WHERE'S FAT FACE? FREEHOLD RETAIL INVESTMENT IN NORWICH

Transcription

1 WHERE'S FAT FACE? FREEHOLD RETAIL INVESTMENT IN NORWICH

2 INVESTMENT SUMMARY / HAYMARKET, NORWICH NR QD N O R W I C H Norwich is a dominant, prosperous regional city 00% prime unit on Haymarket adjacent to newly extended Primark store and opposite Topshop/Topman Let to Fat Face Ltd (D&B A) Unexpired term of over. years Offers in excess of,0,000 subject to contract and exclusive of VAT for the freehold interest, reflecting a net initial yield of.00%, assuming purchaser s costs of.0%.

3 A Luton M M Peterborough A A Cambridge AM LONDON Heathrow King s Lynn A A0 M A M Newmarket Stansted A A A0 A A A A0 A0 Felixstowe Harwich A0 NORWICH A Bury St. Edmunds Ipswich Norwich LOCATION The historic city of Norwich is the commercial and retail centre for East Anglia, located approximately miles northeast of Cambridge, miles north of Ipswich, and 0 miles northeast of London. The city is served by the recently upgraded A trunk road, which links to the M, giving access to the M and the national motorway network. The A links Norwich to Kings Lynn and Great Yarmouth. In addition, there are regular train services to London Liverpool Street, with a fastest journey time of just under hours. Norwich International Airport offers regular flights throughout mainland UK and Europe with destinations that include Amsterdam, Aberdeen, Edinburgh and Manchester. A A Based on the volume and quality of its retailing offer, Norwich is categorised by PMA as a Regional Centre and has an above average primary catchment of 9,000 people, ranking it th out of the UK city centres by PROMIS. The City s estimated shopping population of,000 ranks it 9th of the PROMIS Centres whilst by floor space, its.9 million sq ft ranks it 0th. Norwich is the fourth most densely populated Local Authority District within the Eastern Region with.9 people per hectare (Source: Norwich City Council). RETAILING IN NORWICH Norwich provides an attractive shopping experience, combining modern architecture with older traditional buildings within an attractive pedestrianized environment. The city benefits from the largest open air market in the UK, which trades days a week. Shopping in Norwich is spread between its two main shopping centres and the pedestrianised pitches of Gentlemen s Walk, Haymarket, Market Place, Guildhall Hill, London Street and Castle Street. The City s principal shopping centres are intu Chapelfield and Castle Mall. Castle Mall shopping centre is anchored by Boots Chemist, with other key tenants including New Look, Argos and Peacocks. intu Chapelfield is anchored by House of Fraser with other key tenants including Apple, H&M, Zara, River Island and Hollister. The City boasts a strong department store line up including Debenhams, House of Fraser, Marks & Spencer, John Lewis and the independent department store, Jarrolds Norwich is dominant in its catchment with little competition from other centres. This is unlikely to change with more Park & Ride schemes than any other city (Source: Norwich Research Park) and high growth projections with an additional,000 homes and,000 jobs by 0 (Source: Norwich Research Park). The city has seen significant development in recent years with major projects that include the regeneration of the Riverside Area, completion of the new Forum Library. Norwich is one of the most vibrant and attractive cities in Europe. It is ranked in the Top 0 shopping cities in the UK and as well as being a hotbed for the arts, culture, music, nightlife, and tourism. The City offers historical architecture, a Norman Cathedral and a th Century Castle, as well as an open-air market, quirky independent shops, restaurants, cinemas, galleries, theatres, cafés, bars, pubs and clubs (Source: University of East Anglia). Tourism is the largest sector industry in the county, supporting more than 9,000 people and contributing.9 billion to the local economy (Source: Visit Norwich).

4 UND ER ALTE RATI ON FRESHAPE TO BE PRI MAR K NAT WES T RO UG E G AL LE RY E AWA Y SHAK LITTL E LANG LEYS MARMALADES ARCADIA JEWELLERS LADY B LOVES NANA MEXICO TIGER NATURAL EAST FIRST TRAVEL

