136/140 High Street GUILDFORD

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Derek Briggs
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1 136/140 High Street GUILDFORD PRIME FREEHOLD HIGH STREET INVESTMENT FOR SALE

Prime retail unit situated on the pedestrianised High Street adjacent to Jigsaw and Molton Brown, whilst in close proximity to Anthropology and House of Fraser. Freehold.

2 INVESTMENT SUMMARY The highly affluent south east town of Guildford is one of the UK s premier retail destinations outside of Central London. The catchment population is one of the most affluent of the PROMIS centres, ranking second on the PMA Affluence Indicator. Prime retail unit situated on the pedestrianised High Street adjacent to Jigsaw and Molton Brown, whilst in close proximity to Anthropology and House of Fraser. Freehold. Reversionary lease from June 2014 at a current rent of 280,000pax, reflecting a Zone A rent of approximately 282ZA. Potential to convert the upper floors to residential. We are instructed to seek offers in excess of 5.55m (five million five hundred and fifty thousand pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 4.77% assuming usual purchase costs of 5.8%. 136/140 HIGH STREET GUILDFORD PRIME FREEHOLD HIGH STREET INVESTMENT FOR SALE 2

LOCATION DEMOGRAPHICS RETAILING IN GUILDFORD Guildford is the principal commercial and administrative centre for Surrey and one of the

The town has excellent communications with a dual carriageway accessed via the A3 to the M25 (8 miles to the north).

Both Heathrow and Gatwick Airports are both within a 25 minute drive time.

above the average for Social Class AB and a high percentage of households having more than 2 cars.

Surrey, including the College of Law, with 9,600 undergraduates and 6,100 postgraduates; Surrey Police, as well as major businesses

The prime retail offer is focused on the pedestrianised High Street where there is a high concentration of major UK multiples including

3 LOCATION DEMOGRAPHICS RETAILING IN GUILDFORD Guildford is the principal commercial and administrative centre for Surrey and one of the premier retailing locations in the UK. The town is located approximately 33 miles south west of London and 6 miles south of Woking. The town has excellent communications with a dual carriageway accessed via the A3 to the M25 (8 miles to the north). There are direct and frequent rail services to London Waterloo (40 minutes), Portsmouth, Reading and Gatwick. Both Heathrow and Gatwick Airports are both within a 25 minute drive time. Guildford has a resident population of approximately 66,000 people and a catchment of approximately 187,000 living within 6 miles of the centre and 727,000 within 12 miles. The Guildford catchment is one of the UK s most affluent and is ranked second on the PMA Affluence Indicator with a population significantly above the average for Social Class AB and a high percentage of households having more than 2 cars. Major employers include the Royal Surrey County Hospital Trust; Guildford College, educating 12, year olds; The University of Surrey, including the College of Law, with 9,600 undergraduates and 6,100 postgraduates; Surrey Police, as well as major businesses including Allianz, Cornhill Insurance Plc, Detica Limited and Ericsson Limited. The prime retail offer is focused on the pedestrianised High Street where there is a high concentration of major UK multiples including Marks & Spencer, House of Fraser, Next, Boots, GAP and Waterstones and a high representation of quality fashion retailers including Molton Brown, Anthropology, Karen Millen, Jigsaw, Ted Baker, Jo Malone and French Connection. Guildford s High Street offer is further complimented by 3 managed shopping centres which together account for just 21% of the town centre retail, demonstrating the current dominance of the High Street. 136/140 HIGH STREET GUILDFORD PRIME FREEHOLD HIGH STREET INVESTMENT FOR SALE 3

4 N 136/140 HIGH STREET GUILDFORD PRIME FREEHOLD HIGH STREET INVESTMENT FOR SALE 4

SITUATION The property is situated in a prime trading location on the pedestrianised High Street adjacent to Molton Brown and Jigsaw, whilst in close proximity to Anthropology and House of Fraser.

first floor with the remainder of the building currently used for ancillary purposes. The second and third floor are currently unused, having been previously sublet by Moss Bros to an office tenant.

