unit a, 75 queensway - Realla
UNIT A, 75 QUEENSWAY STEVENAGE, Hertfordshire, SG1 1DH
PRIME TOWN CENTRE £885,000 NIY 6.40%
Prime Retail Location Costa Limited Covenant New 10 year lease Long leasehold 999 years Rent £60,000pa
INVESTMENT SALE
T: 01438 316655 W: www.brownandlee.com
Location
Tenancy
Stevenage is an expanding town adjacent to the A1(M) with two separate access points directly on to this major trunk road. Stevenage is situated approximately 30 miles north of London, has excellent mainline railway lines with London Kings Cross (20 minutes travel time) and two international airports are within the vicinity at Luton and Stansted.
Let from 25 September 2016 for a term of 10 years to Costa Limited (Company no. 01270695) at a current rent of £60,000 per annum. The lease provides for a rent review at th the fifth year. The tenant has the option to break on the 25 September 2022.
The property in located in the prime retail area of Stevenage Town Centre at the junction of Park Place and Queensway and opposite the entrance of the main covered shopping centre the ‘Westgate’. This shopping centre is c70,000sqft and some 27 units mostly let to national occupiers.
Tenant Information
The unit is well located in good position with return frontage with many national occupiers located adjacent including Leeds Building Society, 02, 3 Store, Pandora, H Samuel and Holland & Barrett.
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The Whitbread Annual Report 2015/16 states Costa’s revenue was £1,103.2 million and UK sales were £975.9 million and showed a total profit before tax ox of £487.7 million. Costa currently has 2,034 stores in the UK and plan to grow to 2,500 stores by 2020. Costa Limited have been in occupation at this premises since at least 2006. For more information please see www.costa.co.uk or www.whitbread.co.uk .
Description Ground floor corner unit with entrance on to the prime shopping area of Queensway, opposite the entrance to the covered shopping centre Westgate. The main area of the shop is set out as café with outside seating area, which is not part of the vendors ownership or control. A canopy projects to the front and return elevations.
Accommodation The approximate net useable areas are as follows: Ground Floor Area 1279 sq ft Taken from www.2010.voa.gov.uk
118.9 sq m
Proposal We are instructed to seek offers in excess of £885,000 (Eight hundred and eighty five thousand pounds). After purchasers costs of 5.8% this reflects a net initial yield of 6.40%.
Rates We understand from the Valuation Office Agency website (www.voa.gov.uk) that the rateable value is £65,000. The UBR for 2016/17 is 49.7p in the £. Rates payable may be subject to transitional arrangements and/or small business relief, which should be verified with the Charging Authority. Assessments may be subject to appeal.
Energy Performance Certificate (EPC) To be assessed.
Tenure
Legal Costs
The property is to be sold on a long virtual freehold basis for a term of 999 years. The lease will have provision for the freeholder to recover costs via a service charge for repairs to external and common areas.
Each party to be responsible for their own legal costs.
VAT Unless otherwise stated all prices and rents quoted are exclusive of Value Added Tax. Any intending lessees or purchasers must satisfy themselves as to the incidence of VAT in respect of any transaction.
For further information, please contact: T: 01438 794586 M: 07966 144131
E: [email protected] W: www.brownandlee.com
Brown & Lee Commercial Surveyors LLP Unit 15, Meadway Court, Rutherford Close, Stevenage, Hertfordshire, SG1 2EF |Ref: 10293 In association with: Brown & Lee Aylesbury, Milton Keynes & Bedford Every effort has been made to ensure that these particulars are correct but their accuracy is not guaranteed and they do not form part of any contract. All prices and rentals are quoted exclusive of VAT | Regulated by RICS
PRIME TOWN CENTRE £885,000 NIY 6.40%
Prime Retail Location Costa Limited Covenant New 10 year lease Long leasehold 999 years Rent £60,000pa
INVESTMENT SALE
T: 01438 316655 W: www.brownandlee.com
Location
Tenancy
Stevenage is an expanding town adjacent to the A1(M) with two separate access points directly on to this major trunk road. Stevenage is situated approximately 30 miles north of London, has excellent mainline railway lines with London Kings Cross (20 minutes travel time) and two international airports are within the vicinity at Luton and Stansted.
Let from 25 September 2016 for a term of 10 years to Costa Limited (Company no. 01270695) at a current rent of £60,000 per annum. The lease provides for a rent review at th the fifth year. The tenant has the option to break on the 25 September 2022.
The property in located in the prime retail area of Stevenage Town Centre at the junction of Park Place and Queensway and opposite the entrance of the main covered shopping centre the ‘Westgate’. This shopping centre is c70,000sqft and some 27 units mostly let to national occupiers.
Tenant Information
The unit is well located in good position with return frontage with many national occupiers located adjacent including Leeds Building Society, 02, 3 Store, Pandora, H Samuel and Holland & Barrett.
th
The Whitbread Annual Report 2015/16 states Costa’s revenue was £1,103.2 million and UK sales were £975.9 million and showed a total profit before tax ox of £487.7 million. Costa currently has 2,034 stores in the UK and plan to grow to 2,500 stores by 2020. Costa Limited have been in occupation at this premises since at least 2006. For more information please see www.costa.co.uk or www.whitbread.co.uk .
Description Ground floor corner unit with entrance on to the prime shopping area of Queensway, opposite the entrance to the covered shopping centre Westgate. The main area of the shop is set out as café with outside seating area, which is not part of the vendors ownership or control. A canopy projects to the front and return elevations.
Accommodation The approximate net useable areas are as follows: Ground Floor Area 1279 sq ft Taken from www.2010.voa.gov.uk
118.9 sq m
Proposal We are instructed to seek offers in excess of £885,000 (Eight hundred and eighty five thousand pounds). After purchasers costs of 5.8% this reflects a net initial yield of 6.40%.
Rates We understand from the Valuation Office Agency website (www.voa.gov.uk) that the rateable value is £65,000. The UBR for 2016/17 is 49.7p in the £. Rates payable may be subject to transitional arrangements and/or small business relief, which should be verified with the Charging Authority. Assessments may be subject to appeal.
Energy Performance Certificate (EPC) To be assessed.
Tenure
Legal Costs
The property is to be sold on a long virtual freehold basis for a term of 999 years. The lease will have provision for the freeholder to recover costs via a service charge for repairs to external and common areas.
Each party to be responsible for their own legal costs.
VAT Unless otherwise stated all prices and rents quoted are exclusive of Value Added Tax. Any intending lessees or purchasers must satisfy themselves as to the incidence of VAT in respect of any transaction.
For further information, please contact: T: 01438 794586 M: 07966 144131
E: [email protected] W: www.brownandlee.com
Brown & Lee Commercial Surveyors LLP Unit 15, Meadway Court, Rutherford Close, Stevenage, Hertfordshire, SG1 2EF |Ref: 10293 In association with: Brown & Lee Aylesbury, Milton Keynes & Bedford Every effort has been made to ensure that these particulars are correct but their accuracy is not guaranteed and they do not form part of any contract. All prices and rentals are quoted exclusive of VAT | Regulated by RICS
