BELL WALK SHOPPING CENTRE

Transcription

1 South East Shopping Centre Investment For Sale On behalf of LPA Receivers BELL WALK SHOPPING CENTRE Uckfield, East Sussex TN22 5DQ

2 HIGH STREET INVESTMENT SUMMARY South East shopping centre located in Uckfield town centre Good transport links via the A22 to the west and adjacent to Uckfield train and bus stations TESCO Established commercial and shopping location situated on the High Street Integral car park of 111 spaces (80 public) WAITROSE Freehold Mixed-use parade comprising 12 retail units, 4 offices and a café totalling 33,634 sq ft Asset management potential BELL LANE Current gross income: 350,330 per annum TRAIN STATION Price: 3,970,000 (three million nine hundred and seventy thousand pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a triple net initial yield of 8.15% after allowing for purchaser s costs of 5.5%, empty rates and service charge costs on the vacant offices. BELL WALK SHOPPING CENTRE UCKFIELD EAST SUSSEX TN22 5DQ 2

3 LOCATION Uckfield is a popular market town, located in East Sussex in the south east of England. The town is approximately 16 miles south west of Tunbridge Wells, 20 miles north west of Eastbourne, 18 miles north east of Brighton and 44 miles south of London. Bell Lane links with the B2102 providing direct access 0.7 miles west to the A22 which forms the western boundary of Uckfield. The A22 links with the A26 to the north and south providing access to Eastbourne, Brighton, Tunbridge Wells and Junction 6 of the M25 and the national motorway network. London Gatwick Airport is in close proximity approximately 40 minutes drive to the north of the property. Uckfield railway station is opposite to the property with a fastest journey time of 1hr 15 minutes to London Bridge. SITUATION Bell Walk is situated in the principal shopping location within the town centre to the south of the High Street at its junction with Bell Lane. Bell Lane provides access to the A22 to the west and the Bellbrook Industrial Estate which contains a number of trade counter occupiers including Topps Tiles, Carpet Right and Screwfix. Nearby national occupiers include Boots, Santander, Superdrug, Waitrose, McDonald s and Tesco superstore, located opposite Seed House. The town centre bus station is situated to the rear of the property. UCKFIELD BELL WALK SHOPPING CENTRE UCKFIELD EAST SUSSEX TN22 5DQ BELL WALK SHOPPING CENTRE UCKFIELD EAST SUSSEX TN22 5DQ 3

4 THE TOWN CENTRE BUS STATION IS SITUATED TO THE REAR OF THE PROPERTY UCKFIELD RAILWAY STATION IS OPPOSITE TO THE PROPERTY TESCO SUPERSTORE, LOCATED OPPOSITE SEED HOUSE RETAIL UNITS 1-4 FRONT DIRECTLY ONTO THE HIGH STREET 4

5 MARKET HALL, UNIT 5 SEED HOUSE BELL WALK, UNIT 5 DESCRIPTION Bell Walk Shopping Centre is a mixed-use retail parade, office and café development constructed in stages between the 1980s and 1990s in three separate sections. The property is of traditional construction with brick elevations and pitched tiled roofs. It is formed around a central service area which provides rear access to Seed House and units 1-9 Bell House. The central service area has 31 allocated car parking spaces and is accessed via Bell Lane and the rear of the property where there are a further 80 car parking spaces for the public. BELL WALK SHOPPING CENTRE UCKFIELD EAST SUSSEX TN22 5DQ 5

6 THE SHOPPING CENTRE IS DIVIDED INTO THREE COMPONENTS BELL HOUSE MARKET HALL SEED HOUSE Units 1-9 comprise a two-storey building built in the 1980s with retail on the ground floor and office accommodation on the first floor. Retail units 1-4 front directly onto the High Street, whilst units 5-9 are accessed via Bell Walk and face Market Hall. Units 4, 5 and 6 comprise a single storey café and two retail units positioned between the car park and facing the Bell Walk units. Comprises a two-storey building constructed in the late 1990s in the style of a Sussex barn. The property provides retail accommodation on the ground and first floors. There is a small office located adjacent to Seed House within the car park for use by the bus drivers. BELL WALK SHOPPING CENTRE UCKFIELD EAST SUSSEX TN22 5DQ 6

