PRIVATECLIENT ADDRESS
INVESTMENT CONSIDERATIONS n Prominent town centre retail investment with residential uppers n Ground and part 1st floor retail unit of 5,754 sq ft (535 sq m) n 5 self-contained 1 bed apartments to part 1st and 2nd floors n In total the property measures approximately 8,187 sq ft (760.6 sq m) n Let in its entirety to Peacock s Stores Limited who have a D&B rating of 5 A1 n Current income of 96,200 per annum n Unexpired term of approximately 8.3 years n Potential for future asset management n Freehold n Offers sought in the region of 1,296,000 (One Million, Two Hundred and Ninety Six Thousand Pounds) subject to contract and exclusive of VAT. This equates to a net initial yield of 7%, after allowing for purchasers costs of 5.99%
Osborne LYNDHURST BROCKENHURST NEW FOREST NATIONAL PARK MILFORD ON SEA LYMINGTON YARMOUTH NORTON FRESHWATER TOTLAND BRIGHTSTONE Cowes to Southampton COWES EAST COWES NORTHWOOD House GODSHILL Fishbourne to Portsmouth FAREHAM FISHBOURNE RYDE NEWCHURCH SANDOWN Isle of Wight Airport SHANKLIN OAKFIELD BRADING M27 PORTSMOUTH GOSPORT SOUTHSEA Ryde to Portsmouth Catamaran SEAVIEW Ryde to Southsea Hovercraft ST. HELENS BEMBRIDGE Bembridge Airport A3(M) H LOCATION The Isle of Wight is located off the central south coast of England between Portsmouth and Lymington and has a permanent population of approximately 140,000. Ryde is located on the northern coast of the island facing towards Portsmouth, is the largest town on the Isle of Wight and is known as the gateway to the island due to its multiple transport links to the mainland. Ryde has a permanent population of around 25,000 which increases considerably during the summer months through tourism. Due to its sandy beaches, selection of national and boutique retailers, museums, galleries and waterfront activities Ryde is a popular destination for day trippers from the mainland. Ryde is also the most connected town on the island and can be reached on foot by either the fast cat ferry or hovercraft, or by car ferry via Fishbourne from Portsmouth and Southsea. Ryde has a bus station connecting all parts of the island and a rail link to the South cost of the island. VENTNOR Blackgang Chine NITON
ISLAND JEWELLERS PEOPLES GALLERY READERS SITUATION The property occupies a prominent location along the pedestrianised High Street, close to its junction with Star Street, in the Old Town of Ryde. Ryde pier and esplanade, which house the railway and bus stations along with the ferry and hovercraft terminals, are half a mile away and only a short walk down Union Street which houses numerous independent retailers and restaurants. There are a number of national operators within close proximity, these include Superdrug, Specsavers, Santander, Shoe Zone, Card Factory, Costa Coffee, Subway, Iceland, the Co-operative and Boots. DESCRIPTION The property comprises an attractive Victorian, brick built and rendered building, arranged over ground, first and second floors beneath a part pitched tile roof and part flat roof. The ground floor and rear first floor consists of a self-contained retail unit of 5,753 sq ft, providing 3,859 sq ft of retail area to the ground floor and a further 1,895 sq ft of ancillary space to the rear of first floor. The first floor (front) and the second floor provide 5 self-contained one bedroom flats which measure approximately 2,433 sq ft. Access to the flats is provided by an external side staircase. The flats have not been inspected and areas have been taken from EPCs. ACCOMMODATION Description Sq Ft Sq M Ground Floor Retail 3,859 358.5 1st Floor Storage and ancillary 1,895 176.0 Residential accommodation* 2,433 226.0 (5 x one bed flats) Total 8,187 760.6 ITZA (Retail) 1,818 168.9 Shop Width 49 14.6 Shop Depth 92 29.7 Measured in accordance with the RICS Property Measurement, 1st edition. *Measurements for the residential parts have been taken from EPCs. All potential purchasers will be required to carry out their own measurements as these cannot be relied on fully.
TENURE Freehold. TENANCY The entire property is let by way of an FRI lease to Dorsman Estate Co Ltd with Peacocks Stores Limited acting as Guarantor. Dorsman Estates Co Ltd was dissolved on 3rd March 2016 and the lease has passed over to the guarantor. The original lease was for a term of 21 years from 24 June 2001, however the tenant subsequently entered into a reversionary lease, extending the term without break until 2 March 2026, providing approximately 8.3 years unexpired. The current rent passing is 96,200 pa and there is an upwards only, open market rent review in June 2021. Peacocks handle the letting and management of the residential accommodation, and we understand the flats are let out on ASTs at a combined annual rent of 23,280 p.a. COVENANT Peacocks is the trading name for Peacocks Stores Limited, which is a ladies clothing retailer that is part of the larger Edinburgh Woollen Mill Group, who also own brands such as Ponden Home, Jaeger, Austin Reed and Jane Norman. Peacocks have over 400 stores across the UK and last year turned over 396m making a pre-tax profit of over 67m and holding net assets of over 130m. Peacocks Stores Limited (SC285031) has a Dun & Bradstreet rating of 5 A1 representing minimum risk of business failure. Peacocks Stores Limited reported the following figures: 27 Feb 2016 28 Feb 2015 01 March 2014 Sales Turnover 369,711,000 351,680,000 324,874,000 Profit 67,879,000 67,042,000 58,471,000 Tangible Net Worth 132,435,000 124,407,000 87,962,000
EPC EPCs are available upon request. VAT The property is elected for VAT and it is anticipated the transaction will be treated as a transfer of a going concern (TOGC). DATAROOM For data room access, please use the following link: https://datarooms.allsop.co.uk/register/ryde PROPOSAL Offers sought in the region of 1,296,000 (One million, two hundred and ninety-six thousand pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7% assuming usual purchaser s costs of 5.99%. For further information or to make arrangements for viewing please contact: Allsop Liam Stray 020 7543 6769 liam.stray@allsop.co.uk www.allsop.co.uk Hants Realty Robert Lee 01489 290033 robert.lee@hantsrealty.co.uk PRIVATECLIENT Misrepresentation Act: 1. Allsop LLP and Hants Realty on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Hants Realty is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or Hants Realty nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D - www.commandhq.co.uk 10.17