On the instruction of Ros Goode & Roland Morgan, Joint Fixed Charge Receivers

Transcription

1 FOR SALE On the instruction of Ros Goode & Roland Morgan, Joint Fixed Charge Receivers Land at Teville Gate, Teville Road, Worthing, West Sussex BN11 1AZ ibrochure - ENTER OUTSTANDING TOWN CENTRE REDEVELOPMENT OPPORTUNITY SITE LOCATED 250M FROM WORTHING TOWN CENTRE ADJACENT TO WORTHING TRAIN STATION AND CLOSE TO GOOD ROAD CONNECTION SITE EXTENDS TO CIRCA 1.48 HA (3.65 ACRES) POTENTIAL FOR A VARIETY OF USES INCLUDING RESIDENTIAL, COMMERCIAL AND LEISURE EXISTING TENANCIES GENERATE CIRCA 28,500 OF RENTAL INCOME PER ANNUM OFFERS INVITED ON AN UNCONDITIONAL BASIS

2 FOR SALE Land at Teville Gate, Teville Road, Worthing, West Sussex BN11 1AZ ibrochure - SUMMARY OUTSTANDING TOWN CENTRE REDEVELOPMENT OPPORTUNITY Site located 250m from Worthing town centre Adjacent to Worthing train station and close to good road connection Site extends to circa 1.48 ha (3.65 acres) Potential for a variety of uses including residential, commercial and leisure Existing tenancies generate circa 28,500 of rental income per annum Offers invited on an unconditional basis > SUMMARY > LOCATION > DESCRIPTION > OPPORTUNITY > PLANNING > TECHNICAL INFORMATION > GALLERY > MORE INFO / CONTACT

3 FOR SALE Land at Teville Gate, Teville Road Worthing, West Sussex BN11 1AZ On-line ibrochure Not to scale. For reference purpose only

4 FINDON VALLEY A24 A27 UPPER BRIGHTON ROAD A27 WEST TARRING A24 WORTHING WORTHING MARINE PARADE 1 Not to scale. For reference purpose only On-line ibrochure > SUMMARY > LOCATION > LOCATION MAP > DESCRIPTION > OPPORTUNITY > PLANNING > TECHNICAL INFORMATION > GALLERY > MORE INFO / CONTACT > STREET MAP School/College Supermarket Hospital Entertainment Retail

5 ibrochure LOCATION Teville Gate falls within the administrative authority of Worthing Borough Council. The site is located in an urban area approximately 250m from Worthing Town Centre. Worthing is located in the county of West Sussex on the south coast. Nearby major conurbations include; Brighton (c.11 miles east), Crawley (c.30 miles north east) and Portsmouth (c.40 miles west). The subject site is situated in a prominent position on the corner of the junction between the A2031 and A24, adjacent to Worthing s central mainline train station. The site s convenient location means it benefits from a variety of shopping and leisure amenities found in Worthing Town Centre. Worthing is an attractive and popular tourist location. In addition to the beach front, attractions include Worthing Pier, Pavilion Theatre and High Down Gardens. CONNECTIVITY Worthing s major road connections include the A24 which runs north through Horsham and connects Worthing to the M25 at the Leatherhead junction (Junction 24), and the M23 to the north east via the A264. The site is immediately adjacent to Worthing station, which is one of three Overground train stations serving the town (East Worthing, Worthing and West Worthing Stations), all serving points along the same train line. Direct and regular train services connect central Worthing to Brighton and London Victoria station in journey times of c. 30 minutes and 1hr 25 minutes respectively. Gatwick airport is accessible via the A27 and the A23 in a journey time of c.50 minutes. 1

6 M25 M25 A24 M23 A23 A24 A27 A27 A27 OpenStreetMap contributors opendatacommons.org On-line ibrochure > SUMMARY > LOCATION > LOCATION MAP > DESCRIPTION > STREET MAP > OPPORTUNITY > PLANNING > TECHNICAL INFORMATION > GALLERY > MORE INFO / CONTACT

7 A24 WORTHING A24 TEVILLE GATE, WORTHING OPEN STREET MAP > A2031 A259 A259 A259 WORTHING Not to scale. For reference purpose only

8 DESCRIPTION The broadly rectangular shaped site measures circa 1.48 hectares (circa 3.65 acres) and is roughly level in topography. The site currently accommodates a number of existing buildings in a poor state of repair, extending up to 6-storeys in height. The site has extensive areas of hardstanding. The land/buildings were previously used for a mix of retail, office and car parking (multi-storey plus areas of surface car parking). We understand that the existing buildings date from the 1960 s/70 s and formed part of a comprehensive mixed use scheme which included Teville Gate House (an office building adjacent to the north). Principal access to the site is gained from Teville Road. There is secondary access from Railway Approach. A pedestrian-only route runs north-south through the site which we understand is a public right of way. The site is bound to the north by Teville Gate House, a 3-storey office building (which does not form part of the subject site), Railway Approach, and private service road serving Morrison s supermarket (located to the east). To the east of the site is Broadwater Road, an elevated dual carriageway with Morrison s supermarket beyond. Teville Road bounds the site to the south, beyond which are 2-3 storey residential housing. To the west is a vehicle repair garage, alongside commercial properties. There are no listed buildings on site. No trees on site are subject to preservation orders and the site does not lie within a Conservation Area. The site is not thought to be at risk of flooding. On-line ibrochure > SUMMARY > LOCATION > DESCRIPTION > OPPORTUNITY > PLANNING > TECHNICAL INFORMATION > GALLERY > MORE INFO / CONTACT

