1. Asset Header
| Asset Code | LON-Wembley |
| Asset Name | Wembley, London |
| Address | High Road, Wembley |
| Postcode | HA9 7BH |
| Fund | CMT |
| Jurisdiction | England & Wales |
| Tenure | Long Leasehold |
| Title Number | AGL214986 |
| Acquisition Date | 27 Jun 2025 |
| Purchase Price | £5,500,000 |
| Managing Agent | Colliers |
2. Event Calendar
| Date | Type | Demise | Description | Severity | Days Until | Notes |
|---|---|---|---|---|---|---|
| 10 Jan 2028 | Break Notice Deadline | Unit B | LOW | 588 | break_id: e2734db9-4bd2-4562-a15f-a0b4246a1a09; break_date: 2028-04-10; is_rolling: False; break_party: tenant; condition_notes: All Basic Rent and any Value Added Tax in respect of it which has been demanded in writing by the Landlord up to the relevant Break Date must have been paid (cl.5.3.1(i)); Tenant must have given up occupation of the whole of the Premises free from any subsisting lease and any right of occupation of any third party on the expiry of the Break Notice (cl.5.3.1(ii)); break_notice_months: 3 | |
| 10 Apr 2028 | Break Option | Unit B | — | 679 | break_id: e2734db9-4bd2-4562-a15f-a0b4246a1a09 | |
| 10 Apr 2028 | Rent Review | Unit B | — | 679 | — | |
| 15 Apr 2029 | Rent Review | Basement (PureGym) | — | 1049 | — | |
| 8 Jul 2029 | Rent Review | Unit A (JD Sports) | — | 1133 | — | |
| 7 Jan 2031 | Break Notice Deadline | Unit A (JD Sports) | LOW | 1681 | break_id: fad99fd1-b71d-43e5-a7af-36def372a57a; break_date: 2031-07-07; is_rolling: False; break_party: tenant; break_condition: conditional_vp; condition_notes: Clause 5.3 conditions precedent: (i) all Basic Rent (and VAT thereon if formally demanded) paid up to Break Date — if review not yet determined, calculated at pre-Review Date rate; (ii) vacant possession — Tenant must have given up occupation free from any subsisting sublease or third-party right of occupation. No decoration condition. Time of the essence (clause 5.7 expressly). Break Notice: must be in writing (not fax/email), signed by Tenant or authorised person, state Break Date, apply to whole Premises only (clause 5.4-5.6). On break: Landlord refunds daily-apportioned Basic Rent, Insurance and Service Charge paid for period beyond Break Date (clause 5.12). Tenant must terminate any underleases before Break Date (clause 5.11).; break_notice_months: 6 | |
| 7 Jul 2031 | Break Option | Unit A (JD Sports) | — | 1862 | break_id: fad99fd1-b71d-43e5-a7af-36def372a57a | |
| 10 Jan 2033 | Break Notice Deadline | Unit B | LOW | 2415 | break_id: 821af597-7fb1-49bb-9f68-2306ae28cf23; break_date: 2033-04-10; is_rolling: False; break_party: tenant; condition_notes: All Basic Rent and any Value Added Tax in respect of it which has been demanded in writing by the Landlord up to the relevant Break Date must have been paid (cl.5.3.1(i)); Tenant must have given up occupation of the whole of the Premises free from any subsisting lease and any right of occupation of any third party on the expiry of the Break Notice (cl.5.3.1(ii)); break_notice_months: 3 | |
| 10 Apr 2033 | Rent Review | Unit B | — | 2505 | — | |
| 10 Apr 2033 | Break Option | Unit B | — | 2505 | break_id: 821af597-7fb1-49bb-9f68-2306ae28cf23 | |
| 14 Apr 2034 | Lease Expiry | Basement (PureGym) | — | 2874 | — | |
| 7 Jul 2034 | Lease Expiry | Unit A (JD Sports) | — | 2958 | — | |
| 9 Apr 2038 | Lease Expiry | Unit B | — | 4330 | — |
3. Action Register (Items Requiring Attention)
No data available.
4. Property & Location
Property Description
The property comprises the retail and leisure element of a larger mixed-use development at 492-500 High Road, Wembley. The building was a former Marks and Spencer store, of framed construction with brick and concrete elevations under a flat roof. There are two well-configured retail units (Units A and B) on the ground floor fronting High Road. Unit A has recently been occupied and fitted out by JD Sports and Unit B, occupied by Tesco, has also been subject to recent remodelling. The lower ground gym (Unit C) benefits from access from the High Road as well as the rear from Elm Road. Rear servicing to all units is from Dukes Way, with the upper parts forming a residential development which has been sold off on a long lease. Total accommodation extends to approximately 29,069 sq ft (2,700.51 sq m). Unit A (JD Sports) provides 10,480 sq ft (973.59 sq m), Unit B (Tesco Express) provides 4,689 sq ft (435.61 sq m), and Unit C (PureGym) provides 13,900 sq ft (1,291.31 sq m).
Location
Wembley is a vibrant and popular location within the London Borough of Brent, located 6 miles to the northwest of London's West End. The world-renowned Wembley Stadium sits within the borough, hosting music, entertainment and sports events attracting over two million visitors per year. Brent is one of the most diverse London boroughs with a current population of 338,900 (2021 Census) and a population in excess of 2.5 million within a two-mile radius. Wembley Central station provides both overground and underground services with over 2.5 million users annually, offering a regular London Underground service via the Bakerloo line and a frequent Overground rail service providing access into Central London in approximately 20 minutes. Wembley Central station serves both Wembley Stadium and Wembley Arena, which are less than a 15-minute walk away. By road, Wembley town centre is served by the A40 and A406 North Circular providing excellent links to the motorway network. The property is located at 492-500 High Road, prominently positioned on the principal retailing thoroughfare opposite Wembley Central shopping centre and station.
Market Context
Wembley Central ward has a current population of 18,013 (2021 Census), representing an 18% increase from 2011. 67.8% of the population are aged between 18 and 64 years with a median age of 32. 63% of the population is economically active with 8,581 in full time employment and close to 30% in management and professional roles. Total retail spend for Wembley High Road in 2022 equalled the London average and was higher than the UK average. Wembley High Road forms the principal retailing thoroughfare, extending between Wembley Central shopping centre and the junction of Park Lane some 400 metres to the north-east. Major national occupiers include JD Sports, Tesco, Boots, Santander, Holland and Barrett, Poundland and Primark. Brent Council has been at the forefront of working with developers to improve housing and retail provision, with significant upgrades to transport infrastructure and public realm works. The largest development is at Wembley Park, where Quintain has created a new community with approximately 7,000 homes alongside retail and leisure provision. Additional major developments include the 446-apartment Cecil Avenue scheme by Barratt London and the former Royal Mail site redevelopment at Wembley Central.
5. Property Gallery
Location
Street View
Open in Google Maps ↗Property Photos
No photos available. Place .jpg / .png / .webp files in _reports/images/LON-Wembley/ and regenerate.
6. Risk Score & Data Confidence
Risk Score
| Factor | Weight | Raw Score | Weighted |
|---|---|---|---|
| Covenant Strength | 25% | 100 | 25.0 |
| Lease Security (WALB) | 30% | 60 | 18.0 |
| Income Concentration | 25% | 75 | 18.8 |
| EPC & Regulatory | 20% | 100 | 20.0 |
Scoring: Covenant Strength is rent-weighted by tenant tier (GREEN 100, AMBER 50, RED 10) with a net-assets-to-rent coverage test that caps the score where the named obligor's balance sheet is thin relative to the annual rent. Lease Security uses WALB (weighted average lease term to break). Income Concentration uses the Herfindahl-Hirschman Index of passing rent by tenant. EPC & Regulatory assesses rating headroom against current and anticipated minimum standards.
Limitations: Does not incorporate capex liability (pending full TDD data coverage), reversion risk (ERV data sparse), or liquidity / lot-size factors. Tenants without financial data or without a covenant tier score at a conservative default. EPC thresholds reflect current legislation; anticipated future standards are scored directionally, not probability-weighted.
