devizes â 30 the brittox prime retail investment
DEVIZES – 30 THE BRITTOX PRIME RETAIL INVESTMENT Sat Nav Ref: SN10
INVESTMENT SUMMARY • Devizes is an attractive and popular market town • 100% prime trading position on The Brittox • Well configured shop • Let to “Very Low Risk” covenant, The Works Stores Ltd • Income of £43,000 pa from the shop and £6,900 pa from the self-contained flat • The building has recently been comprehensively refurbished • Asking price of £825,000, which reflects 6% on the retail income and £110,000 on the flat • The vendor may consider selling the shop in isolation
2 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
A40
A10
A40 A4042
A417 A41 A449
A420
A429
A413
A419 A419
A404
A406 A40
LONDON
A4
Bristol Bath
A33
Devizes
A36
A3 A339
A361
A303 A36
A39 A350 A303
A22
A31
A303 A34
Salisbury A36 A354
A3
A23 A272
A272
A358 A303
A37
A31
A338
A35 A35
LOCATION Devizes is an historic market town in the heart of Wiltshire, approximately 20 miles to the east of Bath. The town has a population of 36,457 within 5 miles (Costar). Visitors are also attracted to the area, particularly to the Wadworth Brewery, Wiltshire Museum and the Kennet and Avon Canal, including the 18th Century Caen Hill flight of 29 locks leading up to Devizes.
RETAILING IN DEVIZES The town has a loyal local catchment, with the nearest competing retail centres being Marlborough (approximately 15 miles away), Trowbridge (12 miles) and Chippenham (12 miles). Major stores in the town centre include Marks and Spencer Simply Food, Sainsburys, Boots, Poundland and Wilko. The retail offering is centred around The Brittox which adjoins Market Place, where a number of banks are located, together with Pizza Express, a second Costa store (in addition to The Brittox store) and a number of quality local independent operators.
3 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
SITUATION The property is situated in the 100% prime location on pedestrianised The Brittox. Nearby occupiers include:
ACCOMMODATION Floor
sq ft
Ground Floor Sales
1,298
ITZA
DESCRIPTION The property is of traditional construction with rendered elevations under a pitched slate roof and a brick built ground floor extension under a pitched roof to the rear. It is Grade II Listed. The property benefits from rear loading facilities via a shared service yard.
747
Basement Ancillary
Not accessed
First Floor Ancillary
545
Second Floor
Flat with separate access - not measured 1,843
The building has recently been refurbished prior to the letting of the shops and flat.
4 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
TENURE The entire property is held on a 999 year lease from 12 August 2003 at a peppercorn rent. The freeholder owns Old Swan Yard, at the rear of the property.
TENANCIES The ground and part first floor is let on effective full repairing and insuring terms to The Works Stores Limited for a 10 years from 13th March 2017, expiring 12th March 2027, at a rent of £43,000 per annum. The basement is subject to a photographic schedule of condition and the tenant is not required to put this in any better state that it is at present There is a tenant option to break on 12 March 2022 and a rent review on 13 March 2022. A 9 month rent free period was granted, which will be topped up by the vendor. The second floor flat has recently been let on an Assured Shorthold Tenancy at £575 pcm. There is a service charge provision covering common parts of the adjacent Old Swan Yard. For the 2016/17 the budget cost is £2,250 + VAT. The Works pay 72% of the service charge and insurance premium with the remainder attributed to the flat and the responsibility of the landlord.
COVENANT INFORMATION The Works stock books, toys, gifts, stationary and crafts at discount prices. The company was founded in 1981 and now trade from approximately 385 stores across the UK. In the past three years they have reported the following figures in their annual accounts: Turnover Pre Tax Profit Shareholders Funds
01/05/2016
26/04/2015
27/04/2014
£154,398,000
£141,684,000
£127,960,000
£9,796,000
£6,702,000
£5,838,000
£20,080,000
£18,684,000
£12,144,000
The Company has a Creditsafe Rating of “Very Low Risk”.
5 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
6 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
Experian Goad P
EPC An Energy Performance Certificate is available upon request.
VAT We understand that the property is elected for VAT and it is proposed that the transaction will be dealt with as a Transfer of a Going Concern.
PROPOSAL We are instructed to seek £825,000 (Eight hundred and twenty five thousand pounds), Subject to Contract and exclusive of VAT. A purchase at this level will reflects a net initial yield of 6% on the retail income and a capital value of £110,000 for the flat, after purchaser’s costs at 5.45%. The vendor may consider selling the shop in isolation.
