Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings

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Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
Goldstone Retail Park
Hove | BN3 7PN

Unique Redevelopment Opportunity
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
2 | Goldstone Retail Park | Hove, BN3 7PN

             Investment Rationale
             E 
               Brighton & Hove is one of the fastest growing conurbations in         E C
                                                                                        urrent planning consent permitting predominantly
               the country with a population increase of around 13% over the           Open A1 non-food.
               past decade and 9% growth forecast by 2030.
                                                                                     E Unique opportunity to undertake a comprehensive and
             E 
               Brighton & Hove has a strong residential market, that is                 significant residential led mixed use redevelopment.
               undersupplied relative to levels of demand and forecast
                                                                                     E T
                                                                                        he site is identified within the Hove Station Development
               population growth.
                                                                                       Area, and the Hove Station Neighbourhood Plan for
             E 
               The site is highly accessible by train and road being to the north      substantial redevelopment.
               west of Hove Town Centre and located off Old Shoreham Road
                                                                                     E Indicative studies suggest potential for scheme of c. 800 units,
               (A270), a main arterial route which provides direct access to
                                                                                        with the ability to create taller landmark elements.
               London Road (A23).
                                                                                     E 
                                                                                       Brighton has a significant undersupply of residential stock (61 out
             E 
               The property is currently a well configured and established retail
                                                                                       of 63 cities for housing stock growth), leading to sustainable values
                scheme, built in 1998 and totalling 82,000 sq ft across 5 retail
                                                                                       together with house price growth of c.20% since April 2015.
                warehouse units, together with 2 pod units.
                                                                                     E 
                                                                                       Potential to include a mix of residential tenures/uses including
             E 
               The site extends to 5.5 acres (2.2 hectares).
                                                                                        Private For Sale, Build to Rent, Student Accommodation and
             E 
               The park is let on a WAULT of 5 years to a mix of national               Care Homes, optimising the cashflow profile and driving
               multiples including; TK Maxx, DFS, Pets at Home and Harveys              development returns.
               off sustainable rents, together with a vacant 26,000 sq ft unit
               and 2 pods let to Burger King and Nando’s.
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
Goldstone Retail Park | Hove, BN3 7PN | 3
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
4 | Goldstone Retail Park | Hove, BN3 7PN

         Strategic Location                                                                                                                                                                   Hove is easily accessible by car:

         Hove forms a key part of the Brighton and Hove conurbation on the                                                                                                                     A23:                                  2 miles east

         south coast in East Sussex, approximately 45 miles east of Portsmouth,                                                                                                                A27:                         4 miles north west
         27 miles west of Eastbourne and 53 miles south of Central London.                                                                                                                     M25:                               51 miles north

                                                                                                                                                                                               Eastbourne:                         27 miles east
         It benefits from excellent transport links with                                                 There are three main train stations which
         both the A23 London Road and A27 within a                                                       service the town (Hove, Aldrington and                                                Portsmouth:                        45 miles west
         10-minute drive. The A23 runs from Brighton 20                                                  Brighton) all located within a 10 minutes’
         miles north to the M23 and from there the M25.                                                  drive of the scheme and providing quick
                                                                                                         access to Portsmouth, Eastbourne and
         The A27 runs west to the M27 and A3(M)                                                          London Victoria.
         intersection, directly north of Portsmouth
         and from there the wider motorway network.                                                                                                                                           Hove, Aldrington and Brighton Stations are
                                                                                                                                                                                              situated within a 10-minute drive of the scheme
                                                                                                                                                                                              and benefit from connections via GWR, Thameslink
                                                                                                                                                                                              and Southern Railway to the following locations:
                                                                    M25
                                                                                                                                             Grays
                      Reading                                                                London                               Dartford
                              M4
                                              Bracknell
                                                                                                                                                 A2
                                                                                                                                                                                               Eastbourne                               37 mins
                                                                                                                                                                                    Isle of
                                                                                                                                                        Rochester                  Sheppey
                                                                                                                                                                                               London Victoria                          55 mins
                                                                                                      Croydon
                        A33                                                                                                                                                 A249
                                                                              A3                                                         M20
                                                                                     Epsom                                                                             M2
                                                           Woking
                                                                                                                                                                                               Portsmouth & Southsea                 1h 12 mins
                                              A331                                                               M25                                    Maidstone
                M3
                                                                                                                                   A21
                                                                                                                                                                                               London Gatwick                           35 mins
                                                              Guildford
                                                                                                                                         Tonbridge
                                                                                                                                                                                   M20
                                                                                             Horley       A22
                                A31
                     Alton
                                                                                                   M23
                                                                                                                               Royal                                               Ashford
                                                                                                                             Tunbridge
                                                                                                                               Wells

