freehold retail investment opportunity
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FREEHOLD RETAIL INVESTMENT OPPORTUNITY
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FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET | BRIDGEND | CF31 1EJ
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
FREEHOLD RETAIL INVESTMENT OPPORTUNITY INVESTMENT SUMMARY
Freehold n P rominent position on pedestrianised Adare Street.
Promap Licence No. 100022432
n
Part of prime Bridgend retail pitch
n
Large retail premises with a total GIA 28,228ft2
n
Let to Poundland Limited with a WAULT of 2.75 producing a rent of £120,000 per annum n Poundland covenant strengthened by takeover by Steinhoff International n
Offers sought in the region of £1,000,000 (One Million Pounds) for the freehold interest in the property subject to contract and exclusive of VAT n A purchase at this level will reflect a net initial yield of 11.35% after purchaser’s costs of 5.75% n
08449 02 03 04 | gva.co.uk/10158
Click on map for larger view.
LOCATION
SITUATION
• Bridgend is located 20 miles west of Cardiff and 22 miles south east of Swansea. It is the commercial and administrative centre of Bridgend County Borough Council.
• Bridgend has approxinmately 690,000 sq ft of retail accommodation and is the principal retailing centre serving Bridgend County Borough. The total population within the Bridgend catchment area is measured by Promis at 182,000 where car ownership is above the average.
• Bridgend benefits from excellent road connections via junctions 35, 36 and 37 of the M4 motorway. • Bridgend is a strong retailing area in the region with retail pitch focussing on Caroline Street and Adare Street with two in-town shopping centres. • The property is located on pedestrianised Adare Street.
• Adare Street is a key part of the prime retailing pitch in Bridgend with national occupiers such as Natwest Bank, Santander, Thomas Cook, Holland & Barrett, Greggs, Vodafone and 02. Located at the end of Adare Street is the Rhiw centre, anchored by Boots. • The subject property is situated at the northern end of Adare Street, adjacent to National Westminster Bank and Specsavers.
EXIT
Bridgend
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
DESCRIPTION
Copyright and confidentiality Experian, 2016 © Crown copyright and database rights 2016, OS 100019885
• The property comprises two interconnecting, terraced buildings providing open plan ground floor retail space with ancillary accommodation on upper floors. The property is understood to be constructed pre 1990 and extended in the late 1960s/1970s. The property was occupied by Woolworths prior to the current tenant, Poundland. • 32 Adare Street is two-storey to the front elevation with three storeys to the rear and of concrete framed construction. 34 Adare Street is a three storey building with a three storey extension to the rear. The building is of part framed and part brick construction with painted stone to the front elevation.
Indicative boundaries for identification purposes only. 50 metres
Copyright and confidentiality Experian, 2016. © Crown copyright and database rights 2016. OS 100019885
08449 02 03 04 | gva.co.uk/10158
Click on map for larger view.
Experian Goad Plan Created: 12/09/2016 Created By: GVA For more information on our products and services: www.experian.co.uk/goad | [email protected] | 0845 601 6011
EXIT
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
ACCOMMODATION
COVENANT INFORMATION
The subject property provides the following approximate gross internal floor areas:
Poundland Limited (Company no. 02495645)
Accommodation
Use
GIA (Sq m)
GIA (Sq ft)
Ground floor
Sales
1,017.93
10,857
Storage
1,040.13
11,196
Storage/Staff
522.76
5,950
Plant
11.61
123
2,622.43
28,228
First floor Second floor Roof Totals
Financial results for the past year are summarised as follows: Year
Turnover
Pre-tax profit
Shareholder’s funds
29/03/2015
£1,111,526,000
£45,922,000
£93,866,000
Creditsafe assesses the company status as a low risk of business failure.
TENURE / TENANCIES The property is being offered on a freehold basis; The property provides a WAULT of 2.75 years producing an annual rent of £120,000 exclusive. The lease of the property is summarised as:
08449 02 03 04 | gva.co.uk/10158
Poundland, established in 1990 and based in Willenhall West Midlands, operates from over 700 stores across the UK and was one of the principal fore-runners of the highly profitable discounter market.