Data Confidence
| Factor | Weight | Raw Score | Weighted |
|---|---|---|---|
| Credit Freshness | 40% | 50 | 20.0 |
| Field Completeness | 40% | 100 | 40.0 |
| TDD Coverage | 20% | 100 | 20.0 |
Scoring: Data Confidence measures the completeness and verification status of the underlying data used to produce this report. Factors include lease abstraction coverage, tenant credit data freshness, and the proportion of fields verified against source documents. A low score indicates gaps in the data that may affect the reliability of derived metrics.
7. Income Summary
| Gross Contracted Rent | £552,522.71 |
| Less: Void Costs | £0 |
| Less: Irrecoverable Costs | £-11,341.01 |
| Estimated NOI | £541,181.70 |
8. 5-Year Cashflow Projection
Cashflow projection will be available once rent review assumptions, void cost projections, and capex phasing are finalised for this asset.
9. Tenant & Covenant
| Demise | Tenant | CRN | Covenant | Credit Score | Accounts Freshness | CH Status | Accts Overdue | Insolvency | Strike-Off | Judgments | Charges | No. Staff | Turnover | Profit / (Loss) | Net Worth | Guarantor |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | 06690189 | GREEN | 98 (scored 25 May 2026, accounts YE 31 Dec 2024) | stale (>12m) | active | ✓ No | ✓ No | ✓ No | 0 | 0 | 3734 | £416,000,000 | £78,500,000 | £1,173,900,000 | None |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | 01888425 | GREEN | 98 (scored 25 May 2026, accounts YE 1 Feb 2025) | stale (>12m) | active | ✓ No | ✓ No | ✓ No | 0 | 0 | 59756 | £11,458,000,000 | £715,000,000 | £7,525,000,000 | None |
| Unit B | Tesco Stores Limited | 00519500 | GREEN | 96 (scored 25 May 2026, accounts YE 22 Feb 2025) | stale (>12m) | active | ✓ No | ✓ No | ✓ No | 0 | 0 | 148211 | £50,837,000,000 | £1,660,000,000 | £12,067,000,000 | None |
Methodology: Credit scores sourced from third-party credit bureaux (CreditSafe / Visionnet). Companies House data (company status, accounts overdue, insolvency flag, strike-off warning, charges, judgments) retrieved via the Companies House API. Financial data (turnover, profit/loss, net worth, staff count) extracted from the most recent filed accounts.
Covenant tier criteria: RED = insolvency flag or strike-off warning present (overrides all other factors). AMBER = accounts overdue at Companies House, or credit score 40–69 where scored. GREEN = no adverse signals and credit score ≥70 where scored. Tier thresholds are configurable. The credit agency’s own model weights sub-metrics (net worth, declining turnover, etc.); concerning sub-metrics are displayed alongside the tier but do not override it.
Credit staleness: Fresh = accounts period end within 18 months; Stale = 18–30 months; Very stale = >30 months. Staleness is rent-weighted in the Data Confidence composite.
10. Lease Term
| Demise | Tenant | Start | End | Term (yrs) | Security of Tenure | Governing Law |
|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | 15 Apr 2009 | 14 Apr 2034 | 25.00 | Unknown | England and Wales |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | 8 Jul 2024 | 7 Jul 2034 | 10.00 | Inside LTA 1954 (not contracted out) | England and Wales |
| Unit B | Tesco Stores Limited | 13 Mar 2024 | 9 Apr 2038 | 14.00 | Inside LTA 1954 (not contracted out) | England and Wales |
11. Rent
| Demise | Tenant | Passing Rent pa | Initial Rent pa | Commencement | Rent Free Period | Frequency | VAT | Turnover Rent | Late Interest Basis | £ psf |
|---|---|---|---|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | £246,531.71 | — | 15 Oct 2009 | — | Quarterly In Advance 25 March, 24 June, 29 September, 25 December (standard English quarter days) |
Not confirmed | No | 4% above Barclays Bank plc base lending rate, calculated daily from 7 days after due date | £17.59 |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | £205,000 | — | 8 Jul 2024 | — | Quarterly In Advance First day of each calendar month (Rent Payment Dates, defined clause 1.1). Note: Service Charge Estimated Charge paid quarterly on Quarter Days (25 March, 24 June, 29 September, 25 December). |
Not confirmed | No | 3% above base lending rate of Barclays Bank plc (or comparable rate if that rate ceases), calculated on a daily basis from 14 days after sum became due | £18.06 |
| Unit B | Tesco Stores Limited | £100,991 | £100,991 | 13 Dec 2024 | — | Quarterly In Advance | Not confirmed | No | — | £19.03 |
| TOTAL | £552,522.71 | £18.01 |
12. Rent Reviews
| Date | Demise | Tenant | Mechanism | Status | Time of Essence | Description | Notes |
|---|---|---|---|---|---|---|---|
| 13 Mar 2014 | Unit B | Tesco Stores Limited | OMR (Upward Only) | Settled (Memorandum) | — | — | — |
| 15 Apr 2014 | Basement (PureGym) | PureGym Limited | Fixed Uplift | Outstanding | — | — | — |
| 13 Mar 2019 | Unit B | Tesco Stores Limited | OMR | Settled (Memorandum) | — | — | — |
| 15 Apr 2019 | Basement (PureGym) | PureGym Limited | Fixed Uplift | Settled (Memorandum) | — | — | — |
| 15 Apr 2024 | Basement (PureGym) | PureGym Limited | OMR (Upward Only) | Settled (Memorandum) | — | Reviewed from £217,899.69 to £246,531.71. | — |
| 10 Apr 2028 | Unit B | Tesco Stores Limited | — | Upcoming | — | — | — |
| 15 Apr 2029 | Basement (PureGym) | PureGym Limited | Fixed Uplift | Upcoming | — | — | — |
| 8 Jul 2029 | Unit A (JD Sports) | JD SPORTS FASHION PLC | OMR (Upward Only) | Lease-Derived | No (right preserved) | — | — |
| 10 Apr 2033 | Unit B | Tesco Stores Limited | — | Upcoming | — | — | — |
13. Break Options
| Demise | Break Date | Party | Notice (mo) | Deadline | Condition | Notes |
|---|---|---|---|---|---|---|
| Unit A (JD Sports) | 7 Jul 2031 | Tenant | 6 | 7 Jan 2031 | Conditional (Vacant Possession) | Clause 5.3 conditions precedent: (i) all Basic Rent (and VAT thereon if formally demanded) paid up to Break Date — if review not yet determined, calculated at pre-Review Date rate; (ii) vacant possession — Tenant must have given up occupation free from any subsisting sublease or third-party right of occupation. No decoration condition. Time of the essence (clause 5.7 expressly). Break Notice: must be in writing (not fax/email), signed by Tenant or authorised person, state Break Date, apply to whole Premises only (clause 5.4-5.6). On break: Landlord refunds daily-apportioned Basic Rent, Insurance and Service Charge paid for period beyond Break Date (clause 5.12). Tenant must terminate any underleases before Break Date (clause 5.11). |
| Unit B | 10 Apr 2028 | Tenant | 3 | 10 Jan 2028 | — | All Basic Rent and any Value Added Tax in respect of it which has been demanded in writing by the Landlord up to the relevant Break Date must have been paid (cl.5.3.1(i)); Tenant must have given up occupation of the whole of the Premises free from any subsisting lease and any right of occupation of any third party on the expiry of the Break Notice (cl.5.3.1(ii)) |
| Unit B | 10 Apr 2033 | Tenant | 3 | 10 Jan 2033 | — | All Basic Rent and any Value Added Tax in respect of it which has been demanded in writing by the Landlord up to the relevant Break Date must have been paid (cl.5.3.1(i)); Tenant must have given up occupation of the whole of the Premises free from any subsisting lease and any right of occupation of any third party on the expiry of the Break Notice (cl.5.3.1(ii)) |
14. Demise & Area
| Demise | Tenant | Basis | Area (sqft) | Area (sqm) | % of Asset | Floor Breakdown |
|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | NIA | 14,015 sqft | 1,302.0 sqm | 45.7% | — |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | NIA | 11,354 sqft | 1,055.0 sqm | 37.0% | — |
| Unit B | Tesco Stores Limited | NIA | 5,307 sqft | 493.0 sqm | 17.3% | — |
| TOTAL | 30,675 sqft | 2,850.0 sqm | 100.0% |
Note: per-floor area breakdown not available in database. Refer to investment memorandum or lease plans for floor-by-floor measurements.
