65 king street, whitehaven 100% prime retail investment ... - Realla
64/65 KING STREET, WHITEHAVEN 100% PRIME RETAIL INVESTMENT OPPORTUNITY Sat Nav Ref: CA28 7LA
INVESTMENT SUMMARY • Prime retail investment opportunity in Whitehaven, an attractive retail and tourism centre situated just to the west of the Lake District National Park on the North West coast of England • The subject property is situated in a 100% prime trading position at the junction of King Street and Lowther Street • Let to Burton / Dorothy Perkins Properties Limited (t/a Burton) until January 2021 with surety from Arcadia Group Limited • Unexpired term of 3.5 years • Freehold Total current income: Price: Attractive Net Initial Yield:
2 | Fawcett Mead Whitehaven - 64/65 King Street
£56,860 per annum £484,000 11.25%
Retail property expertise
A68
A189
A7 A75
A75
Newcastle upon Tyne
A69
A69 A75
A1
A68 A75 A596
A19
Situated in a prominent corner trading position at the junction of King Street and Lowther Street
A596 A68
A66 A66
A689 A66
Whithaven
A688 A591 A66 A66
A19 A1
A6 A595 A19
LOCATION
A590 A168 A65 A19
A682 A59
A64
A59 A658
A65 A660
A61 A58
Leeds
A64
A19
Whitehaven is a town and port on the coast of Cumbria. Whitehaven lies equidistant between Cumbria’s two largest settlements, Carlisle and Barrowin-Furness. Whitehaven has a district population of 70,000 people (ONS 2012) and benefits from high levels of tourism due to its close proximity to the Lake District national park. Whitehaven is accessed from the M6 via the A591 from Kendal (Junction 36), the A66 from Penrith (Junction 40) and the A595 from Carlisle to the north (Junction 44). Rail services to Carlisle run from Whitehaven station throughout the day with a journey time of approximately one hour. There are also regular services to London Euston via Carlisle with a fastest journey time of five hours and eight minutes. Whitehaven station is 0.4 miles from the subject property. Whitehaven Marina is one of the principal marinas in the north-west providing a safe harbour with 285 berths.
RETAILING IN WHITEHAVEN Whitehaven’s retail floor space totals approximately 450,000 sq ft (PROMIS). Retailing in Whitehaven is focused on Lowther Street and the pedestrianised King Street. Whitehaven is host to a number of popular retailers, such as:
3 | Fawcett Mead Whitehaven - 64/65 King Street
Retail property expertise
Situated on a prominent corner of King Street SITUATION The property is situated in a prominent corner trading position with frontages onto Lowther Street, King Street and Strand Street. Lowther Street is a main thoroughfare in Whitehaven, it connects the town centre to the wider road network. Nearby retailers include:
DESCRIPTION The property is of traditional construction arranged over two floors with a basement. The ground floor provides retail accommodation while the first floor is used by the tenant for storage. The small basement has separate access via Strand Street.
ACCOMMODATION Fawcett Mead have not measured the subject property, but the vendor provides the following approximate Net Internal Areas: Use Ground Floor
Sales
sq ft
sq m
2,295
213.21
ITZA First Floors
Storage
Basement
Ancillary
Total
4 | Fawcett Mead Whitehaven - 64/65 King Street
1301 units 2,130
197.88
-
-
4,425
411.09
Retail property expertise
TENURE
COVENANT INFORMATION
Freehold
The Arcadia Group Ltd is the foremost high street retailer in the country, with brands including Topshop, Topman, and Miss Selfridge. Furthermore, Arcadia Group employ approximately 45,000 personnel around the world, and trades from over 900 stores. Through the eight major brands and their respective websites, the group is now shipping to 115 countries around the globe.
TENANCY 64/65 King Street is let to Burton/ Dorothy Perkins Properties Limited (with surety from Arcadia Group Limited) on a 10 year lease commencing on the 21st January 2011 and expiring on the 20th January 2021.
The company displays one of the strongest CreditSafe ratings of A-92. The last three annual accounts are summarised as follows: Turnover Pre Tax Profit
The total current rent is £56,860 per annum.
5 | Fawcett Mead Whitehaven - 64/65 King Street
Net Worth
27/08/2016
29/08/2015
30/08/2014
£2,009,788,000
£2,069,267,000
£2,032,940,000
£130,718,000
-£18,106,000
£275,198,000
£2,354,495,000
£2,530,725,000
£2,791,791,000
Retail property expertise
EPC An Energy Performance Certificate is available upon request.
VAT The property has been elected for VAT purposes. 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 £484,000 (Four Hundred and Eighty Four Thousand Pounds) subject to contract and exclusive of VAT, for our clients freehold interest in the subject property. A purchase at this level would reflect a net initial yield of 11.25%, assuming purchasers costs of 4.63%.
FURTHER INFORMATION Jonathan Mills 020 7182 7483 | 07795 333 195 [email protected] Joe Baio 020 7182 7489 | 07515 889 649 [email protected] Charlotte Dawidek 020 7182 7494 | 07738 563 758 [email protected] Philip Parsons 020 7543 6891 [email protected] Tom Hanson 020 7543 6807 [email protected] For indicative purposes only. Title plan available upon request.