                                               Haslemere                                                                                                                              A2070
                                                                               Horsham                                                                                Tenterden
                                                                                             A23                            A26
                              A3
                                                               A272
                                                                                                   Haywards                                                                                   London Gatwick Airport is located 27 miles
                                                                                                    Heath
                                                                                                                                                                                              (36 mins) north of Brighton & Hove and
                                                                                                                                                                           Rye

                                                                                                                                                                                              offers a wider range of international flights
                     A3(M)                                                                                    Lewis

                                   A27
                                         Chichester           Arundel                                                                        Hailsham                                         to over 230 destinations across 70 countries.
                                                                                                                                                                Hastings

                                                                          Worthing
                                                                                         Brighton                     A26

           Portsmouth                          Bognor Regis                                                     Newhaven
                                                                                                                                         Eastbourne
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
Goldstone Retail Park | Hove, BN3 7PN | 5

Extensive Catchment &
Highly Affluent Demographic
                                                                                                                                                                                                              10 minute                     15 minute

E According to PROMIS, the total population within the                                                                                         Hickstead                                Wivelsfield

   Brighton & Hove Primary Retail Market Area is estimated                        Dial Post
                                                                                                                                Wineham
                                                                                                                                                             Goddards
                                                                                                                                                              Green
   at 473,000 at end 2018, above the Regional Centre average                                                                                                             Burgess Hill
                                                                                                                                                                                                                         Chailey

   and ranking the City 16th out of the PROMIS Centres.
                                                                                                                                                                                                                                            Spithurst
                                                                                                                                                                                                        Plumton
E B
   righton & Hove serve an extensive and highly affluent             Ashington                 Ashurst
                                                                                                                     Henfield
                                                                                                                                                                                                         Green

                                                                                                                                                                    Hassocks
   catchment area. CACI Limited estimate 218,123 people                                                                      Woodmancote
                                                                                                                                              Muddleswood
                                                                                 Wiston                                                                                         Ditchling
   live within a 10 minutes’ drive-time of the property                                                                                                                                                                               Barcombe
                                                                                                                                                       A23
   increasing to over 309,188 people within a 15 minutes’                                                           Oreham
                                                                                                                    Common                                                                             Plumpton

   drive-time.                                                                                                                                               Pyecombe
                                                                                                                                                                                                                               Hamsey
                                                                                                                                                                                                                                              A26
                                                                                                                                    Fulking
                                                                                                          Bramber
E By 2023 the population is estimated to increase by 2.5%                                                                                    Saddlescombe

   for the 15 minutes’ drive-time catchment with an increase                                                                                                                   Stanmer
                                                                                                                                                                                               Falmer
                                                                                                                                                                                                                                    Lewis
                                                                    Findon
                                                                                                                                                                                                                   A27
   of 5.3% estimated by 2028, significantly higher than the
                                                                                                  Coombes
   UK regional average of 5%.                                       A24
                                                                                                                                                   A27                                                               Swanborough

                                                                                                                                           Portslade                                                                               Iford

E T
   he immediate 10-minute catchment boasts a highly                                      A27                                    Southwick                                                   Woodingdean

   affluent profile, with those categorised in the top 3 Acorn                                             Shoreham-by-Sea
                                                                                                                                                             Hove                                                                  Southease

   Groups considerably in excess of the UK Average at 78.1%.
                                                                             Worthing
                                                                                                                                                                Brighton
                                                                                                                                                                                                              Saltdean

 BN3 7PN                            10 mins        UK Avg                                                                                                                                                                  Peacehaven

