HIGHLY REVERSIONARY UNBROKEN RESIDENTIAL HIGH STREET PORTFOLIO 63-91 Eastmead & 62-94 Westmead, Queensmead, Farnborough, GU14 1 three bedroom and 24 two bedroom maisonettes arranged over first and second floors above a retail parade. Currently producing 188,076 per annum. Net saleable area 19,095ft 2. 999 year lease at a peppercorn ground rent. OIEO 3,500,000 Subject to Contract reflecting NIY 5.1% Low capital value of 183 psf.
1-5, 63-91 Eastmead and 62-94 Westmead, Queensmead, Farnborough, GU14 OIEO 3,500,000 Subject to Contract 1 three bedroom and 24 two bedroom maisonettes arranged over first and second floors above a retail parade, accessed from the rear. Total net saleable area 19,095ft 2 (1,773.9m 2 ). To be sold with a new 999 year lease at a peppercorn ground rent. Located in the centre of The Meads 80,000,000 regeneration project. Currently producing 188,076 per annum reflecting a net yield of 5.1% Low capital value of 183 psf.
Location Farnborough is a major commercial and retailing centre strategically located 35 miles south west of London, 18 miles east of Reading and 11 miles North West of Guildford and is one of the best connected towns in the UK. Queensmead Transportation Farnborough is located 2 miles south of junction 4 and 4a of the M3 motorway and 5 miles North West of the junction of the A3 and A31 trunk roads. The M3 leads into the M25, 15 miles to the North East. Farnborough is situated on the South Western Mainline and is served by fast, direct trains with a short journey time of 34 minutes to Waterloo. There are also direct services to Reading (24 minutes). Farnborough Airport is 1 mile to the south of the town centre and is the only airport near to London dedicated exclusively to business aviation. London Heathrow is located 23 miles north east and Gatwick 36 miles to the South East. Regeneration Source: Google maps, not to scale, provided for indicative purposes only. Proposed investment of more than 250 million will go into Farnborough over the next decade. This is on top of the 150 million already invested in The Meads' project at the northern end of the town centre. The plans include: More than 200,000ft 2 of new shopping space with improved town centre car parking, new business spaces, new hotels and leisure spaces and new homes in and around the town centre. In autumn 2013, Queensmead s pedestrianised shopping area was regenerated. This included new paving, seating and improved lighting. Trees were planted along the length of Queensmead to make it more attractive to both shoppers and retailers year-round.
Farnbrough, Eastmead / Westmead (Residential) Property / Unit Ft 2 Least Start Lease End Term Rent ( ) Flat 63 Eastmead 889 11-Apr-15 10-Apr-16 1 yrs 9,000 Flat 65 Eastmead 745 13-Jul-15 12-Jul-16 1 yrs 9,600 Flat 67 Eastmead 755 11-Nov-14 10-Nov-15 1 yrs 9,000 Flat 69 Eastmead 766 01-Jan-16 31-Dec-16 1 yrs 10,200 Flat 75 Eastmead 690 09-Oct-15 08-Oct-16 1 yrs 10,200 Flat 77 Eastmead 690 07-Jan-11 06-Jan-12 1 yrs 7,320 Flat 79 Eastmead 678 03-Jun-09 02-Jun-10 1 yrs 8,700 Flat 81 Eastmead 676 Vacant Flat 83 Eastmead 685 15-Aug-14 14-Aug-15 1 yrs 9,600 Flat 85 Eastmead 690 01-Feb-15 31-Jan-16 1 yrs 8,400 Flat 87 Eastmead 698 25-Aug-10 24-Feb-11 6 mths 8,340 Flat 89 Eastmead 689 12-Feb-12 11-Feb-13 1 yrs 8,700 Flat 91 Eastmead 690 01-Nov-15 31-Oct-16 1 yrs 7,200 Flat 62 Westmead 1,229 14-Feb-09 13-Feb-10 1 yrs 9,120 Flat 66 Westmead 693 Vacant Flat 68 Westmead 687 01-Jan-06 31-Dec-06 1 yrs 4,500 Flat 70 Westmead 706 01-Oct-15 30-Sep-16 1 yrs 10,200 Flat 72 Westmead 686 02-Jul-11 01-Jul-12 1 yrs 8,700 Flat 74 Westmead 705 01-May-10 30-Apr-11 1 yrs 8,340 Flat 76 Westmead 974 27-Feb-10 26-Feb-11 1 yrs 8,880 Flat 86 Westmead 679 Vacant Flat 88 Westmead 1,019 27-Sep-14 26-Sep-15 1 yrs 10,200 Flat 90 Westmead 973 04-Dec-14 03-Dec-15 1 yrs 10,200 Flat 92 Westmead 704 01-May-13 30-Apr-14 1 yrs 8,400 Flat 94 Westmead 699 01-May-87 3,276 TOTAL 19,095 188,076 1-5, 63-91 Eastmead and 62-94 Westmead, Queensmead, Farnborough, GU14 Tenancy Schedule Total: 1 x 3 bedroom maisonette and 24 x 2 bedroom maisonettes. Further asset management potential ERV 255,000 based on market rent for the two bedroom flats being being achieved at 10,200pa Further potential to increase ERV with some capital expenditure to enhance the product for the rental market.
A typical floorplan (Flat 81 Eastmead)
Trusted. Proven. Experienced. Tenure Long leasehold for 999 years with a peppercorn ground rent Guide Price OIEO 3,500,000 Subject to Contract Yield Currently producing 188,076 per annum reflecting a net yield of 5.1%. Low capital value of 183 psf. For further information, appointments & viewings +44 (0)207 266 8500 Jerome Colmans j.colmans@estate-office.com Daniel Minsky d.minsky@estate-office.com DISCLAIMER The particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute or constitute part of an offer or contract. All descriptions, dimensions, reference to condition and necessary permissions for use and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact, but must themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Estate Office has an authority to make or give any representation or warranty whatsoever in relation to this property. Sep-16.