5 PH a b GENTLEMENS WALK HAYMARKET CHAPELFIELD SURREY ST. UPPER KING ST GENTLMESN WALK SITUATION The property is situated in a 00% prime retailing location on the east side of pedestrianised Haymarket, which is Norwich s principal retail thoroughfare, opposite Topshop and Next. Other nearby retailers include Primark (store extension under construction). Debenhams and Accessorize. The city centre benefits from an abundance of parking all close by including St Giles Street (0 spaces), Castle Mall (00 spaces) and Chapelfield (,000 spaces). In addition to access by car, the city benefits from regular bus services terminating adjacent to the Chapelfield Shopping Centre. DESCRIPTION The building has substantial glass retail frontage to Haymarket. The property comprises a retail unit with sales area and ancillary stockrooms on ground, previously used sales area and ancillary staff and stockrooms at first floor, ancillary storage at basement and second floor. It is a substantial building that has a long history, having been developed over the last five centuries. There are four sections which are built around a central courtyard which has now been covered in at ground floor to form a large open plan retail area. The building is Grade II* listed and at least part is a scheduled ancient monument. The property is in a conservation area. It has been used as a retail shop for many years with recent occupiers including Next (who also used part of the first floor for sales), JD Sports and now Fat Face. El Sub Sta PC 9 9 Pudding Lane WILLIAM BOOTH STREET El Sub Sta a St Peter Mancroft 9 Church Statue.m TCB RAMPANT HORSE STREET 9 0 Weavers Lane Hay Hill a 0 9 Market Place 0 Gentleman's WalkHAYMARKET LB BRIGG STREET 0 0 Davey 0 Bank to Old Post Office Court Royal Arcade Lamb Inn Hotel to (PH) PH 0 Davey Place White Lion Street to to 0 a PO d to 9 Castle Street RED LION STREET 9 Castle Street to9 Arcade Street Back of 9 The Inns 0 York Bank a Alley Castle House Davey House Castle Mall Orford Hill First floor excluded from title First and second floors excluded from title LB Club.0m CASTLE MEADOW Bell Hotel.m Boston House

6 ACCOMMODATION The property provides the following net internal area: Floor Use Sq m Sq ft Ground Floor Zone A. 0 Zone B Zone C.0 Zone D. 9 Remainder. 0 Total Sales., ITZA -, Stock 9. First Floor Previous Sales 9. Ancillary.90, Second Floor Ancillary used. Ancillary unused.0 Basement Vaults. Ancillary.9 9 Total.9 9, M Gross Frontage. ' Net Frontage. 0' Shop Depth. 9' Ft TENURE The property is freehold. For the area shaded blue on the OS Plan, the first floor is excluded from the title. For the area shaded yellow, the first and second floors are excluded from the title. The property benefits from two rights of access to White Lion Street nearby: 9 Deed This grants a right of access and egress on foot over the passageway to the left-hand side of the premises from an entrance between and White Lion Street. This is a right in perpetuity. 9 Deed This grants a right of escape over the passageway on foot only from the rear of the premises to an entrance between and 9 White Lion Street. This right may be determined by either party on giving six months prior notice and the doors bricked up at the Grantee's cost. TENANCY The property is let on full repairing and insuring terms to Fat Face Ltd for a term of years from April 00, expiring April 0, i.e. c. years unexpired. The current rent is 0,000 per annum reflecting 0 zone A. The rent is subject to five yearly, upward only, rent reviews with the next being due on April 0.

7 FURTHER INFORMATION Should you require any further information or wish to inspect, please contact: Darryl Stevenson DDI: 00 9 darryl.stevenson@bidwells.co.uk Saul Western DDI: 00 9 saul.western@bidwells.co.uk TENANT COVENANT Established in 9, Fat Face Ltd is a multi-channel retailer in the active lifestyle clothing sector that sells clothing for men, women and children as well as footwear, jewellery and accessories. Revenue grew by.% in the last financial year with ecommerce showing over 0% growth and is now over % of the business. It has over stores in the UK, with international stores in the US. Fat Face Ltd is rated A by Dun & Bradstreet, indicating minimum risk of business failure. The company has reported the following recent financial performances: /0/ 0/0/ /0/ s 000s 000s Turnover 0,9 0,0 00,0 Profit Before Taxes,,, Tangible Net Worth, 0,, VAT The property is elected for VAT and therefore VAT is chargeable on the purchase price. It is anticipated that the transaction can be structured as a Transfer of a Going Concern (TOGC). EPC RATING D PROPOSAL Offers in excess of,0,000, subject to contract and exclusive of VAT for the freehold interest. A purchase at this level would show a net initial yield of.00%, assuming purchaser s costs at.0%. Bidwells Old Burlington Street London WS AN Tel: November 0

8 Bidwells Old Burlington Street London WS AN Tel: bidwells.co.uk IMPORTANT NOTICE RELATING TO THE MISREPRESENTATION ACT 9 AND THE PROPERTY MISDESCRIPTIONS ACT 99 Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that: These particulars do not form part of any offer or contract and should not be relied upon as statements or representatives of fact. Bidwells LLP has no authority to make or give in writing or verbally any representation or warranties in relation to the property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP have not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. In the interest of Health & Safety, please ensure that you take due care when inspecting the property. Bidwells LLP is a limited liability partnership registered in England & Wales (registered number OC). Registered head office is Bidwell House, Trumpington Road, Cambridge CB 9LD, where a list of members is available for inspection