 Affluent Achievers:                 15.3%          21.6%        E The social grade statistics also reflect a strong
                                                                                                                                                                BN3 7PN                                           5 mins                   UK Avg
 Rising Prosperity:                  45.1%          10.0%            5-minute drive-time, with Social Grade AB
 Comfortable Communities:             17.7%         26.6%            at 32.5%, significantly above the UK average                                               Social Grade AB:                                  32.5%                    22.2%
                                                                     of 22.2%.
 Total                               78.1%          58.2%
                                                                                                                                                                Social Grade C1:                                  36.9%                    30.8%
                                                                 E The 15 minutes’ drive-time population spends
                                                                                                                                                                Home Ownership:                                   58.3%                    63.3%
                                                                     on average £115.26 per household per week on
                                                                     personal and household goods which is in line                                              Car Ownership:                                    66.5%                    75.6%
                                                                     with the UK average.
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
6 | Goldstone Retail Park | Hove, BN3 7PN

                                            Thriving Local Economy
                                            Brighton & Hove is a highly affluent University City and international
                                            tourist destination, complemented by a strong and growing economy.

                                            The Brighton & Hove Economic Strategy 2018 – 2023 was            E Brighton is 61st out of 63 cities for housing stock growth,
                                            adopted by the council in December 2018 and highlights              highlighting a significant need and high demand for
                                            the City’s key characteristics, summarised below:                   new product.

                                            E T
                                               he City has seen strong population growth of around          E In 2018 Brighton ranked 9th for highest rises in house
                                               13% over the past decade and is forecast to grow by a            prices annually.
                                               further 9% by 2030.

                                            E B
                                               righton & Hove is a thriving economy which has seen          Brighton And Hove Retail Supply
                                               employment grow by approximately 11% since 2013 to            E Brighton and Hove has one of the most limited retail
                                               a total of 140,000 jobs, with the number of businesses           warehouse provisions in the country for a conurbation of
                                               increasing by 20% to 16,000.                                     its size, with high levels of demand and limited supply.
                                            E T
                                               he local economy has grown to over £7bn in the last             More information can be provided on out of
                                               year, largely due to the rise of creative & digital              town dynamics.
                                               industries. Over the last 5 years, this sector has grown      E Total retail warehouse supply in Brighton and Hove is
                                               by over 40% to approximately 1,500 businesses and                estimated at 400,000 sq ft, with retail parks accounting
                                               6,800 jobs.                                                      for approximately 58% of this space.
                                            E The city has a highly qualified workforce with
                                               approximately 50% of the working population having
                                               high-level qualifications, above the UK average of 38%.

                                            E S
                                               ignificant student population of approximately 35,000        POPULATION AND ECONOMIC GROWTH
                                               spread across the University of Brighton and University       IN BRIGHTON & HOVE IS ANTICIPATED
                                               of Sussex.
                                                                                                             TO BE EXCEPTIONALLY STRONG OVER
                                            E T
                                               ourism remains an important driving force for the            THE NEXT DECADE AS IT CONTINUES
                                               economy, accounting for approximately 20% of the jobs
                                               in the City, with an expenditure of over £850m.
                                                                                                             TO OFFER A HIGH STANDARD OF LIVING
                                                                                                             AND EMPLOYMENT OPPORTUNITIES
                                            E S
                                               ince 2014, the council has received approximately 100
                                               applications for commercial to residential development,
                                               the 7th highest level recorded across all local authorities
                                               outside London.
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
Goldstone Retail Park | Hove, BN3 7PN | 7

Brighton Pier

                            British Airways i360

                                              Hove Station

        Sussex County
         Cricket Club

                                                     Goldstone Retail Park

                        Hove Park

                                                                             A2023

                                                       A270

                                                                                             For indicative purposes only.
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
8 | Goldstone Retail Park | Hove, BN3 7PN

                                            Goldstone Retail Park
                                            E G
                                               oldstone Retail Park is located off the A270 Old            Construction
                                                Shoreham Road, arguably the prime out of centre retail
                                                destination across Brighton and Hove. The scheme is         E P
                                                                                                               urpose built in 1998 of steel portal frame construction
                                                approximately 1.5 miles west of central Brighton.              with steel panel elevations and partially glazed frontages.

