On the instructions of George Maloney of Baker Tilly Ryan Glennon and Graham Bushby,

Transcription

1 On the instructions of George Maloney of Baker Tilly Ryan Glennon and Graham Bushby, Athena Court, High Street, Stratford, London, E15 Bruce Mackay and Matthew Haw of Baker Tilly Restructuring and Recovery LLP acting as Fixed Charge Receivers ( Receivers ): ATHENA COURT RESIDENTIAL INVESTMENT OPPORTUNITY (even numbers) High Street, Stratford, London E15

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3 Investment Summary A landmark freehold building located in Stratford. 166 private residential apartments (extending to 10,304 sqm / 110,918 sq ft GIA excluding communal parts) offered with vacant possession. 132 affordable units subject to a long lease. 2 vacant commercial units (extending to 1,685 sq m/ 18,141 sq ft NIA) to be subject to 2 long leases. 80 secure underground car parking spaces (46 vacant, 34 subject to long leases). Located in close proximity to the Olympic Park, Stratford transport hub and Westfield Stratford City Shopping Centre. Offered for sale as a single lot on a freehold basis.

4 EPPING FOREST Athena Court, High Street, Stratford, London, E15 FINSBURY PARK CLISSOLD PARK HBURY ELDS STOKE NEWINGTON HACKNEY MARSH RY & TON ANGEL DALSTON HACKNEY LONDON FIELDS VICTORIA PARK STRATFORD CITY WEST HAM BETHNAL GREEN UPTON PARK CLERKENWELL SHOREDITCH N CITY OF LONDON CANNING TOWN ATERLOO SHADWELL 02 EXCEL CITY AIRPORT SOUTHWARK CANARY WHARF BURGESS PARK GREENWICH PARK The Olympic Park Legacy Company intends to establish Stratford as a new and vibrant district for London, bringing investment, new homes, jobs and opportunities for generations to come. LOOP RD OLYMPIC PARK AVE STRATFORD INTERNATIONAL MONTFICHET RD LEYTON RD A112 GREAT EASTERN RD MARYLAND A118 Location The building is located on the north side of Stratford High Street at the junction with Warton Road in Stratford, East London within the London Borough of Newham. The scheme is located close to the Olympic Park, Stratford transport hub, Stratford High Street DLR station and Westfield Shopping Centre. Stratford is close to many employment centres and the highly accessible nature of the location makes it popular with a wide range of commuters. The Olympic Park The 227 hectare Olympic Park which formed the centrepiece of the London 2012 Olympic Games is located to the north of the development. The Olympic Park Legacy Company intends to establish Stratford as a new and vibrant district for London, bringing investment, new homes, jobs and opportunities to the area. It is intended that the infrastructure, facilities and international focus generated by the 2012 Games will act as a catalyst for the further regeneration of Stratford and East London generally. LOOP RD LOOP RD Olympic Stadium PUDDING MILL LANE PUDDING MILL LN LOOP RD HIGH STREET LOOP RD CARPENTER WAY STRATFORD STRATFORD HIGH STREET A11 HIGH STREET A11 HIGH STREET STRATFORD A112 WEST HAM LN ABBEY ROAD NEW PLAISTOW RD MANOR RD A1011 Westfield Stratford Shopping Centre Westfield Stratford City is located to the north east of the development. Westfield Stratford City opened in September 2011 and is one of the largest urban shopping centres in Europe. It is anchored by a John Lewis department store, a Waitrose supermarket, Marks & Spencer and a 17 screen all digital Vue cinema. The shopping centre has approximately 300 stores, 32 restaurants, 2 hotels and a casino. Not to Scale - For Identification Purposes Only. MANOR RD

