SHERIDAN HOUSE JEWRY STREET WINCHESTER SO23 8RY HIGHLY REVERSIONARY TOWN CENTRE OFFICE INVESTMENT I FREEHOLD FOR SALE

Transcription

1 SHERIDAN HOUSE JEWRY STREET WINCHESTER SO23 8RY HIGHLY REVERSIONARY TOWN CENTRE OFFICE INVESTMENT I FREEHOLD FOR SALE

2 INVESTMENT SUMMARY Excellent town centre location Attractive building totalling,355 sq ft Well configured modern floor space Highly reversionary with rents passing at between 2-4/ sq ft Scarcity of modern offices available in Winchester with strong prevailing demand Excellent rental growth prospects Opportunities for enhancement/asset management Residential conversion opportunities subject to planning Offers in excess of 4,00,000 equating to a capital value/ sq ft of 22 Net Initial Yield at this level 7.30% with Net Reversionary Yield 8.43% Considerable scope to upgrade and enhance the specification

3 . A36 ROMSEY STOCKBRIDGE WINCHESTER A34 COLDED COMMON M3 A3 A3 LISS EAST MEON A3 A272 A3 LIPHOOK LOCATION The charismatic cathedral city of Winchester is a historic and thriving centre. The city is situated approximately 68 miles south west of London, 2 miles north of Southampton and 2 miles north west of Portsmouth. Winchester benefits from excellent communications with Junctions and 0 of the m3 motorway located to the east providing access to London to the northeast and Southampton to the south. The city also enjoys a regular commuter rail service to London Waterloo with a fastest journey time of approximately hour. Southampton airport is located miles to the south of the city, whilst Heathrow airport is 52 miles to the northeast. M27 A33 M27 SOUTHAMPTON HYTHE HAMBLEDON M27 A3 (M) A27 Winchester s catchment population of 02,000 people is one of the most affluent of the PROMIS centres with a significantly above average proportion of adults of working age categorized within the most affluent social group, ABC (Source: PROMIS). Furthermore, this figure is enhanced each year by approximately 4 million visitors to the city (Source: BROCKENHURST PORTMOUTH CHITCHESTER Winchester is an attractive city in which to live and work; its historic nature creates an attractive and desirable retailing and office environment. The city s shopping is focused along the pedestrianized High Street with prime pitch running from its junction with Jewry Street. Winchester SOUTHGATE ST. JEWRY ST. HYDE ST. B3330 MARKET LN FRIARSGATE WALES ST. EASTON LN WIN NALL VALLEY RD M3 A272 SITUATION The property is situated close to the junction of Jewry Street and the prime section of High Street with major national retailers represented in the city include Debenhams, Marks & Spencer, Boots, River Island and Next complemented by the Primark anchored 3,000 sq ft Brooks Shopping Centre. Jewry Street is a busy location with a wide variety of restaurants; bars high-end furnishing stores offices and apartments. The property is adjacent to Savills, opposite Carter Jonas and close to Knight Frank. For restaurants close to Loch Fyne, Porterhouse Steakhouse, Bangkok Brasserie, Sakura Japanese, Brasserie Blanc, Sugarvine, Greens Texas Grill, Ruby Reds, Art Café and Alcatraz Brasserie. Furnishing stores close by include Multi York, The Consortium, John Lewis of Hungerford, with many other shops close by. The main town centre car park is situated 2 minutes walk from the Brooks Shopping Centre with 323 spaces. NORTHBR OOK AVE WINCHESTER STRATTON RD QUARRY RD

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5 DESCRIPTION The property comprises a three and four storey building comprising two self contained ground floor retail units with self contained offices to the lower ground, ground and upper floors. The property has the following approximate dimensions and areas: Demise Area (sq ft) Area (Sq m) Unit Retail Unit 2 Retail / Storage, Lower Ground 3, Ground floor 3, First Floor 5, Second floor (front) 2, Second floor (east wing) 2, Third floor Total Offices 7, Total Building, SITE The site extends to approximately 0.2 acres with site cover being 50%. The car park provides for spaces all of which are let with various leases as follows: Process Flows - 5 Spaces. Thomas Roberts - 4 Spaces. Amey Ltd - 2 Spaces

6 Lift Lift Lift Lift FLOOR PLANS Ground Floor Plan Scale :50 GIA 358 m ft2 LOWER GROUND FLOOR GROUND FLOOR Third Floor Plan Scale :50 GIA 08 m2 62 ft2 Second Floor Plan Scale :50 GIA 457 m2 47 ft2 First Floor Plan No Access FIRST FLOOR SECOND FLOOR THIRD FLOOR