                                            E T
                                                 otalling approximately 82,000 sq ft, the scheme is        E The
                                                                                                                   car park is a combination of paving and tarmac with
                                                well configured and comprises 5 retail warehouse               black top finish.
                                                units together with 2 pods.
                                                                                                            Access
                                            E T
                                                 he well-established park is let to a mix of tenants
                                                including; TK Maxx, DFS, Pets at Home and Harveys           E V
                                                                                                               ehicle access to the park is via Newtown Road which
                                                together with a vacant 26,000 sq ft unit. There are            is just off the A270 Old Shoreham Road which connects
                                                2 pods let to Burger King and Nando’s.                         with Brighton and the A23 London Road.

                                            E The
                                                   site extends to approximately 5.5 acres                 E T
                                                                                                               here is a regular bus service every 5 minutes to the park
                                                (2.2 hectares).                                                from Brighton town centre and surrounding areas.

                                            E T
                                               here are 305 car parking spaces across the site giving      E The
                                                                                                                   park is also accessible via Hove Station which is
                                                a ratio of 1:269 sq ft per space.                              0.5 miles south east of the park approximately a
                                                                                                               9-minute walk.
                                            E O
                                               riginal planning permission was granted in 1997 for
                                                predominantly Open A1 non-food planning consent.
                                                Planning permission was granted in 1998 for “Erection
                                                of a single storey building for the use Class A3 takeaway
                                                                                                            GOLDSTONE RETAIL PARK IS THE STRONGEST
                                                restaurant/drive through with associated parking,           AND MOST ESTABLISHED RETAIL PARK IN
                                                servicing and landscaping.”                                 THE CATCHMENT BUT MORE SIGNIFICANTLY
                                                                                                            PROVIDES A UNIQUE RESIDENTIAL
                                                                                                            REDEVELOPMENT OPPORTUNITY
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
Goldstone Retail Park | Hove, BN3 7PN | 9

              Hove
              Park
                                          70)
                     Old Shoreham Road (A2

Newton Road

                                    e
                                   an
                                   eL
                                 ton
                              lds
                              Go

                                                        For indicative purposes only.
Goldstone Retail Park - Unique Redevelopment Opportunity - Hove | BN37PN - Joiner Cummings
10 | Goldstone Retail Park | Hove, BN3 7PN

Tenancies
The property is let to a good mix of predominantly bulky goods retailers producing a total net income of £2,506,181 per annum with an average weighted
unexpired lease term of 5 years (4.8 years including tenant breaks).

The short-term income is secured on covenants of leading retailers of which 71% have a ‘Very Low’ or ‘Low Risk’ of business failure (Experian).

                                                                  GIA                      Term                       Next RR
 Unit            Tenant                    Trading Fascia                    Lease Start            Lease Expiry                      TOB          Rent pa       psf         Comments
                                                                 (sq ft)                   (Yrs)                       Date

 Unit 1          TJX UK                    TK Maxx               10,000       29/11/2013    10.0      28/11/2023         -             -           £340,000    £34.00        -

                 DFS Furniture
 Unit 2                                    DFS                   20,000      25/03/1998     25.0     24/03/2023          -             -           £590,000    £29.50        -
                 Company Ltd

                 Vacant                                                                                                                                                      2 year rent, rates and service charge
 Unit 3                                    -                     26,142           -          -            -              -             -           £650,000    £24.86
                 (Vendor Guarantee)                                                                                                                                          guarantee provided by the vendor.

 Unit 4a         Pets At Home Ltd          Pets at Home          8,479        24/10/2011    15.0      23/10/2026     24/10/2021        -           £299,925     £35.37       -

                 Steinhoff UK Group
 Unit 4                                    Harveys / Bensons     11,844      22/05/2013     10.0      21/05/2023         -             -           £461,916    £39.00        -
                 Properties

 Unit 5          Leon Kennedy Ltd          Burger King           2,500        15/10/1999    25.0      14/10/2024     14/10/2019        -           £74,340      £29.74       -

 Unit 6          Nando's Chickenland Ltd   Nando's               3,000        11/05/2015    20.0     10/05/2035      11/05/2020    11/05/2030      £90,000     £30.00        -