Company
Year
Turnover
Steinhoff International
2015/16
104.7 Billion ZAR (Approximately 5.9 Billion GBP)
RATING
Tenant
Term
Rent
Poundland Limited
Ten years from 15/06/2009 without further review
£120,000 per annum exclusive
The property is assessed for Uniform Business Rates as follows: Address
Description
Rateable value
Rates payable 2016/2017
32-34 Adare Street, Bridgend, CF31 1EJ
Shop & Premises
£161,000
£80,017
EXIT
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
EPC The property has an energy performance rating of D95. A copy of the EPC is available on request.
CONTACT Promap Licence No. 100022432
For more information please contact:
JACK HARBER 0117 988 5232 [email protected]
VAT We understand that the property is elected for VAT and therefore VAT will be chargeable on the purchase price. We anticipate that the transaction will be treated as a transfer of a going concern (TOGC).
RICHARD HOWELL
Indicative boundaries for identification purposes only.
0117 988 5210 [email protected]
PLANNING
PROPOSAL
The property falls under policy SP10 “Retail & Commercial Hierarchy” which designates Bridgend Town centre as the sub-regional centre of the county borough.
Offers sought in region of £1,000,000 (One Million Pounds) for the freehold interest in the property subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 11.35% after purchaser’s costs of 5.75%.
ANDREW CAPES 0117 988 5234 [email protected]
Click on map for larger view.
The property is not listed but is within a conservation area.
Subject to Contract Particulars dated September 2016 DISCLAIMER Bilfinger GVA is the trading name of GVA Grimley limited, conditions under which particulars are issued by GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. (ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) no person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. (iv) all rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only.
08449 02 03 04 | gva.co.uk/10158
EXIT
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
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FREEHOLD RETAIL INVESTMENT OPPORTUNITY
08449 02 03 04 | gva.co.uk/10158
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
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50 metres
08449 02 03 04 | gva.co.uk/10158
Copyright and confidentiality Experian, 2016. © Crown copyright and database rights 2016. OS 100019885
Experian Goad Plan Created: 12/09/2016 Created By: GVA For more information on our products and services: www.experian.co.uk/goad | [email protected] | 0845 601 6011
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
Click on image to return to main text.
08449 02 03 04 | gva.co.uk/10158
FREEHOLD RETAIL INVESTMENT OPPORTUNITY
CLICK TO ENTER
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET | BRIDGEND | CF31 1EJ
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
FREEHOLD RETAIL INVESTMENT OPPORTUNITY INVESTMENT SUMMARY
Freehold n P rominent position on pedestrianised Adare Street.
Promap Licence No. 100022432
n
Part of prime Bridgend retail pitch
n
Large retail premises with a total GIA 28,228ft2
n
Let to Poundland Limited with a WAULT of 2.75 producing a rent of £120,000 per annum n Poundland covenant strengthened by takeover by Steinhoff International n
Offers sought in the region of £1,000,000 (One Million Pounds) for the freehold interest in the property subject to contract and exclusive of VAT n A purchase at this level will reflect a net initial yield of 11.35% after purchaser’s costs of 5.75% n
08449 02 03 04 | gva.co.uk/10158
Click on map for larger view.
LOCATION
SITUATION
• Bridgend is located 20 miles west of Cardiff and 22 miles south east of Swansea. It is the commercial and administrative centre of Bridgend County Borough Council.
• Bridgend has approxinmately 690,000 sq ft of retail accommodation and is the principal retailing centre serving Bridgend County Borough. The total population within the Bridgend catchment area is measured by Promis at 182,000 where car ownership is above the average.
• Bridgend benefits from excellent road connections via junctions 35, 36 and 37 of the M4 motorway. • Bridgend is a strong retailing area in the region with retail pitch focussing on Caroline Street and Adare Street with two in-town shopping centres. • The property is located on pedestrianised Adare Street.
• Adare Street is a key part of the prime retailing pitch in Bridgend with national occupiers such as Natwest Bank, Santander, Thomas Cook, Holland & Barrett, Greggs, Vodafone and 02. Located at the end of Adare Street is the Rhiw centre, anchored by Boots. • The subject property is situated at the northern end of Adare Street, adjacent to National Westminster Bank and Specsavers.
