PRIME FREEHOLD RETAIL INVESTMENT PROPERTY 8/8a BUTTERMARKET, BURY ST EDMUNDS, SUFFOLK IP33 1DB
INVESTMENT SUMMARY Attractive historic market town with above average AB & C1 profile Prime location between Marks & Spencer and Palmers Department store Sound covenant enjoying strong growth New 15 year term with tenant only break at 10th year 75,000 per annum exclusive 1,425,000 which reflects a net initial yield of approx. 5.0% assuming acquisition costs of 5.7%
LOCATION Bury St Edmunds is an historic market town with an attractive retail environment. It is a sub-regional shopping centre serving a large catchment and faces limited competition sitting 12 miles or more ( 23 minutes ) from the nearest towns, Thetford, Stowmarket and Newmarket. It is situated 30 miles from Cambridge ( almost 45 minutes journey time ) and 28 miles from Ipswich. By road the town links to the M11 ( Junction 10 ) via the A14. By rail, Kings Cross is 2 hours. Bury St Edmunds has a catchment of 265,000 persons within a 30 minute drivetime. It`s demographic profile shows above average social grades AB, C1 and C2. SITUATION The Seasalt property occupies a prime location between Marks & Spencer and the established local department store Palmers. Waterstones, Goldsmiths jewellers, East and JD Sports are close by. Buttermarket together with Cornhill are the two established retail throughfares in Bury St Edmunds which has strengthened as a retail destination since the development of the Arc Shopping Centre. This is a 265,000 sq ft scheme, which opened in 2009 and is anchored by Debenhams.
DESCRIPTION The property is an attractive Grade 2 Listed building arranged on ground, first and second floors. It has an imposing frontage to Buttermarket and backs on to Skinner Street. The ground floor retail area is `L` shaped extending behind the adjacent East property. Storage is at first floor with the staff area at second floor. ACCOMMODATION Seasalt Gross Frontage 25ft 0in 7.62 m Initial Width 23ft 9in 7.24 m Built Depth 57ft 0in 17.37 m Ground Floor 1,504 sq ft 139.72 m2 ITZA 833.25 sq ft 77.41 m2 First Floor 907 sq ft 84.26 m2 Second Floor 291 sq ft 27.03 m2 LEASE Let to Seasalt Limited on 15 year term until 29th June 2032. With a tenant only break at 10th year. Rent is 75,000 per annum exclusive ( 84.64 Zone A) with a Rent Review on 30th June 2022 & 2027 to open market rent.
COVENANT Seasalt Limited ( Company Registration number 022599564 ) are a Falmouth based casual maritime clothing retailer. Since their launch in 2001, Seasalt have seen growth of 20-25% each year and now have 44 shops in the UK - 8 of which are freehold, from Cornwall to Northumberland including Bath, Canterbury, Chester and Tunbridge Wells. Online they currently sell to 54 countries. Like for like sales are up 3.9% so far this year. Turnover Year ending 31st January 2016 34,568,588 Profit Before Tax 1,718,829 Net Worth 7,341,711
TENURE Freehold. PROPOSAL We are instructed to seek 1,425,000 (one million four hundred and twenty five thousand pounds) for our clients freehold interest which reflects a net initial yield of 5.0% assuming acquisition costs of 5.7% subject to contract and exclusive of VAT. VAT VAT will apply on the sale. EPC The property has an EPC rating. The certificate is available on request. FURTHER INFORMATION Should you have any queries or would like to arrange a viewing of the property please contact: Doug Stevens Douglas Stevens & Co Limited douglas.stevens@douglasstevens.co.uk Tel: +44(0)20 7514 8206 Nick Cook Douglas Stevens & Co Limited nick.cook@douglasstevens.co.uk Tel: +44(0)20 7514 8215
SUBJECT TO CONTRACT Douglas Stevens & Co Limited, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Douglas Stevens & Co Limited have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Estate Agents Act 1979 S.21 Disclosure of Personal Interest: This property is owned by a syndicate with 12.5 shares. Mrs LG Stevens ( Company Secretary of Douglas Stevens & Co ) holds one share. She is a willing vendor and has no interest in purchasing the property or any further shares therein. Designed by Topdog Commercial Property Marketing, 020 8798 0927, www.topdog.uk.com. July 2017