Reigate - Hurst Warne
FOR SALE
Reigate
PRIME SELF-CONTAINED RETAIL INVESTMENT
2,240 sq ft (208 sq m) 20-22 High Street, Reigate, Surrey RH2 9AY
20-22 High Street, Reigate, Surrey RH2 9AY
Investment Highlights
• • • • •
Prime location in Reigate High Street
Fully repairing lease to Fat Face Limited until 2024 Reversionary passing rent of £58,000 pax Attractive Net Initial yield of 5.5%
Possible residential conversion of upper parts
Location
The premises are located in Reigate which is a thriving commuter town 24 miles south west of central London and 6 miles north of Gatwick Airport.
The M25 motorway (junction 8) is approximately 2 miles to the north which provides direct access to the national motorway network.
There is an excellent retail offering within the town. Nearby retailers include Café Nero, Simply Sports, Boots the Chemist, Pizza Express, Clinton Cards and Specsavers. Marks & Spencer Simply Food and Morrisons supermarket are located close by. Reigate’s population is circa 50,000 and under the Mosaic Consumer Classification the town shows a rating of 17.89 under symbols of success (national average 9.7).
Description
The premises comprise a double fronted self-contained retail unit benefiting from substantial first floor storage/sales area. Internally, the shop benefits from a wooden framed glazed windows, suspended ceiling, recessed lighting and rear pedestrian access. We have been informed by the Local Planning Authority that the premises are not Listed but are in a Conservation Area.
Accommodation (Approx. net internal) Ground floor retail First floor
Total
Sq ft
1,386
854
2,240
Sq m
128.76
79.34
208.10
Leatherhead 01372 360190 Fleet 01252 816061 Woking 01483 866052 Redhill 01737 852222 Agency • Investment • Development • Asset Management • Landlord & Tenant
Follow us on twitter @hurst_warne
20-22 High Street, Reigate, Surrey RH2 9AY
THAI DINING
RUSH RESTAURANT HAIRDRESSING
CHEMIST
BOOTS
JONES BOOTMAKER
SHOES
ATTIC L ACCESS
PENELOP E RED JW LR
ENT
2
4
4A
6
ERO CAFFE N OP SH COFFEE
BHF R SH CHA
GERRARDS MENS WEAR
DREAMS
TD A HU PIZZ AWAY TAKE
13
BEDS & BEDDING
BENEFIT COSMETICS HLTH&BEA
GEDO L/WR
MR SNOB SHOE REP
`S RINE ATHE ST. C ICE P P HOS SHO RITY CHA ELIV
11
& TEL
N VISIO ESS R EXP CIAN I OPT
9
ERS LEADT AG ES
6
3-4
1-3
UK AGE R SH CHA S
E ELLI SOR A & GL N CHI
15
8
DER LEN DELI CUL
Z FILL E CAF
17
E KW PAR S E SHO U
1 19 2
BELL
8-1
GA
THE HEA
N ES K JAM ART DEP T (2 RE
8 - 10
N`S DRE CHIL THE ETY I P SOC ITY SHO R CHA
7
SPECSAVERS OPTICIAN
5
2
REIGATE ARMS SPTS GDS
7
RT ROBE H LEEC G EST A
WHSMITH
S BETWEE N THE LIN ES GIFTS
7A NEWSAGENT & BOOKS
WHISTLE
11A TONI & GUY HAIRDRESSING
THE CAGE WINE BAR
STORE
MORRISONS DRY CLEANING
CARPETRIGHT
INSIDE OUT HEALTH FD
13 CARPETS & FLOORING
PIZZAEXPRESS
NNECT
15 RESTAURANT
NICKY C FURN
17 ROBERT ASHWORTH
19
MENS WEAR
CAGE YARD
COSTA COFFEE SHOP
21 - 23
BREWERY YARD 19A 19B
5-6
25
NATWEST
ROBERT ASHWORTH LADIES WEAR
27 - 29
1ST STOP STATIONERS
31
CLINTON
JWLR
37 33 - 35
BANK
LIME BLUE
MARKET SQUARE 39
CARDS & GIFTS
PURE CO
41 - 43
5
45
MARTIN`S CTN & POST PO OFFICE
JIGSAW
AYS BARCL K BAN
3
45A
TRE CEN ING IP HEAR DS&EQU ATE BG REIG DISA
1B
1
47
5
3
1
SE 47A
F SE O HOU ING D BUIL INT OR DEC
SED CLO
D SHE THE OLD SEH S HOU GOOD
8 - 10
UGE E RO NT CAF A AUR EST CH R
TSB YDS LLO K BAN
NE PHO E CAR S THE REHOU L TE WA
12
SIX IES & LAD EAR SW MEN
18
20 - 22
