25 Monnow Street, Monmouth

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Chester Charles
5 years ago
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year lease to Specsavers at a rebased rent of 40,000 per annum.

1 25 Monnow Street, Monmouth Prime Retail Investment in Thriving Market Town Investment Considerations Located in the attractive and affluent market town of Monmouth New 10 year lease to Specsavers at a rebased rent of 40,000 per annum. Freehold Offers in the region of 635,000 reflecting a net initial yield of 6% assuming 5.15% purchasing costs

Location Monmouth is the county town of Monmouthshire and is a thriving market town in south Wales.

The town also benefits from two highly regarded public schools which further establishes the town as an educational, historical and cultural place.

Road communications are good with A40, A466, A49, A48 and A4136 providing access to the M48 and M50. The town has a population of 10,508 with 56.

Retailing in Monmouth Monnow Street is the main retailing thoroughfare in the town with occupiers including Waitrose, Marks & Spencer Simply Food, M&Co, Boots,

2 Location Monmouth is the county town of Monmouthshire and is a thriving market town in south Wales. The town boasts an excellent mix of leisure and retail occupiers as well as attracting a number of tourists to the surrounding area known as the Wye Valley. The town also benefits from two highly regarded public schools which further establishes the town as an educational, historical and cultural place. The town is located 36 miles north east of Cardiff, 24 miles north of Newport, 20 miles south of Hereford and 25 miles west of Gloucester. Road communications are good with A40, A466, A49, A48 and A4136 providing access to the M48 and M50. The town has a population of 10,508 with 56.76% falling within the top class groupings AB and C1 compared to 47.21%, the Welsh average. Retailing in Monmouth Monnow Street is the main retailing thoroughfare in the town with occupiers including Waitrose, Marks & Spencer Simply Food, M&Co, Boots, Peacocks, Joules, Fat Face, Costa, Jo Jo Mamma Bebe and Vision Express. Situation The property is situated at the northern section of Monnow Street on the western side at the junction of Nailers Lane opposite Boots Opticians and adjacent to Millets. Other nearby retailers include Lloyds Bank, Pizza Express, Café Nero and White Stuff.

Description The property comprises a mid terraced building of brick elevations under a pitched roof arranged over ground, basement and two upper floors.

3 Description The property comprises a mid terraced building of brick elevations under a pitched roof arranged over ground, basement and two upper floors. The ground floor provides an open plan area which has been subdivided by the tenants for sales and treatment rooms. The rear first floor is used for staff and ancillary. The upper floors comprise 2 self-contained residential flats. Accommodation Accommodation Area (Sq.Ft) Area (Sq.m) Ground Floor Sales 1, Ground Floor Ancillary 1, GROUND FLOOR TOTAL 2, ITZA 920 units Tenancies FIRST FLOOR 1, The ground and rear first floor is let to Specsavers Optical Superstores Limited on a new 10 year full repairing and insuring lease, subject to a service charge, from 23rd May 2018 at a passing rent of 40,000 per annum. The rent is subject to an upward only rent review at the expiry of the 5 th year. The lease is also subject to a Schedule of Condition relating only to the internal rear section of the building on the ground floor which is surplus to the tenants requirements. Further information can be provided upon request. There is a service charge cap, however, the Landlord carried out extensive works relating to the exterior of the property which was completed in 2018 prior to the tenant taking occupation. The uppers comprise 2 residential flats which are sold on 125 year long leaseholds from September 2017 producing 200 per annum. Therefore, the total net income is 40,200 per annum.

Rental Commentary We analyse the passing rent of 40,000 per annum reflects approximately 41.

Prime rents within the town are achieving in excess of 55 Zone A.

Dates of Accounts 29 th February 2016 28 th February 2017 28 th February 2018 Turnover 673,564,000 716,509,000 622,473,000 Pre-tax

4 Rental Commentary We analyse the passing rent of 40,000 per annum reflects approximately Zone A applying A/20 on the ground floor ancillary and A/25 on the first floor ancillary. Prime rents within the town are achieving in excess of 55 Zone A. Covenant Information Specsavers is the largest private optical retailer in the world with over 31,000 employees and 1,895 stores. Dates of Accounts 29 th February th February th February 2018 Turnover 673,564, ,509, ,473,000 Pre-tax Profit 53,648,000 54,000,000 20,860,000 Total Net Worth 28,776, ,772,000 76,595,000 EPC An EPC is available upon request. VAT The property is registered for VAT and therefore VAT will be payable on the purchase price or dealt with by way of a TOGC. Tenure Freehold.

Price Our client is seeking offers in the

5 Price Our client is seeking offers in the region of 635,000 subject to contract. A purchase at this level reflects a net initial yield of 6% assuming purchaser s costs of 5.15% Contacts Ed Gambarini egambarini@klmretail.com Rupert Guy rguy@klmretail.com Richard Sharp richard.sharp@behrens-sharp.com

FOR SALE 100% PRIME RETAIL INVESTMENT

FOR SALE 100% PRIME RETAIL INVESTMENT NOW IN OCCUPATION Sheridan Property Consultants OFFERS OVER 1,200,000 (9.56% NIY) 36-42 HIGH STREET LANARK, ML11 7EX Investment Summary 100% Prime retailing pitch