HIGH STREET RETAIL INVESTMENT St Helens ... - Boddy & Edwards
HIGH STREET RETAIL INVESTMENT St Helens – 29 Church Street, WA10 1AX
INVESTMENT CONSIDERATIONS • • • • •
LOCATION
St Helens is a Merseyside town located some 12 miles east of Liverpool and 25 miles west of Manchester The town is served by the M6, M62 and M57 motorways and the A580 and A570 trunk roads. St Helens has a population of just over 100,000 people with a primary retail catchment of circa 450,000.
SITUATION
The town centre retail provision within St Helens is concentrated around Church Street and the Church Square Shopping Centre. Nearby occupiers on Church Street and within Church Square Shopping Centre include:
Freehold Located diagonally opposite one of the main entrances to Church Square shopping centre in the centre of the prime pedestrianised section of Church Street Entirely let to CEX (Franchising) Ltd until 2022 The building was overhauled and a substantial modern extension added in 2011 Current income of £65,000 pax
SITUATION
The property comprises a mid-terrace three-storey building fronting Church Street with retail accommodation on the ground floor and ancillary accommodation on the first floor. The second floor has been voided with access via a hatch only. The property was substantially extended in 2011 to provide additional ground floor retail accommodation, a staircase to the rear and a corridor set within a mono-pitched roof to provide access to the first floor ancillary accommodation. There is a further area of yard with a bin store to the rear.
ACCOMMODATION
The property has been measured in accordance with the latest edition of the RICS Measuring Code of Practice and provides the following net internal areas. Ground floor sales
1,754 sq ft
162.9 sq m
First floor ancillary
496 sq ft
46.1 sq m
Second floor (void)
588 sq ft
54.6 sq m
Ground floor sales ITZA
HIGH STREET RETAIL INVESTMENT St Helens – 29 Church Street, WA10 1AX
St Helens WA10 1AX
812 units
The building was overhauled and a substantial modern extension added in 2011
TENURE
The property is held Freehold.
TENANCY
The property is let in its entirety to C.E.X (Franchising) Ltd on a 10 year lease from 27 January 2012, expiring on 26 January 2022, (therefore having approximately 6 years unexpired) on full repairing and insuring terms. C.E.X Ltd are Guarantor to the lease. The current passing rent is £65,000 exclusive. C.E.X (Franchising) Ltd have sublet the property to the franchisee Zay Ltd. We set out below financial information for C.E.X (Franchising) Ltd, the tenant. Date of Accounts
30.06.2014 (‘000)
30.06.2013 (‘000)
30.06.2012 (‘000)
Turnover
£15,670
£13,464
£9,904
Pre-Tax Profit
£1,788
N/A
£1,045
Net Worth
£4,981
£3,785
£2,624
We set out below the financial information for C.E.X Ltd, the Guarantor to the lease. Date of Accounts
30.06.2014 (‘000)
30.06.2013 (‘000)
30.06.2012 (‘000)
Turnover
£119,463
£100,318
£77,543
Pre-Tax Profit
£138
N/A
£99
Net Worth
£173
£705
£545
HIGH STREET RETAIL INVESTMENT St Helens – 29 Church Street, WA10 1AX
EPC
The property has an energy performance asset rating of C (57). A copy of the EPC is available on request.
VAT
The property is registered for VAT and will be payable on the purchase price. It is anticipated that the sale will be treated as the Transfer of a Going Concern (TGC).
PROPOSAL
Our client is seeking offers in excess of £820,000 (Eight Hundred and Twenty Thousand Pounds) subject to contract and excluding VAT. A purchase at this price will provide a Net Initial Yield of 7.51%, assuming purchaser’s costs of 5.52%.
FURTHER INFORMATION For further information and to make arrangements to inspect the property please contact:
St Helens
Barry Munday 01483 322500 [email protected]
David Boddy 01483 322500 [email protected]
Subject to Contract Boddy & Edwards LLP Chartered Surveyors Commercial Property Consultants 5 Riverview, Walnut Tree Close, Guildford Surrey GU1 4UX
~ N HIGH STREET RETAIL INVESTMENT St Helens – 29 Church Street, WA10 1AX
Important Notice: Boddy & Edwards LLP for themselves (for their joint agents where applicable) and for the vendors or lessors of this property give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst Boddy & Edwards LLP uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. Boddy & Edwards LLP as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, expenses incurred or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No partner nor person in the employment of Boddy & Edwards LLP has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details, service charge and ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts. The date of this publication is April 2016
INVESTMENT CONSIDERATIONS • • • • •
LOCATION
St Helens is a Merseyside town located some 12 miles east of Liverpool and 25 miles west of Manchester The town is served by the M6, M62 and M57 motorways and the A580 and A570 trunk roads. St Helens has a population of just over 100,000 people with a primary retail catchment of circa 450,000.