7 TY RMAN EST AG SEED HOUSE BELL LANE SHOE ZONE HIGH STREET MARTIN & CO EST AG THE BARGAIN STORE HO GDS BREWERS WALLPAPER&PAINT ST. PETER & ST. JAMES HOSPICE CHARITY SHOP A&A NAILS BEAU SAL 92B 94 94A 94B 94C YARD COUNCIL OFFICES THE UCKFIELD SOCIAL CLUB (BUSES & ACCESS ONLY) P P (30) (ACTUAL) BUS STATION (50) (ESTIMATED) SUSSEX BED CENTRE CLAIRE DAVIES HAIR 6 MARKET HALL 9 THE SOLEMAN SHOE REP PETS CORNER PET SHOP SERVICE AREA (31 SPACES) ENT 8 BELL WALK FROSS WEDDING COLLECTIONS LIMITED SEW N SEW BELL WALK D/C 5 RIVERSIDE CAFÉ 4 BOOTS GOODWIN RACING BETTING OFFICE KIDS STUFF THE KIT WILSON TRUST LIONS BOOKSHOP SEC/HDGDS LIONS BOOKS CHEMIST TOYS & GAMES ENT BELL HOUSE PEACOCKS CLOTHING ITS ONLY NATURAL HEALTHFOOD UCKFIELD NEWS CTN RIVERSIDE FISH & CHIPS THE LOUNGE CARDS RAILSTN R & R TAXIHIRE RIVER W UCKFIELD SOUTHERN Metres BELL WALK SHOPPING CENTRE UCKFIELD EAST SUSSEX TN22 5DQ THE ABOVE GOAD PLAN IS FOR INDICATIVE PURPOSES ONLY 7

8 TENANCY Tenancy Schedule SCHEDULE Address Tenant Accommodation Area NIA Sq Ft ITZA Sq Ft Lease Start Lease End Rent review (Breaks) Current Rent pa Comments Seed House Seed House JL & SJ Pickering t/a Sussex Bed Centre (Uckfield) Ltd GF Retail FF Retail 5,255 4,420 23/6/ /6/ /6/2020 (23/6/2020) 84,000 GIA 10,685 sq ft. Bus Station, Bell Walk Stagecoach (South) Ltd GF Office 161 1/1/2014 1/1/2024 5,280 Occupied by The Go-Ahead Group Plc. Bell House Unit 1, Bell House, High Street Goodwin Racing Ltd GF Retail 1, /4/2006 6/4/ ,500 3 car parking spaces. Unit 1A, Bell House Choicebet UK Ltd FF Office /6/ /6/2017 2,250 Excluded from the L&T 1954 Act. Tenant option to renew for a further two years. Units 2 & 3, Bell House, High Steet JO & DA Hartfield t/a Kids Stuff GF Retail 2,602 1,408 5/11/2001 4/11/ ,000 Holding over. Lease renewal negotiations underway. 3 car parking spaces. Unit 4, Bell House, High Street The Kit Wilson Trust for Animal Welfare GF Retail 1,730 1,058 3/7/2015 2/7/2025 3/7/2020 (3/7/2020) 30,000 1 car parking space. Unit 5, Bell Walk R K Davis t/a Dry Cleaners GF Retail /12/ /11/2021 1/12/2016 (1/12/2016) 12,000 1 car parking space. Units 6 & 7, Bell Walk Fross Wedding Collections Ltd GF Retail FF Ancillary 1, /8/ /8/ ,000 2 car parking spaces. Areas include 66 sq ft of storage. Rent deposit 2, months rent free.* Unit 8, Bell Walk Mr A Notman t/a The Sole Man GF Retail /6/ /6/ /6/2016 (29/6/2016) 9,750 1 car parking space. Unit 9, Bell Walk Claire Davies Hairdresser Ltd GF Retail FF Retail /9/ /9/ /9/2016 (28/9/2016) 20,000 3 car parking spaces. Suite 4, Bell Walk Armida Ltd GF Office FF Office 356 4,886 25/12/ /12/ ,000 Holding over 9 car parking spaces. Suite 5A, Bell Walk JP Dekowski Industrial Credit Collection Ltd FF Office /12/ /12/ ,000 1 car parking space. Suites 1 & 2, Bell Walk Vacant FF Offices 1,798 Vacant to let. ERV 12, car parking spaces. Market Hall Unit 6, Market Hall Pets Corner UK Ltd GF Retail 2,758 24/5/ /5/ /5/ /5/ /5/ ,050 Turnover rent 7% of turnover subject to a base rent of 20,000 per annum. The current turnover rent is 13,050. Unit 5, Market Hall T Brown & L Butler t/a Sew N Sew Haberdashery GF Retail 1,566 25/6/ /6/ /6/ ,000 Café, Unit 4, Market Hall Choose Evolution Ltd GF Retail 1,202 15/9/ /9/ /9/2020 (15/9/2021) (15/9/2026) 13,500 Rent deposit 3, months rent free.* TOTAL 33, ,330 * The sale price will be adjusted to reflect any outstanding rent free periods at the time of completion. 8