5 SITUATION The property is situated in a prime trading location on the pedestrianised High Street adjacent to Molton Brown and Jigsaw, whilst in close proximity to Anthropology and House of Fraser. DESCRIPTION The property comprises a Grade II Listed building, situated in a conservation area, arranged over ground, basement and 3 upper floors, providing retail sales accommodation on ground and first floor with the remainder of the building currently used for ancillary purposes. The second and third floor are currently unused, having been previously sublet by Moss Bros to an office tenant. The building is capable of multiple occupation, there being a self-contained entrance to the upper floors from the High Street. ACCOMMODATION We have been informed by our client that the property comprises the following approximate dimensions and floor areas: Overall Frontage 29 ft 5.31 m Ground Floor Sales 1,661 sq ft sq m Ground Floor ITZA 882 units units First Floor Sales 764 sq ft sq m First Floor Ancillary 221 sq ft sq m Basement Ancillary 756 sq ft sq m Second Floor Ancillary 830 sq ft sq m Third Floor Ancillary 959 sq ft sq m Total Area 5,191 sq ft sq m 136/140 HIGH STREET GUILDFORD PRIME FREEHOLD HIGH STREET INVESTMENT FOR SALE 5

TENANCY The entire property is let to Moss Bros Group Plc on a 10 year reversionary lease from 24th June 2014, subject to a rent review on 3rd September 2020.

We understand that the property was fully refitted in March 2014 and that the tenant has been in occupation for approximately 20 years.

6 TENANCY The entire property is let to Moss Bros Group Plc on a 10 year reversionary lease from 24th June 2014, subject to a rent review on 3rd September There is a tenant s break clause effective 23rd June 2019 subject to a 3 month rent penalty if operated. We understand that the property was fully refitted in March 2014 and that the tenant has been in occupation for approximately 20 years. The current rent passing of 280,000 pax reflects a Zone A rent of approximately 282 per sq ft, after making a 5% negative adjustment to the ground floor, applying A/10 to first floor sales, A/20 to first floor ancillary, A/30 to basement ancillary, A/30 to second floor ancillary and A/80 to the third floor ancillary. We consider that the unit is rack rented, offering excellent prospects for rental growth, off the past prime Zone A rental tone of approximately 320 per sqft. The most current salient rental evidence can be set out as follows: 1. 58/62 HIGH STREET (GAP) Lease renewal 29th September 2014 at a rent of 484,500 pax, which devalued to a Zone A rent of 290 per sq ft HIGH STREET (GAP KIDS) Lease renewal 18th September 2014 at a rent of 330,000 pax, which reflects a Zone A rent of 290 per sq ft HIGH STREET (HOBBS) Rent review 1st July 2014 agreed at an increased rent of 311,000 pax, which devalued to a Zone A rent of per sqft. The lease had an assumed 15 year term. 136/140 HIGH STREET GUILDFORD PRIME FREEHOLD HIGH STREET INVESTMENT FOR SALE 6

TENURE Freehold. TENANT COVENANT Moss Bros was established in 1851 and is the leading formal menswear specialist selling Men s suits, shirts, coats, formal/casual jackets and accessories.

7 TENURE Freehold. TENANT COVENANT Moss Bros was established in 1851 and is the leading formal menswear specialist selling Men s suits, shirts, coats, formal/casual jackets and accessories. Moss Bros has over 135 retail stores nationwide including 2 stores in Eire and an internet site. Moss Bros. Group Plc have an Equifax 2015 credit score of A, representing Excellent. A summary of their accounts can be set out as follows: Date 26/1/ /1/ /1/ Turnover 109, , ,151 Pre-Tax Profit 4,424 N/A 900 Net Worth 37,121 34,092 33,272 VAT The property has been elected for VAT. It is anticipated that the property will be disposed of by way of a transfer of a going concern 136/140 HIGH STREET GUILDFORD PRIME FREEHOLD HIGH STREET INVESTMENT FOR SALE 7

8 EPC The property has an EPC rating of D90. A copy of the EPC is available on request. PROPOSAL We are instructed to seek offers in excess of 5,550,000 (Five Million Five Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 4.77% assuming purchase costs of 5.8%. FURTHER INFORMATION For further information or to arrange an inspection, please contact: Philip Hay phay@jacksoncriss.co.uk Designed by TCC Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. JC0063. February /140 HIGH STREET GUILDFORD PRIME FREEHOLD HIGH STREET INVESTMENT FOR SALE 8

78-84 HIGH STREET BROMLEY BR1 1EY PRIME GREATER LONDON MIXED USE RETAIL INVESTMENT FOR SALE

78-84 HIGH STREET BROMLEY BR1 1EY PRIME GREATER LONDON MIXED USE RETAIL INVESTMENT FOR SALE INVESTMENT SUMMARY z Bromley is an affluent Greater London borough, situated only 11 miles (17.7km) south east