14
16
THE REE ON T LEM T SHOP GIF
24
R THE TRU HAIR ANS
26
CH @ MUN LANS GH COU BAKER
28
UE CTIQ N SPE ICIA OPT
30
C HSB K BAN
32
BUSTER BLOCK VID RENT
38 38A 34 - 36
WHITE & SONS ESTATE AGENT
40
SANTANDER BANK
42A
42
SIMPLY SPORTS SPORTS GOODS
44
DANIELS JEWELLER
46 - 50
LA FEMME LADIES WEAR
ASK ITALIAN REST
4B
EL HOT KET SE MAR HOU THE LIC PUB
ANS ARIT SAM HOP ITY S CHAR
WALK
N FRE
NEL ROAD
DWG
O RGE GO DECO INT
BE THE
Leatherhead 01372 360190 Fleet 01252 816061 Woking 01483 866052 Redhill 01737 852222 Agency • Investment • Development • Asset Management • Landlord & Tenant
Follow us on twitter @hurst_warne
20-22 High Street, Reigate, Surrey RH2 9AY Tenure & Title Information
The premises are held freehold under the following Title Numbers:
• SY233890 • SY47682 • SY578937
The titles can be seen at www.hurstwarne.co.uk
Tenancy Information
The entire premises are let to Fat Face Limited (company registration number 02954734) on the following principal terms: • • • • • • •
Lease Dated - 26/06/2014 Term – 10 years from 27/06/2014 expiring 26/06/2024 Annual Rental - £58,000 per annum, exclusive (paid monthly in advance) Rent Review – Upward only on the 27/06/2019 to an open market level Repairs – Fully repairing & insuring Permitted Use – Class A1 (Retail) 1954 Landlord & Tenant Act – The lease is held within the security of tenure provisions
Full lease documentation can be found at www.hurstwarne.co.uk
Recent Transactions on Reigate Include
• 47 High Street was let in July 2014 to Pure Connect at circa £78 per sq ft ITZA • Paperchase (51 High Street) was let in 2013 at circa £77 per sq ft ITZA • 41/43 High Street was let in June 2014 at circa £70 per sq ft ITZA
Covenant Information
Fat Face Limited provide an excellent covenant. In the year ending 31/05/2014 revenue was £200m with a pre-tax profit of £18.737m. Tangible net worth is £87.165m and the net worth of the company is £77.811m. All these figures have been up year on year. In their December 2014 Trading Update (published Jan 2015) they state:
• Total month sales up 13% on last year • Retail like for like sales up 5% • E-commerce sales growth of 25% vs. December 2013
Further information together with key financials on Fat Face Limited can be found on their website at www.fatfacecorporate.com Dun & Bradstreet rate the company as 5A 1 (see the www.hurstwarne.co.uk for a compact D&B report).
Investment Commentary
The Reigate retail market is extremely strong and has remained so through the recession. Demand continues to be good with multiple retailers seeking to take space in the town.
The current rent of £58,000 per annum breaks back to approximately £55 per sq ft ITZA which is reversionary.
Leatherhead 01372 360190 Fleet 01252 816061 Woking 01483 866052 Redhill 01737 852222 Agency • Investment • Development • Asset Management • Landlord & Tenant
Follow us on twitter @hurst_warne
20-22 High Street, Reigate, Surrey RH2 9AY
Leatherhead 01372 360190 Fleet 01252 816061 Woking 01483 866052 Redhill 01737 852222 Agency • Investment • Development • Asset Management • Landlord & Tenant
Follow us on twitter @hurst_warne
20-22 High Street, Reigate, Surrey RH2 9AY
Energy Performance Certificate
Proposal
Offers sought for the freehold in excess of £995,000
Approximate net initial yield 5.5% (net of purchaser’s costs at 5.8%). Subject to Contract and exclusive of VAT.