Demise Definitions (per lease)
15. Service Charge
| Demise | Tenant | SC Applies | Basis | Share % | SC Budget pa | Cap | Cap Scope | Cap Basis | Cap Base Year | Year End | Sweeper | Excluded Costs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | Yes | Variable | — | — | — | N/A | — | — | 31 December | Yes | — |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | Yes | Variable | 35.9% | — | £30,000 | estate | RPI-Indexed | 2024 | 31 December | Yes | — |
| Unit B | Tesco Stores Limited | Yes | Fair Proportion | — | — | — | N/A | — | — | 31 December | — | — |
| Total | 35.9% | — | £30,000 |
16. Repair & Dilapidations
| Demise | Tenant | Repair Basis | Repairing Obligation | Dilaps Basis | Dilaps Cap | SoC Attached | Internal Decoration (yrs) | External Decoration (yrs) | End-of-Term (mo) | Reinstatement Required |
|---|---|---|---|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | Internal Repairing & Insuring | Internal Only | full | — | No | — | — | — | — |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | Internal Repairing & Insuring | Internal Only | full | — | No | — | — | — | — |
| Unit B | Tesco Stores Limited | Full Repairing & Insuring | Full Repairing | — | — | No | 5 | — | — | — |
17. Alienation
| Demise | Tenant | Assignment | Assignment Consent | Underletting | Underletting Conditions | Sharing (Group) | Charging | AGA Required | AGA In Force | Pre-emption Right |
|---|---|---|---|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | Yes | With Consent | Yes | — | Yes | Yes | Yes | — | — |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | Yes | With Consent | Yes | — | Yes | Yes | Yes | — | — |
| Unit B | Tesco Stores Limited | Yes | — | Yes | Permitted with Landlord consent (not unreasonably withheld/delayed); undertenant must execute direct covenant with Landlord; open market rent only; no premium/commuted rent; no further subletting | — | — | — | — | — |
18. Use
| Demise | Tenant | Use Class | Permitted Use | Keep-Open Obligation | Alterations Provision |
|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | D2 | Private members health and fitness club within Class D2 of the Town & Country Planning (Use Classes) Order 1987 Part II as amended, together with ancillary café/bar, video library and retail, or any other use as requested by Tenant and approved by Landlord (approval not to be unreasonably withheld o | No | Landlord Consent (NTURW) |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | E / E(a) | Retail shop for the sale of sportswear, casual wear, leisure wear, sports and leisure footwear and items ancillary thereto including sports goods and equipment together with ancillary office and storage accommodation or for such other use within Class E(a) of the schedule to the Town and Country Pla | No | Landlord Consent (NTURW) |
| Unit B | Tesco Stores Limited | Class E(a) primary; Class E(b)/E(c) ancillary | Retail shop (including sale of alcohol for consumption off the Premises) within Class E(a) of the Town and Country Planning (Use Classes) Order 1987 (as amended) AND/OR (as ancillary uses only): (a) customer coffee shop; (b) in-store bakery; (c) insurance, banking and financial services (including A | — | — |
19. Insurance
| Demise | Tenant | Insurance Arrangement | Rent Cesser on Damage | Loss of Rent Cover (years) | Reinstatement Scope | Excess Responsibility |
|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | Landlord (Recharged to Tenant) | Yes | 3 | — | — |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | Landlord (Recharged to Tenant) | Yes | 3 | — | — |
| Unit B | Tesco Stores Limited | Landlord (Recharged to Tenant) | — | 3 | — | — |
20. EPC & MEES
| Demise | EPC Rating | Expiry | EPC Status | MEES Status |
|---|---|---|---|---|
| Basement (PureGym) | B | 5 Aug 2034 | Valid | Compliant |
| Unit A (JD Sports) | C | 17 Dec 2030 | Valid | Compliant |
| Unit B | C | 20 Nov 2030 | Valid | Compliant |
21. ESG & Sustainability
No ESG data beyond EPC ratings. BREEAM, NABERS, or GRESB certifications, carbon emissions, water and waste metrics would appear here when available.
22. Special Provisions
| Demise | Stepped Rent | Personal Concessions | Yield-Up Obligation | Pre-Emption |
|---|---|---|---|---|
| Unit B | — | — | Schedule 6 cl.4.1.2 requires Tenant at Determination to reinstate and restore Premises to same state as prior to works made during Term OR term of Existing Lease. Landlord election right: 'to the extent reasonably required by the Landlord'. | — |
23. WAULT & WALB
| Demise | Tenant | Rent pa | Yrs to Expiry | Yrs to Break | Rent × Yrs (Expiry) | Rent × Yrs (Break) |
|---|---|---|---|---|---|---|
| Basement (PureGym) | PureGym Limited | £246,531.71 | 7.87 | 7.87 | £1,939,855.26 | £1,939,855.26 |
| Unit A (JD Sports) | JD SPORTS FASHION PLC | £205,000 | 8.10 | 5.10 | £1,660,205.34 | £1,045,065.02 |
| Unit B | Tesco Stores Limited | £100,991 | 11.85 | 1.86 | £1,197,237.59 | £187,742.34 |
| TOTAL | £552,522.71 | £4,797,298.19 | £3,172,662.62 |
24. Tenant Deposits
No data available.
25. Legal & Title
| Title Number | AGL214986 |
| Tenure | Long Leasehold |
| Solicitor / Firm | Mishcon de Reya LLP |
| Report Date | 27 Jun 2025 |
Headlease Structure
The property known as 492-500 High Road, Wembley is held leasehold. The title structure is a three-tier pyramid. Freehold (NGL706295): Owned by Avon Ground Rents Limited (Company Reg No. 07399676). The freehold originally formed part of a larger 'Composite Freehold' comprising both 492-498 High Road and 500 High Road, but in December 2000 the 500 High Road portion was transferred to a third party (NC3 Limited, forming title NGL794698). The Freeholder is therefore Avon Ground Rents Limited over 492-498 High Road only. Superior Lease (AGL301636): A 999-year lease granted on 6 December 2013 between (1) Avon Ground Rents Limited (Freeholder/Lessor) and (2) Greentree Estates Limited (Company Reg No. 3471973, Superior Leaseholder). The Superior Lease was granted on the same terms as the Lease (see below) save for specified variations. Term: 999 years from 25 March 2013. Current ground rent: peppercorn. The Superior Lease is registered at HMLR under title AGL301636. A variation in the Superior Lease assigns service charge and insurance rights directly to the Freeholder so that the Freeholder may demand these sums directly from the Lease tenant; the Superior Leaseholder has no alienation restrictions. The Lease — interest being acquired (AGL214986): A 125-year lease dated 30 April 2010, originally granted between (1) Leslie (Wembley) Limited (original Landlord) and (2) Aviva Investors UK Real Estate Recovery (Nominee) Limited and Aviva Investors UK Real Estate Recovery (General Partner) Limited as general partner of Aviva Investors UK Real Estate Recovery Fund Limited Partnership (LP013651). Current Lessor: Greentree Estates Limited (Superior Leaseholder). Current Lessee/Seller: Cordatus Property LP, acting by its General Partner Cordatus Real Estate (Jersey) GP Limited (Company Reg No. 120013; Overseas Entity Number OE001425). Term remaining at acquisition: approximately 110 years (expiring 29 April 2135). The passing rent is a geared rent equal to 5% of rents received from time to time under the occupational leases (exclusive of VAT), currently £22,501.25 per annum rising to £27,626.15 per annum in February 2026. The Lease is registered at HMLR with absolute title. The demise is an internal demise only — ground and lower ground floors of 492-500 High Road, Wembley (as shown edged on the lease plan). Excluded from the demise are the Building's foundations, roof, external envelope, other structural parts, main common parts, and service media/Plant that do not exclusively serve the premises. The property forms part of the Building defined in the Lease as freehold title NGL706295 and leasehold title AGL184836 (the Overhanging Apartments at 500 High Road). Split Reversion / Overhanging Apartments: The Lease's definition of 'Building' includes land in title AGL184836, which is the leasehold of 'Overhanging Apartments' at 500 High Road — apartments on the 1st and 2nd floors that partly overhang the freehold NGL794698. The leasehold of AGL184836 is vested in Network Homes Limited and the freehold of that land (NGL794698) is owned by a separate party from the Freeholder of 492-498 High Road. This creates a theoretical split reversion: service charge and insurance contributions could be sought in respect of the Overhanging Apartments area. A Deed dated 13 November 2008 between FTSIE Limited Partnership (freeholder of NGL794698) and Leslie (Wembley) Limited (freeholder/leaseholder of part of 500 HR) acknowledged the situation and established a co-operative approach to repair, reinstatement, and rebuilding of shared structural components. In practice, the Overhanging Apartments are maintained and insured under a separate long lease vested in Karibu Community Homes, such that costs are recoverable from those residential tenants, and the split reversion risk is considered unlikely to become a practical liability for the Buyer. Superior Landlord consent for the assignment of the Lease to the Buyer (Comète SCPI) was required and obtained in agreed form; the licence to assign is to be completed simultaneously with completion of the acquisition. On any future sale the Buyer will need to obtain Superior Landlord consent again.
