Offers over
£5,250,000
(£131.60/sq. ft)
Property for salePerformers College, Southend Road, Corringham SS17
39,893 sq. ft
Just added
Freehold
About this property
Nationally recognised independent performing arts college
3.2 acre campus. 18 dance studios, 2 acting studios, gym, cafe
To be let on the new 20 or 25 year full repairing lease
Rpi rent reviews 5 yearly linked to cpi. 1% collar 3% cap
Fy 24 revenue £75.5m. Ebitda £34.8m. Net Assets 152m
Description
A rare opportunity to acquire a specialist higher education facility pre-let to bimm University Limited, with explicit growth throughout the term. Performers College is a nationally recognised, independent performing arts college with over 30 years of experience training the next generation of performers. The campus totals 3.25 acres featuring 18 dance studios, 2 acting studios, singing suite, lecture hall, library/computer centre, gym, café/restaurant and 190 car parking spaces.
Location
Corringham is a popular commuter town in Thurrock, Essex, offering strong local amenities and fast access to London, South Essex and the wider South East. Nearby Stanford-le-Hope station provides mainline rail services, while the A13 and M25 place Corringham at the centre of the Thames Gateway growth corridor.
The site has excellent connectivity:
London Fenchurch Street is 45 minutes away via Stanford-le-Hope rail station (2 miles).
By car the A13 to M25 (J30) is under 15 minutes away, Canary Wharf 30 minutes, Central London 40 minutes, and Southend-on-Sea 20 minutes.
20 minutes from London Southend Airport and under an hour from London City, Gatwick and Stansted airports.
The site also boasts close proximity to dp World London Gateway and Tilbury Docks, both major drivers of employment and economic activity.
Terms
We are instructed to invite offers in excess of £5,250,000 for the freehold interest. A purchase at this level would reflect a Net Initial Yield of 8.04% based on sale and leaseback costs of 6.8%.
Offers should be submitted on one of the following basis:
A) 20 year lease with 5 yearly cpi rent reviews (1% pa
collar – 3% pa cap)
B) 25 year lease with 5 yearly cpi rent reviews (1% pa
collar – 3% pa cap)
Planning
The main planning permission for the site was obtained from Thurrock Council on 1st August 2001 (Ref: 01/00794/ful). The Campus also has planning consents for two temporary studio/classroom buildings (Ref: 24/00301/ful and 25/00338/ful). In addition, there is a temporary consent (45 days per annum) for a 4,844 sq ft marquee used for theatre/dance/music performances.
The entire site is set within the Greenbelt.
Tenure
Freehold.
The site is held under 3 separate titles:
• EX897151
• EX683420
• EX897124
The property has a site area of approximately 3.25 acres (1.31 hectares).
A rare opportunity to acquire a specialist higher education facility pre-let to bimm University Limited, with explicit growth throughout the term. Performers College is a nationally recognised, independent performing arts college with over 30 years of experience training the next generation of performers. The campus totals 3.25 acres featuring 18 dance studios, 2 acting studios, singing suite, lecture hall, library/computer centre, gym, café/restaurant and 190 car parking spaces.
Location
Corringham is a popular commuter town in Thurrock, Essex, offering strong local amenities and fast access to London, South Essex and the wider South East. Nearby Stanford-le-Hope station provides mainline rail services, while the A13 and M25 place Corringham at the centre of the Thames Gateway growth corridor.
The site has excellent connectivity:
London Fenchurch Street is 45 minutes away via Stanford-le-Hope rail station (2 miles).
By car the A13 to M25 (J30) is under 15 minutes away, Canary Wharf 30 minutes, Central London 40 minutes, and Southend-on-Sea 20 minutes.
20 minutes from London Southend Airport and under an hour from London City, Gatwick and Stansted airports.
The site also boasts close proximity to dp World London Gateway and Tilbury Docks, both major drivers of employment and economic activity.
Terms
We are instructed to invite offers in excess of £5,250,000 for the freehold interest. A purchase at this level would reflect a Net Initial Yield of 8.04% based on sale and leaseback costs of 6.8%.
Offers should be submitted on one of the following basis:
A) 20 year lease with 5 yearly cpi rent reviews (1% pa
collar – 3% pa cap)
B) 25 year lease with 5 yearly cpi rent reviews (1% pa
collar – 3% pa cap)
Planning
The main planning permission for the site was obtained from Thurrock Council on 1st August 2001 (Ref: 01/00794/ful). The Campus also has planning consents for two temporary studio/classroom buildings (Ref: 24/00301/ful and 25/00338/ful). In addition, there is a temporary consent (45 days per annum) for a 4,844 sq ft marquee used for theatre/dance/music performances.
The entire site is set within the Greenbelt.
Tenure
Freehold.
The site is held under 3 separate titles:
• EX897151
• EX683420
• EX897124
The property has a site area of approximately 3.25 acres (1.31 hectares).
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