VAT
The property is elected for VAT and the sale can be structured as a transfer of a going concern.
Contact
$% % &% %' ()% % ' ' % % * + *
% ( $% , & '%- % , ' . ,, , &'
,, , / ' ($% + % & ,%
%0 +1&'&&&( ( +(-2,'(
$$
Nic Pocknall 01372 360190 07770 416219 [email protected] Will Gelder 01737 852222 07917 569111 [email protected]
! %
& '$
SUBJECT TO CONTRACT Prices & rentals are subject to VAT where applicable Misrepresentation Act: Hurst Warne and their joint Agents, where applicable, for themselves and for the vendors or lessors of this property for whom they act, give notice that (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole part of an offer or contract; (ii) the agents cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) no employee of the agents has any authority to make any representation or warranty to enter into any contract whatever in relation to the property; (iv) prices/rents quoted in these particulars may be subject to VAT in addition; and (v) the agents will not be liable in negligence or otherwise, for any loss arising from the use of these particulars. Code of Practice for Commercial Leases - The Code of Practice on Commercial Leases in England and Wales recommends you seek professional advice before agreeing a business tenancy. The Code is available through the website www.commercialleasecode.co.uk
Our Leatherhead, Fleet, Woking & Redhill regional offices cover Kent, Surrey, Hampshire, Berkshire & the South West M25 323 Kingston Road, Leatherhead, Surrey KT22 7TU T 01372 360190 E [email protected]
Victoria House, 18-22 Albert Street Fleet, Hampshire GU51 3RJ T 01252 816061 E [email protected]
Elizabeth House, Duke Street, Woking, Surrey GU21 5AS T 01483 866052 E [email protected]
Abbey House, 25 Clarendon Road, Redhill, Surrey RH1 1QZ T 01737 852222 E [email protected]
1688-HW/RH2 9AY/03.15
Follow us on twitter @hurst_warne
Reigate
PRIME SELF-CONTAINED RETAIL INVESTMENT
2,240 sq ft (208 sq m) 20-22 High Street, Reigate, Surrey RH2 9AY
20-22 High Street, Reigate, Surrey RH2 9AY
Investment Highlights
• • • • •
Prime location in Reigate High Street
Fully repairing lease to Fat Face Limited until 2024 Reversionary passing rent of £58,000 pax Attractive Net Initial yield of 5.5%
Possible residential conversion of upper parts
Location
The premises are located in Reigate which is a thriving commuter town 24 miles south west of central London and 6 miles north of Gatwick Airport.
The M25 motorway (junction 8) is approximately 2 miles to the north which provides direct access to the national motorway network.
There is an excellent retail offering within the town. Nearby retailers include Café Nero, Simply Sports, Boots the Chemist, Pizza Express, Clinton Cards and Specsavers. Marks & Spencer Simply Food and Morrisons supermarket are located close by. Reigate’s population is circa 50,000 and under the Mosaic Consumer Classification the town shows a rating of 17.89 under symbols of success (national average 9.7).
Description
The premises comprise a double fronted self-contained retail unit benefiting from substantial first floor storage/sales area. Internally, the shop benefits from a wooden framed glazed windows, suspended ceiling, recessed lighting and rear pedestrian access. We have been informed by the Local Planning Authority that the premises are not Listed but are in a Conservation Area.
