the hyde - bcmrebcmre.com/assets/img/thehyde/thehydepdf.pdf · 2018-05-29 · car showroom...

CAR SHOWROOM INVESTMENT WITH DEVELOPMENT POTENTIAL

THE HYDE1606 The HYDE, EDGWARE ROAD

LONDON NW9 6NW

OF INTEREST TO DEVELOPERS AND INVESTORS

CAR SHOWROOM INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL

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1606 THE HYDE, EDGWARE ROAD

Opportunity Overview

• A successful pre app submission has established the principle of a redevelopment toprovideagroundfloorshowroomtogether with 114 residential units above in an 8 storey development.

• The property occupiers a prominent North London location fronting the Edgware Road.

• Located within the Colindale Area Action Plan one of the largest growth and regeneration areas in the Borough of Barnet.

• Total accommodation of 40,228 sq ft (3,738.6 sq m) on a site area of 0.47 hectare (1.15 acres). • Fully let to HR Owen Ltd producing a current passing rent of £425,000 pa equating to approximately £10.56 psf.

• The property is under-let to Regent Automotive Ltd on a co-terminus lease for a term certain of approximately 6.75 years.

• ERV of £16.50 psf producing a rent of approximately £663,750 per annum.

• We are seeking offers in excess of £10,000,000 subject to contract reflectinganattractivenet yield of 4.0% and a reversionary yield of 6.22% in December 2018 after purchaser’s costs of 6.7%.


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WEST HENDON PLAYING FEILD

ROE GREEN PARK

SUNNY HILL PARK

WOODFIELD PARK

STAG W

AY

ROE

GRE

EN

COLINDEEP LANE

SHEAVESHILL A

VE

WAKEMAN HILL AVE

HIGHFIELD AVE

FRYENT W

AY

RUSH

GRO

VE

AVE

STATI

ON RD

THE

BURROUGHSNEW WAY RD

CROSSWAY

COLI

N G

ARD

ENS

WOODFIELD AVE

COLINDALE AVE

GROVE PARK

SPRINGFIELD MOUNT

EVELYN AVE

TOW

NSE

ND

LN

TO

WN

SEN

D L

N

WOOD LANE

KINLO

CH D

R

M1

M1

M1

A5

A5

NORTH CIRCULAR RD

WATFORD W

AYHENDON W

AY

A5

A4006

B454

B454

HENDON

HENDON CENTRAL

KINGSBURY

COLINDALE

THE HYDE

LocationThe property is located in Colindale, North West London, six miles south of Junction 4 of the M1 motorway and eight miles north of central London.

This area of north-west London is densely populatedwithanaffluentcatchmentarea.

ColindalebenefitsfromtwoLondonUnderground Stations at Burnt Oak and Colindale (shortly to undergo a £11m renovation), providing a 30-minute journey time to Kings Cross on the Northern Line. Hendon Station located within easy walking distance provides a 27-minute commute on

Thameslink to London Blackfriars. Numerous bus services also contribute to the excellent transport links. Approximately 300 yards to the south of the site lies a Sainsbury’s foodstore and a number of retail warehouse schemes are situated within close proximity. To the north and west of The Hyde are several major residential developments including Colindale Gardens, Edition Colindale and The Silver Works. Middlesex University, home to over 37,000 students lies approximately 1.4 miles to the north of the property.

The Hyde Hendon Central 26 Mins The Hyde Colindale 16 Mins The Hyde Hendon 17 Mins

The Hyde M1 11 Miles

The Hyde M25 20 Miles

The Hyde Heathrow 24 Miles


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SituationThe property occupies a prominent position fronting directly onto EdgwareRoad,withHillfieldAvenueandSilkfieldRoadtothenorthand south respectively.

The surrounding area is predominately residential. The subject property is conveniently situated in close proximity to a number of national and independent retail traders including Costa Coffee, Barclays, Lloyds Bank, William Hill, Londis and a Sainsbury foodstore.

Description Thepropertycomprisesacarshowroom,workshopsandoffices,constructed during the 1930’s and fully refurbished in the 1990’s. The property is of brick construction providing a open plan showroom.

Internally,thebuildingisarrangedoverthreefloors,thebasementbeingusedforpartsandstorage.Thegroundfloorformsamixofshowroom,officeandservicingaccommodationwiththefirstfloorbeingutilisedasfurtheroffices,meetingroomsandastaffcanteen.

Accommodation Wehavebeenprovidedwiththefollowingfloorareaswhicharemeasured on a gross internal basis.

Area Use Sq m Sq ft

Ground Floor Main Showroom 501.02 5,393

Ancillary/Stores 147.99 1,593

Offices 313.82 3,378

Workshop/Parts 1016.17 10,938

First Floor Offices/Stores 587.42 6,323

Basement Parts Storage 669.08 7,202

Undercroft Valet 413.51 4,451

Plant Room 88.25 950

Total Gross Internal Areas 3737.3 40,228

Parking Number of Spaces

Display 45

Parking 75

Total 120

The SiteThe property occupies a prominent site with a frontage to Edgware Road of approx. 77.3m (254 ft) a maximum site depth(frontageontoSilkfieldRoad)of78.9m(259ft),andextends to an approximate site area of 0.47 hectares (1.15 acres).


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Tenure Freehold

Tenancy The property is let to HR Owen Plc for a term of 25 years from 4th March 1999 expiring on 4th March 2024 on an FRI lease at a current rent of £425,000 per annum leaving a term certain of approximately 6.75 years. The lease provides for rent reviews every fifth year falling on 25th December 2018 and 1st December 2023.

The entire property is sublet to Regent Automotive Ltd on a co-terminus lease less two days at the passing rent. The sublease is excluded from the security of tenure provisions under the Landlord and Tenant Act 1954.

