Unit 4 Kingfisher Parade, East Wittering PO20 8BJ AWS
Unit 4 Kingfisher Parade, East Wittering PO20 8BJ
RE PRI DU CE CE D
Retail Investment and Residential Development Opportunity For Sale
Kingfisher Parade
KEY FEATURES ᗌᗌ Ground floor retail unit let to the Boots UK Ltd (Dunn and Bradstreet rating of 5A1 on a lease expiring 27th July 2024 (TOB and RR 2019) at a passing rent of £14,750 per annum exclusive ᗌᗌ Currently Two x 3 bedroom flats on first and second floors above ᗌᗌ Planning consent granted for conversion of existing flats and extension to building to provide six flats (two x 2 bedroom and four x 1 bedroom) and up to four parking spaces ᗌᗌ The freehold interest of the property is available in its entirety, with the benefit of the existing planning consent for the development and subject to the existing lease of the ground floor to Boots UK Ltd ᗌᗌ We are instructed to guide at £675,000, subject to contract ᗌᗌ VAT not applicable
LOCATION East Wittering is a popular seaside town/village eight miles south of Chichester; the town is a busy tourist destination in the summer months but retains its commercial heart out of season due to its vibrant centre serving the local population. There are numerous holiday villages in the area which bring an influx of tourists. These holiday villages also offer longer term occupation to retired and seasonal workers throughout the year. East Wittering has a finite stock of retail units and presently has low vacancy rates. It is diverse in its nature and occupation creating a vibrant feel. The subject premises are situated in the town centre close to Tesco Express and the towns main bank. West Wittering beach is within two miles (seven minutes drive) of the subject premises and offers a natural and sandy beach with a Blue Flag rating.
RETAILING IN EAST WITTERING
West Wittering Beach
The subject property is situated on the northern side of Cakeham Road within the Kingfisher Parade at its junction with Shore Road. The vicinity in which the property is situated is well established as the main retailing thoroughfare. The rear of the property is accessed via Northern Crescent and which provides access to the upper parts and garaging. This area is also a Pay and Display car park for shoppers and visitors.
SOUTHAMPTON
PORTSMOUTH
CHICHESTER
EAST WITTERING
ISLE OF WIGHT
BRIGHTON
DESCRIPTION
Front of property
The subject property currently comprises a ground floor retail unit let to Boots UK Ltd, with two unrefurbished three bedroom flats on the first and second floors. Planning consent (EWB/15/01340/FUL) has been granted for the refurbishment and extension of the upper floors to provide six flats; together with the demolition of two garages to form up to four parking spaces.
ACCOMMODATION The existing accommodation is as follows: Floor
Description
Ground
Retail
First Second
Flat Flat
Approx. GIA 1,304 sq ft
Beds
Baths
Parking
EPC
N/A
N/A
1 space
E - 105
3 3
1 1
1 garage 1 garage
E - 45 E - 41 Rear of property
The proposed development provides for the following accommodation (if the planning consent is implemented): Floor
Description
Ground
Retail
First Flat First Flat First Flat Second Flat Second Flat Second Flat Total Residential Accommodation
Approx. GIA 1,304 sq ft 613 sq ft 484 sq ft 484 sq ft 616 sq ft 484 sq ft 484 sq ft 3,162 sq ft
Beds
Baths
Parking
N/A
N/A
1 space
2 1 1 2 1 1
1 1 1 1 1 1
1 garage 1 space 0 0 0 0
If the existing garage is demolished additional car parking spaces can be provided for the scheme.