EXIT
Bridgend
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
DESCRIPTION
Copyright and confidentiality Experian, 2016 © Crown copyright and database rights 2016, OS 100019885
• The property comprises two interconnecting, terraced buildings providing open plan ground floor retail space with ancillary accommodation on upper floors. The property is understood to be constructed pre 1990 and extended in the late 1960s/1970s. The property was occupied by Woolworths prior to the current tenant, Poundland. • 32 Adare Street is two-storey to the front elevation with three storeys to the rear and of concrete framed construction. 34 Adare Street is a three storey building with a three storey extension to the rear. The building is of part framed and part brick construction with painted stone to the front elevation.
Indicative boundaries for identification purposes only. 50 metres
Copyright and confidentiality Experian, 2016. © Crown copyright and database rights 2016. OS 100019885
08449 02 03 04 | gva.co.uk/10158
Click on map for larger view.
Experian Goad Plan Created: 12/09/2016 Created By: GVA For more information on our products and services: www.experian.co.uk/goad | [email protected] | 0845 601 6011
EXIT
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
ACCOMMODATION
COVENANT INFORMATION
The subject property provides the following approximate gross internal floor areas:
Poundland Limited (Company no. 02495645)
Accommodation
Use
GIA (Sq m)
GIA (Sq ft)
Ground floor
Sales
1,017.93
10,857
Storage
1,040.13
11,196
Storage/Staff
522.76
5,950
Plant
11.61
123
2,622.43
28,228
First floor Second floor Roof Totals
Financial results for the past year are summarised as follows: Year
Turnover
Pre-tax profit
Shareholder’s funds
29/03/2015
£1,111,526,000
£45,922,000
£93,866,000
Creditsafe assesses the company status as a low risk of business failure.
TENURE / TENANCIES The property is being offered on a freehold basis; The property provides a WAULT of 2.75 years producing an annual rent of £120,000 exclusive. The lease of the property is summarised as:
08449 02 03 04 | gva.co.uk/10158
Poundland, established in 1990 and based in Willenhall West Midlands, operates from over 700 stores across the UK and was one of the principal fore-runners of the highly profitable discounter market.
Company
Year
Turnover
Steinhoff International
2015/16
104.7 Billion ZAR (Approximately 5.9 Billion GBP)
RATING
Tenant
Term
Rent
Poundland Limited
Ten years from 15/06/2009 without further review
£120,000 per annum exclusive
The property is assessed for Uniform Business Rates as follows: Address
Description
Rateable value
Rates payable 2016/2017
32-34 Adare Street, Bridgend, CF31 1EJ
Shop & Premises
£161,000
£80,017
EXIT
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
EPC The property has an energy performance rating of D95. A copy of the EPC is available on request.
CONTACT Promap Licence No. 100022432
For more information please contact:
JACK HARBER 0117 988 5232 [email protected]
VAT We understand that the property is elected for VAT and therefore VAT will be chargeable on the purchase price. We anticipate that the transaction will be treated as a transfer of a going concern (TOGC).
RICHARD HOWELL
Indicative boundaries for identification purposes only.
0117 988 5210 [email protected]
PLANNING
PROPOSAL
The property falls under policy SP10 “Retail & Commercial Hierarchy” which designates Bridgend Town centre as the sub-regional centre of the county borough.
Offers sought in region of £1,000,000 (One Million Pounds) for the freehold interest in the property subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 11.35% after purchaser’s costs of 5.75%.
ANDREW CAPES 0117 988 5234 [email protected]
Click on map for larger view.
The property is not listed but is within a conservation area.
Subject to Contract Particulars dated September 2016 DISCLAIMER Bilfinger GVA is the trading name of GVA Grimley limited, conditions under which particulars are issued by GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. (ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) no person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. (iv) all rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only.
08449 02 03 04 | gva.co.uk/10158
EXIT
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
Click on image to return to main text.
FREEHOLD RETAIL INVESTMENT OPPORTUNITY
08449 02 03 04 | gva.co.uk/10158
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
Click on image to return to main text.
50 metres
08449 02 03 04 | gva.co.uk/10158
Copyright and confidentiality Experian, 2016. © Crown copyright and database rights 2016. OS 100019885
Experian Goad Plan Created: 12/09/2016 Created By: GVA For more information on our products and services: www.experian.co.uk/goad | [email protected] | 0845 601 6011
FREEHOLD RETAIL INVESTMENT OPPORTUNITY 32 & 34 ADARE STREET BRIDGEND | CF31 1EJ
Click on image to return to main text.
08449 02 03 04 | gva.co.uk/10158
