Argos, Back Lane, Newtown, SY16 2NH Well Let Retail Investment

Transcription

1 Argos, Back Lane, Newtown, SY16 2NH Well Let Retail Investment

2 Executive Summary Modern purpose built retail unit Busy market town Prominent position immediately opposite the bus terminal and the town s main car park Let to Argos Ltd by way of a 20 year lease expiring 16 July 2020 Rent passing 98,500 per annum 9,843 sq ft Open A1 planning consent Offers sought in excess of 925,000 (Nine Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10%, after allowing for purchasers costs.

3 Location A458 A483 A5 A53 Shrewsbury A41 M6 A458 M54 Newtown is the largest town in the county of Powys, Wales. It is a busy market town and lies approximately 33 miles south west of Shrewsbury, 43 miles east of Aberystwyth and 52 miles north west of Hereford. The town has a resident population of 11,357 persons (2011 census). A44 A470 A470 A470 A483 A44 A453 Newtown A483 A40 A49 A458 A442 A458 A449 A442 A456 Kidderminster A448 A456 A449 Birmingham M40 The town is served by the A483, which connects Chester and Wrexham in the north with Swansea in the south. There is a bus terminal adjacent to the town s main surface car park, immediately opposite the Argos Unit in the centre of the town. In addition, Newtown Railway Station lies on the Shrewsbury to Aberystwyth line and, via Shrewsbury, connects directly with Birmingham New Street. Argos, Back Lane, Newtown Back Lane Wesley St Broad St High St Severn St Market St Due to the towns location, in the very heart of mid Wales, it benefits from a captive catchment with the nearest alternative retail offer approximately 30 minutes drive to the north, in Welshpool. Park St New Church St Parker s Ln Shortbridge St Cambrian Gdns Cambrian Way Pool Rd A483 Pool Rd A483

4 Situation The property occupies a prominent position adjacent to the Bear Lanes Shopping Centre. It is situated on the corner of Back Lane and Wesley Street, within a 2 minutes walk of Broad Street and High Street. The town s bus terminal and main surface car park lie immediately opposite the property and are accessed via Back Lane. The town centre is anchored by the Bear Lanes Shopping Centre which is home to a variety of national and regional occupiers. Nearby retailers include New Look, Topshop, Carphone Warehouse, Clarks, WH Smith, Lloyds, Natwest, Boots and HSBC. N

5 Description and Accommodation Description The property comprises a modern purpose built ground floor retail unit providing retail sales accommodation with ancillary storage and staff accommodation. To the rear of the property is a small loading yard which incorporates approximately 6 staff car parking spaces. Accommodation We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) and can confirm that it has an approximate Gross Internal Area of 9,843 sq ft ( m²). Back Lane Goods in Gross Internal Area 9,843 sq ft ( m²) Main Entrance

6 Tenancy and Covenant Tenancy The property was let upon practical completion to Argos Ltd by way of a 20 year lease from 17 July 2000, expiring 16 July The passing rent is 98,500 per annum, reflecting per sq ft. Covenant Argos are one of the UK s leading retailers. Specialising in catalogue and online retail, they offer in excess of 50,000 products through various retail channels including the Argos website, mobile app and its 750 store network. On average the company processes approximately 120 million customer transactions per year through its stores, and over 9 million website and app visits. For the last three accounting periods Argos Ltd have filled the following: Year ending 28/02/ /03/ /03/ s 000 s 000 s Turnover 3,919,176 3,872,446 3,752,634 Pre-Tax Profits 97,146 43,992 75,462 Shareholders Funds 1,423,179 1,362,042 1,389,389

7 Planning, Tenure, Vat and EPC Planning The property benefits from Open A1 planning consent. Tenure Freehold. VAT The property has been elected for VAT. As such VAT will be payable on the purchase price unless the sale can be treated as a Transfer of a Going Concern. EPC A copy of the EPC report is available upon request.

8 Proposal Offers are sought in excess of 925,000 (Nine Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 10%, after allowing for purchasers costs. Further Information For further information please contact: Martin Hamer martin@edwardsandco.com Alun Jones alun@edwardsandco.com MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Edwards & Co nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents ad prices quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Designed by Studio enar studioenar.co.uk