Restrictive Covenants
The property is subject to a number of historic restrictive covenants from successive conveyances of the freehold, all of which are reflected in the title to the leasehold interest (AGL214986). The Seller has confirmed for each that no notice of breach has been received. Defective title indemnity insurance is in place to cover the material risks. 1. Conveyance dated 19 December 1895 (John Maple to George Topham and George Timm): Restrictions relating to use and boundary treatment (specific terms not fully set out in the ROT but covered by the indemnity policy). 2. Conveyances dated 21 February 1900 and 22 February 1900 (Henry Braddon Ward to William Alexander Turner): Covenant not to carry on upon the property the trade or business of an auctioneer, surveyor, valuer, or house agent, or a fried fish shop or other noisy or obnoxious trade or business. Note: This covenant is not currently breached by the retail use of the property. 3. Conveyance dated 24 January 1910 (Henry Braddon Ward to Theophilus Martin): Covenant that no part of the property shall be used for the trade or business of a surveyor, valuer, auctioneer, estate agent, dairyman, confectioner, or caterer. 4. Conveyance dated 3 April 1924 (Ada Maria Barnard and David Churton Taylor to Henry Butler Neale and Francis William Cooke): Restrictions in similar form to the 1900 covenants (auctioneer, surveyor, valuer, house agent, noisy/obnoxious trade). 5. Conveyance dated 29 January 1925 (Henry Butler Neale and Francis William Cooke to Walter James Cork): Same covenants as above, and additionally no through communication from the rear roadway coloured brown to St John's Road without consent of the Vendors or their assigns. 6. Conveyance dated 17 August 1925 (Henry Butler Neale and Francis William Cooke to Stuart Riddell): Restrictions in same form (covered by the indemnity insurance policy). 7. Conveyance dated 11 August 1960 (Erna Leeser to Marks and Spencer Limited), for the benefit of retained property in title MX151840: (a) Obligation to erect and forever maintain along the north-west boundary a brick wall not less than six feet six inches in height; (b) Not to obstruct the existing passageway to the rear until an alternative means of access (not less than ten feet wide) leading to a public highway has been constructed; (c) Upon providing alternative access, to grant a full and free right of way over it with or without vehicles at all times and for all purposes; (d) Not to obstruct the free passage of light or air through any windows of the dwelling known as No. 6 Elm Road (the location of No. 6 Elm Road is not precisely identified by the ROT). 8. Conveyances dated 26 August 1960 (Joseph Ronald Redwood to Marks and Spencer Limited): Similar terms to the above (confirmed by reference in the ROT but specific terms cross-referenced, Seller confirmed no notice of breach). 9. Conveyance dated 25 June 1949 (Henry Walter Hagger to Chester Reeve) — HIGH RISK — Material Breach: (a) Obligation to pay a reasonable proportion (by frontage) of the expense of maintaining and supporting the private roadway shown coloured brown on the plan in common with adjoining owners; (b) Not to use or permit the property to be used otherwise than as a private or professional residence. NOTE: This covenant (sub-paragraph (b)) appears to have been breached by the current retail use of the property. A dedicated indemnity insurance policy (Policy 3 — Liberty Legal Indemnities, limit £5,500,000, new policy being put in place at completion) is in place to cover this risk; the Seller has confirmed no notice of breach has been received. This covenant is also covered by Policy 1 under the Restrictive Covenants coverage. 10. Transfer pursuant to the 2000 Transfer: Covenant not to place any goods or refuse or otherwise obstruct the accessway (shown coloured green on plans 1 and 2 to Appendix 10); obligation to keep service media serving the property in repair with a fair contribution towards maintenance and upkeep costs. The principal risk is the 1949 covenant breach (use restriction). Three existing indemnity insurance policies provide cover: (i) Policy 1 — Liberty Legal Indemnities, CLI07153182, dated 26 September 2007, limit £17,000,000 (total), covering multiple historic covenants, for the insured use as development of offices, retail and leisure units with flats — the Buyer will need to contact the insurer to amend the use description before any redevelopment; (ii) Policy 2 — Liberty Legal Indemnities, ISISI7637798, dated 9 August 2017, limit £6,925,000 for access and rights defects plus £750,000 for chancel liability; and (iii) Policy 3 — Liberty Legal Indemnities, new policy being put in place by Seller at completion, limit £5,500,000, covering the 1949 freehold restrictive covenants in entry 9, the unknown drainage rights in entry 1, and the unknown right of way in entry 2 of the charges register of AGL214986. All three policies run in perpetuity and benefit successors in title automatically. Buyers, tenants, or mortgagees must not disclose the defects covered by these policies to any other party.
Easements & Rights
Rights benefiting the property: Under the 1981 Transfer (490 High Road, dated 16 April 1981 between Marks and Spencer Plc, The Prudential Assurance Company Limited, The Singer Company (Properties) U.K. Limited, and Bradford & Bingley Building Society), the land edged 1, 2, 3 and 4 in blue on the title plan benefits from: (a) right of support and protection; (b) right of free passage and running of water, soil, gas, electricity and other services through existing sewers, drains, watercourses, gutters, pipes in or under 490 High Road so far as reasonably necessary for beneficial occupation; (c) right to enter 490 High Road to repair those services on reasonable notice, making good any damage caused; (d) a covenant by the purchaser of 490 High Road not to cause or permit obstruction of the services. Under a 2003 Transfer (the 'retained land'): right to enter the retained land on reasonable notice to maintain/repair or renew the property; right of structural support and protection from the retained land; right to erect buildings on the property (provided access of light and air to the retained land is not materially diminished); exclusive right to use the electricity meter room (coloured blue on Plan 1) for housing the electricity meter serving the property. Under a December 2000 Transfer (rights reserved): right of access for all purposes on foot and with vehicles, and right to load and unload vehicles across the area coloured brown; rights of passage and running of services through existing conduits so far as reasonably necessary for occupation of adjacent land, with right of entry for repair on reasonable notice and making good of damage. Right of way in favour of the property under 7.3.3 (by reference to a Transfer): right of way with or without vehicles over a part of adjacent land shown edged blue on a plan, subject to the property owner's right to suspend this for up to 4 weeks per year on reasonable notice to carry out works. The Property also has the benefit of the rights set out in the Summary of Terms of the Superior Lease (Appendix 3) including those arising under the Lease dated 30 April 2010 and the Superior Lease dated 6 December 2013. Under the 1902 Deed of Exchange (13 December 1902, London and South Western Bank Limited to Henry Braddon Ward): The property is subject to and has the benefit of provisions relating to erection of fencing and treatment of boundary walls. As the property does not abut 504 High Road, these provisions are not practically relevant. Under the 2009 Deed of Grant (Ftsie Limited Partnership, Boots UK Limited, and Leslie (Wembley) Limited, 13 February 2009): The property is subject to and benefits from provisions relating to development of the apartments and retail units and addressing the interface caused by title AGL184836 overhanging freehold NGL794698. Rights adversely affecting the property: Entry 1 of the Charges Register (AGL214986): Rights of drainage through sewers, drains and watercourses affecting the property. The identity and location of the beneficiary and the route of these rights is unknown; no further information is available about where they derive from. Covered by indemnity insurance Policy 2 (Liberty Legal Indemnities, ISISI7637798, dated 9 August 2017, limit £6,925,000) and Policy 3. Entry 2 of the Charges Register (AGL214986): The passageway known as or leading to 'Park Lane' is subject to rights of way on foot and with vehicles. The location of 'Park Lane' is not identified and the rights cannot be mapped. Covered by Policy 2 and Policy 3. Rights reserved under the 1981 Transfer adversely affecting the land edged 1, 2, 3 and 4: (a) pedestrian right of way over the passageway and garage area shown green on the plan (subject to a reasonable maintenance contribution), with the property owner retaining the right to obstruct for maintenance purposes; (b) right to park one motor vehicle in the garage in a position not to obstruct the substation entrance; (c) right of access for all purposes on foot and with vehicles and right to load and unload vehicles across the area coloured brown; (d) rights of support and protection; (e) right of free passage of services through existing conduits, with right of entry for repair on reasonable notice with damage made good. The Seller has stated it is not in occupation and cannot confirm whether these rights are exercised in practice. Under the 2009 Deed of Grant/Licence to Alter (fire escape, 13 February 2009 between FTSIE Limited Partnership, Boots UK Limited, and Leslie (Wembley) Limited): Part of the property is subject to fire escape rights in favour of the adjoining property 500 High Road. The occupier of 500 High Road and their customers, agents, and employees are entitled in the case of fire or other emergency to the sole use of the fire escape and lobby shown on the plan at Appendix 12. Whether Boots (the apparent beneficiary at grant) still exercises this right is unclear — the Seller is not in occupation and has no current information.