FURTHER INFORMATION For further information or to arrange an inspection, please contact the sole agent: Craig Cawthorne 0117 9732 502 0781 1141 407 [email protected] Richard Bashford 0207 182 7497 07774 619204 [email protected] 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 • Devizes is an attractive and popular market town • 100% prime trading position on The Brittox • Well configured shop • Let to “Very Low Risk” covenant, The Works Stores Ltd • Income of £43,000 pa from the shop and £6,900 pa from the self-contained flat • The building has recently been comprehensively refurbished • Asking price of £825,000, which reflects 6% on the retail income and £110,000 on the flat • The vendor may consider selling the shop in isolation
2 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
A40
A10
A40 A4042
A417 A41 A449
A420
A429
A413
A419 A419
A404
A406 A40
LONDON
A4
Bristol Bath
A33
Devizes
A36
A3 A339
A361
A303 A36
A39 A350 A303
A22
A31
A303 A34
Salisbury A36 A354
A3
A23 A272
A272
A358 A303
A37
A31
A338
A35 A35
LOCATION Devizes is an historic market town in the heart of Wiltshire, approximately 20 miles to the east of Bath. The town has a population of 36,457 within 5 miles (Costar). Visitors are also attracted to the area, particularly to the Wadworth Brewery, Wiltshire Museum and the Kennet and Avon Canal, including the 18th Century Caen Hill flight of 29 locks leading up to Devizes.
RETAILING IN DEVIZES The town has a loyal local catchment, with the nearest competing retail centres being Marlborough (approximately 15 miles away), Trowbridge (12 miles) and Chippenham (12 miles). Major stores in the town centre include Marks and Spencer Simply Food, Sainsburys, Boots, Poundland and Wilko. The retail offering is centred around The Brittox which adjoins Market Place, where a number of banks are located, together with Pizza Express, a second Costa store (in addition to The Brittox store) and a number of quality local independent operators.
3 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
SITUATION The property is situated in the 100% prime location on pedestrianised The Brittox. Nearby occupiers include:
ACCOMMODATION Floor
sq ft
Ground Floor Sales
1,298
ITZA
DESCRIPTION The property is of traditional construction with rendered elevations under a pitched slate roof and a brick built ground floor extension under a pitched roof to the rear. It is Grade II Listed. The property benefits from rear loading facilities via a shared service yard.
747
Basement Ancillary
Not accessed
First Floor Ancillary
545
Second Floor
Flat with separate access - not measured 1,843
The building has recently been refurbished prior to the letting of the shops and flat.
4 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
TENURE The entire property is held on a 999 year lease from 12 August 2003 at a peppercorn rent. The freeholder owns Old Swan Yard, at the rear of the property.
TENANCIES The ground and part first floor is let on effective full repairing and insuring terms to The Works Stores Limited for a 10 years from 13th March 2017, expiring 12th March 2027, at a rent of £43,000 per annum. The basement is subject to a photographic schedule of condition and the tenant is not required to put this in any better state that it is at present There is a tenant option to break on 12 March 2022 and a rent review on 13 March 2022. A 9 month rent free period was granted, which will be topped up by the vendor. The second floor flat has recently been let on an Assured Shorthold Tenancy at £575 pcm. There is a service charge provision covering common parts of the adjacent Old Swan Yard. For the 2016/17 the budget cost is £2,250 + VAT. The Works pay 72% of the service charge and insurance premium with the remainder attributed to the flat and the responsibility of the landlord.
COVENANT INFORMATION The Works stock books, toys, gifts, stationary and crafts at discount prices. The company was founded in 1981 and now trade from approximately 385 stores across the UK. In the past three years they have reported the following figures in their annual accounts: Turnover Pre Tax Profit Shareholders Funds
01/05/2016
26/04/2015
27/04/2014
£154,398,000
£141,684,000
£127,960,000
£9,796,000
£6,702,000
£5,838,000
£20,080,000
£18,684,000
£12,144,000
The Company has a Creditsafe Rating of “Very Low Risk”.
5 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
6 | Fawcett Mead Devizes – 30 The Brittox
Retail property expertise
Experian Goad P
EPC An Energy Performance Certificate is available upon request.
VAT We understand that the property is elected for VAT and it is proposed that the transaction will be dealt with as a Transfer of a Going Concern.
PROPOSAL We are instructed to seek £825,000 (Eight hundred and twenty five thousand pounds), Subject to Contract and exclusive of VAT. A purchase at this level will reflects a net initial yield of 6% on the retail income and a capital value of £110,000 for the flat, after purchaser’s costs at 5.45%. The vendor may consider selling the shop in isolation.
FURTHER INFORMATION For further information or to arrange an inspection, please contact the sole agent: Craig Cawthorne 0117 9732 502 0781 1141 407 [email protected] Richard Bashford 0207 182 7497 07774 619204 [email protected] 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