5 Wembley Park Hampstead Heath Highbury & Islington Stratford Stratford International Wembley Stadium Notting Hill Gate 28 mins Marylebone 29 mins Bond St 21 mins Baker St 28 mins Oxford Circus 19 mins Bank 12 mins Euston 27 mins Kings Cross 26 mins Liverpool St 9 mins 16 mins London Bridge Canary Wharf 10 mins 19 mins Waterloo To Ebbsfleet International JUBILEE METROPOLITAN CENTRAL LINE SOUTHEASTERN OVERGROUND Source: Transport for London Not to Scale - For Identification Purposes Only. Transport Stratford s transport hub is approximately 400 metres to the north. It encompasses London Underground, DLR and mainline stations, making Stratford one of the best connected areas in London. Stratford London Underground Station is served by the Jubilee and Central lines and provides direct access into Central London (Liverpool Street 9 minutes, Canary Wharf 11 minutes, London Bridge 19 minutes, Oxford Circus 21 minutes). Stratford International Railway Station provides frequent high speed trains connecting with the Eurostar at St. Pancras (6 minutes) and also Ebbsfleet in Kent (10 minutes). Stratford Docklands Light Railway Station connects with Canary Wharf and London City Airport. Stratford London Underground Station is served by the Jubilee and Central lines and provides direct access into Central London (Liverpool Street in 9 minutes, Canary Wharf in 10 minutes, London Bridge in 16 minutes, Oxford Circus in 19 minutes). Stratford Regional Overground Railway Station connects with Liverpool Street, north and west London and East Anglia. Stratford will have its own Crossrail station which is currently under construction and projected for completion in 2017 at which time it is planned that trains will travel from Maidenhead and Heathrow in the west to Shenfield and Abbey Wood in the east. This will provide Stratford with direct links from Heathrow Airport, the East End, The City of London and Canary Wharf.

6 Stratford Halo Olympic Park

7 Westfield Stratford Stratford Station Stratford Plaza Athena Court, High Street, Stratford, London, E15

8 Description The subject property is a mixed use development completed in The scheme comprises 3 residential blocks, 2 commercial units, communal parts and secure underground parking. Athena Court Athena Court is a 26 storey block arranged as 166 private residential apartments (extending to 10,304 sqm / 110,918 sq ft GIA excluding communal parts) and 12 affordable units, along with communal parts. The main access to Athena Court is on Stratford High Street. On the ground floor there is a double height entrance reception area and lifts leading to the upper floors and lower ground. There is also access to the car park, communal gardens, bin store, motorcycle and bicycle store. The private units are situated on floors They are currently vacant and comprise: Unit Type Average Unit Size Total No. of Units 1 bed 50.3 sq m / 541 sq ft 54 2 bed 63.5 sq m / 683 sq ft 87 3 bed 73.6 sq m / 792 sq ft 22 Penthouses sqm / 1,598 sq ft 3 Accommodation Internally most private apartments are well presented, though certain units may require some snagging and re-decoration. Kitchens benefit from either granite or laminated wood worktops and built in appliances. Each apartment has a video entry system. Each apartment has a consumer substation which controls heating. Each apartment has a private balcony. Many apartments benefit from views of the Olympic Park. Apartments on the upper floors have far reaching views across London. Tenure The property is held freehold, subject to the following leases: 14 to to to 138 Friendship Way 92 to 102 Carpenters Primary School 3.8m CARPENTERS ROAD El Sub Sta 12 James Riley Point Motel 196 N 7 6 PARK L The 12 affordable units are on the first and second floors and are subject to a long lease to London & Quadrant Housing Association (see details below). Aphrodite Court and Apollo Court Aphrodite Court and Apollo Court adjoin Athena Court on either side and comprise a further 120 affordable units. There are 68 units at Aphrodite Court and 52 units at Apollo Court. School House Aphrodite Court 1 to 68 ESS 1 to 178 Athena Court 1 to 52 Apollo Court to to Pe Apollo Court has a separate access on Stratford High Street. Aphrodite Court has a separate access on Warton Road Each block is subject to a lease to London and Quadrant Housing Association (see details below). Commercial Premises There are 2 vacant commercial units occupying the ground and mezzanine floors (extending to 1,685 sq m / 18,141 sq ft NIA). The commercial units also have separate access on Stratford High Street and Warton Road. They are subject to 2 long leases which are due to be finalised. The brief outline terms are summarised below. The commercial units are currently vacant and zoned for use classes:- A1 (retail), A2 (financial and professional services), A3 (restaurants), B1 (business), D1 (non-residential institutions). Underground Parking There are 80 secure underground car parking spaces on the lower ground and ground floors. The car park access is on Warton Road. 46 spaces are vacant. 34 spaces are subject to long leases to London and Quadrant Housing Association and the commercial lessee. Leases 0m 10m 20m 30m The development is subject to four leases: Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1:1250 Crown Copyright - licence no Based on Ordnance Survey Not to Scale - For Identification Purposes Only. 1 to to 41 3 RICK RO - Two leases covering the two commercial units are due to be granted for a term of 999 years at a peppercorn rent. - Three separate leases to London and Quadrant Housing Association each for a term of 125 years commencing on 25th December o Lease 1A covers the 12 affordable units at Athena Court. The current ground rent is 60 per annum. o Lease 1B covers Aphrodite Court. The current ground rent is 340 per annum. o Lease 2 covers Apollo Court. The current ground rent is 260 per annum.

