Langton Place, Bury St Edmunds, IP33 1NE. Voted by Estates Gazette Most Active Regional Agent in Cambridgeshire

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Quentin King
5 years ago
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1 RETAIL INVESTMENT FOR SALE Langton Place, Bury St Edmunds, IP33 1NE Retail investment in Bury St Edmunds town centre 12 units plus car parking Guide price: 1.2 million Net initial yield of 10.4% on the letting of last unit Popular parade Rental income 131,880 on letting of unit 9 Voted by Estates Gazette Most Active Regional Agent in Cambridgeshire BURY ST EDMUNDS CAMBRIDGE HUNTINGDON PETERBOROUGH

2 LOCATION The property is located either side of a pedestrian link between Whiting Street and Hatter Street, close to the retail pitch of Abbeygate Street. The immediate surrounding area is generally of mixed use, with retail and office units as well as residential accommodation above a number of the buildings and a cinema opposite the entrance to Hatter Street. Bury St Edmunds is an attractive market town in Suffolk, with a primary catchment population of around 251,000 persons with an estimated shopping population of 131,000. The catchment is considered affluent with approximately 53% of adults categorised within the most affluent ABC1 social group. (Source: Promis). The town s profile as a regional shopping destination has been elevated since the major redevelopment of the town centre and opening of the Arc, anchored by Debenhams with a number of other operators. The historic town centre also accommodates a diverse mix of national and independent retailers, banks and restaurants. The town benefits from a strong tourist sector and retail vacancy rates are well below the national average. DESCRIPTION The development comprises a number of ground floor retail units under residential accommodation (sold off) together with a four storey building at the eastern Hatter Street entrance and a semidetached retail unit at the opposite end of the scheme, The development is served by block paving walkways with access to car parking spaces to the south of the scheme. PLANNING Planning Policy and Development Control is covered by the Bury St Edmund's Local Plan. The Core Strategy was adopted in The property is identified within the Bury St Edmunds Town Centre Conservation Area and we understand that 21 Hatter Street is listed grade II with no other buildings in the scheme listed. EPC s A number of EPC s are available. Attached are EPC s for units 1, 3, 4a, 5, 6, 8, 9, 10, 12 & 15. VAT VAT is chargeable. ACCOMMODATION The tenancy schedule is attached. The development has total floor area of approximately 5,451 sq. ft. Our clients advise a number of occupiers have been in occupation for some time. A number of leases expire in the next couple of years but the main tenant, representing approximately 20% of the income has 10 years to expiry. Four new leases have completed in the last two months with little or no void, indicating good demand at current rental levels. In addition, with the shortage of parking in the town centre, the parking licences have been fully taken for several years and there is currently a waiting list for spaces that become available. The investment gives asset management opportunities for the purchaser to restructure leases. RENT The passing rent is 128,380 to include car parking spaces let on separate licences. The rent will rise to 131,880 on the letting of unit 9. GUIDE PRICE 1,200,000, which shows a net initial yield of 10.4% after allowing for the purchasers costs of 5.8% and assuming the letting of unit 9. LEGAL COSTS Each party will be responsible for their own legal costs. VIEWING Strictly by appointment via the sole agents:- Barker Storey Matthews (Peterborough) Telephone: (01733) Contact: Stephen Hawkins: sph@bsm.uk.com Ref: 4U018 Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No These particulars do not constitute or form any part of an offer or contract nor may they be regarded as representations. All interested parties must themselves verify their accuracy. All measurements are approximate. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax.

THIS PLAN IS PUBLISHED FOR IDENTIFICATION PURPOSES ONLY AND ALTHOUGH BELIEVED TO BE

3 ORDNANCE SURVEY PLAN THIS PLAN IS REPRODUCED FROM THE ORDNANCE SURVEY MAP WITH THE PERMISSION OF THE CONTROLLER OF HER MAJESTY S STATIONERY OFFICE, CROWN COPYRIGHT RESERVED. THIS PLAN IS PUBLISHED FOR IDENTIFICATION PURPOSES ONLY AND ALTHOUGH BELIEVED TO BE CORRECT, ITS ACCURACY IS NOT GUARANTEED AND IT DOES NOT FORM PART OF ANY CONTRACT. LICENCE NO

Note: Barker Storey Matthews is the trading name of BSMH Ltd.

All interested parties must themselves verify their accuracy.

4 Note: Barker Storey Matthews is the trading name of BSMH Ltd. Reg No These particulars do not constitute or form any part of an offer or contract nor may they be regarded as representations. All interested parties must themselves verify their accuracy. All measurements are approximate. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax.

5 TENANCY SCHEDULE Tenant Unit Unit Usage Unique Bars Ltd / D Creffield t/a SoBar & Caffe Size (sqft) Lease Start Lease End Rent Other Information 1 & 3 Wine Bar & Cafe /02/ /01/ ,590 First Floor 368, Second Floor 338, Basement 157 sq ft. 2 car parking spaces Andrew Frost t/a Abbey News 2 Newsagents /02/ /02/ ,000 D. Lynch t/a Davids 4a Hairdresser /03/ /02/2018 4,550 S. Esler t/a Daydreams 5 Beauty Salon /11/ /11/ ,200 1 car parking space D. Lynch t/a Davids 6 Hairdresser /11/ /11/2017 8,050 1 car parking space S & P Goodchild t/a Rasberry Rascals 7 Retail /02/ /02/2018 8,200 Break option 15/08/16. Mortimer & Gausden 8 Estate Agents /08/ /08/2015 6,240 9 Retail 132 Vacant Quoting rent 3,500. Ever Changing Fashions Ltd / Cook 10 Retail /02/ /02/21 5,950 Break option 04/02/18 CLIC Sargent 12 Charity Shop/office /04/ /04/2020 6,500 Break option 01/04/17 Sheppard & Fairweather t/a Bliss 15 Ladies Hairdressers /11/ /11/ ,100 Total 98,380 Rising to 101,880, on letting of unit 9 Car Park - 20 spaces let to third parties on annual licences 30,000 Total 128,380 Rising to 131,880 on letting of unit 9

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