Accommodation (Approx. net internal) Ground floor retail First floor
Total
Sq ft
1,386
854
2,240
Sq m
128.76
79.34
208.10
Leatherhead 01372 360190 Fleet 01252 816061 Woking 01483 866052 Redhill 01737 852222 Agency • Investment • Development • Asset Management • Landlord & Tenant
Follow us on twitter @hurst_warne
20-22 High Street, Reigate, Surrey RH2 9AY
THAI DINING
RUSH RESTAURANT HAIRDRESSING
CHEMIST
BOOTS
JONES BOOTMAKER
SHOES
ATTIC L ACCESS
PENELOP E RED JW LR
ENT
2
4
4A
6
ERO CAFFE N OP SH COFFEE
BHF R SH CHA
GERRARDS MENS WEAR
DREAMS
TD A HU PIZZ AWAY TAKE
13
BEDS & BEDDING
BENEFIT COSMETICS HLTH&BEA
GEDO L/WR
MR SNOB SHOE REP
`S RINE ATHE ST. C ICE P P HOS SHO RITY CHA ELIV
11
& TEL
N VISIO ESS R EXP CIAN I OPT
9
ERS LEADT AG ES
6
3-4
1-3
UK AGE R SH CHA S
E ELLI SOR A & GL N CHI
15
8
DER LEN DELI CUL
Z FILL E CAF
17
E KW PAR S E SHO U
1 19 2
BELL
8-1
GA
THE HEA
N ES K JAM ART DEP T (2 RE
8 - 10
N`S DRE CHIL THE ETY I P SOC ITY SHO R CHA
7
SPECSAVERS OPTICIAN
5
2
REIGATE ARMS SPTS GDS
7
RT ROBE H LEEC G EST A
WHSMITH
S BETWEE N THE LIN ES GIFTS
7A NEWSAGENT & BOOKS
WHISTLE
11A TONI & GUY HAIRDRESSING
THE CAGE WINE BAR
STORE
MORRISONS DRY CLEANING
CARPETRIGHT
INSIDE OUT HEALTH FD
13 CARPETS & FLOORING
PIZZAEXPRESS
NNECT
15 RESTAURANT
NICKY C FURN
17 ROBERT ASHWORTH
19
MENS WEAR
CAGE YARD
COSTA COFFEE SHOP
21 - 23
BREWERY YARD 19A 19B
5-6
25
NATWEST
ROBERT ASHWORTH LADIES WEAR
27 - 29
1ST STOP STATIONERS
31
CLINTON
JWLR
37 33 - 35
BANK
LIME BLUE
MARKET SQUARE 39
CARDS & GIFTS
PURE CO
41 - 43
5
45
MARTIN`S CTN & POST PO OFFICE
JIGSAW
AYS BARCL K BAN
3
45A
TRE CEN ING IP HEAR DS&EQU ATE BG REIG DISA
1B
1
47
5
3
1
SE 47A
F SE O HOU ING D BUIL INT OR DEC
SED CLO
D SHE THE OLD SEH S HOU GOOD
8 - 10
UGE E RO NT CAF A AUR EST CH R
TSB YDS LLO K BAN
NE PHO E CAR S THE REHOU L TE WA
12
SIX IES & LAD EAR SW MEN
18
20 - 22
14
16
THE REE ON T LEM T SHOP GIF
24
R THE TRU HAIR ANS
26
CH @ MUN LANS GH COU BAKER
28
UE CTIQ N SPE ICIA OPT
30
C HSB K BAN
32
BUSTER BLOCK VID RENT
38 38A 34 - 36
WHITE & SONS ESTATE AGENT
40
SANTANDER BANK
42A
42
SIMPLY SPORTS SPORTS GOODS
44
DANIELS JEWELLER
46 - 50
LA FEMME LADIES WEAR
ASK ITALIAN REST
4B
EL HOT KET SE MAR HOU THE LIC PUB
ANS ARIT SAM HOP ITY S CHAR
WALK
N FRE
NEL ROAD
DWG
O RGE GO DECO INT
BE THE
Leatherhead 01372 360190 Fleet 01252 816061 Woking 01483 866052 Redhill 01737 852222 Agency • Investment • Development • Asset Management • Landlord & Tenant
Follow us on twitter @hurst_warne
20-22 High Street, Reigate, Surrey RH2 9AY Tenure & Title Information
The premises are held freehold under the following Title Numbers:
• SY233890 • SY47682 • SY578937
The titles can be seen at www.hurstwarne.co.uk
Tenancy Information
The entire premises are let to Fat Face Limited (company registration number 02954734) on the following principal terms: • • • • • • •
Lease Dated - 26/06/2014 Term – 10 years from 27/06/2014 expiring 26/06/2024 Annual Rental - £58,000 per annum, exclusive (paid monthly in advance) Rent Review – Upward only on the 27/06/2019 to an open market level Repairs – Fully repairing & insuring Permitted Use – Class A1 (Retail) 1954 Landlord & Tenant Act – The lease is held within the security of tenure provisions
Full lease documentation can be found at www.hurstwarne.co.uk
Recent Transactions on Reigate Include
• 47 High Street was let in July 2014 to Pure Connect at circa £78 per sq ft ITZA • Paperchase (51 High Street) was let in 2013 at circa £77 per sq ft ITZA • 41/43 High Street was let in June 2014 at circa £70 per sq ft ITZA
Covenant Information
Fat Face Limited provide an excellent covenant. In the year ending 31/05/2014 revenue was £200m with a pre-tax profit of £18.737m. Tangible net worth is £87.165m and the net worth of the company is £77.811m. All these figures have been up year on year. In their December 2014 Trading Update (published Jan 2015) they state:
• Total month sales up 13% on last year • Retail like for like sales up 5% • E-commerce sales growth of 25% vs. December 2013
Further information together with key financials on Fat Face Limited can be found on their website at www.fatfacecorporate.com Dun & Bradstreet rate the company as 5A 1 (see the www.hurstwarne.co.uk for a compact D&B report).
