Mount Ephraim, Tunbridge Wells TN4 9GW
Offers in excess of £4,500,000
Westcombe House comprises an office building (B1(a) Use Class) which extends to approximately 15,758 sq.ft. NIA across ground and 4 upper floors.
The building occupies a site area of circa 0.16 acres which includes surface car parking for 7 vehicles. There is also a basement car park, accessed from the side of the building, which accommodates a further 17 vehicles (24 spaces in total).
The existing building benefits from an entrance lobby and two lifts, along with WC facilities and open plan office space on each floor. There is a plant room at 5th floor level.
The property is currently fully occupied by 4 tenants and is in a good condition throughout, and benefits from consent to develop 33 flats by way of PDR and detailed planning permission.
Westcombe House is prominently located on Mount Ephraim in Tunbridge Wells, an affluent commuter town in Kent approximately 35 miles south-east of Central London.
The property is situated just to the north of the town centre which offers numerous shops, restaurants and other amenities. Royal Victoria Place Shopping Centre is located approximately 0.3 miles (circa 7 mins walk) from the property.
Tunbridge Wells Station is situated approximately 0.5 miles (circa 12 mins walk) from the property, providing links to London Bridge (45 mins), Cannon Street (55 mins) and Charing Cross (55 mins).
Planning & Development Potential
Prior Approval Consent
Prior Approval was granted on 10th January 2017, under reference 16/07532/PNOCLA, for change of use and conversion of the 1st – 4th floors of the building to provide 24 flats.
The proposed scheme comprises 12 x 1 bedroom, 11 x 2 bedroom and 1 x 3 bedroom units totalling 13,207 sq.ft. NIA.
A self-contained office unit of 1,399 sq.ft. is to be retained at ground floor.
Detailed planning permission was granted on 15th November 2017, under reference 17/03114/FUL, for demolition of the existing 5th floor mansard, extension at 4th floor level and the construction of two new storeys (5th and 6th floors) to create an additional 9 flats.
The proposed extension will provide 5 x 1 bedroom and 4 x 2 bedroom units totalling 5,791 sq.ft. NIA (giving a total of 33 units consented).
The office space within Westcombe House is currently fully let on four separate leases, producing a total income of £193,250 per annum:
The ground floor is let to Office Angels Ltd (www.office-angels.com) on a 5 year lease from 6th June 2014 at a current rent of £25,500 per annum. The lease is outside the provisions of the Landlord & Tenant Act.
The 1st and 2nd floors are let BNP Paribas Commercial Finance Ltd (www.commercialfinance.bnpparibas.co.uk) on a 5 year lease from 1st September 2013 at a current rent of £87,500 per annum. The lease is within the provisions of the Landlord & Tenant Act.
The 3rd floor is let to Regis Mutual Management Ltd (www.rmml.com) on a 5 year lease from 11th December 2013 at a current rent of £40,250 per annum. The lease is outside the provisions of the Landlord & Tenant Act.
The 4th floor is let to Insafe International Ltd (www.insafe.com) on a 5 year lease from 1st July 2014 at a current rent of £40,000 per annum. The lease is outside the provisions of the Landlord & Tenant Act.
The property will be sold freehold and subject to the existing tenancies remaining in-situ.
The property is elected for VAT.
We understand that the transaction can be treated as a Transfer of a Going Concern (TOGC).
Offers are invited in excess of £4,500,000. A purchase at this level reflects a capital value of £221 per sq.ft. based on the consented NIA.
Further information including planning and lease documents are available within our dataroom using the access code ‘Westcombe’.
Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
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- 5-storey B1(a) office building extending to approximately 15,758 sq.ft. NIA with basement and surface level parking
- Let in its entirety on 4 short term leases, producing £193,250 per annum in total
- Prior Approval for conversion of the 1st – 4th floors to create 24 flats totalling 13,207 sq.ft. NIA under PDR, retaining an office unit of 1,399 sq.ft. NIA at ground floor
- Detailed planning permission for a 2-storey roof extension to create an additional 9 flats totalling 5,791 sq.ft. NIA
- Offers invited in excess of £4,500,000 for the freehold interest, reflecting £221 per sq.ft. on the proposed NIA
To discuss this opportunity further, please contact Keir Goldstein or Paul Heale on 020 7183 2529