186 â 188 high street slough
186 – 188 HIGH STREET SLOUGH South East High Yielding Investment Opportunity
Investment summary • Slough is a major commercial centre within the Thames Valley, located approximately 20 miles west of central London. • The construction of Crossrail will reinforce Slough’s position as a major commuter town and transform journey times into London’s main employment centres. • Slough’s town centre regeneration projects includes a £450m new commercial district on a 29 acre site to the north west of the town providing 1,600 new homes by 2020. • 100% prime pitch directly opposite the entrance to the interlinking Queensmere and Observatory Shopping Centres. • The property provides two prominent and attractive modern retail units with office accommodation above 186 High Street providing a total of 13,586 sq ft of accommodation with an 8 space car park to the rear. • 79% of the total income secured against the strong covenants of River Island and LloydsPharmacy. • Asset management opportunities include: obtaining change of use to residential on the office element, creating additional accommodation above 188 High Street and to the rear of the units on the car park and agreeing terms with a national retailer at a reversionary rent on 186 High Street. • We are instructed to seek offers in excess of £2,420,000 (Two Million Four Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 8.00%, assuming purchaser’s costs of 5.80%.
186 – 188 HIGH STREET SLOUGH
22
3
M25 (J15)
5
10
7
15
Reading
17
30
Central London
20
50
5
M3
Sutton 9
Leatherhead
9
Dorking
M25
Reigate
Redhill A22
Stratford
Twyford Reading
Taplow
Maidenhead Burnham Langley
Iver
Hayes & Harlington
West Drayton
Hanwell
Southall
Bond Street
Ealing Broadway West Ealing
Acton Paddington Mainline
Tottenham Court Road
Whitechapel
Maryland
Liverpool Street
Illford
Manor Park
Goodmayes
Seven Kings
Woolwich
Romford
Chadwell Heath
Gidea Park
Harold Wood
Shenfield
Brentwood
Surface Underground
Heathrow Airport
Canary Custom Wharf House 44 minutes
186 – 188 HIGH STREET SLOUGH
Farringdon
Forrest Green
Abbey Wood
Oxted
A1 3 1
3
M20 2
M26
Sevenoaks
6
Crossrail Journey Times Slough
5
7
By 2020, the Western Rail Access to Heathrow (WRAtH) will connect Heathrow Airport to Slough within 6 minutes. Current train services run to London Paddington, with the fastest journey time of 18 minutes. London Heathrow is located approximately 7 miles to the east.
35 minutes
A2
M25
7
30 minutes
Swanley 4
8
Guildford
Tilbury
1a
Dartford A2 A2 2 0
Epsom 10
30 31
Woolwich
1
Aldershot
Croydon A232
M25
A13
A2
6
Slough benefits from excellent road communications being situated between the M4, M40 and the M25 motorways, providing easy access to London and the West Country. The construction of Crossrail will reinforce Slough’s position as a major commuter town and transform journey times. By 2019, Crossrail will provide direct access from Slough to the West End (30 mins) and City of London (37 mins).
Farnborough
CITY
A205
Kingston upon Thames
M25 Woking
4
LONDON
A127
29
A41
HEATHROW
1
28
A12
4
Richmond
11 3
Camberley
6
Brentwood
Chigwell
A22
Heathrow
A4
Staines
Bracknell
11
M11
2 1
3
14 13
10
8
Windsor
A329(M)
12
4
2
A1
6
A2
3
4
8
5
6
5
A40
1 Harrow A40 1 06 4 Uxbridge A
SLOUGH
Enfield
4 2
Maidenhead
Reading
M4
Barnet
M1
2
7
Approx. Drive Time (Mins)
1.5
Windsor
Henleyon-Thames
Watford
Beaconsfield
A3
M4 (J6)
3
Marlow
A3 3
Destination
4
18 17
5
26
25
A2 2
High Wycombe
5
M40
Distance (Miles)
19
A414
M25
24
A1 0
Location
20
Amersham
A23
A4010
6
Slough is a major commercial centre within the Thames Valley. The town is located 3 miles north of Windsor and 17 miles east of Reading and approximately 20 miles west of central London.
