17 high street, canterbury - Realla
16/17 HIGH STREET, CANTERBURY 100% PRIME FREEHOLD RETAIL & RESIDENTIAL INVESTMENT Sat Nav Ref: CT1 2JE
INVESTMENT SUMMARY • The historic cathedral city of Canterbury is an attractive retail centre with a highly affluent catchment population – it is one of the most sought after investment locations in the UK • Canterbury has a diverse tenant mix, strong tenant demand, low vacancy rate and excellent rental growth prospects • The property occupies a 100% prime trading position on the pedestrianised High Street • Let to The Works Stores Limited and Instant Cash Loans Limited • The upper parts have recently been redeveloped and consist of 7 newly refurbished residential apartments • Freehold • Total Current Income: £200,750 per annum • Offers are sought in excess of £4,415,000, subject to contract and exclusive of VAT • A purchase at this price would reflect an attractive net initial yield of 7.00% for the retail element, assuming a value of £1,755,000 is attributed to the apartments (reflecting £483 per sq ft)
2 | Fawcett Mead Canterbury – 16/17 High Street
Retail property expertise
A12 A127
A503
A127
A12
A1
LONDON
A13
A13
A13 A102 A282
A214 A2
A23 A20
A2
A232
A28
A249
A299
A217
A299 A23
A2
Canterbury
A21 A228 A26 A229 A2 A256
A28
A22 A26
A21
A2
A256
A264
LOCATION
RETAILING IN CANTERBURY
Canterbury is a historic, attractive and affluent Cathedral City located 62 miles south east of London, 20 miles east of Maidstone and 17 miles north west of Dover.
Canterbury has a compact retail core with an estimated floor space provision of 1 million sq ft and ranks 19/100 in the UK on the PMA Anchor Score.
Canterbury benefits from excellent road communications. The M2/A2 provides access to London, Dover Docks and the Channel Tunnel. By rail, Canterbury boasts two main train stations, East and West. There are frequent and direct services to London Victoria, St Pancras and Charing Cross with a fastest journey time of 56 minutes.
The Parade, High Street, and St Georges Street are the city’s principal retail thoroughfares, which now extends into Whitefriars Shopping Centre, a 600,000 sq ft modern shopping centre which opened in 2005. Retailers within the shopping centre include:
DEMOGRAPHICS Canterbury is the prime retail centre in Kent, serving a primary catchment population of 480,000. The catchment has experienced above average population growth and is set to continue to do so for the next 5 years. The city has a loyal and affluent population with socio economic groupings, AB and C1 being significantly above the national average. Canterbury is a popular tourist destination, boasting 6.4 million visitors per annum. The city also boasts 4 universities with a total student population of approximately 40,000.
3 | Fawcett Mead Canterbury – 16/17 High Street
100% Prime retail location in the attractive Cathedral City of Canterbury
Retail property expertise
anterbury has a diverse tenant mix, C strong tenant demand, low vacancy rate and excellent rental growth prospects SITUATION The subject property occupies a 100% prime trading position on the pedestrianised High Street. Nearby retailers include:
DESCRIPTION The subject property is an attractive period building, comprising two retail units arranged over ground and first floors providing a total of 3,401 sq ft (NIA) of generally well configured retail accommodation. The upper parts have recently been redeveloped to provide 7 newly refurbished residential apartments and are arranged over first, second and third floors providing a total of 3,636 sq ft (GIA). Further information is available upon request. The subject property also benefits from 12 car parking spaces to the rear.
ACCOMMODATION Fawcett Mead have not measured the subject property, however the vendor provides the following approximate Net Internal areas:
4 | Fawcett Mead Canterbury – 16/17 High Street
16 High Street Instant Cash Loans Limited
sq ft
17 High Street The Works Stores Limited
sq ft
Ground Floor Sales
672
Ground Floor Sales
1,815
Ground Floor Ancillary
655
Ground Floor Ancillary
89
ITZA
582
ITZA
820
First Floor Ancillary
92
First Floor Ancillary
78
TOTAL
1,419
TOTAL
1,982
Retail property expertise
TENURE Freehold.
