Freehold Retail and Residential Opportunity 191/193 HIGH STREET. Southend-on-Sea, Essex, SS1 1LL

Size: px

Start display at page:

Download "Freehold Retail and Residential Opportunity 191/193 HIGH STREET. Southend-on-Sea, Essex, SS1 1LL"

Jayson Dalton
5 years ago
Views:

1 Freehold Retail and Residential Opportunity

Freehold retail and residential opportunity Southend-on-Sea, essex, SS1 1LL investment summary Southend-on-Sea is a major commercial, retail centre and tourist destination in Essex.

2 Freehold retail and residential opportunity Southend-on-Sea, essex, SS1 1LL investment summary Southend-on-Sea is a major commercial, retail centre and tourist destination in Essex. The property is located in 100% prime retail pitch on the pedestrianised High Street. Ground floor and basement let to Savers Health and Beauty Limited. location Southend-on-Sea is one of the principal commercial centres in Essex and a popular tourist destination, located 15 miles east of Basildon, 20 miles south east of Chelmsford and 42 miles east of Central London. The town benefits from excellent road communications, with the A127 and A13 providing access to the M25 (Junction 29) and Central London. National Rail services are available from three Southend stations to Liverpool Street and Fenchurch Street stations, with the fastest journey time of 46 minutes. London Southend Airport offers scheduled flights to destinations across Europe, whilst Stansted Airport (32 miles) provides a greater number of flights to more destinations. Vacant possession of the upper parts recently converted to four 1-bed and two 2-bed flats finished to a high standard and ready for occupation. M11 A120 Braintree A12 A12 A120 Colchester A133 Clacton on Sea Felixstowe Freehold. A414 Chelmsford A130 M25 A12 Income from Savers 70,000 pa rising to 75,000 pa in years 4 and 5. LONDON A127 Basildon A13 SOUTHEND ON SEA Low re-based rent. Opportunity to let or sell the flats. Dartford M25 M20 M26 Sevenoaks A21 A2 Maidstone A228 Rochester A249 Sittingbourne M2 A299 Canterbury Margate price: offers in excess of 1,750,000 (subject to contract and exclusive of Vat). A26 Royal Tunbridge Wells A21 A229 M20 A28 A2 A256 Dover A20 Folkstone

Freehold Retail and Residential Opportunity 191/193 High Street Demographics and Local Economy Southend-on-Sea is a Unitary Authority area and has borough status.

Major employers in the town include HMRC, whose main VAT office is in Southend, RBS Card Services, British Telecom and InsureandGo.

3 Freehold Retail and Residential Opportunity 191/193 High Street Demographics and Local Economy Southend-on-Sea is a Unitary Authority area and has borough status. It has a resident population in excess of 174,000 persons, with an estimated catchment population of over 628,000 people (within 12 miles). Major employers in the town include HMRC, whose main VAT office is in Southend, RBS Card Services, British Telecom and InsureandGo. The town is a popular tourist destination with estimated day visitors in excess of 6 million annually. The University of Essex is situated close by and is host to some 15,000 students in the Southend campus alone. Retailing in Southend With little competition Southend benefits from a large and loyal catchment population and has an impressive retail offer, with the prime High Street (almost entirely pedestrianised) providing the link between two Shopping Centres. The Victoria Plaza Shopping Centre (main anchors Next, New Look, Wilkos and Peacocks) comprises 390,000 sq ft of retail space with 600 car spaces lies at the northern end of the High Street. The Royals Shopping Centre (main anchors Debenhams, Boots, Primark and TK Maxx) comprises 280,000 sq ft of retail space with 500 car parking spaces lies at the southern end of the High Street. The subject property is situated in a prime retailing location adjacent to numerous national multiples including WH Smith, McDonalds, Costa, Virgin Media and Top Shop. Prime rents within Southend peaked at around 120 Zone A in 2006 but fell back during the recession. Following recovery they now stand at around Zone A. We analyse the passing rent to Savers at approximately 48 Zone A. In our opinion the rent is highly reversionary. Description The property is a brick construction beneath a pitched roof and provides a retail unit on ground and basement and recently converted upper parts comprising four 1-bed and two 2-bed flats. Rear access is via a passage approached off Queens Road.

4 Freehold retail and residential opportunity Southend-on-Sea, essex, SS1 1LL North

Freehold Retail and Residential Opportunity 191/193 High Street Accommodation The property provides the following approximate floor areas: Retail Sq ft Sq m Ground Floor Sales 2,634 244.

