FOR SALE MIXED USE INVESTMENT OPPORTUNITY CENTRAL BATH

Transcription

1 FOR SALE MIXED USE INVESTMENT OPPORTUNITY CENTRAL BATH

2 Investment Summary

3 Location Walcot Street is situated in the centre of Bath, a World Heritage Site and the principal city of Bath and North East Somerset. The population (at the 2011 census) was approximately 90,000. The historic city is widely known for its Georgian Architecture and Roman Baths and was designated a World Heritage site by UNESCO in 1987 and is a major centre for tourism attracting c4 million visitors a year. Bath is located 9 miles south of the M4 along the A46 linking between Bristol, approximately 12 miles, through to London 114 miles. Situation Walcot Street is commonly referred to as the Artisanal Quarter of Bath, bringing together a vibrant, eclectic collection of characterful independent shops offering all kinds of everything from vintage clothes to smart designer homeware emporiums, independent galleries and renowned cafes and restaurants. The subject properties are situated on the eastern side of Walcot Street, identified by a red dot on the map, between its junctions with Chatham Row, to the north, and The Beehive Yard, to the south. Walcot Street runs north from the City Centre to the A4 at the junction of Paragon and London Street. The majority of the properties in the vicinity are in commercial use, mainly Class A1 retail uses (some A3), and the majority of the upper parts in this part of Walcot Street are in residential use with some in office use. All of the City Centre amenities are within an easy walk. Pay and display parking is available on Walcot Street itself and a number of public car parks are within a short walk, including the Cattle Market car park at the southern end of Walcot Street and the privately run car park under Waitrose supermarket, recently expanded, which along with the Hilton hotel and Tramshed office building, anchor the area.

4 Description: Tenure and Tenancies The premises originally comprised four terraced Georgian properties built c The premises are fully let as retail with residential above and provide a total rent roll of 130,640 pa ex VAT Walcot Street 2 townhouses comprising 2 retail units at ground and basement with maisonettes above. No. 84 trades as Just Add Legs and has a 2 bed maisonette above. No.86 trades as Julian House and has a 3 bed maisonette upstairs. Both residential tenancies are held under the head lease Walcot Street 2 studios at lower ground floor with ancillary vaults. Ground floor retail unit incorporating both Walcot Street with the dividing wall knocked through at various points. 3 flats above. First floor offers a lateral conversion accessed from 114 and providing 1 bedroom. A further 1 bed maisonette above No. 114 at second and third floors. Finally, a 2 bed maisonette above No. 116 at second and third floors, with its own front door. The properties are currently let as follows: Demise Tenant Area sq ft Lease Start term Passing rent ERV Studio 1, 114/116 Walcot Street Green Stationery Company Ltd Mar-10 8 years 4,200pa 5,000 Studio 2, 114/116 Walcot Street Richard Hathaway Lighting Ltd 803 Holding over original 3 years 5,000pa 5,000 Ground floor 114/116 Walcot Street Richard Hathaway Lighting Ltd 1, Feb years pa pa 114 Walcot Street first floor flat - 1 bed Roger C Miller Not measured 05-Jul-14 6 month 9,000pa 9,000pa 114 Walcot Street second floor & third floor maisonette - 1 bed 116 Walcot Street second floor & third floor maisonette - 2 bed Nick Longrich Not measured 01-Sep-14 6 month Mark Southam & Ben Davis Not measured 01-Feb-14 6 month 10,740pa 10,200pa 10,200pa 10,800pa 84 Walcot Street Whole building 4 Just Add Legs Ltd 84 Walcot Street first and second floor maisonette 86 Walcot Street whole building Julian House 86 Walcot Street first and second floor maisonette Held under the head lease and comprising 2 beds Held under the head lease and comprising 3 beds 831 ground 781 basement Not measured 998 ground 817 basement Not measured 21-Aug-14 original lease 5 years 27,500pa 27,500pa 01-Feb years 38,000pa 38, , ,500 1 Guarantor JO Risbridger 2 Tenant break 09-Apr-16 3 Next review 09-Apr-16 4 Not elected for VAT

5 Tenant Information Green Street Stationary Ltd The Green Stationery Company Ltd was registered on 09 Jul The business wholesales and retails environmental office supplies throughout the UK Julian House Julian House is a local Charity providing food and shelter to the homeless. They run 4 charity shops to support c. 100 clients at any one time. Richard Hathaway Lighting Ltd Richard Hathaway Ltd are suppliers of high quality decorative lighting. They were incorporated in 2001, however with over 35 years experience Richard Hathaway Lighting is renowned locally. Just Add Legs Ltd Just Add Legs Ltd acquired the business Johns Bikes Ltd earlier this year, out of liquidation. Johns Bikes Ltd were in occupation of 84 Walcot Street for over 25 years. Just Add Legs intend to roll out the concept to other locations. Asset Management Opportunities Potential to add value by splitting ground floor into 2 retail units Sell off upper parts in Walcot Street Take back upper parts in Walcot Street Cattle Market proposed re-development Reversion potential Change of use to A3 may improve rental levels London Road proposed developments and road layout Convert Studio 1 and Studio 2 in into residential Holiday let potential on upper parts of

6 Proposal Offers over 1,900,000 (one million nine hundred thousand pounds) are sought for the freehold interest of whole, being and Walcot Street, Bath. VAT is payable where elected. The price reflects a 6.5% Net Initial Yield. Alternatively our client is willing to consider bids for the following: Walcot Street for 1,000,000 (reflecting a 6.25% NIY) Walcot Street for 900,000 (reflecting a 6.88% NIY) Assumed purchaser costs of 5.8% All figures quoted exclusive of VAT Subject to contract Premises are offered Freehold Viewing Arrangements For further information or to arrange an inspection please contact the sole agent. Allan Lloyd Colston & Colston Chartered Surveyors 1 Queen Square, Bath, BA1 2HA September 2014