2
1
A418
7
A2 4
8
Slough Local Economy Slough is home to 4,600 businesses and is the third most productive town in the UK. It has a highly competitive and dynamic business environment that contributes approximately £8 billion to the National economy. Slough’s town centre regeneration projects include the £450 million Heart of Slough project, that will see an entirely new commercial district on a 29 acre site to the north west of the town providing: 1,600 homes, 70,000 sq ft of office space, a bus station, and a new cultural centre for the town known as “The Curve”. The project is due to complete 2019/2020 and will provide major improvements to the local infrastructure and public realm. Pinewood Studios have also won permission for an ambitious £200 million expansion plan that will see over 1 million sq ft of new stages and workshops built over the next 15 years. Constructed by McAlpine, Pinewood’s plan will make it the biggest studio in the UK.
The construction of Crossrail will reinforce Slough’s position as a major commuter town
186 – 188 HIGH STREET SLOUGH
High per capita spend 4.6% above the Retail PROMIS average at £2,720 per annum
Slough is home to 4,600 businesses and is the third most productive town in the UK
EET STR PAR K
Situation
Description
Located just 500 metres from Slough Railway Station, the property occupies a 100% prime position on the pedestrianised High Street located directly opposite the interlinking Queensmere and Observatory Shopping Centres. The property overlooks a busy public square with a strong leisure offer that leads to the principal entrance to the Queensmere Shopping Centre. Anchored by Debenhams and Primark the 595,500 sq ft Shopping Centres provide a 1,400 space car park with ongoing proposals to re-develop some of the retail accommodation to provide a new façade and residential accommodation. Adjacent retailers include JD Sports and Boots.
The property provides two prominent and attractive modern retail units. 186 High Street is configured over ground, basement and two upper floors whilst 188 High Street is arranged over ground and part first floor. 186 High Street (River Island) is currently arranged to provide sales accommodation at ground and first floor and ancillary accommodation at basement level, whilst the second floor provides separately let office accommodation. 186 High Street (LloydsPharmacy) currently provides sales accommodation at ground floor and ancillary space at first floor level. The first floor is set back from the High Street and provides an excellent opportunity for a purchaser to create additional space at part first and second floor level. In addition, there is an opportunity to extend to the rear of the retail units onto the car park, creating additional retail accommodation.
186 – 188 HIGH STREET SLOUGH
The second floor of 186 High Street provides recently refurbished office accommodation within the following specification: •
Self-contained ground floor entrance
• Passenger lift • Air cooling system • Kitchenette • EPC: C (75) • Private Male and Female WCs • 3 Car Parking spaces accessed via Park Street
Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following areas: Ground Floor Sales Address
ITZA
Ground Floor Ancillary
Basement Ancillary
First Floor Sales
Sq m
Sq ft
Units
Sq m
Sq ft
Sq m
Sq ft
Sq m
Sq ft
9.6
103
188.9
2,033
276.9
2,980
186 High Street
River Island (Retail)
263.1
2,832
1,227
188 High Street
LloydsPharmacy (Retail)
145.1
1,562
738
Seymour House
Zam Zam (Offices)
168
Freehold, as outlined in red on the Ordnance Survey Plan. The property occupies a site of approximately 0.19 acres (0.08 hectares). 30.6m Town Square 176 178
to 1
84
TCBs
186 188
TCBs 190 192
221
30.2m 198
194 196
Post Office
204
TCB to 2
16
5 to 7
218 to 220
Coler idge House
206
9
4 8
ESS 10 12 14
21
16
51
Pegasus Court
49
30m 23
20m
18
20
10m
2nd Floor Offices
Sq ft
Sq m
186 – 188 HIGH STREET SLOUGH
Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:927
Sq ft
639 322.4
Tenure
15
Sq m
59.4
Total
14
First Floor Ancillary
Total
Tenant
3,437
Sq m
Sq ft
738.5
7,948
204.5
2,201
322.4
3,437
1,265.4
13,586
Tenancy Schedule Address
Tenant
Lease Start
Lease Expiry (Break date)
Next Rent Review
Rent Passing (pa)
Comments
186 High Street
River Island Clothing Co. Ltd
01/01/2016
31/12/2017
-
£100,000 (£58.00 ZA)
Outside 1954 Act. Landlord and tenant break option any time during the term with 3 months notice required. Offer from national fashion retailer on 10 year term (5 year break) at a rent of £120,000 pa (£74 ZA headline).
188 High Street
LloydsPharmacy Ltd
22/09/2014
21/09/2024 (22/09/2019)
22/09/2019
£60,000 (£79.15 ZA)
Tenant break option with 6 months notice required.
Second Floor, Seymour House
Zam Zam Educational and Cultural Academy London
02/12/2015
01/12/2020
-
£45,000 (£13.09 psf)
Outside 1954 Act, with 6 month rent deposit and 6 month rent free.