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10 Accommodation Schedule Private residential apartments at Athena Court: Unit No. Floor Bedrooms Bath / Shower rooms Floor Area (Sq m) Floor Area (Sq ft) 9 First Second Second Second Second Second Second Second Third Third Third Third Third Third Third Third Third Third Fourth Fourth Fourth Fourth Fourth Fourth Fourth Fourth Fourth Fourth Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth Sixth Sixth Sixth Sixth Unit No. Floor Bedrooms Bath / Shower rooms Floor Area (Sq m) Floor Area (Sq ft) 55 Sixth Sixth Sixth Sixth Sixth Sixth Seventh Seventh Seventh Seventh Seventh Seventh Seventh Seventh Seventh Seventh Eighth Eighth Eighth Eighth Eighth Eighth Eighth Eighth Eighth Eighth Ninth Ninth Ninth Ninth Ninth Ninth Ninth Ninth Ninth Ninth Tenth Tenth Tenth Tenth Tenth Tenth

11 Unit No. Floor Bedrooms Bath / Shower rooms Floor Area (Sq m) Floor Area (Sq ft) 97 Tenth Tenth Tenth Tenth Eleventh Eleventh Eleventh Eleventh Eleventh Eleventh Twelfth Twelfth Twelfth Twelfth Twelfth Twelfth Thirteenth Thirteenth Thirteenth Thirteenth Thirteenth Thirteenth Fourteenth Fourteenth Fourteenth Fourteenth Fourteenth Fourteenth Fifteenth Fifteenth Fifteenth Fifteenth Fifteenth Fifteenth Sixteenth Sixteenth Sixteenth Sixteenth Sixteenth Sixteenth Seventeenth Seventeenth Unit No. Floor Bedrooms Bath / Shower rooms Floor Area (Sq m) Floor Area (Sq ft) 139 Seventeenth Seventeenth Seventeenth Seventeenth Eighteenth Eighteenth Eighteenth Eighteenth Eighteenth Eighteenth Nineteenth Nineteenth Nineteenth Nineteenth Nineteenth Nineteenth Twentieth Twentieth Twentieth Twentieth Twentieth Twentieth Twenty First Twenty First Twenty First Twenty First Twenty First Twenty First Twenty Second Twenty Second Twenty Second Twenty Second Twenty Second Twenty Second Twenty Third Twenty Third Twenty Third Twenty Fourth/Fifth , Twenty Fourth/Fifth , Twenty Fourth/Fifth , Units 10, ,918

12 VAT We understand the property is not elected for VAT. Planning Planning consent for the scheme was obtained in March 2009 under planning reference 07/01390 and amendment 08/ Method of Sale The development is offered for sale by private treaty by way of an informal tender. A closing date for bids will be set in due course and all interested parties who express an interest will be notified at the appropriate time as to the bidding procedure. Viewings Viewings are strictly by appointment through the selling agent, Savills. A series of viewing days will be scheduled in due course. Further Information A full suite of background information including comprehensive property, legal and planning information is available on a secure website. For access please contact Savills. Contacts For further information or to arrange a viewing please contact the Vendor s sole selling agent, Savills. Savills Lansdowne House 57 Berkeley Square London W1J 6ER Ed de Jonge edjonge@savills.com James Laverack jlaverack@savills.com Darren Arnold darnold@savills.com Jonny Stevenson jstevenson@savills.com Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Important Notice from the Receivers Neither the Receivers, Baker Tilly Ryan Glennon or Baker Tilly Restructuring and Recovery LLP or its or its partners, employees, agents, advisors, representatives or any replacement or supplementary Receivers incur any personal liability under, or because of, this document nor any related matter or claim arising in whatever jurisdiction or forum. The Receivers act as agents and incur no personal liability by acting in that capacity. Designed and Produced by Savills Marketing: February 2013