70 bridge street, worksop 100% prime ... - Realla
2/6 BRIDGE STREET & 68/70 BRIDGE STREET, WORKSOP 100% PRIME MULTI-LET RETAIL INVESTMENT Sat Nav Ref: CA28 7LA
INVESTMENT SUMMARY • Worksop is a popular market town in Nottinghamshire • 100% prime trading position on the pedestrianised Bridge Street • Let to Ryman, Halifax, Game and Vodafone with a WAULT of 4.50 years to expiry • Freehold Total current income: £116,000 per annum Price: £1,500,000 Net Initial Yield: 7.30%
2 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Retail property expertise
A1079
Leeds A63
A1041
100% prime trading position on the pedestrianised Bridge Street
A19 A1
A663
A15
A628 A1173
A56 A580
A616
Manchester
A638 A46 A1103
Sheffield
LOCATION
A156 A15
Worksop
A61
A623
A46
Worksop is a market town located in north Nottinghamshire, located approximately 24 miles north west of Nottingham, 46 miles south east of Leeds, 56 miles south east of Manchester and 19 miles south east of Sheffield.
A614
A34 A523
A1
A515
A53
A15
A46 A6
A60 A17
A500 A38 A52 A610
The town is well connected to the national road network, with the A57 providing direct access to the M1 motorway via Junctions 30 and 31. Worksop Railway Station is located on Carlton Road, in immediate walking distance to the subject property. The station provides regular services to Lincoln (52 minutes), Sheffield (33 minutes) and Nottingham (55 minutes). The nearest international airport to the town is Robin Hood Airport Doncaster Sheffield, situated 13 miles to the north. The airport offers services to approximately 50 locations across the globe.
DEMOGRAPHICS Worksop has a population of 41,820 (Source: UK Census Data) and has an affluent catchment, with approximately 42.7% of residents employed in managerial, associate or administrative occupations. Furthermore, 69.9% of households either own outright or own with a mortgage their primary residence in Worksop, this compares favourably to the national average of 64.8% (Source: UK Census Data).
3 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Retail property expertise
Worksop is a popular market town in Nottinghamshire SITUATION The properties occupy a 100% prime trading position in between the two main entrances to the Priory Shopping Centre. Retailers in the immediate vicinity include:
ACCOMMODATION Fawcett Mead have not measured the subject property. The vendor provides the following approximate Net Internal Areas: 2 Bridge Street Ground Floor (ITZA) First Floor 2-6 Bridge Street Ground Floor (ITZA) First Floor
DESCRIPTION 2-6 Bridge Street – the property comprises a highly prominent corner location at the junction of the pedestrianised Bridge Street and Central Avenue. The property is built over three storeys, with the ground floor benefitting from a full-height glazed frontage. 68-70 Bridge Street – the property comprises an attractive two storey building of mock Tudor design. The property benefits from a full-height glazed frontage onto the pedestrianised Bridge Street.
4 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Second Floor 68 Bridge Street Ground Floor (ITZA) First Floor 70 Bridge Street Ground Floor (ITZA) First Floor
sq ft (NIA) 699 units 1,230 sq ft (NIA) 1,621 units 2,334 1,235 sq ft (NIA) 509 units 458 sq ft (NIA) 717 units 394
Retail property expertise
TENURE Freehold
TENANCY The properties are let as follows:
2 Bridge Street is let to Partners the Stationers (t/a Rymans) on a FRI lease for a term of five years commencing on 28th July 2014 and expiring on 27th July 2019. The current passing rent is £28,000 per annum.
2-6 Bridge Street is let to Bank of Scotland Plc (t/a Halifax) on a FRI lease for a term of ten years commencing on 29th May 2014 and expiring on 28th May 2024. There is a tenant only break option on 29th May 2019. The current passing rent is £57,500 per annum.
68 Bridge Street is let to Vodafone Ltd (t/a Vodafone) on a FRI lease for a term of five years commencing on 2nd December 2015 and expiring on 1st December 2020. There is a tenant only break option on 2nd December 2018. The current passing rent is £20,500 per annum.