Total
£205,000 pa
Covenant River Island Clothing Co. Limited
LloydsPharmacy Ltd
Zam Zam Educational and Cultural Academy London
River Island Clothing Co. Limited (00636095) is one of the leading high street fashion brands, which operates in a number of worldwide markets. Established in 1948, River Island operates 350 stores across the UK, Ireland and internationally throughout Asia, the Middle East and Europe. The retailer has one of the best multi-platform retail offers, which are increasingly integrated with the in-store offer.
LloydsPharmacy Ltd (00758153) is a British pharmacy company with over 1,600 pharmacies, employing over 17,000 staff and dispensing over 150 million prescription items every year. The company are an undoubted covenant and have a D&B rating of 5A1.
Zam Zam Education is a charity (Charity No. 1161635) with a head office in Maidenhead. The company offers educational courses in maths, languages, IT and business management.
River Island announced a 69.4% increase in pre-tax profits to £149.1m for the year to December 2014, as turnover increased 10.4% to £925.8m. River Island Clothing Company has a D&B financial strength rating of 5A1 based on tangible net worth of £279,600,000 (Dec 014) which represents a minimum risk of business failure. Their accounts are summarised below: 31/12/2014 £ (000’s)
31/12/2013 £ (000’s)
28/12/2012 £ (000’s)
Turnover
890,400
809,500
739,700
Profit (Loss) Before Taxation
145,800
86,100
Net Assets
290,600
243,700
LloydsPharmacy Ltd was formed in 1998 and is a wholly owned subsidiary of Celesio AG, a leading healthcare provider with business across Europe and Brazil. As of July 2015, Lloyd’s (Celesio AG) announced the purchase of all 281 Sainsbury’s pharmacies for £125 million in a deal that transferred all 2,500 Sainsbury’s pharmacy employees to the company. The deal is expected to complete by the end of February 2016. Their accounts are summarised below: 31/03/2015* £ (000’s)
31/03/2013 £ (000’s)
28/12/2012 £ (000’s)
Turnover
2,332,635
1,784,978
1,720,857
93,300
Profit (Loss) Before Taxation
29,852
14,489
17,967
269,700
Net Assets
126,198
92,981
82,093
* Extended year end from 31/12/2014 to 31/3/2015.
186 – 188 HIGH STREET SLOUGH
Asset Management Opportunities The property provides the following asset management opportunities to enhance value: • Create additional accommodation at part 1st and 2nd floor above 188 High Street (LloydsPharmacy) subject to necessary planning consents. • Extend to the rear of the units and create additional retail accommodation. • Obtain change of use on the office accommodation to residential use. Factoring in the impact of Crossrail, house price growth in Slough is forecasted to increase by 45% between 2014 – 2020. • Re-gear the River Island lease. • The River Island lease is outside the 1954 Act. Our client has received an attractive offer on 186 High Street from a national fashion retailer on a new 10 year lease (5 year break) at a rent of £120,000 pa (£74 ZA headline). Further information can be provided upon request.
VAT
Further Information
The property has been elected for VAT purposes. It is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).
For further information or to arrange an inspection please contact:
EPC
Alastair Bird 020 7861 1232 [email protected]
188 High Street has an EPC rating of D (80). 186 High Street has an EPC rating of C (51). Seymour House (Offices) has an EPC Rating of C (75).
Victoria Prew 020 7861 5447 [email protected]
Full copies of the EPC is available upon request.
Knight Frank 55 Baker Street London W1U 8AN United Kingdom
Proposal We are instructed to seek offers in excess of £2,420,000 (Two Million Four Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 8.00%, assuming purchaser’s costs of 5.80%.
www.KnightFrank.com
MISREPRESENTATION ACT: 1. No description or information given by Knight Frank whether or not in these Particulars and whether written or verbal (“information”) about the property or its condition or its value may be relied upon as a statement or representation of fact. Knight Frank have no authority to make any representations and accordingly any information given is entirely without responsibility on the part of the agents or the seller(s) or lessor(s). 2. These particulars do not constitute, nor constitute part of, an offer or contract,nor shall they merge in any offer or contract which may hereafter be made between the sellers or lessors and the recipient of the information. 3. The photographs show only certain parts of the property at the time they were taken. Any areas measurements or distances given are approximate only. 4. Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. These matters must be verified by any intending buyer or lessee. 5. Any buyer or lessee must satisfy himself by inspection or otherwise as to the correctness of any information given. March 2016. Designed & Produced by Creativeworld. Tel: 01282 858200.
