ockleston bailey 14/15 HIGH STREET, SHREWSBURY SY1 1SP PRIME LISTED FREEHOLD RETAIL AND RESIDENTIAL INVESTMENT LET TO WHITE STUFF LIMITED

Transcription

1 ocklesto bailey retail leisure ivestmet 14/15 HIGH STREET, SHREWSBURY SY1 1SP PRIME LISTED FREEHOLD RETAIL AND RESIDENTIAL INVESTMENT LET TO WHITE STUFF LIMITED

2 Ivestmet Summary The property is Grade II Listed. Shrewsbury is the domiat commercial ad admiistrative cetre for Shropshire. Well secured retail ivestmet let to White Stuff Limited (Compay No ) to expire o 7 October The curret retal is 78,500 p.a.x. Well cofigured retail space with White Stuff tradig o the groud ad first floors. The sale potetially icludes either two or five refurbished, vacat self cotaied residetial uits, accessed off the High Street to the right of the White Stuff retail uit, via a courtyard at the rear. The etire site is held o oe Title (SL192936). It is cosidered that the Title will split with the retail uit ad Apartmets 3 ad 4 as oe etity, with Apartmets 1, 2 ad The Cottage as a separate etity. The property has bee registered for VAT purposes ad it is assumed that the trasactio will be dealt with as a TOGC. Freehold. Proposal We have bee istructed to seek offers o the followig basis:- 1. As a Whole to iclude both the Retail Uit ad 5 Vacat Refurbished Apartmets Offers are sought i excess of 2,500,000. A purchase at this level would reflect 5.75% NIY ( 1.28m) after deductig 5.98% for costs for the retail elemet with the residetial elemet i the regio of 1,257,000. Further details relatig to the idividual apartmet values ca be foud below or uder the residetial sectio i this brochure. 2. The Retail Elemet ad Apartmets 3 ad 4 above. Offers i excess of 1,825,000. A purchase at this level would reflect a 5.75% NIY o the retail elemet (after deductig costs of 5.98%) ad circa 545,000 (Apartmet 3-265,000 ad Apartmet 4 275,000) for the residetial elemet. 3. Apartmets 1, 2 ad The Cottage Offers i excess of 690,000 (Apartmet 1 173,000, Apartmet 2 275,000 ad The Cottage 269,000) are sought. Locatio Shrewsbury is a attractive, historic Couty Tow ad the cultural ad retail cetre for Shropshire ad a large area of Mid-Wales. The tow is located approximately 41 miles (66 km) south of Chester, 47 miles (75 km) orthwest of Birmigham ad 15 miles (25 km) west of Telford. The tow beefits from excellet road commuicatios with the A5 rigroad coectig directly to the M54 ad subsequetly the M6 ad wider atioal motorway etwork. The tow is also served by the A49 (Machester/Cardiff truk road) ad the A548 (cetral Wales). Shrewsbury trai statio provides direct rail access to Lodo Eusto via Birmigham New Street with a fastest jourey time of 2 hours 35 miutes. Direct regular services to Machester, Crewe, Cardiff ad Wolverhampto are also provided. Catchmet ad Demographics The total populatio withi the Shrewsbury primary catchmet area is 329,000 people, similar to the sub-regioal cetre average ad rakig the tow 76 out of PROMIS cetres. The estimated shoppig populatio of Shrewsbury is 177,000 people rakig the tow 74 of the PROMIS cetres. The urba populatio of Shrewsbury has see rapid growth (11.6%) over the last 10 years ad ow boasts i excess of 100,000 people. Shrewsbury attracts a sigificat umber of tourists ad it boasts over 600 Listed Buildigs icludig the Castle, ow a Regimetal Museum, ad the world famous Shrewsbury Abbey. Shrewsbury tourism ecoomic impact assessmet from 2007 estimated that 2.6m people visited the tow aually ad i that year, estimated tourism expediture was 137m. The Local Authority cosiders the tow to have great market potetial to develop its visitor ecoomy further with a potetial sped of 275m achievable. Charles Darwi was bor ad educated i Shrewsbury.