70 Bridge Street is let to Game Retail Ltd (t/a Game) on a FRI lease on a new one year lease commencing 24th June 2017. The current passing rent is £10,000 per annum. The Landlord is able to break on or after 24th September 2017 by giving 3 months notice (but not a break date which falls in the months of November, December and January) the Tenant is able to break on or after 24th December 2017 by giving 3 months notice’. The total current rent is £116,000 per annum.
5 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Retail property expertise
COVENANT INFORMATION Partners the Stationers have published the following results in their last three annual accounts:
Turnover Pre Tax Profit Net Worth
26/03/2016
28/03/2015
29/03/2014
£127,661,000
£131,005,000
£130,622,000
£8,052,000
£7,918,000
£7,673,000
£48,693,000
£44,382,000
£41,439,000
Bank of Scotland Plc have published the following results in their last three annual accounts 31/12/2016
31/12/2015
31/12/2014
Turnover
£11,091,000,000
£11,457,000,000
£13,192,000,000
Pre Tax Profit
£3,395,000,000
£2,653,000,000
£3,400,000,000
£13,330,000,000
£14,684,000,000
£20,910,000,000
Net Worth
Vodafone Ltd have published the following results in their last three annual accounts: 31/03/2016
31/03/2015
31/03/2014
Turnover
£6,183,500,000
£6,294,200,000
£6,969,200,000
Pre Tax Profit
-£636,800,000
-£621,000,000
-£304,800,000
£3,506,200,000
-£2,574,100,000
-£1,658,000,000
Net Worth
Game Retail Ltd have published the following results in their last three annual accounts:
Turnover Pre Tax Profit Net Worth
30/07/2016
25/07/2015
26/07/2014
£583,890,000
£651,828,000
£644,664,000
£6,868,000
£23,888,000
-£14,235,000
£72,104,000
£28,746,000
£23,532,000
6 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Retail property expertise
EPC Energy Performance Certificates are 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 have been instructed to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT for our client’s freehold interest in the subject property. A purchase at this level would reflect a net initial yield of 7.30%, assuming purchasers costs of 6.10%.
FURTHER INFORMATION Jonathan Mills 020 7182 7483 | 07795 333 195 [email protected] Tom Heptonstall 020 7182 7484 | 07714 255 245 [email protected] Joe Baio 020 7182 7489 | 07515 889 649 [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 • Worksop is a popular market town in Nottinghamshire • 100% prime trading position on the pedestrianised Bridge Street • Let to Ryman, Halifax, Game and Vodafone with a WAULT of 4.50 years to expiry • Freehold Total current income: £116,000 per annum Price: £1,500,000 Net Initial Yield: 7.30%
2 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Retail property expertise
A1079
Leeds A63
A1041
100% prime trading position on the pedestrianised Bridge Street
A19 A1
A663
A15
A628 A1173
A56 A580
A616
Manchester
A638 A46 A1103
Sheffield
LOCATION
A156 A15
Worksop
A61
A623
A46
Worksop is a market town located in north Nottinghamshire, located approximately 24 miles north west of Nottingham, 46 miles south east of Leeds, 56 miles south east of Manchester and 19 miles south east of Sheffield.
A614
A34 A523
A1
A515
A53
A15
A46 A6
A60 A17
A500 A38 A52 A610
The town is well connected to the national road network, with the A57 providing direct access to the M1 motorway via Junctions 30 and 31. Worksop Railway Station is located on Carlton Road, in immediate walking distance to the subject property. The station provides regular services to Lincoln (52 minutes), Sheffield (33 minutes) and Nottingham (55 minutes). The nearest international airport to the town is Robin Hood Airport Doncaster Sheffield, situated 13 miles to the north. The airport offers services to approximately 50 locations across the globe.
DEMOGRAPHICS Worksop has a population of 41,820 (Source: UK Census Data) and has an affluent catchment, with approximately 42.7% of residents employed in managerial, associate or administrative occupations. Furthermore, 69.9% of households either own outright or own with a mortgage their primary residence in Worksop, this compares favourably to the national average of 64.8% (Source: UK Census Data).
