22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY
22-26 LONDON ROAD, RH19 1AG INVESTMENT CONSIDERATIONS East Grinstead is a popular affluent south east commuter town Excellent communications being situated on the A22 and regular direct trains to London Victoria Substantial town centre retail units totalling 1,677.3 sq m (18,057 sq ft) Let to the strong covenants of Poundland Limited and Poundstretcher Limited AWULT of 6.84 years to expiry Freehold Poundland have recently extended their lease Passing rent of 185,000 per annum Potential future redevelopment of the upper floors (subject to planning) Offers are sought in excess of 2,700,000 (Two Million Seven Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 6.44% after allowing for purchaser s costs of 6.41%.
29 3 2 EAST GRINSTEAD 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY 38 4 Centurion House 36 126.2m 1 17 30 mans Gardens 23 21 Stag House RICES HILL 22 to 26 19 Walk 20 18 14 15 13 Red Cross Hall 10 5 to 11 13 8 3 West Street 9 2 1 Swan Court 129.8m 1 Baptist Upon Thames A309 A3 Croydon Thames A232 Epsom Sutton A217 A22 J9 Dorking A24 M25 Gatwick J8 Reigate Redhill Crawley North A264 Horsham Horsham J7 M23 Horley J6 A22 Bromley A21 Biggin Hill Oxted A264 Three Bridges EAST GRINSTEAD J5 Swanley A24 J3 M25 Shoreham M26 Sevenoaks A21 Royal Tunbridge Wells M20 A Tonbri P LOCATION East Grinstead is an affluent and attractive market town located in West Sussex approximately 27 miles (43 km) south of London, 21 miles (34 km) north of Brighton and 14.6 miles (23.5 km) west of Royal Tunbridge Wells. The town benefits from strong transport communications being situated on the A22 which provides direct access to London to the north and Brighton to the south. The M23 can be accessed via Junction 10, 9.7 miles (15.6 km) to the west which provides direct access to the M25 (Junction 7). East Grinstead station provides direct trains to London Victoria with a quickest journey time of 55 minutes. Gatwick airport is the UK s second busiest airport and is located approximately 7 miles to the west. RETAILING IN EAST GRINSTEAD Church vey Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:970 East Grinstead benefits from a large provision of multiple retailers which are attracted to the town by the excellent transport communications, affluent demographic and the attractive surroundings of the town centre. The town currently has a total retail floor space of approximately 380,000 sq ft with a significant proportion of this situated along London Road. London Road forms the prime A1 retailing location in the town benefiting from direct access to the town centres main car parking facility and a strong supply of attractive glass fronted retail accommodation. This has led to a number of national retailers taking occupation on London Road including; Toni & Guy, Holland and Barratt, WH Smiths, Fat Face, Costa and Boots, amongst others. The main A3 offering in the town is situated along the High Street with occupiers including; Prezzo, Caffé Nero, Pizza Express and numerous local occupiers. Queens Walk is a covered pedestrianised mall located adjacent to the subject property, which connects London Road to the town s main car park opposite Waitrose. There are currently plans to re-develop this area to provide a large mixed residential and retail scheme with landscaped public space. 5 A23 Haywards Crown Copyright, ES 100004106. For identification purposes only.
NAIL SALON EAST GRINSTEAD 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY GOOD & GREEN POUNDLAND DISCOUNT STORE SITUATION The Poundland unit, fronting London Road, is located on the prime pitch in East Grinstead adjacent to Queens Walk and benefits from a prominent street frontage. The Poundstretcher unit is situated to the rear of the Poundland store in the covered walkway, Queens Walk, which provides access to the town s main car park. There are numerous national retailers in the immediate proximity including WHSmith, Holland & Barrett, Boots, Costa, HSBC, Natwest and Clarks shoes, amongst others. There are currently plans to redevelop the site immediately adjacent on Queens Walk. The scheme will deliver approximately 17,500 sq ft of new retail accommodation and approximately 130 residential apartments. DESCRIPTION The property is of brick construction and provides two retail units arranged over ground and first floors. 22-26 London Road is occupied by Poundland and provides a ground floor retail unit with a prominent frontage to London Road. The property benefits from substantial storage and ancillary accommodation at first floor level as well as a loading bay which is accessed through the yard to the rear of the property which can be accessed off West Street. 1 Queens Walk is occupied by Poundstretcher and provides a ground floor retail unit with two entrances on to the covered walkway, Queens Walk, which provides access from the towns main car park to London Road. The unit also benefits from storage and ancillary accommodation at the first floor level as well as a loading bay which is accessed from the yard to the rear of the unit. Crown Copyright, ES 100004106. For identification purposes only. Shaded area shows the planned redevelopment of Queens Walk and Martells Department Store.
22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY TENURE Freehold COVENANT INFORMATION TENANCY Unit Tenant Area sq m 22-26 London Road Poundland Limited 1 Queens Walk Poundstretcher Limited Area sq ft Start Date Expiry Date Review Date Passing Rent Rent ITZA Comments GF Retail ITZA 388.7 217.5 4,184 2,342 27/11/2009 26/11/2024 28/11/2019 125,000 44.16 Poundland recently regeared their lease taking a reversionary lease FF Storage 667.9 7,190 for a further 5 years until 26/11/2024. Total 1,056.6 11,376 Poundland will benefit from 3 months rent free 27/11/19-27/02/2020. GF Retail 405.4 4,364 28/10/2010 27/10/2020 60,000 27.02 ITZA 182.4 1,963 FF Storage 215.3 2,317 Total 620.7 6,681 1,677.3 18,057 185,000 Poundland Limited The 55m acquisition of 99p Stores Ltd by Poundland added an additional 251 stores to the Poundland portfolio bringing the total to around 800 stores in the UK and a company with a market capitalisation of almost 600m. 29/03/2015 30/03/2014 31/03/2013 Turnover 1,111,526,000 997,803,000 880,491,000 Pre-Tax Profit 45,922,000 41,017,000 34,313,000 Total Net Worth 93,866,000 96,235,000 119,042,000 Poundstretcher Limited Established in 1981 Poundstretcher is one of the UK s leading variety discount retailer with over 400 stores nationwide and employing over 6,000 people nationwide. 31/03/2015 31/03/2014 31/03/2013 Turnover 438,325,000 395,360,000 367,984,000 Pre-Tax Profit 2,835,000 1,347,000 ( 3,685,000) Total Net Worth 16,829,000 ( 3,361,000) ( 4,708,000)
22-26 LONDON ROAD, RH19 1AG PROPOSAL Offers are sought in excess of 2,700,000 (Two Million Seven Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 6.44% after allowing for purchaser s costs of 6.41%. EPC The property has an EPC rating of D(82). VAT The property has been elected for VAT and therefore it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). For further information or to make arrangements for viewing please contact: Andy Pointon 020 7543 6720 andy.pointon@allsop.co.uk Richard Lea 020 7543 6832 richard.lea@allsop.co.uk Jonathan Butcher 020 7543 6755 jonathan.butcher@allsop.co.uk www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP 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 vendor/lessor does not make or give, and neither Allsop LLP nor any of its 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 vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor 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. 09.16