TENANCY 16 High Street is let to Instant Cash Loans Limited for a term of 15 years commencing on 27th January 2010 and expiring 26th January 2025. There is a tenant break option on 27th January 2020. The total current rent is £65,000 per annum. The lease has been assigned to The Change Group, however Instant Cash Loans Limited remain ultimately liable for the lease obligations. 17 High Street is let to The Works Limited for a term of 10 years commencing on 24th September 2008 and expiring 23rd September 2018. The total current rent is £132,000 per annum. 5 of the 12 car parking spaces to the rear are currently let. The total current rent is £3,750 per annum. The total passing rent is £200,750 per annum.
5 | Fawcett Mead Canterbury – 16/17 High Street
Retail property expertise
COVENANT INFORMATION The Works Stores Limited is a popular national retailer focusing on the sale of books, toys and stationary. Since 2008, The Works has seen significant and sustained growth in sales and profitability and they serve over 22.5 million people each year. The company boasts a Creditsafe rating of A/73 indicating Very Low Risk. We summarise below the company’s last three year available accounts: Date of Accounts Turnover
01/05/2016
26/04/2015
27/04/2014
£154,398,000
£141,684,000
£127,690,000
Pre-Tax Profits
£9,796,000
£6,733,000
£5,838,000
Net Worth
£18,258,000
£16,756,000
£10,022,000
Instant Cash Loans Limited offers a range of services including a bureau de change, various loans, and pawnbroking. They have a Creditsafe rating of B/56 indicating Low Risk.
6 | Fawcett Mead Canterbury – 16/17 High Street
Retail property expertise
7 | Fawcett Mead Canterbury – 16/17 High Street
Retail property expertise
Experian Goad Plan Creat
EPC The EPC is available upon request.
VAT We understand the property is elected for VAT. It is anticipated that the sale will be treated as a Transfer Of a Going Concern (TOGC).
PROPOSAL We are instructed to seek offers in excess of £4,415,000 (Four Million Four Hundred and Fifteen Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would reflect an attractive net initial yield of 7.00% for the retail element, assuming purchasers costs of 6.41% and a value of £1,755,000 is attributed to the apartments (reflecting £483 per sq ft).
FURTHER INFORMATION For further information or to arrange an inspection, please contact the sole agent: Nick Carvey Jonathan Mills 020 7182 7493 020 7182 7483 07851 116 426 07795 333 195 [email protected] [email protected] 15-17 Great Portland Street London W1W 8QA www.fawcettmead.co.uk Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017 SUBJECT TO CONTRACT
INVESTMENT SUMMARY • The historic cathedral city of Canterbury is an attractive retail centre with a highly affluent catchment population – it is one of the most sought after investment locations in the UK • Canterbury has a diverse tenant mix, strong tenant demand, low vacancy rate and excellent rental growth prospects • The property occupies a 100% prime trading position on the pedestrianised High Street • Let to The Works Stores Limited and Instant Cash Loans Limited • The upper parts have recently been redeveloped and consist of 7 newly refurbished residential apartments • Freehold • Total Current Income: £200,750 per annum • Offers are sought in excess of £4,415,000, subject to contract and exclusive of VAT • A purchase at this price would reflect an attractive net initial yield of 7.00% for the retail element, assuming a value of £1,755,000 is attributed to the apartments (reflecting £483 per sq ft)
2 | Fawcett Mead Canterbury – 16/17 High Street
Retail property expertise
A12 A127
A503
A127
A12
A1
LONDON
A13
A13
A13 A102 A282
A214 A2
A23 A20
A2
A232
A28
A249
A299
A217
A299 A23
A2
Canterbury
A21 A228 A26 A229 A2 A256
A28
A22 A26
A21
A2
A256
A264
LOCATION
RETAILING IN CANTERBURY
Canterbury is a historic, attractive and affluent Cathedral City located 62 miles south east of London, 20 miles east of Maidstone and 17 miles north west of Dover.
Canterbury has a compact retail core with an estimated floor space provision of 1 million sq ft and ranks 19/100 in the UK on the PMA Anchor Score.
Canterbury benefits from excellent road communications. The M2/A2 provides access to London, Dover Docks and the Channel Tunnel. By rail, Canterbury boasts two main train stations, East and West. There are frequent and direct services to London Victoria, St Pancras and Charing Cross with a fastest journey time of 56 minutes.