 Substation      Seeboard PLC              -                       -         15/06/1998     60.0     14/06/2058          -             -              -           -          -

                                                                81,965                                                            Total Rent      £2,506,181

                                                                                                          Nearest Stores

                                                                                                          Broadwater Way, Eastbourne - 20 miles east           Country Oak Retail Park, Crawley - 33 miles north

                                                                                                          Burgess Hill, Sussex - 7 miles north                 Duke Street, Brighton - 2 miles south east

                                                                                                          North Street, Brighton - 2 miles south west          North Street, Brighton - 2 miles south west
Goldstone Retail Park | Hove, BN3 7PN | 11

Existing Use Value
Goldstone Retail Park is the strongest dedicated retail park in the
conurbation with the presence TK Maxx, DFS, Pets at Home, Harveys,
Burger King and Nando’s.

As an out of town retail offer, value could be sustained and enhanced over the
medium term as an alternative to residential redevelopment with
the following:

E U
   ndertake a long term letting on the remaining vacant unit, increasing
    footfall and setting new rental evidence.

E P
   otential to split the vacant unit and re-let off higher rental tone.

E R
   emoval of Nando’s tenant break option.

E N
   egotiate lease extensions with TK Maxx, DFS, Harveys and Burger King.

E R
   efurbish the retail frontages.

ALL THE EXISTING TENANTS ARE KEEN TO
MAINTAIN LONG TERM COMMITMENT ON THE PARK,
WHICH COULD BE ACHIEVED WITH LIMITED COST
12 | Goldstone Retail Park | Hove, BN3 7PN

                                             Brighton Residential Market
                                             E B
                                                righton has experienced increasing values    E D
                                                                                                 evelopment has been brought forward
                                                for a substantial period, with a general         in a number of schemes to help mediate
                                                upward trend since the market downturn.          the supply and demand imbalance which
                                                                                                 currently exists and is expected to persist
                                             E G
                                                rowth has largely been driven by                into the future.
                                                increasing outflows of buyers from London,
                                                coupled with a general lack of new supply.
                                                                                              Market evidence indicates sales values typically
                                             E L
                                                and Registry figures quoted in Brighton      in the region of £550 - £600 per sq ft for new
                                                and Hove Council’s quarterly market review,   build stock, with current/recent developments
                                                show average unit values of £358,772 at end   selling including:
                                                March 2019, reflecting an increase of 20%
                                                from April 2015.
                                                                                              E O
                                                                                                 ne Hove Park, Goldstone Crescent, Hove

                                             E S
                                                ales volumes peaked in March 2016, with      E New Wave, Newtown Road, Hove
                                                rates since showing a slight softening
                                                                                              E A
                                                                                                 rtisan, Davigdor Road, Hove
                                                reflecting the lack of new stock alongside
                                                a short term cooling in the wider             E Super B, New England Square, Brighton
                                                residential market.
                                                                                              E Western Wharf, Kingsway, Hove
                                             E T
                                                he fact that rates have been consistent
                                                over the medium term reflects the             E M
                                                                                                 ontpelier Place, Clifton Hill, Brighton
                                                underlying strength of demand and
                                                longer term attraction of the location.       E R
                                                                                                 ussell House, Russel Square, Brighton

                                             THERE ARE FEW OPPORTUNITIES WITHIN THE CONURBATION
                                             TO BRING FORWARD A WELL DESIGNED, WELL LOCATED, ICONIC
                                             RESIDENTIAL QUARTER.
Goldstone Retail Park | Hove, BN3 7PN | 13
14 | Goldstone Retail Park | Hove, BN3 7PN                                                                                                                           e
                                                                                                                                                                en Av                                                                              A27
                                                                                                                                                            Card

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                                                                         Hove                                                                                                                           9         Bevendean
                                      West                               Park
                                  Blatchington                                                                      Preston
                                                                                                                                      Preston
                                                                                                 Goldstone                             Park                                                   A270
                                       A270                                                      Retail Park

                                                                                                                       Dy
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                                                                                                                            Rd
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                                        2
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                       Aldrington       3                                      7
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Portslade-by-Sea
                                                                                                                                                             8
                                                                                            Hove
                                                                         Church
                                                                                            Rd
                                                                                                                                                                                                                             Whitehawk
                                                                                                                Brunswick

