CHICHESTER 19 NORTH STREET CHICHESTER PO19 1LB

Transcription

1 WELL SECURED PRIME RETAIL INVESTMENT 19 NORTH STREET PO19 1LB

2 INVESTMENT SUMMARY Chichester is an affluent historic cathedral city on the south coast of England and is a popular retail and tourist destination. The property is positioned in a prime location, benefitting from high footfall along the pedestrianised section of North Street. Nearby occupiers include Marks & Spencer, Boots, WH Smith, Starbucks, H. Samuel and The White Company. Well secured to a 5A1 covenant, Holland & Barrett Retail Limited for an unexpired term of 4.7 years. The property produces an income of 94,700 per annum. Freehold. Offers are sought in excess of 1,980,000 (One Million Nine Hundred and Eighty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would reflect an attractive net initial yield of 4.50% after allowing for purchaser s costs of 6.27%. 19 NORTH STREET,, PO19 1LB

3 VELY N A404(M) Slough Hayes A40 A13 LOCATION Chichester is a historic cathedral city situated on the south coast of England in the county of West Sussex. The city is a popular retailing and tourist destination. It is the only city in West Sussex and forms the principal settlement within a large, predominantly rural district that lies alongside the trunk road, which stretches across the south coast from Eastbourne to the M27 north of Portsmouth. The city is located approximately 68 miles (109km) south west of London, 17 miles (27km) east of Portsmouth and 34 miles (55km) west of Brighton. Chichester benefits from excellent road communications located adjacent to the dual carriageway, the primary transport route for the south coast linking Brighton and Eastbourne in the west to Southampton and Portsmouth in the east. The (M) and M27 provide excellent access to London and the UK s motorway network. By rail, Chichester benefits from frequent direct train services to London (Victoria), with a fastest journey time of approximately 90 minutes. 4 M4 Newbury 4 03 Andover 03 4 M3 Winchester Eastleigh M27 Southampton M Basingstoke M3 1 Reading 3 M4 3 Alton Petersfield (M) 1 M4 Wokingham Bracknell Camberley 22 M3 Farnborough 31 Aldershot Farnham Haslemere M4 Windsor M3 Egham Woking Guildford A4 Heathrow Airport 0 Twickenham Kingston upon Thames 0 A264 A203 3 Epsom A217 Leatherhead Dorking Horsham Gatwick Airport A23 A23 A214 A23 Redhill LONDON A23 M23 Croydon A264 Caterham Haywards Heath A20 A232 A102 Bromley East Grinstead A26 A20 Orpington A26 A2 Sevenoaks Edenbridge Dartford A21 A25 Crowborough M20 M26 Tonbridge A26 Royal Tunbridge Wells RETAILING IN The retail offer in Chichester is concentrated within the city walls and is focused along two main shopping axis, namely North Street/South Street and East Street/West Street; these intersecting at Market Cross. Chichester benefits from robust occupational demand supported by restricted supply. Single units comprise the majority of the city s retail offer, with no shopping centre and limited development potential due to Chichester s historic nature. House of Fraser on West Street and Marks & Spencer on North Street are the city s only department stores. The total population within Chichester s primary catchment area is 252,000 with an estimated shopping population of 156,000 (PROMIS). During the summer, tourism increases the catchment to over 1.5 million. The catchment population is one of the most affluent in the UK, as a district Chichester has the highest percentage of managers, directors and senior officials in West Sussex (14.2%), higher than regional (12.3%) and national averages (10.9%). The percentage of unemployment (3.6%) is lower than the national average (4.8%). The city has a significantly above average representation of the most affluent AB social group. Coupled with an average gross weekly pay of 577 in excess of the national average ( 541) suggests the city is likely to have higher levels of consumer confidence to support its retail provision. NEVILLE ROA D SHERBORUNE ROAD T E R C EDA R DRIVE W E STGATE COLLEGE VIA RAVENNA A259 Fareham M27 Portsmouth PA RKLANDS ROA D M O U NT LANE Gosport A286 O R C HARD AVE ORCHARD STREET N O RTH WALLS A259 Bognor Regis W EST ST REET EAST ST REET A286 RAILWAY STATION TOWER ST R EET ST PAUL S ROAD CHAPEL STR E E T CATHEDRAL CANNON LANE S TOCK B R I D G E ROAD S OUT H STRE ET N ORTH ST REET LION CROSS BASIN ROA D SOUTH PALLANT ST R E ET P R A286 I O R Y R O A D Worthing SUBJECT PROPERTY LITTLE LO NDON BAFFIN S LANE PRIORY PARK ST J OHN S ST OAKLANDS WAY EAST WALLS STILRING ROA D T AVE MARKE CA Brighton S PITALFIELD LAN E MELBORUNE ROAD LITTEN GARDENS L E D O N E T T R I C K ALEXANDRA ROAD I A N R OA D R O A D WHYKE LANE Lewes A26 ADELAIDE ROA D AV E ST PANCRAS A285 A259 T H E H O R NE T CAMBRAI AVE Eastbourne C LEVELAND ROA D WELL SECURED PRIME RETAIL INVESTMENT