7 TENANCY SCHEDULE The property is let in accordance with the tenancy schedule as follows: TENURE The property is Freehold. Demise Tenant Rent ( PAX) Term From Expiry Comments Retail Unit -Retail Red Ensign Properties Ltd t/a Martin & Co 20,000 0 years 03/0/07 02/0/7 ERV 23,500 pax Unit 2 - Retail/ Storage The Copying Centre Ltd t/a Copyman 38,000 7 years 4/04/0 3/04/7 Offices Lower Ground Amey LG Ltd 53,60 0 years 0/04/08 0/04/8 Ground floor Amey LG Ltd 45,255 3 years 28/05/5 27/05/8 First floor Processflows (UK) Ltd 7,200 0 years 0/02/08 0/02/8 Current 4.0/sq ft pax ERV 6.50/sq ft 63,00 pax (0/06/206 TB) Current 4.5/sq ft ERV 6.50/ sq ft 52,750 pax Current 3.24/sq ft Net of car parking. ERV / sq ft 8,82 pax (Inc third floor) + 5 CP spaces Second floor (front) Vendor Rent Guarantee 34,000 2 months completion n/a 6.50/sq ft - 34,000pax Second floor (east wing) Thomas Roberts (Westminster) Ltd 23,287 5 years 25/03/3 Third floor Process Flows (UK) Ltd (let with first floor) Current 0.57/ sqft ERV 6.50/sq ft + CP Space - 35,300 pax. Let together with with first floor. 3 Car Park Spaces Thomas Roberts (Westminster) Ltd 5,700 2 years 0/05/05 Total Total Current Rent 37,402 ERV 365,480 Note: (Third floor let with first floor) Note: Car park spaces let at,00 pax each We are of the opinion that the offices have an ERV of 6.50/ sq ft. On the basis of improved A/C and upgraded specification including entrance hall, signage etc we are advised that rental in the order of 8.50/ sqft + is achievable. The vendor I offering a 2 month rent guarantee on the vacant 2nd floor front suite. The letting in May of the lower ground floor to Amey was regarded as a soft letting to accommodate Amey who already occupy the lower ground floor.

8 COVENANT INFORMATION AMEY LG LTD Amey LG is a wholly owned subsidiary of Amey PLC which is itself is a subsidiary of Spanish company Grupo Ferrovial, S.A.. Amey works for the public and regulated sectors in the UK, delivering services including but not limited to; highways and rail management and maintenance, facilities management, waste collection and treatment provision of utilities services as well as consultancy services. Most of Amey s business is UK based however it also operates in America, Australia and Qatar. 3st Dec 203 3st Dec 202 3st Dec 20 Net Worth 7,02 22,04,3 Number of Employees 2,5 2,20 3,34 Turnover 462,222 54,42 50,380 Pre Tax Profit -5,524 n/a 6,74 RD ENSIGN PROPERTIES LTD Resign Ensign properties are estate agents trading as Martin & Co; as they were established in 08/203 full accounts are not available. 3st Mar 204 3st Mar 203 3st Mar 202 Net Worth 6,25 6,084 6,272 Number of Employees Turnover,652,42,346 Pre Tax Profit 50 n/a 233 Amey LG are the highways maintenance partner with Hampshire CC operating from Sheridan House. THOMAS ROBERTS (WESTMINSTER) LTD PROCESS FLOWS (UK) LTD 3st Mar 204 3st Mar 203 3st Mar 202 Net Worth 6,25 6,084 6,272 Number of Employees Turnover,652,42,346 Pre Tax Profit 50 n/a st Jun 203 3st Jun 202 3st Jun 20 Net Worth ,386 Number of Employees THE COPYING CENTRE LTD Copyman is an expanding independent business providing print solutions including leaflets, flyers, letterheads, brochures and business cards, along with large colour posters, plan printing, exhibition banners and other print and design solutions founded in st Mar 204 3st Mar 203 3st Mar 202 Net Worth Number of Employees Turnover Pre Tax Profit Turnover 3,46 5,445 5,66 Pre Tax Profit 886 n/a 56 ProcessFlows has over 27 years experience in the Capture, Processing, Management and Delivery of Documents, Voice and Data.

9 EPC The property has an energy performance rating of C with a score of 68. A certificate is available upon request. VAT The property is elected for VAT purposes and therefore VAT will be payable by the purchaser, unless the sale is structured as a TOGC. PROPOSAL Offers are invited in excess of 4,00,000 for our client s freehold interest equating to a capital value/ sq ft of 22. A purchase at this level would show a Net Initial Yield of 7.30% with a Net Reversionary Yield of 8.43% after allowance of purchaser s costs at 5.8%. CONTACT Paul Gale BSc FRICS D: M: paul.gale@impro-im.co.uk Disclaimer: IMPRO MISREPRESENTATION ACT 67 IMPRO for themselves and for the vendors of this property whose agents they are, give notice that : All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers 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. These particulars are produced in good faith and set out as a general guide only and do not constitute part of any offer or contract. All maps and plans are for indicative purposes only. IMPRO: August 205 Produced by Barbican