9 PROPOSAL PRICE 3,970,000 (three million nine hundred and seventy thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a triple net initial yield of 8.15% after allowing for purchaser s costs of 5.5%, empty rates and service charge costs on the vacant offices. ASSET MANAGEMENT POTENTIAL There are a number of asset management initiatives to add further value to the shopping centre. The upper parts could be converted to residential, subject to necessary planning consents. Let the vacant office suites to improve income. Re-gear existing leases to increase the income length and rental value. VAT We understand the property is registered for VAT and therefore VAT will be payable on the purchase price unless acquired by way of a Transfer of a Going Concern. TENURE Freehold DATAROOM Supporting documentation is available in the Dataroom access available on request. FLOOD RISK The property is situated adjacent to the River Uck and lies within flood zones 2 and 3. We have been advised the property last flooded in 2000 and the town centre has since had local flood defence works. The property is insured with a 2,500 flood excess per claim. Further details can be found within the dataroom. SERVICE CHARGE There is a service charge for the maintenance of the common areas with quarterly payments in advance. Details in the data room. EPC EPCs for each property are available in the datatoom. BELL WALK, SUITE 4 SEED HOUSE BELL HOUSE, HIGH STREET, UNIT 1 BELL WALK, UNIT 9 BELL WALK SHOPPING CENTRE UCKFIELD EAST SUSSEX TN22 5DQ 9

10 FOR FURTHER INFORMATION JULIAN WALKER Tel: +44 (0) Mobile: +44 (0) TOBY YATES Tel: +44 (0) Mobile: +44 (0) LIZ DIXON (Dataroom access) Tel: +44 (0) SOUTHAMPTON OFFICE Southampton Meridians House 7 Ocean Way Ocean Village Southampton SO14 3TJ Tel: +44 (0) LONDON OFFICE 7-10 Chandos Street Cavendish Square London W1G 9AJ Tel: +44 (0) LPA RECEIVERSHIP We declare that joint LPA Receivers, M Samuel-Camps and R Miller are a partner and employee of Vail Williams LLP respectively and contract without personal liability Misrepresentation Act 1967 Vail Williams for themselves and for the vendors or lessors of this property, whose agents they are, give notice that: 1. The particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute nor constitute part of an offer or contract. 2. 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 on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Vail Williams has any authority to make any representation or warranty whatsoever in relation to this property. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction. Vail Williams LLP, a Limited Liability Partnership, registered in England (number OC319702). Registered office: 540 Thames Valley Park, Reading, Berkshire RG6 1RA. Any reference to a Partner means a Member of Vail Williams LLP or an employee or consultant with equivalent standing and qualifications. A full list of Members is open for inspection at the registered office. Regulated by RICS