Covenant HR Owen Ltd A franchised motor dealer operating from sites in Greater London, Greater Manchester, Berkshire, Surrey and Hertfordshire. Accounts provide the following;

12 months to April 2016

16 months to April 2015

Turnover £355.6 m £451.9 m

PreTaxProfit £1.637 m £5.84 m

Net Asset Value £20.71 m £19.18 m

Regent Automotive Ltd Operates as a Volvo franchise dealership. The latest available accounts provide the following;

12 months to December 2015

12 months to December 2014

Turnover £77.095 m £70.998 m

PreTaxProfit £0.436 m £2.375 m

Net Asset Value £3.65 m £3.3 m

Occupational MarketThe passing rent of £425,000 pa equates to only £10.56 psf which we believe is reversionary. We are of the opinion that the ERV is in the order of £663,750 p.a equating to £16.50 psf. We set out below a sched-ule of rental comparables.

Property Date Site Area (Acre)

Unit Size psf

Rent (Per Annum)

Overall Rent psf

Ford Commercial, Orion Park, Dagenham, RM9 6SA

Q4 2015 2 17,764 £320,000 £18.01

Porsche, Gallions Reach, London Q4 2014 2 25,511 £480,000 £18.86

Volvo, 115 Power Road, Chiswick

Q3 2014 1.17 15,949 £554,386 £34.76

Peugeot/ Citroen, Chingford Road, Walthamstow, E4 8SP

Q4 2013 1.8 24,972 £450,000 £18.02

Honda, Edgware Road, Hendon, London, NW9 6JZ

Q3 2014 1.47 23,787 £560,000 (effective rent)

£27.50

Car showroom. Workshop.


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Development OpportunityThe vendors have discussed the principle of a re-development with BarnetCouncilplanningofficersandhavesubmittedarequestforpre-application advice which included a Design Intent brochure together with a drawing pack with a schedule of accommodation. These documents are available in the data room.

The illustrative scheme comprises a mixed use building of basement,groundandsevenupperfloorswhichwebelieveis the minimum height that can be achieved.

Thegroundfloorproposalcomprisescontinuationofthecurrent car showroom or an alternative commercial use with a GIA (Gross Internal Area) of 2,018 sqm (21,722 sq ft) togetherwithoneduplexflat.

Thesevenupperfloorscompriseatotalof114flats(55x1B,59 x 2B) with a total GIA of 9,662 sqm (104,002 sq ft).

The basement includes 129 car spaces for residential use and additionalgroundfloorcommercialcarparking.

AlandscapedamenitydeckisproposedatfirstfloorlevelabovethegroundfloorcarparkalongwithroofgardenstothelowerbuildingsonSilkfieldRoad.

Total Residential Units

1 Bed Units 55

2 Bed Units 59

Total 114

Floor GIA sqm GIA sqft

Basement 3,940 42,410

Ground Floor 2,018 21,722

First Floor 1,918 20,645

Second Floor 1,735 18,676

Third Floor 1,348 14,510

Fourth Floor 1,188 12,788

Fifth Floor 1,188 12,788

Sixth Floor 1,188 12,788

Seventh Floor 1,097 11,808

Total 15,620 168,135

The scheme will require an affordable housing element and the percentage of this will be down to negotiation on submitting a detailed planning application


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KINGSBURY GREEN

Colindale to London - 28 mins

COLINDALETHE HYDE

1

2

3

45

9

10

8

7

6

Development Details

TNQ (The Northern Quarter)

• 460 apartments • 60,000 sq ft of commercial space

Silver Works • 191 apartments • 6 town houses

Green Point • 32 apartments

Edition Colindale • 1,495 apartments

Colindale Gardens

• Set over 9 acres • 2,900 new homes

Beaufort Park • 2,800 apartments • 78,000 sq ft of commercial space

The Rushgroves • 386 Residential Units

Premier Inn

Sainsbury Foodstore

Connaught Business Park

1

2

3

4

5

6

8

7

9

10

Colindale


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VAT The Property is elected for VAT and it is proposed that the sale will be treated as a Transfer of a Going Concern (TOGC).

EPCAvailable on request.

Data RoomThere is a data room for the property. Access can be obtained on request.

ProposalWe are seeking offers in excess of £10,000,000 subject to contract reflectinganet yield of 4.0% and a reversionary yield of 6.22% in December 2018 after purchaser’s costs of 6.7%.

For further Information contactJohn ReavleyD: 0203 667 8404 M: 07899 841 312E: [email protected] Andrew BarrsD: 020 3667 8408 M: 07909 522 151E: [email protected]

Tom Steadman D: 020 3667 8406 M: 07904276239E: [email protected]

BCMSt Christophers House St Christophers Place London, W1U 1NZwww.bcmre.com

Misrepresentation Act: These particulars are issued, without responsibility on the part of the vendor, BCMRE or any of their respective employees or agents and serve only as an introductory guide to the premises. No part of them constitutes a term of a contract or a statement or representation upon which any reliance can be placed. Any person with an actual or prospective interest in the premises must satisfy themselves as to any matter concerning the premises by inspection, independent advice or otherwise. BCMRE nor any of their employees or agents have authority to make or give any representation or warranty as to the premises whether in this report or otherwise. Unless otherwise stated all figures quoted are to be considered exclusive of VAT. The plans are published for convenience of identification only, and although believed to be correct, their accuracy is not guaranteed and does not form part of any contract. Design and produced by PLP London T:020 3137 3079 • plplondon.com

the hyde - bcmrebcmre.com/assets/img/thehyde/thehydepdf.pdf · 2018-05-29 · car showroom...

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