7-8 EAST STREET, TAUNTON, TA1 3LQ S O L D

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Hilary Gibbs
5 years ago
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Prime East Street location Well configured retail unit built in 2005 Let to Tony Pryce Retail Ltd Trading as Animal/Inter Sport Let until May 2020 without break Income 105,000 per annum Rebased rent

2 Prime East Street location Well configured retail unit built in 2005 Let to Tony Pryce Retail Ltd Trading as Animal/Inter Sport Let until May 2020 without break Income 105,000 per annum Rebased rent and good growth potential Guide Price 1,470,000 Net initial yield 6.75% TAUNTON Taunton is the administrative and economic centre of the county of Somerset and a well established retail destination. It has a district population of approximately 110,200 persons (Census, 2011) but also attracts a much wider catchment due to its strong retail offer in comparison to other nearby locations such as Tiverton, Bridgwater, Burnham-on-Sea and Weston-Super-Mare. Taunton Deane Borough Council has identified the town as the focus for additional growth, with numerous development projects aiming to improve the area further. Targets include the provision of 13,000 new homes and the creation of 12,000 new jobs over the next 10 years (Taunton Growth Prospectus, 2014). The town benefits from good communications, with Junction 25 of the M5 located approximately 3 miles to the east which, in turn, provides access to the national motorway network. Taunton is served by its own railway station, which provides a regular service to London Paddington in approximately 1 hour 50 minutes. Bristol International Airport and Exeter Airport are approximately 49 miles and 36 miles away respectively. LOCATION The retail offer in Taunton is strong with two shopping schemes, major fashion store representation and many national and local retailers. National multiple retailers include Marks & Spencer, TK Maxx, Primark, Debenhams and Topshop. The prime retail pitch is focused on the northern side of Fore Street and the subject property occupies an excellent retailing location to the eastern end of prime pitch. The premises benefit from good levels of footfall, being situated between Primark and TK Maxx. Marks and Spencer are located opposite, as well as the entrance to the Orchard Shopping Centre and Bill s Restaurant, which is due to open shortly. The shop immediately adjoins EE, close to Nationwide, Deichmann Shoes and 3 Store. Other notable tenants in the vicinity include Marks and Spencer, BHS, Debenhams and Next. The location is indicated on the attached Goad plan extract.

DESCRIPTION The property comprises a well configured retail unit constructed in 2005 having brick elevations under pitched tiled and flat roofs.

3 DESCRIPTION The property comprises a well configured retail unit constructed in 2005 having brick elevations under pitched tiled and flat roofs. There are open trading areas at ground and first floors linked by a customer staircase and rear service stairs. The ground floor comprises a large, open sales area with partitioned changing rooms. There is ancillary space to the rear incorporating storage areas and a staff kitchen. The first floor provides further sales space with a rear partitioned storage area. There is rear access via Magdalene Lane which allows servicing to both ground and first floor levels. DIMENSIONS The property has the following approximate dimensions and net floor areas: Gross Frontage 33' 8" m Net Frontage 32' 6" 9.91 m Shop Depth 77' 8 " m Ground Floor Sales 2,222 sq.ft m² ITZA 1,042 units First Floor Sales 1,578 sq.ft m² First Floor Ancillary 782 sq.ft m² TENURE The property is freehold. The property is let on a full repairing and insuring basis, outside the act, to Tony Pryce Retail Ltd for a term of 10 years from 16 th September 2011 and expiring on 16 th May The lease originally contained a break and rent review at the fifth year. The current rent is 105,000 per annum. Tony Pryce Retail Ltd is a subsidiary of H Young Holdings plc. This company owns the sports lifestyle Animal brand and distributes other brands for overseas principals. For the year ended 31 December 2013, it had a turnover of 200 million, with Experian rating the company as Very Low Risk. RENTAL COMMENT The tenant s break option was removed and rent reduced in January this year. The new rent reflects current rebased levels and devalues to a Zone A rate of 85 per sq ft. The Zone A level is supported by recent lettings at 1 East Street and 45/46 Fore Street reflecting 92 and 90 Zone A respectively, as well as the lease renewal of 10 East Street at 87 Zone A. Taunton has a captive catchment due to the distance to the nearest competing towns. With the nearest major shopping destinations located in Exeter, approximately 30 miles away and Bristol, over 40 miles away, the town provides a shopping destination to large numbers of people across Somerset. As a result, the town centre tends to be busy throughout the year, with very few voids and demand for prime well configured units. The tenant has previously paid a rent of 145,000 per annum for the subject premises, reflecting a Zone A rate of around per sq ft. Historic rents have reached up to 130 per sq ft, so the new rent provides potential for growth in this sought after town. Tony Pryce recently removed the break option from their lease in return for a reduction in rent to this rebased figure. TENANT COVENANT Tony Pryce Retail Ltd (No ) are one of the largest independent sports retailers in the south west of England operating some 14 branches in Somerset, Devon, Cornwall, Dorset, Wiltshire and South Wales. For the year ended 31 December 2013, the company had a turnover of million.

4 EPC The property has a rating of C 60. A copy of the EPC and report can be provided. PROPOSAL For the freehold interest, subject to the benefit of the letting, we are instructed to seek a price of 1,470,000 subject to contract to show a net initial yield of 6.75% having taken purchase costs at 5.8%. This investment provides an opportunity to purchase an excellent shop in a prime location, with an unexpired term of around 5 years. The low rebased rent should provide good potential for future growth. We understand the property is registered for VAT and it is anticipated the sale will be undertaken as a TOGC FURTHER INFORMATION For further information please contact:- Stephen Powell stephenpowell@smithprice.co.uk or John Loveday johnloveday@smithprice.co.uk SUBJECT TO CONTRACT MISREPRESENTATION ACT These particulars are intended only as a guide to prospective purchasers to enable them to decide whether to make further inquiries with a view to taking up negotiations but they are otherwise not intended to be relied upon in any way or for any purpose whatever and accordingly neither their accuracy nor the continued availability of the property is in any way guaranteed and they are furnished on the express understanding that neither the agent nor the vendor is to be, or come, under any liability or claim in respect of their contents. The vendor does not hereby make or give nor does any Partner or employee of Smith Price LLP have any authority to make or give any representation or warranty whatsoever as regards the property or otherwise. Any prospective purchaser or lessee or other person in any way interested in the property should satisfy himself by inspection or otherwise as to the correctness of each statement contained in these particulars. In the event of the agents supplying any further information or expressing any opinions to a prospective purchaser, whether oral or in writing, such information or expression of opinion must be treated as given on the same basis as these particulars. These particulars do not form part of any contract and, except where expressly otherwise stated, offers will be considered only subject to contract. Smith Price LLP is a limited liability partnership registered in England and Wales. Registered number: OC Registered office: 5/7 John Princes Street, London W1G 0JN

2/4 BUTCHER ROW, SALISBURY, SP1 1EP S O L D

2/4 BUTCHER ROW, SALISBURY, SP1 1EP S O L D Prime and prominent trading location Trading frontages to Butcher Row and Market Place Let to regional multiples Extra security from guarantors and rent deposit New leases expiring 2024 and 2029 Low rebased