and hosts many national multiple retailers with KFC, Pizza Express and 99p stores
within the immediate vicinity of the subject property. Further down the High Street is Angel Walk
Shopping Centre, which hosts a mixture of national and independent retailers including Superdrug,
Peacocks and WH Smith. The River Medway and Tonbridge Castle are also situated close to the
subject property. Tonbridge railway station is located approximately 400m south of the property.
Description
The subject property is a former post office building built in the 1920’s in a Georgian style. The front
of the property is a period design with ornate stone and brickwork and timber frame sliding sash
windows. The ground floor comprises a bar that is fitted out in the tenants own style with some
ancillary accommodation to the rear and on the first floors.
There are also two one bedroom flats located on the second and third floors. There is a large beer
garden at the rear of the property which benefits from being close to the river bank.
The property benefits from a large car park, with parking for up to 22 cars.
The car park at the rear of the property is accessed through a separate driveway under a right of way.
Let to J D
Wetherspoon plc
until March 2034
Tenure
Freehold
Tenancy
The entire property is let to J D Wetherspoon plc
for a period of 35 years from the 31st March 1999
with a tenant only break option on 30th March 2029.
The rent passing is £157,398 per annum. The next
rent review is due on 31st March 2014.
VAT
Covenant
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).
J D Wetherspoon plc
J D Wetherspoon plc is an undoubted covenant and a very well established chain, currently operating
out of 835 branches. The company also operates the Lloyds No. 1 chain and Wetherspoon Hotels. The
last three reported abbreviated accounts for J D Wetherspoon plc are shown below:
Proposal
We are instructed to seek offers in excess of
£2,590,000 (Two million five hundred and ninety
thousand pounds). A purchase at this level will
reflect a net initial yield of 5.75% assuming purchaser
costs of 5.80%
24/07/2011 (£’000)
25/07/2010 (£’000)
26/07/2009 (£’000)
Turnover
1,072,014996,327 955,119
Pre-tax profits
61,392
60,458
45,029
Net worth
159,520
155,441
162,835
105
HIGH S
GAR
Tonbridge
94 High Street
BARCLAYS BAN
K
LYONS CR
ESCENT
1 01
ENT
97 - 101
91
93
97 -
MAR
S
DOO LAND D
OME
RS &
S
WIN
DOW TIC WIN
ELL
DOW
S
IS
S LT
EST & CO
D
ATE
AGE
NT
PIZ
ZA
EX
PIZ
PR
ZA
ES
RE
STA S
UR
AN
T
RIVER WALK
OFFICE
H
SB
C
BA
NK
TH
E
GO CA
LD ST
PU BA LE
HO BLIC R
US
E
Graham Fawcett
+44 (0)20 7479 4902
[email protected]
BET WILLIA
TIN
MH
GO
IL
FFIC L
VAC
E
AN
TO
UTL
ET
WIL
KIN
OP SONS
TIC
IAN
MIC
A
JEW LLEF
ELL
ER
BAKE
RS OV
EN
BAKE
R&C
AFE
+44(0)20 7479 4900 www.fawcettmead.co.uk
81
77
-
92
S
SIM
PL
YH
HA
IR
AIR
SP
OT
AN
T
AF
CR
RE
SER
V
ARE ICE
A
DE
HA SIG
IR N A
&
SO HE
LA AD
71
69
-
67
TO
T
EN
75
H
FINUNT
ADER S
V AIN
RIC
T
AF
73
84
78
HIG
BO
TA
NY
FL
O
CA TRU ORS
RP LY
&
FL
61
78
59
76
AM
US
E
55
53
GO SE IALS
HO
O
49
47
SU
ZIE
SH
& P PRE
AIR
M
PA ART E C
RT Y S AR
Y G HO D
DS P
GA
45
64
ES
SE
NS
PH
UA
OT
LS
O
EV FILM 60
DE
HA TO OLUT
V
IRD NI & IO
R
C
G N
PS
2
BA
R
WH
116
AR
FR
OA
D
BO
O
OP TS O
TIC
P
IAN TICIA
NS
NA
TIO
NW
BU
ILD
IDE
ING
DIS
S
OC
ES COU
IET
HO SENT NT
Y
U
TH DS LD
WA E CA
TE REH RPH
LE
PH OUS ONE
ON E
HE
ES
LP
T
H
CH
EA
AR
GE
ITY
D
SH
MC
OP
KE
N
51
66
JO
HN
A
JEW NGEL
ELL L
ER
43
QS
LAD
IES
WE
AR
74
72
70
68
DW
G
CH
AR SCO
ITY
P
SH E
OP
DR JOHN
YC
S
LEA ONS
NIN
G
Freehold
Leasehold
Right of way
CO MES
GA MP 4 LE
ME
SS
62
One New Burlington Street
London
W1S 2JD
JEN
TAU NYS
RAN
T
CAF
E
FOU
CHA NDAT
ION
RIT
YS
HO
P
CA MILLE
MP
G G TS
DS
For indicative purpose only.