Charges & Encumbrances
No traditional mortgages or legal charges requiring discharge by the Seller at completion are disclosed in the Report on Title. The transaction is an investment acquisition of a leasehold interest with simultaneous exchange and completion. The Charges Register of AGL214986 contains the following material entries: Entry 1: Rights of drainage through sewers, drains and watercourses affecting the property. The identity and location of the beneficiary and the route of these rights is unknown; no further information is available about where they derive from. Covered by indemnity insurance Policy 2 (Liberty Legal Indemnities, ISISI7637798, dated 9 August 2017, limit £6,925,000 for access/rights defects) and Policy 3. Entry 2: The passageway known as or leading to 'Park Lane' is subject to rights of way on foot and with vehicles. The location of 'Park Lane' is not identified and the rights cannot be mapped. Covered by Policy 2 and Policy 3. Entry 9: Freehold restrictive covenants arising from the Conveyance dated 25 June 1949 (Henry Walter Hagger to Chester Reeve), which include the material use restriction (private/professional residence only) that appears to be breached by current retail use. Covered by Policy 3 (Liberty Legal Indemnities, new policy, limit £5,500,000). Three existing indemnity insurance policies are in place and are being assigned/passed to the Buyer: — Policy 1 (CLI07153182, Liberty Legal Indemnities, 26 September 2007, £17,000,000 total limit): Covers the various historic restrictive covenants set out in clause 10.1.6 of the ROT (including the 1895, 1900, 1924, 1925, 1910, and 1925 Conveyances), and the insured use as development of offices, retail and leisure units with flats. The insured use description will require amendment before any redevelopment. No claims have been made. This policy also covers rights of drainage and the right of way risks and certain outstanding covenant risks. Runs without time limit; passes automatically to successors. — Policy 2 (ISISI7637798, Liberty Legal Indemnities, 9 August 2017, £6,925,000 for access/rights defects + £750,000 for chancel liability): Covers unknown rights of drainage (entry 1 of charges register AGL214986), unknown right of way over Park Lane (entry 2), and chancel repair liability. The chancel repair liability search dated 24 April 2025 (Landmark Chancel Commercial) has revealed that the property is in a parish with a potential chancel repair liability. No actual liability is confirmed but indemnity cover is in place. Runs in perpetuity; non-invalidation clause protects Buyer-as-successor. — Policy 3 (new policy, Liberty Legal Indemnities, limit £5,500,000): Covers (a) the 1949 freehold restrictive covenants in entry 9 of the charges register of AGL214986 (use restriction potentially breached by retail use); (b) unknown rights of drainage in entry 1; and (c) unknown right of way in entry 2. Insured use is as commercial or mixed commercial/residential premises. Will need amendment before redevelopment. Runs in perpetuity. Policy number not stated in ROT; policy was being put in place by Seller at completion. Superior Leaseholder Licence to Assign: A licence to assign the Lease from the Seller (Cordatus Property LP) to the Buyer (Comète SCPI) was required under the alienation provisions of the Lease (consent of the Superior Leaseholder, Greentree Estates Limited, not to be unreasonably withheld). The licence is in agreed form and will be completed simultaneously with the property transfer. On any future sale or charging of the property, further Superior Leaseholder consent will be required. Overseas Entities Register: Comète SCPI (Overseas Entity Number OE033485) is already registered under the Economic Crime (Transparency and Enforcement) Act 2022. Annual updating obligations apply; failure to update is a criminal offence and will prevent future Land Registry registration of title dealings.
Planning
The planning position was reviewed in the main ROT body (sections 13, 19, 20, 21, 22) and in the separate Planning Report at Appendix 8. The due diligence did not reveal any matters considered unduly onerous or unusual, subject to the matters noted below. Operative Permission (ref 07/3058, granted 10 January 2008 by London Borough of Brent): Permission for change of use of the lower ground floor retail unit to a gym (Use Class D2), subdivision of the ground floor retail unit into two retail units (Use Class A1), alterations to the shopfront on the front elevation, and erection of a part 3-, 4- and 5-storey building to the rear to provide 45 self-contained flats, cycle spaces, 8 car-parking spaces, 2 pedestrian crossings to the rear, and associated landscaping. Granted subject to a Deed of Agreement dated 10 January 2008 under Section 106 of the Town and Country Planning Act 1990. The Operative Permission relates not only to the Property but also to 500 High Road (Adjacent Land). The Local Search confirms that pre-commencement and occupation conditions of the Operative Permission have been discharged. Ongoing Condition 3 requires an approved landscaping scheme to be maintained; as the Property comprises only internal areas with no outside space, enforcement risk is considered low. Existing lawful use: The current use of the Property is a gym on the lower ground floor (Use Class D2) and two retail units on the ground floor (Use Class A1/E), which is lawful in accordance with the Operative Permission. Section 106 Agreement (10 January 2008, between (1) The Mayor and Burgesses of the London Borough of Brent, (2) Leslie (Wembley) Limited, and (3) Irish Nationwide Building Society): Obligations include paying the Council's legal and professional costs; notifying the Council at least 28 working days before surrender of any part of the leasehold interest; paying a contribution of £249,000 to the Council upon commencement of development; entering into a section 38 or section 278 highways agreement before practical completion for provision of a footway around the rear perimeter of the building; not occupying residential units until development is built in full. The section 106 Agreement applies to the Property (defined as the 'Commercial Units') and the Adjacent Land (500 High Road). Whether a section 38/278 highways agreement was entered into is unconfirmed; Google street view suggests works were carried out between 2009 and 2012. The risk of enforcement action is considered low given that the Agreement is over 15 years old, tenants have occupied since approximately 2009, and obligations largely relate to the residential development. Joint and several liability applies to all owners/successors in title. The freeholder has covenanted in Schedule 7 of the Lease dated 30 April 2010 to observe and perform the obligations under the Section 106 Agreement. Oversail Licence (Section 177 of the Highways Act 1980, between (1) London Borough of Brent and (2) Leslie (Wembley) Limited, 11 August 2008): Permits the construction and use of portions of the upper-floor residential development that oversail Dukes Way and Elm Road. Ongoing conditions require no telecommunications apparatus on the Oversail without prior Council consent; maintenance/repair obligations with 72-hour compliance period if Council serves notice; indemnity to Council for all liabilities; payment obligations to the Council for maintenance work if caused by the licensee. The Oversail relates to the residential upper floors and does not form part of the Property; the Buyer will be bound as successor in title but the Council is unlikely to seek to impose repair obligations on the Buyer or revoke the licence in a way that impacts operation of the Property. Article 4 Direction — Brent Town Centres: Removes certain permitted development rights affecting the Property, including: (a) change of use from Use Class E to C3 dwellings at ground floor level; (b) change of use from a launderette, betting office, payday loan shop or hot food takeaway to C3 at ground floor; (c) change of use from office use (E(g)(i)) to C3 at all floor levels except ground floor. This restricts residential conversion via permitted development. Enforcement notice (issued 24 October 2024, London Borough of Brent): For the installation and display of illuminated yellow strip lights and LED panel advertisements displaying animated adverts within the shopfront at 498 High Road without advertisement consent. The Seller confirms the notice relates to a sign in the JD Sports window and that JD is dealing with it. JD Sports is obligated under its lease to comply with all planning conditions and to obtain consents for anything requiring planning permission. The Council's planning portal does not include documentation on the notice at the date of the ROT. The risk to the Property from non-compliance is considered low; JD's lease requires compliance. CIL: The Local Search reveals a Community Infrastructure Levy charging scheme applies to Brent (relevant to any future development). No listed building status or conservation area designation affecting the Property has been identified. No compulsory purchase orders affecting the Property have been disclosed. No tree preservation orders are noted. The Property is not in an Article 4 Direction that would restrict its existing commercial use.