Investment summary • Slough is a major commercial centre within the Thames Valley, located approximately 20 miles west of central London. • The construction of Crossrail will reinforce Slough’s position as a major commuter town and transform journey times into London’s main employment centres. • Slough’s town centre regeneration projects includes a £450m new commercial district on a 29 acre site to the north west of the town providing 1,600 new homes by 2020. • 100% prime pitch directly opposite the entrance to the interlinking Queensmere and Observatory Shopping Centres. • The property provides two prominent and attractive modern retail units with office accommodation above 186 High Street providing a total of 13,586 sq ft of accommodation with an 8 space car park to the rear. • 79% of the total income secured against the strong covenants of River Island and LloydsPharmacy. • Asset management opportunities include: obtaining change of use to residential on the office element, creating additional accommodation above 188 High Street and to the rear of the units on the car park and agreeing terms with a national retailer at a reversionary rent on 186 High Street. • We are instructed to seek offers in excess of £2,420,000 (Two Million Four Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 8.00%, assuming purchaser’s costs of 5.80%.
186 – 188 HIGH STREET SLOUGH
22
3
M25 (J15)
5
10
7
15
Reading
17
30
Central London
20
50
5
M3
Sutton 9
Leatherhead
9
Dorking
M25
Reigate
Redhill A22
Stratford
Twyford Reading
Taplow
Maidenhead Burnham Langley
Iver
Hayes & Harlington
West Drayton
Hanwell
Southall
Bond Street
Ealing Broadway West Ealing
Acton Paddington Mainline
Tottenham Court Road
Whitechapel
Maryland
Liverpool Street
Illford
Manor Park
Goodmayes
Seven Kings
Woolwich
Romford
Chadwell Heath
Gidea Park
Harold Wood
Shenfield
Brentwood
Surface Underground
Heathrow Airport
Canary Custom Wharf House 44 minutes
186 – 188 HIGH STREET SLOUGH
Farringdon
Forrest Green
Abbey Wood
Oxted
A1 3 1
3
M20 2
M26
Sevenoaks
6
Crossrail Journey Times Slough
5
7
By 2020, the Western Rail Access to Heathrow (WRAtH) will connect Heathrow Airport to Slough within 6 minutes. Current train services run to London Paddington, with the fastest journey time of 18 minutes. London Heathrow is located approximately 7 miles to the east.
35 minutes
A2
M25
7
30 minutes
Swanley 4
8
Guildford
Tilbury
1a
Dartford A2 A2 2 0
Epsom 10
30 31
Woolwich
1
Aldershot
Croydon A232
M25
A13
A2
6
Slough benefits from excellent road communications being situated between the M4, M40 and the M25 motorways, providing easy access to London and the West Country. The construction of Crossrail will reinforce Slough’s position as a major commuter town and transform journey times. By 2019, Crossrail will provide direct access from Slough to the West End (30 mins) and City of London (37 mins).
Farnborough
CITY
A205
Kingston upon Thames
M25 Woking
4
LONDON
A127
29
A41
HEATHROW
1
28
A12
4
Richmond
11 3
Camberley
6
Brentwood
Chigwell
A22
Heathrow
A4
Staines
Bracknell
11
M11
2 1
3
14 13
10
8
Windsor
A329(M)
12
4
2
A1
6
A2
3
4
8
5
6
5
A40
1 Harrow A40 1 06 4 Uxbridge A
SLOUGH
Enfield
4 2
Maidenhead
Reading
M4
Barnet
M1
2
7
Approx. Drive Time (Mins)
1.5
Windsor
Henleyon-Thames
Watford
Beaconsfield
A3
M4 (J6)
3
Marlow
A3 3
Destination
4
18 17
5
26
25
A2 2
High Wycombe
5
M40
Distance (Miles)
19
A414
M25
24
A1 0
Location
20
Amersham
A23
A4010
6
Slough is a major commercial centre within the Thames Valley. The town is located 3 miles north of Windsor and 17 miles east of Reading and approximately 20 miles west of central London.
2
1
A418
7
A2 4
8
Slough Local Economy Slough is home to 4,600 businesses and is the third most productive town in the UK. It has a highly competitive and dynamic business environment that contributes approximately £8 billion to the National economy. Slough’s town centre regeneration projects include the £450 million Heart of Slough project, that will see an entirely new commercial district on a 29 acre site to the north west of the town providing: 1,600 homes, 70,000 sq ft of office space, a bus station, and a new cultural centre for the town known as “The Curve”. The project is due to complete 2019/2020 and will provide major improvements to the local infrastructure and public realm. Pinewood Studios have also won permission for an ambitious £200 million expansion plan that will see over 1 million sq ft of new stages and workshops built over the next 15 years. Constructed by McAlpine, Pinewood’s plan will make it the biggest studio in the UK.