4 Flat C - 2 bed 683 63.4 Flat D - 2 bed 695 64.5 Flat E - 1 bed 280 26.0 Flat F - 1 bed 495 46.0 Total 2,897 268.

9 years unexpired ) at a current rent of 70,000 pa rising to 75,000 pa in years 4 and 5.

5 Freehold Retail and Residential Opportunity 191/193 High Street Accommodation The property provides the following approximate floor areas: Retail Sq ft Sq m Ground Floor Sales 2, ITZA 1,354 units Ground Floor Storage Basement Storage 1, Total 4, Residential Sq ft Sq m First Floor Second Floor Flat A - 1 bed Flat B - 1 bed Flat C - 2 bed Flat D - 2 bed Flat E - 1 bed Flat F - 1 bed Total 2, Tenancy The ground and basement floors are let to Savers Health and Beauty Limited for a term of 10 years with effect from 4th November 2015 (approx.9 years unexpired ) at a current rent of 70,000 pa rising to 75,000 pa in years 4 and 5. The lease is on full repairing and insuring terms and provides for an upward only rent review on 4th November Tenure Freehold. Residential Southend is a growing town with a great future benefitting from an award winning rail link to London served by Southend Victoria Station (for Liverpool Street) and Central Station (for C2C Fenchurch Street). Inward investment is evident generated by the vastly improved and expanding airport. The town continues to attract considerable investment from a number of sources including the new Essex University campus, new hotels, and the upgrading of the seafront and cliffs area. For those with an eye to impending exceptional capital growth Southend is an ideal choice. With the exciting new Victoria regeneration project and the interest already being received from Investors and private buyers the outlook for Southend is certainly bright. Asset Management/ Opportunity The purchaser has the opportunity of either letting the flats on ASTs, or selling them on long leases,or a combination of both. In addition there is the potential to benefit from a higher rental income on the shop on review in November There is a tenant only break option on 3rd November 2020 subject to a 3 month rent penalty if effected.

Freehold Retail and Residential Opportunity Covenant Information Savers currently trade from 379 branches throughout the UK. They are a subsidiary company of A.S. Watson ( Health and Beauty UK ) Ltd; Hutchison Whampoa is the ultimate parent company.

EPC EPCs for the property are available on request Proposal Offers are sought in excess of 1,750,000 (One million seven hundred and fifty thousand pounds), subject to contract and exclusive of VAT

6 Freehold Retail and Residential Opportunity Covenant Information Savers currently trade from 379 branches throughout the UK. They are a subsidiary company of A.S. Watson ( Health and Beauty UK ) Ltd; Hutchison Whampoa is the ultimate parent company. For the year ended 26th December 2016 the company made a profit of 29,106,000 on a turnover of 362,314,000 and have a below average credit risk. VAT We understand that the property is elected for VAT. EPC EPCs for the property are available on request Proposal Offers are sought in excess of 1,750,000 (One million seven hundred and fifty thousand pounds), subject to contract and exclusive of VAT which reflects an initial yield of 7.7% rising to 8.2% in November 2019 after allowing for purchasers costs of 5.9% and assuming a capital value of 325 per sq ft for the residential accommodation. Contact For further information or to arrange an inspection please contact: Mike Gillies Tel: Mobile: michael.gillies@molyrose.co.uk Stephen Ayers Tel : Mobile: steve@ayerscruiks.co.uk Darrell Clarke Tel: Mobile: darrell@ayerscruiks.co.uk please note Molyneux Rose and Ayers & Clarke for themselves and for Vendors and for Vendors and Lessors of this property whose agents they are, give notice that (i) these particulars are set out as a general outline only for guidance of intended purchasers or lessees and do not constitute part of an offer or contract (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely (iii) no person in the employment of the lessors and Molyneux Rose and Ayers & Clarke has any authority to make or give any representation or warranty whatsoever in relation to the property: (iv) properties are offered subject to contract and being unsold or unlet and no responsibility is taken for any accuracy or expenses incurred in viewing: (v) all prices and rentals quoted are exclusive of Value Added Tax at the appropriate rate. Similarly unless stated otherwise, any offer made will be deemed to be exclusive of VAT.

PRIME HIGH STREET INVESTMENT

PRIME HIGH STREET INVESTMENT INVESTMENT CONSIDERATIONS Affluent administrative centre and the county town of Kent. 100% prime pitch on Week Street. Well secured to Marks & Spencer PLC, a 5A1 covenant for