                                                                                                                                                                                                                                                              Wilson Ave
                                                                                                        5         Town                                                          10
                                                                 4

                                                                                                                                                  St
                                                                                                                                             West
                                                                                                                                                                                                                                                             East Brighton
                                                                                                                                                                                     Kemptown                                                                    Park
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                                                                                                                                                                                                                                                        12                   A259
Goldstone Retail Park | Hove, BN3 7PN | 15

Development Pipeline &
Recent Land Transactions
Residential development in Brighton is constrained as a result of the city’s setting and
surrounding geographical features, with the coast to the south and South Downs National
Park to the north. Development has to be focussed on brownfield sites within the urban area.

      Sackville Road, Hove – c600 units including 43,000 sq ft commercial
 1                                                                           7    Hove Gardens, Ellen Street – 187 units c 1 acre (10% affordable).
      and 250 units for elderly (10% affordable).

 2    Rayford House – 41 units 0.7 acres.                                    8    Land east of Pelham Street – 135 residential units (0% affordable).

      Westermann Industrial Works, School Road, Hove – 101 units                  Preston Barracks – 369 units plus 534 student beds,
 3                                                                           9
      1.58 acres.                                                                 new business school and innovation hub (15% affordable).

      King Alfreds Leisure Centre –re-provision of leisure centre and             Circus Street – 142 units plus student and 30,000 sq ft offices
 4                                                                           10
      c560 new residential units.                                                 (20% affordable).

      Kings House Hove – part refurb part new build delivering c160
 5                                                                           11   NGP Boundary Road – c500 – 600 units.
      on 1.3 acres (17.5% affordable).

 6    KAP, Newtown Road – 148 units with ground floor retail / commercial.   12   Phase 2 and 3 Brighton Marina – c.1,000 units.

THE LIMITED OPPORTUNITIES AND UNDERLYING STRENGTH OF THE LOCATION AND RESIDENTIAL SECTOR
SUPPORT A STRONG LAND MARKET, WITH INTEREST IN THE LOCATION FROM MULTIPLE SECTORS. BROAD
‘TONE’ OF VALUE FROM LAND TRANSACTIONS ARE C.£75,000 - £90,000 PER PRIVATE UNIT
16 | Goldstone Retail Park | Hove, BN3 7PN

             Planning Policy

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                                                                                                                                                                                                                                                                                                                           Gold
             Background

                                                                                                                                                                                                                                                             Park
                                                                                                                                                                                                                                                                                                                                                                                               Hove
                                                                                                                                                                                                                                                                                                                                                                                             Recreation

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                he Brighton & Hove City Plan Part One identifies 8 development areas.                                                                                                                A2023

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                 The Hove Station Area (DA6) comprises an extensive area around Hove

                                                                                                                                                                                                                                Ne w to w n

                                                                                                                                                                                                                                                                                                                                                                   s
                 Station and includes Goldstone Retail Park.
                                                                                                                                                                                       Landsee

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                                                                                                                                                                                                                                                                                                                                                    Hov
                                                                                                                                                                                       Prinsep
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             E Aim of DA6 – Hove Station Area to secure the creation of a high-quality
                                                                                                                              Aldrington Station
                 environment that will attract investment and new employment                                  Morti
                                                                                                                    m er      Rd

                 opportunities and promote the efficient use of land through                                                                                              Shakesp
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                                                                                                                                                                                                                                                                                                                                                                                                                    The Up
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                 predominantly employment and residential, mixed use developments.                                                                                                                                                                  Conw
                                                                                                                                                                                                                                                        ay Stre
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                                                                                                                                                                                                                                                                                                                                           Hove
                                                                                                                                                                                                                                                                                                                                           Station

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                                                                                                                                                                                                                                                                                                                                                                                                                       bury
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             E The Hove Station Neighbourhood Forum draft Neighbourhood Plan has                                                                                        Byron St                                                                           Ellen

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                 been produced with the pre-submission version being consulted upon                               Words
                                                                                                                       worth
                                                                                                                             St
                                                                                                                                                                                                                                                           don Rd

                 from March to May 2019.                                                                         Cowpe                                             Wordsw

