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2/22 The Martlets, 8/24 Haslett Avenue & 31/35 Broadway Crawley, RH10 1ES
Agents
Green & Partners
David Freeman
Will Civil
Jonny Gooch
Anita Briant
Use Class
E
Size
42,185 sq ft
Price
£7,500,000
Key Features
Crawley is a busy, highly accessible commercial destination and a popular commuter town.
Crawley has a primary retail catchment of 171,000 people, with a consumer base of approximately 304,000.
The Crawley Growth Programme continues to support ongoing development with plans for 1,000 new homes and enhanced transport infrastructure.
Significant town centre ownership including 14 shop units and a substantial part surface/part underground carpark to the rear (141 spaces).
Tenants include Waterstones, Barclays, TUI, Card Factory, Kings Gym and YMCA.
A current sale income of £809,000pax (assuming the vendor tops up stepped rents).
An attractive WAULT of 6.35 years to lease expiry and 4.02 years to tenant break options, with 74% of rent secured from tenants holding leases with more than three years to expiry.
Description
High Yielding, South-East, Prime, Freehold Town Centre Retail Investment Opportunity.
The property, constructed in the 1970s, comprises two substantial blocks. The first block is located along The Martlets, spanning almost the entire length of its prime western pedestrianised section, which serves as a primary thoroughfare connecting the County Mall Shopping Centre with Queens Square. Key tenants include Waterstones, Barclays, TUI Travel and Card Factory. Tesco Express, Sports Direct, Dunelm, O2, Caffe Nero and Longdan are situated opposite. The second block is positioned at the County Mall end of The Martlets directly opposite the Bus Station, encompassing addresses16-22 Haslett Avenue and 31-35 Broadway. This element is let to Kings Gym and a number of established local traders.
Additionally, the property benefits from a surface and underground car park at the rear, providing 141 spaces with vehicular access from The Broadway. Whilst still within the freehold ownership, 24-26 The Martlets, 24 Haslett Avenue, 12 The Broadway and the upper levels at 14 Haslett Avenue have been effectively sold off on long leases (see tenancy schedule).
Key Information
Further Infomation
Terms & Conditions
In order to comply with anti-money laundering legislation, the preferred purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested from the successful purchaser at the relevant time.
Accommodation
42,185 Sq.Ft
Financial
Price
We are instructed to seek offers in the region of £7,500,000 (seven million, five hundred thousand pounds), subject to contract and vat reflecting a net initial yield of 10.11% allowing for the usual graduated purchaser’s costs.
Service Charge
The Martlets units are let on full repairing and insuring leases. The remainder of the freehold ownership is subject to a service charge which is calculated on a gross floor area basis with individual tenant percentage apportionments. The total service charge budget for the year ending 31st March 2025 is £81,220 pa. A full service charge budget can be supplied upon request.
Tenure Detail
Freehold with sections effectively sold off on long leaseholds, further information available on request.
Terms & Conditions
In order to comply with anti-money laundering legislation, the preferred purchaser will be required to provide certain identification documents. The required documents will be confirmed to and requested from the successful purchaser at the relevant time.
Vat
The property is registered for VAT, and it is proposed that the sale will be treated as a Transfer of a Going Concern (TOGC)
Demographics
Crawley town centre features over 300 shops, showcasing a blend of national chains and independent retailers. The core prime retail area is predominantly concentrated on the pedestrianised The Martlets and the 480,000 sq ft County Mall shopping centre, which opened in 1992 and houses more than 90 stores, including Primark, Next, B&M, JD Sports Boots, and River Island along with a car park that accommodates 1,800 vehicles. The Martlets offers a diverse selection of popular national retailers including Tesco, Waterstones, Sports Direct, Schuh, lush. HMV and Dunelm. Located to the north of The Martlets is Queens Square which was partly redeveloped in 2017 and now along with Queensway/Kingsgate hosts several large stores, including a 20,000 sq ft TK Maxx, a 43,000 sq ft Poundland, a 21,500 sq ft Decathlon, a 25,500 sq ft New Look and a 24,300 sq ft Peacocks. The Eastern Gateway development, completed in 2022 at a cost of £8.85 million, has significantly improved the town centre’s sustainable travel infrastructure and enhanced connections to nearby sites, including the Town Hall, County Buildings, Crawley College, and Telford Place, through upgraded pedestrian and cycling facilities and improved urban spaces.
Sustainability
Energy Performance Certificates (EPC’s) are available within the marketing data room.
Misrepresentation Notice
All the above information and descriptions (whether in the text, plans or photographs) are given in good faith but should not be relied upon as being a statement of representation or fact. Any areas, measurements or distances referred to are approximate only.
All data ©2024 Completely Property Technology Limited
This was last updated on 19/11/2024