Overage
No overage, clawback, or development uplift clause has been identified in this Report on Title. The transaction is a straight investment acquisition of the long leasehold interest (AGL214986) in 492-500 High Road, Wembley. The Seller (Cordatus Property LP) is not imposing any overage or clawback provisions on the sale price of £5,500,000 (exclusive of VAT), and neither the Purchase Contract, the Lease (AGL214986), the Superior Lease (AGL301636), the freehold title (NGL706295), nor any of the documents reviewed contain any development uplift or overage obligation running with the land or attached to the transaction. The only contingent financial adjustment on completion is a rent top-up allowance for the JD Sports (Unit A) half-rent period: the Seller allows the Buyer (by way of reduction in completion funds) an amount equal to £280.82 multiplied by the number of days from (excluding) the date of completion to (excluding) 7 January 2026, to compensate for the reduced JD Sports rent for the period 8 July 2024 to 7 January 2026. This is a standard completion apportionment mechanism, not an overage clause. No overage identified.
Summary
This Report on Title was prepared by Mishcon de Reya LLP (reference JG/JD/81643.1) and dated 27 June 2025, reporting on the acquisition by Comète (Societe Civile de Placement Immobilier, OE033485) on behalf of Alderan of the long leasehold interest in 492-500 High Road, Wembley (title AGL214986) for £5,500,000 exclusive of VAT. Exchange and completion were simultaneous. The interest being acquired carries approximately 110 years of the original 125-year term remaining (expiry 29 April 2135) and is registered at HMLR with absolute title. Title structure: The acquisition sits within a three-tier leasehold pyramid. At the top sits the Freeholder, Avon Ground Rents Limited, holding the freehold NGL706295 of 492-498 High Road. The next tier is the Superior Lease (AGL301636), a 999-year peppercorn lease granted in December 2013 by the Freeholder to Greentree Estates Limited (Superior Leaseholder). The Lease being acquired (AGL214986) was originally granted in April 2010 by Leslie (Wembley) Limited for 125 years on a geared rent of 5% of occupational rents received. The Seller is Cordatus Property LP. Good and marketable title is confirmed subject to the matters in the report. Occupational income: The Property is let to three occupational tenants — Pure Gym (lower ground floor, Unit C), Tesco Express (Unit B), and JD Sports (Unit A, ground floor). The JD Sports lease has a service charge cap of approximately £30,000 per annum (RPI-reviewed) that is annually exceeded, creating an irrecoverable service charge shortfall for the landlord; the service charge budget for 2025 implies a shortfall of approximately £16,954 for Unit A alone. JD Sports also benefits from a capped rent review at July 2029 (maximum reviewed rent £237,651) and has a break option exercisable on 7 July 2031. Tesco has RPI-linked rent (2-4% collar/cap) with break options in April 2028 and April 2033. A rent top-up from the Seller at completion compensates for JD Sports half-rent (£280.82/day until 7 January 2026). Principal legal risks and recommendations: 1. HISTORIC COVENANT BREACH (HIGH): The 1949 Hagger/Reeve conveyance covenant restricting use to 'private or professional residence only' (entry 9 of the charges register AGL214986) appears to be breached by the current retail use. Three existing Liberty Legal Indemnities policies provide insurance cover: Policy 1 (CLI07153182, £17M total limit), Policy 2 (ISISI7637798, £6.925M + £750K chancel), and Policy 3 (new policy, limit £5,500,000). All run in perpetuity and pass to successors in title. The Buyer must not disclose the defects covered to any unauthorised party. The insured use descriptions will require amendment before any redevelopment. 2. UNKNOWN RIGHTS OF DRAINAGE / ACCESS TO PARK LANE (MEDIUM): Entries 1 and 2 of the charges register reference unknown rights of drainage through sewers and an unidentified right of way over 'Park Lane'. The location and beneficiary of these rights cannot be ascertained. Covered by Policy 2 and Policy 3. 3. SPLIT REVERSION / OVERHANGING APARTMENTS (MEDIUM): The Lease's definition of 'Building' includes title AGL184836, comprising residential apartments at 500 High Road that overhang the freehold NGL794698 (a separate party's freehold). This creates a theoretical service charge and building insurance contribution risk for the Buyer as lessee. A 2008 Deed between the respective owners establishes a co-operative repair/insurance framework. In practice the Overhanging Apartments are separately managed and insured under a residential lease vested in Karibu Community Homes and the risk of material liability is considered low. 4. BUILDING SAFETY / CLADDING (MEDIUM): The building is classified as a 'higher risk building' under the Building Safety Act. The EWS1 certificate identifies high-risk combustible materials in the residential upper floors (not part of the Property). The freeholder (Avon Ground Rents) has applied to the Government Building Safety Fund for full funding of cladding remediation works; the application is ongoing. Any service charge costs for remediation not recoverable under the JD Sports service charge cap will fall on the Buyer. 5. SECTION 106 AGREEMENT OBLIGATIONS (LOW): The 2008 S.106 Agreement imposes obligations jointly and severally on all owners and successors in title. Key obligations (highways works, development obligations) largely relate to the residential portion. The risk of enforcement action against the Property is considered low given the age of the agreement (15+ years), apparent completion of highway works, and continuous occupier presence since approximately 2009. 6. PLANNING ENFORCEMENT NOTICE (LOW): An enforcement notice was issued in October 2024 for unauthorised illuminated signage at 498 High Road (JD Sports unit). JD Sports is dealing with this pursuant to its lease obligations, which require it to comply with all planning conditions. 7. FORFEITURE RISK OF THE LEASE (MEDIUM): The Lease contains a forfeiture right exercisable after 21 days of unpaid rent or on breach of tenant covenants. A 60-day mortgagee protection clause is included. Court relief from forfeiture and statutory protections apply. The position is described as institutionally fundable. 8. OVERSEAS ENTITY REGISTER COMPLIANCE (ONGOING): Comète's annual updating obligation under the Economic Crime (Transparency and Enforcement) Act 2022 is a continuing criminal-law compliance requirement. Failure prevents future Land Registry registration of dealings with the title. 9. SUBSTATION AT LOWER GROUND (NOTE): The Lease plan shows a substation at lower ground level but the Seller cannot confirm if it is still in situ. The Buyer should investigate on inspection. Solicitors' conclusion: Good and marketable title will be obtained on completion and subsequent Land Registry registration. SDLT of £270,538 is payable within 14 days of completion. The transaction is structured as a TOGC (transfer of a going concern) with no VAT on the purchase price, conditional on the Buyer having opted to tax before completion.
