FREEHOLD PRIME RETAIL INVESTMENT LONDON ROAD NORTH, LOWESTOFT NR32 1LS

Size: px

Start display at page:

Download "FREEHOLD PRIME RETAIL INVESTMENT LONDON ROAD NORTH, LOWESTOFT NR32 1LS"

Sybil Garrett
5 years ago
Views:

1 FREEHOLD PRIME RETAIL INVESTMENT

INVESTMENT SUMMARY Prominently located in the 100% prime retail pitch of London Road North Let to A G Retail Cards Ltd for almost 8 years without break New low rebased rent of 49,000 pa Offers in the

2 INVESTMENT SUMMARY Prominently located in the 100% prime retail pitch of London Road North Let to A G Retail Cards Ltd for almost 8 years without break New low rebased rent of 49,000 pa Offers in the region of 642,000 Net Initial Yield of 7.25% with purchasers costs at 5.16% LOWESTOFT Lowestoft, the most south easterly point in the UK, is a busy regional market town and an important commercial port as well as being one of the principal administrative centres within East Anglia. The town is located approximately 28 miles south east of Norwich, 9 miles south of Great Yarmouth, 46 miles north of Ipswich and 122 miles north of London. Lowestoft is linked to major nearby centres, such as Ipswich and Norwich, by the A12 and A146 roads which also link it the national road network. Rail services to London Liverpool Street are available in approximately 2 hours 41 minutes. Lowestoft, including Carlton Colville and Oulton Broad, has an Urban population of approximately 71,000 people with over 175,00 people living within a 10 mile radius. LOCATION The property is located in a prime trading location on London Road North, a pedestrianised street which is the principal retail thoroughfare through the town centre. Retailers in the vicinity include Marks & Spencer, WH Smith, Starbucks, Costa, Boots, H Samuel, Waterstones, New Look as well as Lloyds Bank, NatWest and HSBC. The premises benefit from its proximity to the entrance of The Britten Centre, which is anchored by Poundland and Iceland. The footfall generated and the flow of pedestrians between the train station to the south west of London Road North and The Britten Centre makes up the retail core of Lowestoft. The former BHS unit has now been let to B&M Home Bargains, a major national retailer, underwriting the strength of this location. The location is indicated on the Goad plan extract. 2

BRIEF DESCRIPTION The property is arranged on ground and one upper floor to provide a double shop unit on the ground floor with staff ancillary/storage accommodation above.

NB: We understand that the shop is due to be refitted and modernised within the next 12 months. EPC The property has an Energy Performance Asset Rating of 69, category C.

3 BRIEF DESCRIPTION The property is arranged on ground and one upper floor to provide a double shop unit on the ground floor with staff ancillary/storage accommodation above. The property is served by a large rear service yard. The ground floor provides a large open trading area which has been well fitted in the tenants style. NB: We understand that the shop is due to be refitted and modernised within the next 12 months. EPC The property has an Energy Performance Asset Rating of 69, category C. DIMENSIONS The property has the following approximate dimensions and net floor areas:- Building Frontage m Shop Frontage 9.69 m Shop and Built Depth m ITZA 1,179 units First Floor Total m² 776 sq.ft. Ground Floor Total m² 2,210 sq.ft. 3

October 2020 and ending on, and including, 2 nd October 2025. Thus providing an assured term of almost 8 years. The rent has been rebased to 49,000 pax.

4 TENURE The property is held freehold. The whole property is let to A G Retail Cards Ltd (t/a Clintons Cards) on a 5 year lease from 3 rd October 2015 expiring on 2 nd October 2020, followed by a reversionary lease beginning on 3 rd October 2020 and ending on, and including, 2 nd October Thus providing an assured term of almost 8 years. The rent has been rebased to 49,000 pax. There is a rent review on day one of the reversionary lease. COMMENT ON RENT We analyse the passing rent to be Zone A with 3 per sq.ft. on the upper floor to show the rent at 49,000 pax. This compares favourably to the September 2016 Open Market Letting to Poundstretcher at 107/109 London Road North which shows a Zone A of making the property potentially reversionary. TENANT COVENANT A G Retail Cards Ltd ( ) are a well known retailer specialising in greeting cards, ancillary products and gifting, operating in over 400 retail stores in the United Kingdom. For the year ending January 2017, the company had a turnover of million, gross profit of million and a combined total of 36.3 million in tangible fixed assets. The ultimate parent company, American Greeting Corporation, is the world s largest greeting card producer with an annual revenue of approximately $1.8 billion. RATEABLE VALUE The current rateable value is 49,250. This is a significant reduction from its previous rateable value of 71,500. The reduction in RV will certainly benefit the tenant. 4

Lowestoft 35 metres Copyright and confidentiality

Crown copyright and database rights 2017.

28/09/2017 Created By: Smith Price For more

5 Lowestoft 35 metres Copyright and confidentiality Experian, Crown copyright and database rights OS Experian Goad Plan Created: 28/09/2017 Created By: Smith Price For more information on our products and services:

FREEHOLD PRIME RETAIL INVESTMENT PROPOSAL For the freehold interest subject to the letting, we are instructed to seek offers in the region of 642,000 subject to contract to show a net initial yield

The property is well let to a national multiple for an assured term of over 7 years. The property is registered for VAT and the sale will be by way of TOGC.

6 FREEHOLD PRIME RETAIL INVESTMENT PROPOSAL For the freehold interest subject to the letting, we are instructed to seek offers in the region of 642,000 subject to contract to show a net initial yield of 7.25% allowing for purchasers costs at 5.16%. This is an opportunity to purchase a prime shop in a large seaside town having a modest lot size on a rebased rent. The property is well let to a national multiple for an assured term of over 7 years. The property is registered for VAT and the sale will be by way of TOGC. FURTHER INFORMATION For further information please contact: John Loveday johnloveday@smithprice.co.uk Stephen Powell stephenpowell@smithprice.co.uk Charlie Taylor charlietaylor@smithprice.co.uk MISREPRESENTATION ACT These particulars are intended only as a guide to prospective purchasers to enable them to decide whether to make further inquiries with a view to taking up negotiations but they are otherwise not intended to be relied upon in any way or for any purpose whatever and accordingly neither their accuracy nor the continued availability of the property is in any way guaranteed and they are furnished on the express understanding that neither the agent nor the vendor is to be, or come, under any liability or claim in respect of their contents. The vendor does not hereby make or give nor does any Partner or employee of Smith Price LLP have any authority to make or give any representation or warranty whatsoever as regards the property or otherwise. Any prospective purchaser or lessee or other person in any way interested in the property should satisfy himself by inspection or otherwise as to the correctness of each statement contained in these particulars. In the event of the agents supplying any further information or expressing any opinions to a prospective purchaser, whether oral or in writing, such information or expression of opinion must be treated as given on the same basis as these particulars. These particulars do not form part of any contract and, except where expressly otherwise stated, offers will be considered only subject to contract. Smith Price LLP 5/7 John Princes Street London W1G 0JN Smith Price LLP is a limited liability partnership registered in England and Wales. Registered number: OC Registered office: 5/7 John Princes Street, London W1G 0JN SUBJECT TO CONTRACT

PRIME FREEHOLD RETAIL INVESTMENT 10/11 HIGH TOWN, HEREFORD HR1 2AA

PRIME FREEHOLD RETAIL INVESTMENT INVESTMENT SUMMARY Prime Location on north side of High Town Large shop with upper floors Let to Monsoon Accessorize Ltd Lease until June 2021 with no breaks Current rent