CGI’s of potential refurbishment and extension of the upper floors
EXISTING FLOOR PLANS
PROPOSED FLOOR PLANS
TENANCIES Only one of the two x three bedroom flats is let under an AST at a current rent of £640 p.c.m (ERV £825 pcm if refurbished). Should the purchaser prefer vacant possession this could be achieved, subject to two months’ notice to the tenant. The other flat is vacant. The terms of the ground floor shop lease to Boots UK Ltd are as follows: Floor
Description
Tenant
Boots UK Ltd
Term
10 years from 28th July 2014 expiring 27 July 2024
Demise
Comprising the whole of the ground floor retail unit including shop front
Repair
Internal repairing and insuring, subject to a schedule of condition, but with a service charge contribution to the cleaning of the building and commons parts
Service Charge
Service charge cap of £250 per annum, which is subject to an annual increase in line with the Retail Price Index
Building Insurance
The landlord to insure and tenant to reimburse a fair proportion determined by the Landlord acting reasonably
Landlord and Tenant Act
The lease appears to be within the security of the tenure provisions of Part II of the Landlord and Tenant Act 1954
Current Rent
£14,750 per annum
Rent Review
28th July 2019. Upward only to open market value
Tenant Break Date
5th anniversary of the commencement of the term being 28th July 2019, subject to a minimum of 6 months written notice
Permitted Use
A1 use within the Town and Country Planning (Use Classes) Order 1987 (as amended)
Company No: 00928555
COVENANT OF TENANT The tenant of the ground floor shop is Boots UK Ltd who benefit Dunn and Bradstreet rating of 5A1. The most recent accounts for the tenant show the following summarised elements: Boots UK Ltd year end 31.08.16 Turnover Gross Profit Pre Tax Profit Current Assets
£6.876 billion £2.854 billion £523 million £1.323 billion
year end 31.08.17 £9.198 billion £4.091 billion £542 million £1.337 billion
RATING The property has been assessed are as follows: Shop and Premises - Rateable Value: £9,700 Flats - Council Tax band B.
TERMS We are instructed to set a guide price of £675,000, subject to contract
VAT The property is not elected for VAT and therefore VAT is not payable on a purchase.
VIEWINGS Strictly by prior appointment.
FURTHER INFORMATION Please contact the sole agents:
Mark Minchell m.minchell @flude.com 01243 929136
Sebastian Martin [email protected] 01243 929135
Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flute Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property.
RE PRI DU CE CE D
Retail Investment and Residential Development Opportunity For Sale
Kingfisher Parade
KEY FEATURES ᗌᗌ Ground floor retail unit let to the Boots UK Ltd (Dunn and Bradstreet rating of 5A1 on a lease expiring 27th July 2024 (TOB and RR 2019) at a passing rent of £14,750 per annum exclusive ᗌᗌ Currently Two x 3 bedroom flats on first and second floors above ᗌᗌ Planning consent granted for conversion of existing flats and extension to building to provide six flats (two x 2 bedroom and four x 1 bedroom) and up to four parking spaces ᗌᗌ The freehold interest of the property is available in its entirety, with the benefit of the existing planning consent for the development and subject to the existing lease of the ground floor to Boots UK Ltd ᗌᗌ We are instructed to guide at £675,000, subject to contract ᗌᗌ VAT not applicable
LOCATION East Wittering is a popular seaside town/village eight miles south of Chichester; the town is a busy tourist destination in the summer months but retains its commercial heart out of season due to its vibrant centre serving the local population. There are numerous holiday villages in the area which bring an influx of tourists. These holiday villages also offer longer term occupation to retired and seasonal workers throughout the year. East Wittering has a finite stock of retail units and presently has low vacancy rates. It is diverse in its nature and occupation creating a vibrant feel. The subject premises are situated in the town centre close to Tesco Express and the towns main bank. West Wittering beach is within two miles (seven minutes drive) of the subject premises and offers a natural and sandy beach with a Blue Flag rating.
RETAILING IN EAST WITTERING
West Wittering Beach
The subject property is situated on the northern side of Cakeham Road within the Kingfisher Parade at its junction with Shore Road. The vicinity in which the property is situated is well established as the main retailing thoroughfare. The rear of the property is accessed via Northern Crescent and which provides access to the upper parts and garaging. This area is also a Pay and Display car park for shoppers and visitors.