SITUATION
The town centre retail provision within St Helens is concentrated around Church Street and the Church Square Shopping Centre. Nearby occupiers on Church Street and within Church Square Shopping Centre include:
Freehold Located diagonally opposite one of the main entrances to Church Square shopping centre in the centre of the prime pedestrianised section of Church Street Entirely let to CEX (Franchising) Ltd until 2022 The building was overhauled and a substantial modern extension added in 2011 Current income of £65,000 pax
SITUATION
The property comprises a mid-terrace three-storey building fronting Church Street with retail accommodation on the ground floor and ancillary accommodation on the first floor. The second floor has been voided with access via a hatch only. The property was substantially extended in 2011 to provide additional ground floor retail accommodation, a staircase to the rear and a corridor set within a mono-pitched roof to provide access to the first floor ancillary accommodation. There is a further area of yard with a bin store to the rear.
ACCOMMODATION
The property has been measured in accordance with the latest edition of the RICS Measuring Code of Practice and provides the following net internal areas. Ground floor sales
1,754 sq ft
162.9 sq m
First floor ancillary
496 sq ft
46.1 sq m
Second floor (void)
588 sq ft
54.6 sq m
Ground floor sales ITZA
HIGH STREET RETAIL INVESTMENT St Helens – 29 Church Street, WA10 1AX
St Helens WA10 1AX
812 units
The building was overhauled and a substantial modern extension added in 2011
TENURE
The property is held Freehold.
TENANCY
The property is let in its entirety to C.E.X (Franchising) Ltd on a 10 year lease from 27 January 2012, expiring on 26 January 2022, (therefore having approximately 6 years unexpired) on full repairing and insuring terms. C.E.X Ltd are Guarantor to the lease. The current passing rent is £65,000 exclusive. C.E.X (Franchising) Ltd have sublet the property to the franchisee Zay Ltd. We set out below financial information for C.E.X (Franchising) Ltd, the tenant. Date of Accounts
30.06.2014 (‘000)
30.06.2013 (‘000)
30.06.2012 (‘000)
Turnover
£15,670
£13,464
£9,904
Pre-Tax Profit
£1,788
N/A
£1,045
Net Worth
£4,981
£3,785
£2,624
We set out below the financial information for C.E.X Ltd, the Guarantor to the lease. Date of Accounts
30.06.2014 (‘000)
30.06.2013 (‘000)
30.06.2012 (‘000)
Turnover
£119,463
£100,318
£77,543
Pre-Tax Profit
£138
N/A
£99
Net Worth
£173
£705
£545
HIGH STREET RETAIL INVESTMENT St Helens – 29 Church Street, WA10 1AX
EPC
The property has an energy performance asset rating of C (57). A copy of the EPC is available on request.
VAT
The property is registered for VAT and will be payable on the purchase price. It is anticipated that the sale will be treated as the Transfer of a Going Concern (TGC).
PROPOSAL
Our client is seeking offers in excess of £820,000 (Eight Hundred and Twenty Thousand Pounds) subject to contract and excluding VAT. A purchase at this price will provide a Net Initial Yield of 7.51%, assuming purchaser’s costs of 5.52%.
FURTHER INFORMATION For further information and to make arrangements to inspect the property please contact:
St Helens
Barry Munday 01483 322500 [email protected]
David Boddy 01483 322500 [email protected]
Subject to Contract Boddy & Edwards LLP Chartered Surveyors Commercial Property Consultants 5 Riverview, Walnut Tree Close, Guildford Surrey GU1 4UX
~ N HIGH STREET RETAIL INVESTMENT St Helens – 29 Church Street, WA10 1AX
Important Notice: Boddy & Edwards LLP for themselves (for their joint agents where applicable) and for the vendors or lessors of this property give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst Boddy & Edwards LLP uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. Boddy & Edwards LLP as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, expenses incurred or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No partner nor person in the employment of Boddy & Edwards LLP has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details, service charge and ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts. The date of this publication is April 2016