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10 On-line ibrochure > SUMMARY > LOCATION > DESCRIPTION > OPPORTUNITY > PLANNING > TECHNICAL INFORMATION > GALLERY > MORE INFO / CONTACT

11 ibrochure OPPORTUNITY The site presents a superb opportunity for redevelopment having previously obtained outline planning permission (subject to the signing of the s.106) for a large mixed use scheme including a 229 unit residential tower (C3), office (B1), retail (A1-5), conference (D1) and leisure (D2) uses. Whilst no planning permission is currently in place, the sites planning history ensures incoming developers could benefit from an exciting variety of potential development options. The proximity of the site to Worthing town centre, as well as its close proximity to good road and Overground rail connections, means the site could also have potential for residential private rented sector (C3), hotel (C1), leisure, and retirement/care provision (C2) uses. Given the site s historic employment use, there is the possibility of a requirement to re-provide an element of commercial space as part of any redevelopment planning application. Further planning information is available for download from the Technical Information page. WORTHING DEMOGRAPHICS The BN11 population has increased slightly over recent years being estimated at 104,600 people in the 2011 census, up 7.1% since the 2001 census figure of 97,600. The largest increase in the population from 2001 to 2011 has been in the 40 to 50 year age range. Average annual earnings in the BN11 area are equivalent to 25,331 per annum, representing a figure just above the national average earning figure of 24,478 per annum. Within the BN11 postcode area 56% of the local residents are identified as home owner occupiers, a figure well below the national average of 66%. Approximately 10% of the local population are classed as Social Renters which is below the national average of 18%. Flats make up the Worthing s largest percentage of housing stock at 58%. Terraced and semi-detached housing are the other two main dwelling types comprising 22% and 11% respectively. Detached housing makes up just 7% of local housing stock, a much smaller proportion of the wider areas local housing stock where detached housing makes up 19.6%. Source: 2011 Census data.

12 PLANNING No planning permission currently exists for the land at Teville Gate; however a number of consented historic planning applications associated with the site are visible on the Council s online Planning Portal. These are summarised below: Reference Description Decision Date 98/00788/FULL Historic Approved 26/01/ /00410/OUT Historic Approved 16/07/ /0549/OUT Outline application for the demolition of existing buildings Approved 23/09/2010 and erection of a new public swimming complex with associated health and fitness centre, multi-screen cinema, indoor bowling centre and bingo club, ancillary restaurants, shops and cafes, two residential towers (one at 18 levels and a second at 11 residential levels) containing 235 apartments together with 25 apartments on a new residential frontage to Teville Road, 635 basement car parking spaces, together with a new partially covered pedestrian arcade, landscaping and access from Teville Road. 10/0852/OUT Outline application for the demolition of existing buildings Pending and erection of a mixed use development comprising (Subject to s.106) multi-screen cinema, restaurants and cafes, foodstore, hotel, health and fitness centre, offices, multi-function conference and exhibition centre, two residential towers containing 229 apartments together with 19 apartments on a new residential frontage to Teville Road and 12 apartments on a new residential frontage to Broadwater Road, 967 car parking spaces together with a new partially covered pedestrian arcade, landscaping and urban realm and access arrangements. A Planning Position Statement prepared by GVA and further information relating to planning is available for download from the Technical Information page. On-line ibrochure > SUMMARY > LOCATION > DESCRIPTION > OPPORTUNITY > PLANNING > TECHNICAL INFORMATION > GALLERY > MORE INFO / CONTACT

13 ibrochure TECHNICAL INFORMATION Technical information is available for download in the Teville Gate Data Room: Teville Gate Data Room > Teville Gate, Wortham Enter >

14 On-line ibrochure > SUMMARY > LOCATION > DESCRIPTION > OPPORTUNITY > PLANNING > TECHNICAL INFORMATION > GALLERY > MORE INFO / CONTACT

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16 ibrochure MORE INFORMATION Existing Tenancies There are tenancies in place across the site currently producing circa 28,500 per annum in rental income. A tenancy schedule is available for download from the Technical Information page. Viewings The site can be viewed from the public highway, however, should interested parties wish to gain additional access, arrangements can be made through Toby Box at CBRE on / toby.box@cbre.com VAT It is intended that a sale of the Property will proceed as a Transfer of Going Concern ( TOGC ) for VAT purposes and hence be outside the scope of VAT, provided that the Buyer meets the usual TOGC requirements including opting to tax. Tender Process The site is being sold via informal tender. Offers are invited on an unconditional basis only. Offers are to be submitted as a PDF attachment and ed to Toby Box at toby.box@cbre.com at CBRE by noon on Friday 7th November BACK On-line ibrochure FOR MORE INFORMATION PLEASE CONTACT THE FOLLOWING: Adam Cradick Adam.cradick@cbre.com Jasper Masters Jasper.masters@cbre.com Toby Box Toby.box@cbre.com Henrietta House, Henrietta Place, London W1G ONB Misrepresentation Act: All Agents and for the vendors or lessors of this property whose agents they are, give notice that (i) these particulars are produced in good faith, are set out as a general guide only and do not constitute any part of an offer or contract. They are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to the correctness of each of them. (ii) no person in the employment of all agents has any authority to make or give any representation or warranty in relation to this property. September Armstrong Design