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 • Prime retail investment opportunity in Whitehaven, an attractive retail and tourism centre situated just to the west of the Lake District National Park on the North West coast of England • The subject property is situated in a 100% prime trading position at the junction of King Street and Lowther Street • Let to Burton / Dorothy Perkins Properties Limited (t/a Burton) until January 2021 with surety from Arcadia Group Limited • Unexpired term of 3.5 years • Freehold Total current income: Price: Attractive Net Initial Yield:
2 | Fawcett Mead Whitehaven - 64/65 King Street
£56,860 per annum £484,000 11.25%
Retail property expertise
A68
A189
A7 A75
A75
Newcastle upon Tyne
A69
A69 A75
A1
A68 A75 A596
A19
Situated in a prominent corner trading position at the junction of King Street and Lowther Street
A596 A68
A66 A66
A689 A66
Whithaven
A688 A591 A66 A66
A19 A1
A6 A595 A19
LOCATION
A590 A168 A65 A19
A682 A59
A64
A59 A658
A65 A660
A61 A58
Leeds
A64
A19
Whitehaven is a town and port on the coast of Cumbria. Whitehaven lies equidistant between Cumbria’s two largest settlements, Carlisle and Barrowin-Furness. Whitehaven has a district population of 70,000 people (ONS 2012) and benefits from high levels of tourism due to its close proximity to the Lake District national park. Whitehaven is accessed from the M6 via the A591 from Kendal (Junction 36), the A66 from Penrith (Junction 40) and the A595 from Carlisle to the north (Junction 44). Rail services to Carlisle run from Whitehaven station throughout the day with a journey time of approximately one hour. There are also regular services to London Euston via Carlisle with a fastest journey time of five hours and eight minutes. Whitehaven station is 0.4 miles from the subject property. Whitehaven Marina is one of the principal marinas in the north-west providing a safe harbour with 285 berths.
RETAILING IN WHITEHAVEN Whitehaven’s retail floor space totals approximately 450,000 sq ft (PROMIS). Retailing in Whitehaven is focused on Lowther Street and the pedestrianised King Street. Whitehaven is host to a number of popular retailers, such as:
3 | Fawcett Mead Whitehaven - 64/65 King Street
Retail property expertise
Situated on a prominent corner of King Street SITUATION The property is situated in a prominent corner trading position with frontages onto Lowther Street, King Street and Strand Street. Lowther Street is a main thoroughfare in Whitehaven, it connects the town centre to the wider road network. Nearby retailers include:
DESCRIPTION The property is of traditional construction arranged over two floors with a basement. The ground floor provides retail accommodation while the first floor is used by the tenant for storage. The small basement has separate access via Strand Street.
ACCOMMODATION Fawcett Mead have not measured the subject property, but the vendor provides the following approximate Net Internal Areas: Use Ground Floor
Sales
sq ft
sq m
2,295
213.21
ITZA First Floors
Storage
Basement
Ancillary
Total
4 | Fawcett Mead Whitehaven - 64/65 King Street
1301 units 2,130
197.88
-
-
4,425
411.09
Retail property expertise
TENURE
COVENANT INFORMATION
Freehold
The Arcadia Group Ltd is the foremost high street retailer in the country, with brands including Topshop, Topman, and Miss Selfridge. Furthermore, Arcadia Group employ approximately 45,000 personnel around the world, and trades from over 900 stores. Through the eight major brands and their respective websites, the group is now shipping to 115 countries around the globe.
TENANCY 64/65 King Street is let to Burton/ Dorothy Perkins Properties Limited (with surety from Arcadia Group Limited) on a 10 year lease commencing on the 21st January 2011 and expiring on the 20th January 2021.
The company displays one of the strongest CreditSafe ratings of A-92. The last three annual accounts are summarised as follows: Turnover Pre Tax Profit
The total current rent is £56,860 per annum.
5 | Fawcett Mead Whitehaven - 64/65 King Street
Net Worth
27/08/2016
29/08/2015
30/08/2014
£2,009,788,000
£2,069,267,000
£2,032,940,000
£130,718,000
-£18,106,000
£275,198,000
£2,354,495,000
£2,530,725,000
£2,791,791,000
Retail property expertise
EPC An Energy Performance Certificate is available upon request.
VAT The property has been elected for VAT purposes. 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 £484,000 (Four Hundred and Eighty Four Thousand Pounds) subject to contract and exclusive of VAT, for our clients freehold interest in the subject property. A purchase at this level would reflect a net initial yield of 11.25%, assuming purchasers costs of 4.63%.
FURTHER INFORMATION Jonathan Mills 020 7182 7483 | 07795 333 195 [email protected] Joe Baio 020 7182 7489 | 07515 889 649 [email protected] Charlotte Dawidek 020 7182 7494 | 07738 563 758 [email protected] Philip Parsons 020 7543 6891 [email protected] Tom Hanson 020 7543 6807 [email protected] For indicative purposes only. Title plan available upon request.
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