The Parade, High Street, and St Georges Street are the city’s principal retail thoroughfares, which now extends into Whitefriars Shopping Centre, a 600,000 sq ft modern shopping centre which opened in 2005. Retailers within the shopping centre include:
DEMOGRAPHICS Canterbury is the prime retail centre in Kent, serving a primary catchment population of 480,000. The catchment has experienced above average population growth and is set to continue to do so for the next 5 years. The city has a loyal and affluent population with socio economic groupings, AB and C1 being significantly above the national average. Canterbury is a popular tourist destination, boasting 6.4 million visitors per annum. The city also boasts 4 universities with a total student population of approximately 40,000.
3 | Fawcett Mead Canterbury – 16/17 High Street
100% Prime retail location in the attractive Cathedral City of Canterbury
Retail property expertise
anterbury has a diverse tenant mix, C strong tenant demand, low vacancy rate and excellent rental growth prospects SITUATION The subject property occupies a 100% prime trading position on the pedestrianised High Street. Nearby retailers include:
DESCRIPTION The subject property is an attractive period building, comprising two retail units arranged over ground and first floors providing a total of 3,401 sq ft (NIA) of generally well configured retail accommodation. The upper parts have recently been redeveloped to provide 7 newly refurbished residential apartments and are arranged over first, second and third floors providing a total of 3,636 sq ft (GIA). Further information is available upon request. The subject property also benefits from 12 car parking spaces to the rear.
ACCOMMODATION Fawcett Mead have not measured the subject property, however the vendor provides the following approximate Net Internal areas:
4 | Fawcett Mead Canterbury – 16/17 High Street
16 High Street Instant Cash Loans Limited
sq ft
17 High Street The Works Stores Limited
sq ft
Ground Floor Sales
672
Ground Floor Sales
1,815
Ground Floor Ancillary
655
Ground Floor Ancillary
89
ITZA
582
ITZA
820
First Floor Ancillary
92
First Floor Ancillary
78
TOTAL
1,419
TOTAL
1,982
Retail property expertise
TENURE Freehold.
TENANCY 16 High Street is let to Instant Cash Loans Limited for a term of 15 years commencing on 27th January 2010 and expiring 26th January 2025. There is a tenant break option on 27th January 2020. The total current rent is £65,000 per annum. The lease has been assigned to The Change Group, however Instant Cash Loans Limited remain ultimately liable for the lease obligations. 17 High Street is let to The Works Limited for a term of 10 years commencing on 24th September 2008 and expiring 23rd September 2018. The total current rent is £132,000 per annum. 5 of the 12 car parking spaces to the rear are currently let. The total current rent is £3,750 per annum. The total passing rent is £200,750 per annum.
5 | Fawcett Mead Canterbury – 16/17 High Street
Retail property expertise
COVENANT INFORMATION The Works Stores Limited is a popular national retailer focusing on the sale of books, toys and stationary. Since 2008, The Works has seen significant and sustained growth in sales and profitability and they serve over 22.5 million people each year. The company boasts a Creditsafe rating of A/73 indicating Very Low Risk. We summarise below the company’s last three year available accounts: Date of Accounts Turnover
01/05/2016
26/04/2015
27/04/2014
£154,398,000
£141,684,000
£127,690,000
Pre-Tax Profits
£9,796,000
£6,733,000
£5,838,000
Net Worth
£18,258,000
£16,756,000
£10,022,000
Instant Cash Loans Limited offers a range of services including a bureau de change, various loans, and pawnbroking. They have a Creditsafe rating of B/56 indicating Low Risk.
6 | Fawcett Mead Canterbury – 16/17 High Street
Retail property expertise
7 | Fawcett Mead Canterbury – 16/17 High Street
Retail property expertise
Experian Goad Plan Creat
EPC The EPC is available upon request.
VAT We understand the property is elected for VAT. It is anticipated that the sale will be treated as a Transfer Of a Going Concern (TOGC).
PROPOSAL We are instructed to seek offers in excess of £4,415,000 (Four Million Four Hundred and Fifteen Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would reflect an attractive net initial yield of 7.00% for the retail element, assuming purchasers costs of 6.41% and a value of £1,755,000 is attributed to the apartments (reflecting £483 per sq ft).
FURTHER INFORMATION For further information or to arrange an inspection, please contact the sole agent: Nick Carvey Jonathan Mills 020 7182 7493 020 7182 7483 07851 116 426 07795 333 195 [email protected] [email protected] 15-17 Great Portland Street London W1W 8QA www.fawcettmead.co.uk Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017 SUBJECT TO CONTRACT