The construction of Crossrail will reinforce Slough’s position as a major commuter town
186 – 188 HIGH STREET SLOUGH
High per capita spend 4.6% above the Retail PROMIS average at £2,720 per annum
Slough is home to 4,600 businesses and is the third most productive town in the UK
EET STR PAR K
Situation
Description
Located just 500 metres from Slough Railway Station, the property occupies a 100% prime position on the pedestrianised High Street located directly opposite the interlinking Queensmere and Observatory Shopping Centres. The property overlooks a busy public square with a strong leisure offer that leads to the principal entrance to the Queensmere Shopping Centre. Anchored by Debenhams and Primark the 595,500 sq ft Shopping Centres provide a 1,400 space car park with ongoing proposals to re-develop some of the retail accommodation to provide a new façade and residential accommodation. Adjacent retailers include JD Sports and Boots.
The property provides two prominent and attractive modern retail units. 186 High Street is configured over ground, basement and two upper floors whilst 188 High Street is arranged over ground and part first floor. 186 High Street (River Island) is currently arranged to provide sales accommodation at ground and first floor and ancillary accommodation at basement level, whilst the second floor provides separately let office accommodation. 186 High Street (LloydsPharmacy) currently provides sales accommodation at ground floor and ancillary space at first floor level. The first floor is set back from the High Street and provides an excellent opportunity for a purchaser to create additional space at part first and second floor level. In addition, there is an opportunity to extend to the rear of the retail units onto the car park, creating additional retail accommodation.
186 – 188 HIGH STREET SLOUGH
The second floor of 186 High Street provides recently refurbished office accommodation within the following specification: •
Self-contained ground floor entrance
• Passenger lift • Air cooling system • Kitchenette • EPC: C (75) • Private Male and Female WCs • 3 Car Parking spaces accessed via Park Street
Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following areas: Ground Floor Sales Address
ITZA
Ground Floor Ancillary
Basement Ancillary
First Floor Sales
Sq m
Sq ft
Units
Sq m
Sq ft
Sq m
Sq ft
Sq m
Sq ft
9.6
103
188.9
2,033
276.9
2,980
186 High Street
River Island (Retail)
263.1
2,832
1,227
188 High Street
LloydsPharmacy (Retail)
145.1
1,562
738
Seymour House
Zam Zam (Offices)
168
Freehold, as outlined in red on the Ordnance Survey Plan. The property occupies a site of approximately 0.19 acres (0.08 hectares). 30.6m Town Square 176 178
to 1
84
TCBs
186 188
TCBs 190 192
221
30.2m 198
194 196
Post Office
204
TCB to 2
16
5 to 7
218 to 220
Coler idge House
206
9
4 8
ESS 10 12 14
21
16
51
Pegasus Court
49
30m 23
20m
18
20
10m
2nd Floor Offices
Sq ft
Sq m
186 – 188 HIGH STREET SLOUGH
Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:927
Sq ft
639 322.4
Tenure
15
Sq m
59.4
Total
14
First Floor Ancillary
Total
Tenant
3,437
Sq m
Sq ft
738.5
7,948
204.5
2,201
322.4
3,437
1,265.4
13,586
Tenancy Schedule Address
Tenant
Lease Start
Lease Expiry (Break date)
Next Rent Review
Rent Passing (pa)
Comments
186 High Street
River Island Clothing Co. Ltd
01/01/2016
31/12/2017
-
£100,000 (£58.00 ZA)
Outside 1954 Act. Landlord and tenant break option any time during the term with 3 months notice required. Offer from national fashion retailer on 10 year term (5 year break) at a rent of £120,000 pa (£74 ZA headline).
188 High Street
LloydsPharmacy Ltd
22/09/2014
21/09/2024 (22/09/2019)
22/09/2019
£60,000 (£79.15 ZA)
Tenant break option with 6 months notice required.
Second Floor, Seymour House
Zam Zam Educational and Cultural Academy London
02/12/2015
01/12/2020
-
£45,000 (£13.09 psf)
Outside 1954 Act, with 6 month rent deposit and 6 month rent free.