26. Technical Due Diligence
| Survey Date | 17 Apr 2025 |
| Surveyor / Firm | Colliers Building Consultancy Limited |
| Survey Type | Building Fabric Survey (TDD) |
| Structure | mixed |
| Building Age | 15 yrs |
Key Findings & Defects
492-500 High Road, Wembley is a mixed-use commercial property comprising three retail units (JD Sports, Tesco, PureGym) on ground and lower ground floors, forming part of a larger mixed-use building with residential accommodation above. The commercial leasehold interest forms the long leasehold being acquired; the upper residential accommodation is within the freeholder's title. Building age and structure: The front portion of the property was constructed in the 1920s/30s. Rear extensions were added in the 1950s and a further significant programme of extensions and residential construction was undertaken circa 2009/10. The primary structure is a combination of a steel frame and cast in-situ concrete frame, with some concrete encased steel elements, hollow clay pot floors in localised areas, and composite metal deck construction (2009/10 additions) supported on a steel frame (page 9). Roof condition: Distortion — ridges and mounds — is present to the single-ply flat roof waterproof coverings above the front portion of the building, indicating potential poor installation; replacement anticipated within the 5-year reporting period. Remaining roof areas are predominantly obscured by sedum roofs and paved walkways; exposed upstands show weathering and distortion. Standing seam metal roofs to rear projections are in fair condition. Localised parapet wall defects (cracking, spalled concrete) require repair. Allocated cost: £130,000 (SC, medium) for front flat roof overhaul; £15,000 (SC, short) for parapet repairs (pages 10, 34). Elevations and external areas: Glazed shop frontages are in fair condition. Localised loose and detached glazing seals require repair. A vertical crack to the exposed masonry brickwork return elevation (east courtyard) was identified; Colliers consider it may have been caused at the time of residential construction above and recommend monitoring by the freeholder (page 11). Localised corrosion to steel beams within the rear undercroft requires corrosion inhibitor application at service charge cost (page 12). Internal areas and water penetration: Evidence of water penetration to ceiling soffits throughout ground and lower ground floor areas within tenant demises and common parts. JD Sports and Tesco representatives reported ongoing water ingress with semi-permanent drip trays in place within JD Sports. Surface corrosion to some structural steelwork and damage to surrounding fire protection boarding, along with spalling of pre-cast concrete planks, has been observed at areas of water ingress. Colliers has provisionally allocated costs for investigations and remedial works as a service charge item: £30,000 (SC, short) for investigations and remedial works; £20,000 (SC, short) for localised steelwork investigation and fire protection reinstatement; £20,000 (SC, short) for concrete repairs (pages 18-19, 34-35). Fire safety and cladding — High Risk Building: The rear residential upper floors constitute a High Risk Building (HRB) registered under reference HRB09889Z3F4 (Building Safety Register). A Fire Risk Appraisal of External Walls (FRAEW, BEFS Ltd, April 2024) confirms a medium (high) risk rating and an EWS1 Certificate (BEFS Ltd, February 2025) rating of B2, indicating combustible materials are present and remedial works are required. The FRAEW identifies EPS insulated render and HPL cladding to the residential elevations. Remedial works are the freeholder's responsibility but costs may be re-charged to leaseholders; a provisional sum (TBC) is noted and the total non-recoverable cost cannot be quantified from the TDD (pages 22-24, 34-35). Provisional fire safety remedial works within the long leasehold demise: £15,000 (SC, short) + £40,000 (SC, medium) (page 35). Building Safety Act 2022: The building is registered with the HSE Building Safety Regulator. The vendor should provide the Building Safety Case Report. Future alterations requiring building control approval must be undertaken via BSR with associated additional cost and programme implications (pages 24-25). Deleterious materials: An Asbestos Management Survey Report (S2 Partnership Limited, October 2017) for the landlord common parts confirms no asbestos-containing materials are present. No further asbestos testing is required for continuation of current use. Concrete investigations by Albert Cole Consultants (sampling April 2025, Appendix 5) found no significant chloride or HAC concerns at sample locations; RAAC was not evidenced at any sample position. No woodwool slabs, lead pipework, or nickel sulphide risks identified. No composite ACM cladding to commercial demise (HPL and EPS confirmed to residential accommodation above via FRAEW).
Plant & Services Condition
Building services at 492-500 High Road, Wembley were assessed by visual inspection only; no specialist M&E engineer report was commissioned as part of this TDD (page 19, section 2.6). Comments are based on the attending building surveyor's observations. HVAC: Each tenant has installed their own HVAC equipment including VRF/VRV systems, split systems and air handling units (AHUs), with condenser units and AHUs in designated tenant plant areas. Tenants are responsible for maintaining and replacing their own M&E equipment under their respective leases. For Units B (Tesco) and C (PureGym), some mechanical and electrical equipment is in a dated condition with lifecycle replacement due; Colliers has allocated £210,000 as a tenant cost for lifecycle replacement of VRF/VRV condenser units and AHUs for these two units (page 21, item 14). Unit A (JD Sports) was fitted out in 2024 and M&E is generally new (page 19). Hot water is provided via local electric instant hot water heaters, electric boilers and calorifiers. Goods lift: A 1,650 kg / 22-person goods lift (2021 vintage) serves the JD Sports and Tesco units within the common parts and is the landlord's responsibility. At the time of inspection it was operating intermittently according to JD Sports' site representative. Colliers recommends a lift engineer inspection and has allocated a provisional sum of £50,000 (SC, short) for servicing and remedial works. Lift test certificate should be obtained from the vendor (page 19, item 15). Electrical distribution: An Electrical Installation Condition Report (EICR) for the Tesco and PureGym units confirmed an unsatisfactory overall assessment with Code 2 and further investigation (FI) items. Updated documentation confirming remediation should be requested from the vendor. No EICR was provided for the JD Sports unit or the landlord common parts; these should be obtained through solicitors. Colliers has allocated £25,000 (SC, short) for fixed-wire electrical testing and subsequent remedial works relating to Tesco and PureGym (page 20, item 16). A separate landlord electricity meter for common parts appeared to have been removed; further investigation is required (page 20). Fire alarm and emergency lighting: Separate fire alarm panels are installed for each commercial unit with a further landlord panel for common parts. Interfacing between panels and the residential fire alarm systems is unknown; further investigation and interface works may be required in conjunction with the fire risk assessment and overall fire strategy. The landlord's fire alarm panel at the rear of the common parts showed a live fault at time of inspection (page 20). Localised areas of missing or non-operational emergency lighting were observed in landlord areas. Statutory test certificates for fire alarm and emergency lighting in landlord areas should be obtained prior to acquisition (page 20). Ongoing M&E repair allowances: £12,500 (SC, short) + £25,000 (SC, medium) + £5,000 (tenant, short) + £10,000 (tenant, medium) (page 36, item 17). Substation: A substation is present at lower ground floor level, maintained by UKPN, providing incoming electrical supply to commercial units and the upper residential accommodation. Separate metering is provided for each commercial unit.
EPC / Energy Compliance
Three EPCs were provided for the three commercial units within the leasehold demise (pages 6, 29, section 3.9): - Unit A (JD Sports): EPC Rating C (score 66), A1/A2 Retail use, valid to 17 December 2030, floor area 1,004 sq m. Currently MEES compliant (band E threshold). Colliers note the EPC was prepared in 2020 and JD Sports fitted out the unit in 2024; an updated EPC certificate should have been prepared following the fitout and Colliers recommend the solicitor confirms the correct certificate. - Unit B (Tesco): EPC Rating C (score 51), A1/A2 Retail use, valid to 20 November 2030, floor area 493 sq m. Currently MEES compliant. - Unit C (PureGym): EPC Rating B (score 29), General Assembly and Leisure use, valid to 5 August 2034, floor area 1,302 sq m. Currently MEES compliant and compliant with the anticipated 2030 band B threshold. MEES exposure — current and future: Units A (C66) and B (C51) are identified by Colliers as at risk of failing MEES regulations, either currently if re-assessed in current (2022 Part L) software, or after the expected changes in 2027 and 2030. This is a material risk: re-assessment under current modelling software can downgrade a band C certificate, potentially to band D, rendering the property non-compliant with the existing band E threshold. The current EPCs for Units A and B were prepared under the previous Part L regulations and are therefore at heightened risk of downgrade on reassessment. Colliers recommend detailed EPC assessment by their Energy and Sustainability Team. Future MEES trajectory: The government has proposed an interim target of band C from 1 April 2027 for all commercial rented property. Unit A (C66) and Unit B (C51) would nominally meet a band C requirement as scored, but a re-assessment risk is noted above. The anticipated 2030 band B threshold would require improvement works for Units A and B. Unit C (B29) is already compliant with the 2030 band B target. Cost of remediation: Colliers has not included costs for EPC upgrade works within the schedule of repairs, stating these are subject to further investigations and feasibility assessments. No indicative EPC upgrade cost is available from this TDD. Service charge interaction: It is noted that future EPC upgrades to the upper residential parts of the building (outside the leasehold interest) may form part of future service charge costs recovered through leaseholders. The presence of combustible EPS cladding to the residential elevations means any insulation upgrade or cladding remediation works (required by the FRAEW) must be coordinated with MEES improvement planning. Jurisdiction: England and Wales — MEES Regulations (Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015, as amended) apply.