3 The Shrewsbury catchmet populatio is moderately affluet rakig 90 of the PROMIS cetres o the PMA Affluece Idicator. The level of car owership i Shrewsbury is sigificatly above average with particularly high proportio of 2 car households. The largest employmet sector i Shrewsbury is the public sector with Shrewsbury s largest employer beig Shropshire Coucil, the uitary authority that ow covers most of Shropshire. Other key employers iclude Royal Shrewsbury Hospitals NHS Trust, Shrewsbury Fire & Rescue Service ad the Shrewsbury College of Art & Techology. Other major employers iclude Tesco, Saisbury s ad Morrisos. Retailig i Shrewsbury The pedestriaised Pride Hill is the prime retail pitch withi the tow cetre with major retailers represeted icludig Waitrose, Boots ad Tesco Express. The tow beefits from two mai shoppig cetres which ably support prime pitch. The Pride Hill Cetre achored by Next ad New Look ad the Darwi Shoppig Cetre achored by Marks & Specer, TK Maxx, Topshop ad the recetly opeed Primark at the easter ed of Pride Hill. Both High Street ad The Square have see a sigificat alteratio of the retail/restaurat offer with may ew aspiratioal operators icludig Jigsaw, Joules, Phase Eight, Fat Face, Crew, Seasalt, Pure Collectio, White Stuff, Goldsmiths, JoJo Mama Bebe, Patisserie Valerie, Starbucks, Costa, Cote, Carluccio s ad Loch Fye beig represeted. I additio, there is a Rackhams Departmet Store (House of Fraser) o High Street, directly opposite the subject property. Void levels withi the prime core of the tow cetre are extremely low as a result of healthy occupatioal demad from atioal ad idepedet retailers ad leisure/restaurat operators. Descriptio The property is Grade II Listed, arraged o basemet, groud, first, secod ad attic floors ad is of brick built costructio, uder a pitched, slate roof. The retail uit arraged o basemet, groud ad first floors has bee fitted out i the stadard White Stuff livery. The accommodatio provides well cofigured sales space o groud ad first floors. Storage accommodatio is provided i both the basemet ad part first floors. The retail shop frot is of a broze costructio with substatial glazig paels, some of which are curved. There are very few survivig shop frots of this age ad costructio. The residetial accommodatio has access off the High Street via a etrace lobby to the right of the White Stuff uit ito a courtyard area. There are five residetial uits with Apartmets 3 ad 4 arraged o secod ad attic floors above the retail elemet, with Apartmets 1, 2 ad The Cottage withi the courtyard area. Residetial The residetial accommodatio has bee completely refurbished to a very high stadard with the followig geeric specificatio:- Kitche with graite work surfaces throughout with NEFF or Bosch appliaces. Recessed dowlighters throughout to all kitches, bathrooms, bedrooms ad ladigs. Electric fired boilers with radiators throughout with idividual TRV s. Solid oak iteral doors with brushed steel door furiture. Cotemporary square edged skirtig ad architrave. Matki showers ad Rocca saitary ware. Situatio The property occupies a prime tradig locatio o High Street beig adjacet to Costa ad Crew Clothig. Nearby multiple retailers iclude Seasalt, Pure Collectio, Zizzi, Rackhams, Starbucks, Patisserie Valerie, JoJo Mama Bebe, Cote, Fat Face, Jigsaw, Phase Eight, Joules ad Waterstoes. Door etry system. Recessed floorwash lightig to courtyard. Bi ad bike stores. Liked fire detectio system.

4 The table below provides a brief descriptio of each Apartmet, its size ad capital value:- Apartmet Number Descriptio Size Capital Value Apartmet 1 1 bedroom sq ft (41.9 sq m) 173,000 Apartmet 2 2 bedroom sq ft (89 sq m) 275,000 Apartmet 3 2 bedroom sq ft (85.6 sq m) 265,000 Apartmet 4 2 bedroom 1,315.3 sq ft (122.2 sq m) 275,000 The Cottage 2 bedroom mews house sq ft (69.9 sq m) 269,000 All apartmets are curretly vacat NB: The apartmet capital values have bee provided by Cooper Gree Pooks, residetial agets based i Shrewsbury. Further details are available upo request. Accommodatio The accommodatio is arraged o basemet, groud, first, secod ad third floors with the followig approximate areas ad dimesios:- Descriptio ft/sq ft m/sq m Iteral width (maximum) m Shop depth m Groud floor sales 993 sq ft 92.2 sq m First floor sales 902 sq ft 83.8 sq m First floor staff/store 232 sq ft 21.6 sq m Basemet store 595 sq ft 55.3 sq m Groud floor ITZA uits Apartmet sq ft 41.9 sq m Apartmet sq ft 89 sq m Apartmet sq ft 85.6 sq m Apartmet 4 1,315.3 sq ft sq m The Cottage sq ft 69.9 sq m