Total
£205,000 pa
Covenant River Island Clothing Co. Limited
LloydsPharmacy Ltd
Zam Zam Educational and Cultural Academy London
River Island Clothing Co. Limited (00636095) is one of the leading high street fashion brands, which operates in a number of worldwide markets. Established in 1948, River Island operates 350 stores across the UK, Ireland and internationally throughout Asia, the Middle East and Europe. The retailer has one of the best multi-platform retail offers, which are increasingly integrated with the in-store offer.
LloydsPharmacy Ltd (00758153) is a British pharmacy company with over 1,600 pharmacies, employing over 17,000 staff and dispensing over 150 million prescription items every year. The company are an undoubted covenant and have a D&B rating of 5A1.
Zam Zam Education is a charity (Charity No. 1161635) with a head office in Maidenhead. The company offers educational courses in maths, languages, IT and business management.
River Island announced a 69.4% increase in pre-tax profits to £149.1m for the year to December 2014, as turnover increased 10.4% to £925.8m. River Island Clothing Company has a D&B financial strength rating of 5A1 based on tangible net worth of £279,600,000 (Dec 014) which represents a minimum risk of business failure. Their accounts are summarised below: 31/12/2014 £ (000’s)
31/12/2013 £ (000’s)
28/12/2012 £ (000’s)
Turnover
890,400
809,500
739,700
Profit (Loss) Before Taxation
145,800
86,100
Net Assets
290,600
243,700
LloydsPharmacy Ltd was formed in 1998 and is a wholly owned subsidiary of Celesio AG, a leading healthcare provider with business across Europe and Brazil. As of July 2015, Lloyd’s (Celesio AG) announced the purchase of all 281 Sainsbury’s pharmacies for £125 million in a deal that transferred all 2,500 Sainsbury’s pharmacy employees to the company. The deal is expected to complete by the end of February 2016. Their accounts are summarised below: 31/03/2015* £ (000’s)
31/03/2013 £ (000’s)
28/12/2012 £ (000’s)
Turnover
2,332,635
1,784,978
1,720,857
93,300
Profit (Loss) Before Taxation
29,852
14,489
17,967
269,700
Net Assets
126,198
92,981
82,093
* Extended year end from 31/12/2014 to 31/3/2015.
186 – 188 HIGH STREET SLOUGH
Asset Management Opportunities The property provides the following asset management opportunities to enhance value: • Create additional accommodation at part 1st and 2nd floor above 188 High Street (LloydsPharmacy) subject to necessary planning consents. • Extend to the rear of the units and create additional retail accommodation. • Obtain change of use on the office accommodation to residential use. Factoring in the impact of Crossrail, house price growth in Slough is forecasted to increase by 45% between 2014 – 2020. • Re-gear the River Island lease. • The River Island lease is outside the 1954 Act. Our client has received an attractive offer on 186 High Street from a national fashion retailer on a new 10 year lease (5 year break) at a rent of £120,000 pa (£74 ZA headline). Further information can be provided upon request.
VAT
Further Information
The property has been elected for VAT purposes. It is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).
For further information or to arrange an inspection please contact:
EPC
Alastair Bird 020 7861 1232 [email protected]
188 High Street has an EPC rating of D (80). 186 High Street has an EPC rating of C (51). Seymour House (Offices) has an EPC Rating of C (75).
Victoria Prew 020 7861 5447 [email protected]
Full copies of the EPC is available upon request.
Knight Frank 55 Baker Street London W1U 8AN United Kingdom
Proposal We are instructed to seek offers in excess of £2,420,000 (Two Million Four Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 8.00%, assuming purchaser’s costs of 5.80%.
www.KnightFrank.com
MISREPRESENTATION ACT: 1. No description or information given by Knight Frank whether or not in these Particulars and whether written or verbal (“information”) about the property or its condition or its value may be relied upon as a statement or representation of fact. Knight Frank have no authority to make any representations and accordingly any information given is entirely without responsibility on the part of the agents or the seller(s) or lessor(s). 2. These particulars do not constitute, nor constitute part of, an offer or contract,nor shall they merge in any offer or contract which may hereafter be made between the sellers or lessors and the recipient of the information. 3. The photographs show only certain parts of the property at the time they were taken. Any areas measurements or distances given are approximate only. 4. Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. These matters must be verified by any intending buyer or lessee. 5. Any buyer or lessee must satisfy himself by inspection or otherwise as to the correctness of any information given. March 2016. Designed & Produced by Creativeworld. Tel: 01282 858200.