3 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Retail property expertise
Worksop is a popular market town in Nottinghamshire SITUATION The properties occupy a 100% prime trading position in between the two main entrances to the Priory Shopping Centre. Retailers in the immediate vicinity include:
ACCOMMODATION Fawcett Mead have not measured the subject property. The vendor provides the following approximate Net Internal Areas: 2 Bridge Street Ground Floor (ITZA) First Floor 2-6 Bridge Street Ground Floor (ITZA) First Floor
DESCRIPTION 2-6 Bridge Street – the property comprises a highly prominent corner location at the junction of the pedestrianised Bridge Street and Central Avenue. The property is built over three storeys, with the ground floor benefitting from a full-height glazed frontage. 68-70 Bridge Street – the property comprises an attractive two storey building of mock Tudor design. The property benefits from a full-height glazed frontage onto the pedestrianised Bridge Street.
4 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Second Floor 68 Bridge Street Ground Floor (ITZA) First Floor 70 Bridge Street Ground Floor (ITZA) First Floor
sq ft (NIA) 699 units 1,230 sq ft (NIA) 1,621 units 2,334 1,235 sq ft (NIA) 509 units 458 sq ft (NIA) 717 units 394
Retail property expertise
TENURE Freehold
TENANCY The properties are let as follows:
2 Bridge Street is let to Partners the Stationers (t/a Rymans) on a FRI lease for a term of five years commencing on 28th July 2014 and expiring on 27th July 2019. The current passing rent is £28,000 per annum.
2-6 Bridge Street is let to Bank of Scotland Plc (t/a Halifax) on a FRI lease for a term of ten years commencing on 29th May 2014 and expiring on 28th May 2024. There is a tenant only break option on 29th May 2019. The current passing rent is £57,500 per annum.
68 Bridge Street is let to Vodafone Ltd (t/a Vodafone) on a FRI lease for a term of five years commencing on 2nd December 2015 and expiring on 1st December 2020. There is a tenant only break option on 2nd December 2018. The current passing rent is £20,500 per annum.
70 Bridge Street is let to Game Retail Ltd (t/a Game) on a FRI lease on a new one year lease commencing 24th June 2017. The current passing rent is £10,000 per annum. The Landlord is able to break on or after 24th September 2017 by giving 3 months notice (but not a break date which falls in the months of November, December and January) the Tenant is able to break on or after 24th December 2017 by giving 3 months notice’. The total current rent is £116,000 per annum.
5 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Retail property expertise
COVENANT INFORMATION Partners the Stationers have published the following results in their last three annual accounts:
Turnover Pre Tax Profit Net Worth
26/03/2016
28/03/2015
29/03/2014
£127,661,000
£131,005,000
£130,622,000
£8,052,000
£7,918,000
£7,673,000
£48,693,000
£44,382,000
£41,439,000
Bank of Scotland Plc have published the following results in their last three annual accounts 31/12/2016
31/12/2015
31/12/2014
Turnover
£11,091,000,000
£11,457,000,000
£13,192,000,000
Pre Tax Profit
£3,395,000,000
£2,653,000,000
£3,400,000,000
£13,330,000,000
£14,684,000,000
£20,910,000,000
Net Worth
Vodafone Ltd have published the following results in their last three annual accounts: 31/03/2016
31/03/2015
31/03/2014
Turnover
£6,183,500,000
£6,294,200,000
£6,969,200,000
Pre Tax Profit
-£636,800,000
-£621,000,000
-£304,800,000
£3,506,200,000
-£2,574,100,000
-£1,658,000,000
Net Worth
Game Retail Ltd have published the following results in their last three annual accounts:
Turnover Pre Tax Profit Net Worth
30/07/2016
25/07/2015
26/07/2014
£583,890,000
£651,828,000
£644,664,000
£6,868,000
£23,888,000
-£14,235,000
£72,104,000
£28,746,000
£23,532,000
6 | Fawcett Mead Worksop - 2/6 Bridge Street & 68/70 Bridge Street
Retail property expertise
EPC Energy Performance Certificates are 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 have been instructed to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT for our client’s freehold interest in the subject property. A purchase at this level would reflect a net initial yield of 7.30%, assuming purchasers costs of 6.10%.
FURTHER INFORMATION Jonathan Mills 020 7182 7483 | 07795 333 195 [email protected] Tom Heptonstall 020 7182 7484 | 07714 255 245 [email protected] Joe Baio 020 7182 7489 | 07515 889 649 [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