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7 Teure The property is held freehold (Title No.SL192936), subject to the teacy listed below. Teacy White Stuff Limited (Compay No ) occupy the basemet, groud ad first floors by way of a 15 year effective full repairig ad isurig lease with a service charge provisio from 8 October 2008 to expire o 7 October 2023, at a curret retal of 78,500 (sevety eight thousad five hudred pouds) p.a.x. The ext ret review is o 8 October Coveat Iformatio White Stuff Limited is a British fashio ad lifestyle brad that sells wome s ad me s clothig, accessories ad gifts i over 100 shops i the Uited Kigdom, Germay ad Demark, via mail order ad olie. The Compay was established i We set out below the most recet fiacial iformatio available for White Stuff Limited (Compay No ):- 30/04/ s 02/05/ s 03/05/ s Turover 144, , ,685 Pre-Tax Profit 15,968 16,375 12,095 Tagible Net Worth 34,732 21,345 19,808 Source:- N2Check (part of Du & Bradstreet) The teat has a ratig of 91 out of 100 represetig a very low risk as defied by N2Check (part of Du & Bradstreet).

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9 Apartmet 1 Apartmet 2 Apartmet 3 Apartmet 4 The Cottage

10 VAT The property has bee elected for VAT ad it is assumed that the trasactio will be dealt with as a TOGC. Proposal We have bee istructed to seek offers o the followig basis:- 1. As a Whole to iclude both the Retail Uit ad 5 Vacat Refurbished Apartmets Offers are sought i excess of 2,500,000. A purchase at this level would reflect 5.75% NIY ( 1.28m) after deductig 5.98% for costs for the retail elemet with the residetial elemet i the regio of 1,257,000. Further details relatig to the idividual apartmet values ca be foud below or uder the residetial sectio i this brochure. 2. The Retail Elemet ad Apartmets 3 ad 4 above. Offers i excess of 1,825,000. A purchase at this level would reflect a 5.75% NIY o the retail elemet (after deductig costs of 5.98%) ad circa 545,000 (Apartmet 3-265,000 ad Apartmet 4 275,000) for the residetial elemet. 3. Apartmets 1, 2 ad The Cottage Offers i excess of 690,000 (Apartmet 1 173,000, Apartmet 2 275,000 ad The Cottage 26 9,000) are sought. Further iformatio For further iformatio, or to arrage a ispectio of the property, please cotact Hugh Ocklesto, Ocklesto Bailey Tel hugh@ocklestobailey.co.uk SUBJECT TO CONTRACT Produced by Word Perfect Prit. T: E: brochures@wordperfectprit.com Misrepresetatio Act 1967 Ocklesto Bailey Ltd (ad their joit agets where applicable) for themselves ad for the vedors or lessors of this property for whom they act, give otice that : (i) these particulars are a geeral outlie oly, for the guidace of prospective purchasers or teats, ad do ot costitute the whole or ay part of a offer or cotract; (ii) Ocklesto Bailey Ltd caot guaratee the accuracy of ay descriptio, dimesio, refereces to coditio, ecessary permissios for use ad occupatio ad other details cotaied herei ad prospective purchasers or teats must ot rely o them as statemets of fact or represetatios ad must satisfy themselves as to their accuracy; (iii) o employee of Ocklesto Bailey Ltd (ad their joit agets where applicable) has ay authority to make ay represetatios or warraty or eter ito cotract whatever i relatio to the property; (iv) prices/rets quoted i these particulars may be subject to VAT i additio, (v) Ocklesto Bailey Ltd will ot be liable, i egligece or otherwise, for ay loss arisig from the use of these particulars. Date of publicatio: October 2017