4 EAT VACANT CLINTON CARDS UNDER OFFER - JOULES UNDER OFFER PRET A MANGER 19 NORTH STREET,, PO19 1LB

5 SITUATION The property occupies a 100% prime pitch on the west side of North Street. Chichester s prime retail core is focused on the pedestrianised East and North Streets that intersect at Chichester Cross. The subject property is prominently located on North Street within close proximity to the Grade II listed Butter Market and the Marks & Spencer department store. Other nearby occupiers include Starbucks, Paperchase, WH Smith, Boots, H. Samuel, The White Company and Santander. DESCRIPTION The property comprises a prime retail unit arranged over ground and first floor with a total net internal floor area of 2,196 sq ft (204.0 sq m). The ground floor consists of a sales area, whilst the first floor comprises ancillary storage and staff facilities/w.c. The unit benefits from servicing to the rear with access off Chapel Street. The ground floor sales area is fitted out in the traditional Holland & Barrett format. WELL SECURED PRIME RETAIL INVESTMENT

6 TENURE Freehold. TENANCY The property is fully let to Holland & Barrett Retail Limited on a full repairing and insuring lease from 24th June 1997 to 23rd June 2022 (4.7 years unexpired) at a passing rent of 94,700 per annum. ACCOMMODATION Area Sq Ft Sq m Ground Floor Sales 1, ITZA First Floor Total 2, The floor areas have been measured on a NIA basis (Net Internal Area) in accordance with the RICS Code of Measuring Practice (6th Edition). 19 NORTH STREET,, PO19 1LB

7 COVENANT INFORMATION Holland & Barrett Retail Limited Holland & Barrett is one of the world s leading health and wellness retailers and the largest in Europe. The company has over 1,300 stores and employs more than 4,000 people worldwide with a presence in 16 countries across the globe. Holland & Barrett Retail limited has a Dun & Bradstreet rating of 5A1, representing a minimum risk of business failure. The company has recorded the following accounts over the last 3 years: 30 Sep 2016 ( 000 s) 30 Sep 2015 ( 000 s) 30 Sep 2014 ( 000 s) Sales Turnover 444, , ,823 Profit (Loss) Before Tax 112, ,456 89,463 Tangible Net Worth 229, , ,473 Net Current Assets (Liabilities) 311, , ,998 INVESTMENT MARKET The prime High Street investment market has performed strongly over the last 12 months as the economy has outperformed expectations and consumer confidence has remained resilient. Below are some recent retail investment transactions in Chichester: Address Date Tenant Unexpired Term ( Years) 18 North Street, Chichester Oct-17 Signet Trading Ltd (t/a H Samuel) , m 4.35% ( 130) 67 East Street, Chichester Sept-17 Phase Eight (Fashion & Designs) Limited 3 120, m 4.50% ( 180) East Street, Chichester Jul-17 Vodafone 7 85, m 3.20% ( 136) 2-3 East Street, Chichester Jun-17 RL Austen Ltd 1 148, m 3.98% Rent p.a. ( ZA) Price Yield North Street, Chichester Mar-17 W H Smith Retail Holdings Ltd 5 163,750 ( 124) 13 North Street, Chichester Sept-16 Oasis ,000 ( 171) 13 North Street, Chichester Jun-15 Starbucks Coffee Company (UK) ,250 ( 123) 3.82m 4.02% 2.255m 3.69% 1.65m 4.50% WELL SECURED PRIME RETAIL INVESTMENT

8 VAT The property is elected for VAT and can be treated as a TOGC. EPC The property has an EPC rating of 62 (band C). A copy of the certificate is available on the Lewis Ellis website. DATA ROOM There is a data room for the property with key tenancy information and title documents. PROPOSAL We are instructed to seek offers in excess of 1,980,000 (One Million Nine Hundred and Eighty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would reflect a net initial yield of 4.50% after allowing for purchaser s costs of 6.27%. FURTHER INFORMATION Should you require further information or wish to view the property, please contact either: Jeff Ellis Tel: Mob: jellis@lewisellis.co.uk James Elkington Tel: Mob: jelkington@lewisellis.co.uk Fred Daeche-Marshall Tel: Mob: fdmarshall@lewisellis.co.uk 19 NORTH STREET,, PO19 1LB Lewis Ellis LLP for themselves or nominees or lessors of this property whose agents they give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers or lessees, and do not constitute part of an offer or contract; (2) all descriptions, dimensions, 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 any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: October 2017.