SOUTHAMPTON
PORTSMOUTH
CHICHESTER
EAST WITTERING
ISLE OF WIGHT
BRIGHTON
DESCRIPTION
Front of property
The subject property currently comprises a ground floor retail unit let to Boots UK Ltd, with two unrefurbished three bedroom flats on the first and second floors. Planning consent (EWB/15/01340/FUL) has been granted for the refurbishment and extension of the upper floors to provide six flats; together with the demolition of two garages to form up to four parking spaces.
ACCOMMODATION The existing accommodation is as follows: Floor
Description
Ground
Retail
First Second
Flat Flat
Approx. GIA 1,304 sq ft
Beds
Baths
Parking
EPC
N/A
N/A
1 space
E - 105
3 3
1 1
1 garage 1 garage
E - 45 E - 41 Rear of property
The proposed development provides for the following accommodation (if the planning consent is implemented): Floor
Description
Ground
Retail
First Flat First Flat First Flat Second Flat Second Flat Second Flat Total Residential Accommodation
Approx. GIA 1,304 sq ft 613 sq ft 484 sq ft 484 sq ft 616 sq ft 484 sq ft 484 sq ft 3,162 sq ft
Beds
Baths
Parking
N/A
N/A
1 space
2 1 1 2 1 1
1 1 1 1 1 1
1 garage 1 space 0 0 0 0
If the existing garage is demolished additional car parking spaces can be provided for the scheme.
CGI’s of potential refurbishment and extension of the upper floors
EXISTING FLOOR PLANS
PROPOSED FLOOR PLANS
TENANCIES Only one of the two x three bedroom flats is let under an AST at a current rent of £640 p.c.m (ERV £825 pcm if refurbished). Should the purchaser prefer vacant possession this could be achieved, subject to two months’ notice to the tenant. The other flat is vacant. The terms of the ground floor shop lease to Boots UK Ltd are as follows: Floor
Description
Tenant
Boots UK Ltd
Term
10 years from 28th July 2014 expiring 27 July 2024
Demise
Comprising the whole of the ground floor retail unit including shop front
Repair
Internal repairing and insuring, subject to a schedule of condition, but with a service charge contribution to the cleaning of the building and commons parts
Service Charge
Service charge cap of £250 per annum, which is subject to an annual increase in line with the Retail Price Index
Building Insurance
The landlord to insure and tenant to reimburse a fair proportion determined by the Landlord acting reasonably
Landlord and Tenant Act
The lease appears to be within the security of the tenure provisions of Part II of the Landlord and Tenant Act 1954
Current Rent
£14,750 per annum
Rent Review
28th July 2019. Upward only to open market value
Tenant Break Date
5th anniversary of the commencement of the term being 28th July 2019, subject to a minimum of 6 months written notice
Permitted Use
A1 use within the Town and Country Planning (Use Classes) Order 1987 (as amended)
Company No: 00928555
COVENANT OF TENANT The tenant of the ground floor shop is Boots UK Ltd who benefit Dunn and Bradstreet rating of 5A1. The most recent accounts for the tenant show the following summarised elements: Boots UK Ltd year end 31.08.16 Turnover Gross Profit Pre Tax Profit Current Assets
£6.876 billion £2.854 billion £523 million £1.323 billion
year end 31.08.17 £9.198 billion £4.091 billion £542 million £1.337 billion
RATING The property has been assessed are as follows: Shop and Premises - Rateable Value: £9,700 Flats - Council Tax band B.
TERMS We are instructed to set a guide price of £675,000, subject to contract
VAT The property is not elected for VAT and therefore VAT is not payable on a purchase.
VIEWINGS Strictly by prior appointment.
FURTHER INFORMATION Please contact the sole agents:
Mark Minchell m.minchell @flude.com 01243 929136
Sebastian Martin [email protected] 01243 929135
Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flute Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property.
