0207 493 3043 bidwells.co.uk Investment Summary Prominent long let bar investment. Freehold. Located on Swindon s main pedestrianised retail and leisure pitch. Rare late licence. Let to Probka Management Services Ltd. 11.3 years unexpired. Passing rent of 127,500 per annum.offers in the region of 1,300,000, reflecting a NIY of 9.25%, subject to contract and exclusive of VAT. FREEHOLD LONG-LET LEISURE INVESTMENT, 51/53 BRIDGE STREET, SWINDON, SN1 1BL
Location Swindon is located in the borough of Swindon, within the county of Wiltshire and is situated next to junction 15 of the M4. It is situated midway between Bristol, 35 miles (56 km) to the west and Reading, 35 miles (56 km) to the east. Oxford is located 30 miles (48 km) to the north east and London is 71 miles (114 km) to the east. Swindon s proximity to junction 15 of the M4 affords it excellent road communications and access to the national motorway network. It is also located on a main train line, with direct connections to London, Paddington and Bristol. Swindon has a town population of 185,609 (population overview Swindon Borough Council 2015) and a borough population of 209,000 (2011 census).current major local employers include Honda, BMW, Mini, Nokia and WH Smith. Situation The property is situated on Swindon s main pedestrianised retail pitch, at the heart of the leisure circuit. The property adjoins a Yates and Wetherspoons and there are other independent bars in close proximity. Other nearby occupiers include M&S and Sainsbury s in addition to the Brunel Centre, Swindon s main shopping centre. Description & Site The property forms part of a retail terrace, fronting the south side of Bridge Street. It is constructed in an L shaped footprint over two floors with brick elevations beneath a flat roof. There is extensive fenestration at ground floor level and glazed café style doors opening onto the pavement. The front of the property is a trading area with additional ancillary at rear ground and first floor levels. In addition, there is staff accommodation at first floor level, which is accessed separately. There is also a secure yard area. Tenure The property is held freehold. Area Element Ground Floor First Floor Total Sq m 504.78 422.92 927.70 Sq ft 5,433 4,552 9,985 In addition, there is an outside trading area to the rear, with seating for 32. First floor staff living accommodation is separately accessed.
51/53 BRIDGE STREET, SWINDON, SN1 1BL 0207 493 3043 bidwells.co.uk
Tenancy The property was let to Scottish and Newcastle PLC on 5th December 1997 for a term of 30 years, expiring on 4th December 2027. The lease was assigned to Rift & Co who in turn assigned it to Probka Management Services Ltd (09072589). Probka took the assignment of five of the original 9 Rift leases prior to the administration of Rift and Co. In the case of the subject property, this was done under identical terms and rent other than a landlord s side letter to allow monthly payments. The continuation of this arrangement would be at the discretion of future owners of the property. Probka Management Services Ltd have a D&B rating of H2, representing a lower than average risk of business failure. A full D&B report is available on request. The current passing rent is 127,500 per annum (paid monthly by way of a side letter agreement). EPC EPC is available on request. VAT The property has been elected for VAT. It is anticipated that the transaction would be treated as a TOGC. Proposal We are instructed to seek offers in the region of 1,300,000 (one million three hundred thousand pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 9.25%, assuming purchasers cost of 5.99%. Further Information Should you have any queries or wish to make an inspection, please contact: Mike Fox t 0207 297 6273 e mike.fox@bidwells.co.uk Kat Ilett t 0203 761 3633 e katherine.ilett@bidwells.co.uk Saskia Hunter t 0207 493 2009 e saskia@huntersprop.co.uk
0207 493 3043 bidwells.co.uk Agents Note For clarification purposes, we wish to inform prospective purchasers that we have prepared these particulars as a general guide and in good faith. As such no reliance should be made upon them on the basis of them. Enquiries Bidwells 25 Old Burlington Street London W15 3AN t: 0207 493 3043 Important notice relating to the Misrepresentation Act 1967 Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, and give notice that; These particulars do not constitute an offer or contract and should not be relied upon as statements or representations of fact. Bidwells LLP has no authority to make or give in writing or verbally any representations or warranties in relation to the property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP has not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. In the interest of health and safety, please ensure that you take due care when inspecting the property. Bidwells LLP is a limited liability partnership registered in England and Wales (registered number OC344553). Registered head office is Bidwell House, Trumpington Road, Cambridge CB2 9LD, where a list of members is available for inspection.