Investment Commentary
The Reigate retail market is extremely strong and has remained so through the recession. Demand continues to be good with multiple retailers seeking to take space in the town.
The current rent of £58,000 per annum breaks back to approximately £55 per sq ft ITZA which is reversionary.
Leatherhead 01372 360190 Fleet 01252 816061 Woking 01483 866052 Redhill 01737 852222 Agency • Investment • Development • Asset Management • Landlord & Tenant
Follow us on twitter @hurst_warne
20-22 High Street, Reigate, Surrey RH2 9AY
Leatherhead 01372 360190 Fleet 01252 816061 Woking 01483 866052 Redhill 01737 852222 Agency • Investment • Development • Asset Management • Landlord & Tenant
Follow us on twitter @hurst_warne
20-22 High Street, Reigate, Surrey RH2 9AY
Energy Performance Certificate
Proposal
Offers sought for the freehold in excess of £995,000
Approximate net initial yield 5.5% (net of purchaser’s costs at 5.8%). Subject to Contract and exclusive of VAT.
VAT
The property is elected for VAT and the sale can be structured as a transfer of a going concern.
Contact
$% % &% %' ()% % ' ' % % * + *
% ( $% , & '%- % , ' . ,, , &'
,, , / ' ($% + % & ,%
%0 +1&'&&&( ( +(-2,'(
$$
Nic Pocknall 01372 360190 07770 416219 [email protected] Will Gelder 01737 852222 07917 569111 [email protected]
! %
& '$
SUBJECT TO CONTRACT Prices & rentals are subject to VAT where applicable Misrepresentation Act: Hurst Warne and their joint Agents, where applicable, for themselves and for the vendors or lessors of this property for whom they act, give notice that (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole part of an offer or contract; (ii) the agents cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) no employee of the agents has any authority to make any representation or warranty to enter into any contract whatever in relation to the property; (iv) prices/rents quoted in these particulars may be subject to VAT in addition; and (v) the agents will not be liable in negligence or otherwise, for any loss arising from the use of these particulars. Code of Practice for Commercial Leases - The Code of Practice on Commercial Leases in England and Wales recommends you seek professional advice before agreeing a business tenancy. The Code is available through the website www.commercialleasecode.co.uk
Our Leatherhead, Fleet, Woking & Redhill regional offices cover Kent, Surrey, Hampshire, Berkshire & the South West M25 323 Kingston Road, Leatherhead, Surrey KT22 7TU T 01372 360190 E [email protected]
Victoria House, 18-22 Albert Street Fleet, Hampshire GU51 3RJ T 01252 816061 E [email protected]
Elizabeth House, Duke Street, Woking, Surrey GU21 5AS T 01483 866052 E [email protected]
Abbey House, 25 Clarendon Road, Redhill, Surrey RH1 1QZ T 01737 852222 E [email protected]
1688-HW/RH2 9AY/03.15
Follow us on twitter @hurst_warne