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                                                                                                                                   Westb
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             E The Hove Station Neighbourhood Plan Part 1 notes an increased housing

                                                                                                                                                                                                                                                                tone St
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                                                                                                                                                                                                                                                                                                                                                                                                             d
                                                                                                                                                                                                        A2023

                                                                                                                                                                                                                                                           Golds
                 need and comments that the minimum amount of housing set out in DA6                                                                           Portlan
                                                                                                                                                                      d Rd

                                                                                                                                                                                                                                                                                                                                            illas
                                                                                                                                                                                                                                                                                                                       s
                                                                                                                                                                                                                                                                                                                  Villa

                                                                                                                                                                                                                                                                                                                                                                              ns
                                                                                                                          s
                                                                                                                    Garden

                                                                                                                                                                                                                                                                                                                                       ark V

                                                                                                                                                                                                                                                                                                                                                                         Garde
                 of the City Plan Part 1 was agreed at a time when it was considered there

                                                                                                                                                                                                                                                                                                             tone

                                                                                                                                                                                                                                                                                                                                                                                                                           ry Rd
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                                                                                                                                                                                                                                                                                                        Golds
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                                                                                                                                                                 Pem                                                               don            Villa
                 was no prospect of redeveloping Goldstone Retail Park.

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                                                                                                                                                                                                                                                                                                              For indicative purposes only.
                                                                                                                                                                                   s

                                                                                                        Westb
             E T
                he Hove Station Neighbourhood Plan sets out a ‘blue skies’ vision of how
                 the area could be appropriately redeveloped in the longer term.
                                                                                                                      Straegic allocation: 1. Conway Street                                                                                                                 CURRENT POLICY IS
             E Policy 3 of the draft Neighbourhood Plan states – “proposals for the
                 redevelopment of Goldstone Retail Park for mixed use residential and                                 Development Area Boundary
                                                                                                                                                                                                                                                                            DISTINCTLY IN FAVOUR
                 employment use will be encouraged”.                                                                                                                                                                                                                        OF RESIDENTIAL / MIXED
                                                                                                                      Protected Employment site - CP3(3)                                                                                                                    USE REDEVELOPMENT OF
             E Policy 11 also indicates the potential for taller building/s at the site.
                                                                                                                      Protected Employment - led (residential &                                                                                                             GOLDSTONE RETAIL PARK
             E T
                he Neighbourhood Plan sets out the Hove Station Quarter Concept                                      employment) mixed use site - CP3(4)
                 Plan which depicts a residential led redevelopment of the site.
Goldstone Retail Park | Hove, BN3 7PN | 17

Redevelopment Potential
                                                                                                                                                              Hove Park
Having regard to the planning policy context and surrounding development
pipeline, Pilbrow & Partners have produced indicative concept proposals for
a sophisticated residential scheme comprising:
                                                                                                                                 A270

E A
   n iconic ‘place making’ development incorporating a perimeter of residential
     urban blocks encircling green open spaces.

E A
   systematic design with high quality public realm enhancing the
     connectivity with Hove Garden to the north and Hove Station in the south.

E A
   n exciting combination of built form including housing, perimeters blocks

                                                                                                                                                                    Ln
     of flats (c6 – 8 storeys) with central resident courtyards, and taller tower

                                                                                                                                                                 ne
                                                                                                                                                             sto
     elements rising to c11 Storeys).

                                                                                                                                                              ld
                                                                                                                                                           Go
E P
   otential for a vibrant mix of non-residential uses at ground floor with
     undercroft/basement parking utilising existing topography against

                                                                                                                      N e w to
                                                                                                               1
     surrounding road to minimise excavation.                                                                                           2

                                                                                                                                                                             oad
                                                                                                                        wn
                                                                                              Sackville Road

                                                                                                                                                                               ill R
                                                                                                                           Ro
E 
  Affordability provision at 20% in line with advice from planning consultants /                                                                       3

                                                                                                                                 ad

                                                                                                                                                                         Fonth
     architects, taking into consideration high existing use value.

The Concept proposal indicates a total of c800 units (56,000 sq m / 603,000 sq ft
NSA) and circa 1,900 sq m / 20,100 sq ft (NIA) non-residential.