Estimated Capex: £681,000 over 5 years
| Survey Date | 2 Jul 2024 |
| Surveyor / Firm | CS2 Limited |
| Survey Type | Schedule of Condition |
| Structure | reinforced_concrete |
Key Findings & Defects
This is a Photographic Schedule of Condition prepared by CS2 Limited for 498 High Road, Wembley, HA9 7BH, inspected on 2 July 2024. The document records the visual condition of the demise at the date of inspection for lease-referencing purposes only; it does not diagnose causes of defects or prescribe remedies. The property is a ground floor retail unit. At the time of inspection, the landlord had recently completed strip-out works, leaving the unit in a stripped and largely redecorated condition. Lighting to the main retail area was absent due to the completion of those works. The main retail area presents with an exposed concrete soffit carrying exposed services and fire boarding around steel beams. Blockwork walls and columns had been recently decorated. The floor has a newly laid latex screed throughout the retail sales floor. The overall condition of the retail area is assessed as FAIR, with minor staining, soiling and redundant fixings noted to the concrete soffit (Photographs 10, 12, 20, 21, 22, 23) and light soiling to fire boarding (Photographs 17, 18, 25). No structural defects, fractures or evidence of water ingress are recorded. The shopfront is metal-framed glazing in fair condition with minor scuffing and soiling (Photographs 2, 26, 42, 43). The signage board has had recent signage removed, leaving boarding in fair condition (Photographs 44, 45). Service penetrations to the soffit and walls have been subject to certified firestopping works throughout, recorded across multiple photographs (Photographs 13–16, 19, 30, 31, 35, 41, 42, 51, 122, 123). Ancillary spaces (access hallway, WCs, accessible WC, store, comms room) are in fair condition overall — suspended ceilings, recently decorated plasterboard and blockwork walls, and minor scuffing and soiling to doors and floors. Defects of POOR condition are confined to floor finishes in back-of-house areas: - Kitchen vinyl floor finish: area of damage noted (Photographs 104, 105) — POOR condition. - Kitchen carpet floor finish: stained and soiled throughout — POOR condition (Photograph 106). - Storage room vinyl floor finish: multiple areas of damage and light soiling throughout — POOR condition (Photographs 126–129). A redundant floor opening in the plant room floor finish was noted (Photograph 64); staining and soiling to the floor and low-level blockwork walls in the plant room (Photographs 62, 64) were assessed as fair condition. The storage room exposed concrete soffit showed historic staining and isolated redundant fixings (Photograph 124), assessed as fair condition. No asbestos survey, structural assessment, or drainage / services inspection was carried out; these are explicitly excluded from the scope of this photographic schedule (section 1.1.3, 1.1.7). Covered, unexposed or inaccessible building fabric was not inspected.
Plant & Services Condition
A detailed inspection of the existing services was explicitly excluded from the scope of this Schedule of Condition (section 1.1.7: 'A detailed inspection of the existing services has not been undertaken [ie drainage, heating, plumbing, electrical appliances etc] and these are therefore excluded from the contents of this Schedule'). Visual observations only are available from the photographic record: - Plant room (Photographs 58–66): A plant room is present at the rear of the demise. General views of plant were recorded (Photograph 61); no individual items of plant are identified or assessed in the schedule. The blockwork walls show minor scuffing and soiling at low level, assessed as fair condition. The profiled metal sheeting soffit is in fair condition. A louvre to the plant room is soiled and stained but in fair condition (Photograph 66). - Condenser units to rear plant area: General views of condenser units and associated pipework and racking were recorded to the rear external plant area (Photographs 138–139). Condition is not formally assessed in the schedule. - Exposed pipework and cable trays in the retail area are described as lightly soiled and marked and in fair condition (Photograph 11). - Capped-off services are noted at various locations following the landlord's strip-out works (Photographs 38, 44–46). - An electrical cupboard within the store was photographed (Photographs 82, 83); no condition assessment is provided. No M&E condition ratings, remaining economic life estimates, or replacement cost data are available from this document. A dedicated M&E survey would be required to assess HVAC, electrical distribution, BMS, fire suppression, lift, and drainage systems.
EPC / Energy Compliance
This document is a Photographic Schedule of Condition only. It contains no EPC data, MEES commentary, energy performance ratings, or remediation recommendations. No EPC band is stated for any part of the demise. No MEES / EPC information can be extracted from this source. EPC status for LON-Wembley should be verified against the EPC register or any separately held EPC certificates for this demise.
| Survey Date | 3 Oct 2017 |
| Surveyor / Firm | S2 Partnership Ltd (Stuart Morrison, Environmental Consultant) — commissioned by CBRE Ltd |
| Survey Type | Condition Survey |
Key Findings & Defects
Asbestos Management Survey of landlord common areas at 492-500 High Road, Wembley HA9 7BH, carried out 3 October 2017 by S2 Partnership Ltd to HSG 264 standard. Scope: landlord-controlled areas only (ground floor service corridor ref 001, lift motor cupboard ref 002, corridors ref 003-004, cupboard ref 005; basement corridor ref 006, doorway ref 007, loading bay ref 008, under-stairs store ref 008A, external areas; 1st floor/mezzanine stairs/landings ref 009-012). RESULT: No asbestos containing materials (ACMs) identified at the time of survey. Overall risk level: N/A. No further action required. Limitations: no access to lift shaft interior or high-level ceilings; no samples taken (per CBRE instruction). Construction: brick, block and concrete. Date of construction unknown. CAD drawings included in report (drawing ref HR/SM/2074).
Plant & Services Condition
Modern metal ducting, plastic pipework, and MMMF (man-made mineral fibre) insulation observed throughout. Modern lift electrics in lift motor cupboard. Tenants caged plant area noted on 1st/mezzanine level (ref 012). No asbestos-containing materials observed in any landlord area.
Specialist & Compliance Surveys
Fire, asbestos, invasive-species, environmental and commissioning documents held on file (not building-fabric due diligence).
| Survey Type | Surveyor / Firm | Date | Summary |
|---|---|---|---|
| Fire Risk Assessment | Stephen McGrill, BEFS Ltd (appointed by Y&Y Property Management) | 2 Apr 2024 | FRAEW per PAS 9980 for 10-14 Elm Road, Wembley HA9 7JT identified four external wall systems: EPS render (WS-1), rendered blockwork (WS-2), High Pressure Lam… |
| Fire Risk Assessment | A. Stapleton (validated by A. Fox), C.S. Todd & Associates Ltd / CBRE | 22 Feb 2024 | Fire risk assessment of 492-500 Wembley High Road landlord/common areas rated Tolerable overall (likelihood Medium, consequences Slight Harm). No immediate (… |
| Health & Safety Risk Assessment | Sarbi Kaley BSc (Hons) CMIOSH AMIFPO (Marlowe / CBRE) | 20 Sep 2023 | Health and Safety risk assessment of 492-500 High Road, Wembley (retail/common areas managed by CBRE) scored 88% (Tolerable band 85-94%), overridden to Moder… |
27. Agent Report Summary
No agent reports abstracted. When quarterly property management reports are received from Colliers, they will be processed and summarised here.
28. Changes Since Last Report
Change tracking requires a prior report baseline. After the next regeneration, rent movements, lease events, covenant changes, and data quality shifts will be highlighted here.
29. Appendix: Abstraction Metadata
| Demise | Abstracted | Schema Version | Confidence | Verification |
|---|---|---|---|---|
| Basement (PureGym) | 31 Mar 2026 | — | — | Draft |
| Unit A (JD Sports) | 31 Mar 2026 | — | — | Draft |
| Unit B | 21 Apr 2026 | — | — | Draft |
30. Data Quality
Overall Data Confidence Score: 80/100
| Demise | Fields Populated | Completeness % | Key Gaps |
|---|---|---|---|
| Basement (PureGym) | 19/19 | 100% | Complete |
| Unit A (JD Sports) | 20/20 | 100% | Complete |
| Unit B | 20/20 | 100% | Complete |
31. Disclaimer
This summary information has been prepared by Grand Canal Capital Partners Limited for illustrative purposes only. Grand Canal Capital Partners Limited makes no representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information contained in this summary. This report has been prepared solely on the basis of information and documentation made available to Grand Canal Capital Partners Limited, which may not constitute a complete record of all relevant material. Verification against actual source material is required. By using this summary, you acknowledge and accept these limitations.