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.
PETER NEWMAN
Designed by Graphic Outlines Ltd June 2012
CLARKS SHOES
41
The Green Deal will be available from later this year. To find out more about how the Green Deal can make your
property cheaper to run, please call 0300 123 1234.
R&
ST
RE
ET
Green Deal Information
60
If typical of the
existing stock
ROY
AL
HEA
RT
OU
TW
HA
LL
If newly built
BR
AD
CL
FO
KIE ARKE
SO RNA
RD
LIC N
ITO
STR
R
EE 2 - 4
5
T
BRIT
ISH
&
Buildings similar to this one
could have rating as follows:
VAC
ANT
OUT
LET
FAS
T FO
OD
RE
1
A Y
K
.U &
CO D
D. OO & S
AN F AL E
EL EN IC NC
IC OZ TR LIA
C
FR LE APP
E S
GA
Benchmarks
Grid Supplied Electricity
Mixed-mode with Mechanical
Ventilation
Total useful floor area (m²):
953
Building complexity (NOS level):
3
Building emission rate (kgCO2/m²): 328.16
AG
EC
CO ONCE
MC
R
EN N
JOB
CE
NT
RE
PLU
S
Main heating fuel:
Building environment:
HS
Energy Performance Asset Rating
SU
B
SA WA
ND Y
WI
CH
65
S
T
LAD
IES
ACC CLAIR
ESS
E
OR S
IES
82
This certificate shows the energy rating of this building. It indicates the energy efficiency of the
building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to
two benchmarks for this type of building: one appropriate for new buildings and one appropriate for
existing buildings. There is more advice on how to interpret this information on the Government's
website www.communities.gov.uk/epbd.
- 82
A
0750-1946-0382-9090-7044
Technical Information
73
A
DW
EL
LIN
GS
-6
3
WA
L
(40) (ESTIMATED)
Certificate Reference Number:
80
The Humphrey Bean
94 High Street
TONBRIDGE
TN9 1AP
HO
GO LLY
NA OD
BE IL
AU
SA
L
AT
LA
NT
IS
M E
D W
DW
ELL
ING
S
90
COOK
DELI
& FRO CATESSE
N
ZEN FO
OD
SER
VIC
EA
REA
P
R
Non-Domestic Building
BE
BE TFR
E
T
SH TING D TH
E
OF E B
CH LT
FIC ON
SH ARI ER
E US
OP TY
KIN
G
99
88
D
86
A
OA
86
-
RF
R
K
WH
A
TR
EE
NE
W
subject to contract
Energy Performance Certificate
1
ME
DW
AY
92
A
Thomas Heptonstall
+44 (0)20 7479 4903
[email protected]
PA
V
CH AUX
IRO
P
94
BEE
RG
ARD
EN
R I
V E
R
89
96
98
Further information:
10
0
FAS
T FO
OD
KF
RES
ORIE
C
TAU
NTA
RAN
L BU
T
CHIN
FFE
ESE
T CL
RES
U
B
TAU
RAN
THE
T
HUM
PHR
EY
PUB
B
EAN
LIC
HOU
WET
SE
HER
SPO
ON
6
THE
PUBLI WHARF
C
REST HOUSE &
AURA
NT
E R
R I V
OFFIC
E
A Y
D W
M E