There is a pipeline of development in the immediate vicinity providing a
framework within which to consider the development potential of the property.

                                                          No.      Height      Density
       Scheme
                                                         Units    (storeys)     (dph)                                                                                                           Hove
                                                                                                                                                                                              Station
 1     Sackville Trading Estate and Hove Goods Yard        591        1 - 15    402                                  Conway
                                                                                                                            Street

 2     KAP ltd, Newtown Road                               148        4 - 11        411

 3     Chrome Productions Limited, Goldstone Lane          65           3       406

 4     Unit 1 - 3 Ellen Street                             186        4 - 17        517                                                     Ellen S
                                                                                                                                                   t                              4

A SCHEME OF THIS UNIQUE POTENTIAL WOULD
SUGGEST A SITE VALUE SIGNIFICANTLY HIGHER
                                                                                          Pending Approval         Planning Granted                          Built                     Proposed Scheme
THAN E.U.V. BASED ON TRANSACTIONAL EVIDENCE
18 | Goldstone Retail Park | Hove, BN3 7PN

             Further Information
             Planning
             A report by Indigo on the redevelopment potential of the site is available
             on request.

             Schematic Plans
             A copy of the Pilbrow and Partners 03 September 2019 Report is available
             on request.

             Service Charge
             A low service charge rate of £1.19 per sq ft.

             EPCs
             EPC’s have been procured and are available on request.

             VAT
             We understand the property has been elected for VAT and it is anticipated
             that the transaction will be treated as a transfer of a going concern.

             Capital Allowances
             These are to be retained by the vendor.

             Surveys
             An environmental report is available on request.
Goldstone Retail Park | Hove, BN3 7PN | 19

WE ARE INSTRUCTED TO SEEK OFFERS FOR THE FREEHOLD
INTEREST TOGETHER WITH A TOP UP PAYMENT ON GRANT
OR IMPLEMENTATION OF PLANNING CONSENT.
Contacts                                                                     R E TA I L                                                                                 RESIDENTIAL

                                                                             Patrick Knapman                                                                            Paul Wickenden
                                                                             T: 020 7152 5019                                                                           T: 0203 296 4035
                                                                             M: 07768 825 666                                                                           M: 07702 759 031
43/45 Portman Square,
                                                                             E: patrick.knapman@cushwake.com                                                            E: paul.wickenden@cushwake.com
London W1H 6LY

www.cushmanwakefield.com
                                                                             Graham Collison                                                                            George Jolliffe
                                                                             T: 020 7152 5140                                                                           T: 0203 296 2734
                                                                             M: 07770 921 388                                                                           M: 07525 698 903
                                                                             E: graham.collison@cushwake.com                                                            E: george.jolliffe@cushwake.com

                                                                             Dominic Barnard
                                                                             T: 0207 152 5970
                                                                             M: 07970 761 972
                                                                             E: dominic.barnard@cushwake.com

Cushman & Wakefield, as agent for the vendors or lessors of this property, gives notice that:

(i) These particulars are set out as a general outline for guidance only, do not form any part of an offer or contract and must not be relied upon as statements or representations of fact; (ii) All descriptions, dimensions, photographs, references to condition
and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy themselves
as to their correctness; (iii) No person acting on behalf of Cushman & Wakefield has any authority to make or give any representation or warranty whatsoever in relation to this property. Cushman & Wakefield accepts no responsibility for any statement
made in these particulars; (iv) Any areas, measurements or distances given are approximate. Unless otherwise stated, all purchase prices, any rents or outgoings are correct at the date of publication, and unless otherwise stated, are quoted exclusive of
VAT; (v) Images may be computer generated. Photographs show certain parts of this property as they appeared at the time they were taken; and (vi) Any descriptions given of this property cannot be taken to imply this property is in good repair, has all
necessary consents, is free of contamination, or that the services and facilities are in working order. Intending purchasers or lessees are advised to carry out their own investigations.

16815.001 | September 2019 | Cushman & Wakefield LLP | Regulated by the Royal Institution of Chartered Surveyors                  Designed and produced by THE                     GROUP      www.completelygroup.com
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