prime retail investment for sale
Located in the prime retail pitch, opposite Marks & Spencer. Investment Summary - Excellent location in Bristol s core retail area, opposite Marks and Spencer - Two well configured retail units let to Foot Locker and Clubsport Skechers - AWULT 2.7 years to expiry and 1.8 years to break - Passing gross rent of 267,500 per annum and a net rent of 257,000 after head rent deduction - Long leasehold (121 years unexpired) - Seeking offers in excess of 2,200,000, subject to contract and exclusive of VAT, for our client s long leasehold interest. A purchase at this level would reflect a net initial yield of 11%, after purchaser s costs of 6.32%. investment summary
Bristol is the 5th largest conurbation in the UK. S Location Bristol is the 5th largest conurbation in the UK and the South West s major commercial and retail centre. The city benefits from excellent strategic road links, located at the intersection of the M4 and M5 motorways. The M32 connects the city with the M4 at junction 19. Bristol is located 120 miles west of London, 80 miles south of Birmingham, 78 miles north east of Exeter and 50 miles east of Cardiff. The city is served by two mainline railway stations, Temple Meads in the city centre and Parkway 5 miles north of the city centre. The fastest journey time to London Paddington from Temple Meads is 1 hour 40 minutes which will improve further once electrification of the railway occurs by 2017. Bristol International Airport is situated 5 miles south of the city centre. A4018 To M5 A38 A370 KINGSDOWN 77-79 PARK STREET ANCHOR RO A D A38 CORONATION ROAD BROADMEAD A38 CHELTEN CABOT CIRCUS BROADMEAD BRISTOL CITY CENTRE REDCLIFFE A370 TEMPLE WAY A4044 CLAR E N CE ROAD A4032 YORK ROAD A4 LAMB STREET Bristol Temple Meads A A432 A420 ST. PHILIPS W E L LS ROAD L BERT R OAD BATH ROAD A4320 ALBERT CRESCENT FEEDER ROAD A420 ST. PHILIPS CAUSEWAY ALBERT ROAD A4 A4320 CHURCH R Lawrence Hill RE NETHAM PARK BEDMINSTER Bedminster VICTORIA PARK A37 ST STREET A4
Return to LOCATION NE ZO OE SH HOM E i n v e s t m e n t s u m m a ry 50 metres location bristol retailing Copyright and confidentiality Experian, 2015. Crown copyright and database rights 2015 Ordnance Survey 100017316 s i t uat ion t e n u re Plan Cre c ov e na n t i n f or Experian m at ion Goad contact Created By: Hartnell For more information on our pro
Bristol has the second strongest economy in England outside of London, based on GDP per head. Demographics Retailing In Bristol Bristol has an estimated shopping population of 495,000 and a total primary catchment of 962,000. The city is forecast to see above average growth in population over the period 2015-2020. Bristol city centre draws shoppers and spending beyond its primary catchment area and is an important tourist destination attracting visitors throughout the year. Visit England estimates there were 1.51 million visitors in 2013, generating an estimated spend of 252 million. Bristol has the second strongest economy in England outside of London, based on GDP per head (source: Barclays). Bristol also has the highest employment rate of all major cities outside London and the greatest population of highly qualified workers of comparable English cities. Bristol s central shopping area comprises an estimated two million sq ft of retail floor space, ranking the city 16th in the UK on this measure. Major occupiers include Primark, Debenhams, Marks & Spencer and Tesco Metro. The city s central shopping area was enhanced by Cabot Circus which opened in 2008 providing in excess of one million sq ft of modern retail and leisure accommodation. Situated to the east of, Cabot Circus is anchored by House of Fraser, a 13 screen Showcase De Lux Cinema and a small format Harvey Nichols department store. Occupiers include a large variety of national retailers; French Connection, Joules, The White Company, Apple, Crew, Hugo Boss, Reiss and Hugo Boss. The Galleries, at the western end of, is the other main shopping centre and comprises 330,000 sq ft over 3 levels. Occupiers include Boots, WH Smith, 99p Stores, Waterstones and TK Maxx.
