INVESTMENT GROUND FLOOR AND BASEMENT 14-18 WESTLEGATE, NORWICH NR1 3LR CITY CENTRE INVESTMENT LET TO EVANS CYCLES
INVESTMENT SUMMARY Norwich is a major UK city with a large and affluent catchment. Prominent city centre location in the heart of the retail area close to John Lewis. Location to improve with proposed pedestrianisation. Well secured income for over 9 years to expanding retailer in dynamic market sector. Offers in excess of 1,250,000 reflecting a net initial yield of 6.75%.
NORWICH Norwich is a major UK city situated 110 miles north east of London, 65 miles north east of Cambridge and 42 miles north of Ipswich. Norwich has an excellent rail service to London Liverpool Street with a travel time of under 2 hours and has direct rail services to Manchester and Liverpool and the East Coast Line via Peterborough which is 1 hour 30 mins by rail. The A11 links to the M11 motorway and provides access to Cambridge, the west midlands via the M6 and the A14 to Felixstowe. Norwich International Airport is 3 miles north of the city centre with scheduled daily flights to Amsterdam (KLM), Manchester, Scotland and the south west (FlyBe). Stansted Airport is located approximately 69 miles to the south, offering national and international flights. Norwich is one of the UK s fastest growing urban areas - a dynamic, contemporary city that has retained its impressive medieval heritage. It offers an exceptional quality of life, combining the best of city living with easy access to the Norfolk countryside, coast and the Broads. Actor and writer Stephen Fry summed up Norwich as A fine city. None finer! Norwich is a major regional service centre with a diverse business base and thriving knowledge economy. Norwich has a strong record of attracting private and public investment. Its prestigious university and teaching hospital, world-class research park, international airport, skilled workforce and one of the highest graduate retention rates in the country add to the many opportunities for all types of business to develop and thrive. Greater Norwich is a growth area which is expected to deliver 27,000 new jobs by 2026. The Greater Norwich Development Partnership (GNDP) is driving an ambitious growth programme. The Economic Strategy for Greater Norwich provides the foundation for growth. For more information visit www.gndp.org.uk.
DEMOGRAPHICS Norwich has a total population of 1.1 million within the catchment and an estimated 2.2 billion total retail expenditure with 58% of catchment ABC1.* Norwich was the 9th most visited place in England by people in Great Britain in 2011/2012 (average).** In addition to the catchment expenditure, 14 million day trippers spent more than 400 million in Norwich 2012.** Over 30,000 students in Norwich which is home to the University of East Anglia (UEA), Norwich University of the Arts (NUA) and City College Norwich. *2012 CACI Retail Footprint. ** Great Britain Day Visits Survey. LOCATION The property is located in the heart of Norwich s retail core and benefits from the strong pedestrian flow between the John Lewis department store and its associated 650 space car park and the city centre retail with Marks & Spencer at the bottom of Westlegate. Westlegate will be further improved by the planned removal of traffic through the pedestrianisation of the street under plans recently prepared by Norwich City Council and Norfolk County Council. DESCRIPTION The property comprises a ground floor sales area with basement ancillary with the following approximate areas: Ground Sales 4,250 sq.ft. Basement Ancillary 1,000 sq.ft. TENURE 999 year lease from 29th July 2013 at a peppercorn. TENANCY The property is let on a 10 year lease from 3rd November 2014 to FW Evans Cycles (UK) Limited t/a Evans Cycles, at a rent of 90,000 pax, subject to an upward only rent review on the 5th anniversary, on effectively full repairing and insuring terms by way of service charge. PLANNING We understand the property is not Listed but lies within a Conservation Area. The property has permitted use within Class A1 of the Town & Country Planning Uses Order 1987, as amended. EPC An EPC for the property is available upon request. The property achieved a rating of level C. RENTAL VALUE We devalue the passing rent of 90,000 pax to an overall rate of 20.50 psf, applying 3 psf to the basement ancillary. Demand from occupiers for large retail units in the centre of Norwich is currently strong and we would anticipate that with the improvement in the quality of the property s location and the increased demand for large retail units in the centre of Norwich, the rental value will rise in the future. TENANT COVENANT Evans Cycles was established in 1921 by Frederick Evans and the company now operates from over 50 stores, employing more than 1,000 staff across the UK and is the country s leading specialist cycle retailer. In addition to the growing store network Evans Cycles benefits from a large e-commerce, mail order and phone sales business together with business to business operation. In 2008 a majority stake in the business was acquired by Active LLP. FW Evans Cycles (UK) Limited reported the following results in the last three years: Description Directors Report Directors Report Directors Report & Financial & Financial & Financial Statement YE 1st Statement YE 1st Statement YE 1st November 2014 November 2013 November 2012 Turnover 127,653,000 114,044,000 104,879,000 Profit before tax 4,237,000 2,279,000 269,000 Net current assets 3,737,000 1,662,000 4,741,000 The property has not been measured by Francis Darrah Chartered Surveyors and purchasers should satisfy themselves in this regard.
VAT The property is elected for VAT. PROPOSAL Offers are sought in excess of 1,250,000 (One million Two Hundred & Fifty Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 6.75%, after purchaser s costs of 5.8%. CONTACT Francis Darrah 12 Bank Street, Norwich NR2 4SE Tel: 01603 666630 Mob: 07774 781381 Email: francis@fdarrah.co.uk SUBJECT TO CONTRACT www.francisdarrah.co.uk
Ground Floor & Basement 14-18 Westlegate Norwich Designed and produced by Ett www.ett.co.uk 50 metres Copyright and confidentiality Experian, 2015. Crown copyright and database rights 2015 Ordnance Survey 100017316 Experian Goad Plan Created: 29/04/2015 Created By: Francis Darrah For more information on our products and services: www.experian.co.uk/goad goad.sales@uk.experian.com 0845 601 6011 Goad Digital Plans are for identification only and not to be scaled as a working drawing and are based upon the Ordnance Survey Map with the permission of The Controller of Her Majesty s Stationery Office Crown Copyright 39954X. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher, Experian, Goad House, Salisbury Square, Hatfield, Hertfordshire, AL9 5BJ. Tel: 01707 636901 Fax: 01707 636907. Francis Darrah for themselves and as Agents for the proposed Vendor(s) or Lessor(s) give notice: 1. That they do not make or give either in these particulars or in negotiations or otherwise any warranty or representation whatever in relation to the property. 2. Any plan attached to these particulars is for identification purposes only and all measurements are given as a guide and no liability can be accepted for errors arising therefrom. 3. The property being open to inspection any intended purchaser must satisfy himself as to the accuracy of these particulars and he will be deemed to have full knowledge thereof. 4. No liability can be accepted for any misstatement, omission or errors in these particulars. 5. These particulars do not constitute an offer or Contract or any part thereof.