The location benefits from significant footfall as a result of a large number of office buildings and residential dwellings located nearby. Situation Situated in a prime retail location at the western end of pedestrianised, the property is close to the junction with Union Street, directly opposite Marks & Spencer and adjacent to the entrance to The Galleries Shopping Centre. Other national retailers in this pitch include; Tesco Metro, Carphone Warehouse, Sainsbury s, Boots, Pret A Manger, Shoe Zone and H&M. The area is already benefiting from a number of new residential and student developments. Completed schemes include: - Prime Student Living s St Lawrence House; 166 studio flats - Watkins Jones Courtrooms; 348 student beds - Watkins Jones New Bridewell, due to complete August 2016; 499 student beds
The net passing rent is 257,000 per annum after head rent deduction. Description & Accommodation Tenancy The property comprises a mid-terraced building arranged as two separate retail units with ancillary accommodation on three upper floors. Tenure Tenant Area Sq ft Foot Locker UK Ltd Ground floor sales Ground floor ancillary Ground floor ITZA First floor ancillary Second floor ancillary 2,064 145 1,086 1,018 766 Lease Start Lease End Break Rent Review Rent (pa) 01/08/1997 31/07/2017 220,000 The property is held by way of a long leasehold interest for a term of 125 years from 28 September 2012 (121 years unexpired). The ground rent is geared at 5% of rents receivable based on open market rental value and is currently 10,500 per annum. Reviews are upwards only and on a five yearly basis. Clubsport Skechers Ltd Vacant Ground floor sales Ground floor ITZA First floor ancillary Second floor ancillary First floor ancillary Third floor ancillary 1,166 529 985 837 1,270 209 The average weighted unexpired lease term (AWULT) across the property is 2.7 years to expiry and 1.8 years to break. 02/02/2015 01/02/2025 01/02/2020 02/02/2020 47,500 Gross Rent 267,500 Net Rent 257,000
Covenant Information Foot Locker is the leading athletic footwear and apparel retailer. Established 30 years ago there are more than 2,500 stores across the world. In the past three years the company has reported the following figures in their accounts: 31/12/2014 000 31/12/2013 000 31/12/2012 000 Turnover 101,816 95,791 86,208 Pre Tax Profit 2,819 1,548 n/a Net Worth 22,704 20,789 20,047 Clubsport Skechers Ltd are a franchise incorporated in 2013 selling Skecher shoes. There are no financial results yet available for the company. The landlord holds a 6 months rental guarantee from the tenant. Rental Analysis A number of recent transactions are set out in the below table: Address Tenant Date Transaction Rent (ITZA) 84 Hutchinson 3G Ltd 02/2015 Lease renewal 95 86-88 Sainsburys 01/2014 Open market letting 96 93-95 Pret A Manger 10/2013 Open market letting 108
VAT Further Information The property is elected for VAT and it is anticipated that the sale will be dealt with by way of a Transfer of a Going Concern (TOGC). EPC The property has EPC ratings of D and E. Proposal We have been instructed to seek offers in excess of 2,200,000 (Two Million Two Hundred Thousand Pounds) for our clients long leasehold interest in the property. A purchase at this level reflects a net initial yield of 11% assuming purchaser s costs of 6.32%. For further information or to arrange an inspection of the property please contact: Gemma-Jane Ogden T: 0117 946 4529 F: 0117 923 9237 E: gemma-jane.ogden@htc.uk.com Ian Lambert T: 0117 946 4525 F: 0117 923 9237 E: ian.lambert@htc.uk.com Hartnell Taylor Cook LLP for themselves and for the vendor or lessor of this property, whose agent they are, give notice that: These particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part or whole of an offer or contract; All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy themselves as to their correctness; No person in the employment of Hartnell Taylor Cook LLP has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendor or lessor; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of VAT. Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not been tested and we give no warranty as to their condition or operation; No responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties that have been sold or withdrawn. Designed by Zest Design & Marketing (0117 950 8445). (01590) April 2016.