newquay â 10-10a bank street prime retail investment - Realla
NEWQUAY – 10-10A BANK STREET PRIME RETAIL INVESTMENT Sat Nav Ref: TR7 1JF
INVESTMENT SUMMARY • • • • • • •
Popular seaside town 100% prime trading position on pedestrianised Bank Street Well configured shop Freehold Ground floor let to very strong covenant, Holland & Barrett Retail Ltd Total income of £59,000 per annum Asking price of Offers in Excess of £800,000, an attractive NIY of 7.0%
2 | Fawcett Mead Newquay – 10-10a Bank Street
Retail property expertise
Bristol
Exeter
Newquay
LOCATION Newquay is located on the north coast of Cornwall and is 26 miles north of Truro, 30 miles north west of Penzance and 40 miles west of Plymouth. The town centre is 4 miles north of the A30 trunk road, which connects with the M5 at Exeter, 82 miles to the east. Newquay has a resident population of approximately 20,000 persons which extends to 28,000 persons within a 15 minute drive-time. Newquay is Cornwall’s most popular seaside resort and the population increases to approximately 100,000 in the summer months due to an estimated 1.25 million annual visitors. It is estimated that tourism generates £100 million of revenue for the town with £74 million of this related to retail.
3 | Fawcett Mead Newquay – 10-10a Bank Street
RETAILING IN NEWQUAY Retailing in Newquay is centred around the pedestrianised Bank Street, where multiple retailers include WH Smith, Boots, H Samuel, Costa Coffee, Superdrug, Poundland, New Look and Superdry. Further retailing is found on Fore Street and East Street where there are numerous branded fashion stores including Billabong, White Stuff and Fat Face in addition to traditional tourist seaside shops and cafes.
Retail property expertise
SITUATION The property is situated in the 100% prime location on pedestrianised Bank Street. Nearby occupiers include:
DESCRIPTION The property is of traditional construction with rendered elevations under a pitched slate roof and a brick built ground floor extension under a flat roof to the rear.
ACCOMMODATION Floor
sq ft
sq m
Ground Floor Sales
1,659
154.18
ITZA First Floor Hair Salon TOTAL
4 | Fawcett Mead Newquay – 10-10a Bank Street
822.75 900
83.61
2,559
237.79
Retail property expertise
TENURE The property is held freehold.
TENANCIES The ground floor is let on effectively full repairing and insuring terms to Holland & Barrett Retail Limited for a term of 10 years from 24th February 2017 and expiring 23rd February 2027, at a rent of £50,000 per annum. A rent commencement date of 30th October was agreed in consideration for the Tenant carrying out a number of repair works. There is a Tenant option to break dated 24th February 2022 and an open market, upward only rent review also dated 24th February 2022. The first floor is let on effectively full repairing and insuring terms to Mrs D Hattam for a term of 5 years from 1st January 2017, at a rent of £9,000 per annum. A rent commencement date of 1st January 2018 was agreed which will not be topped up by the vendor.
Let to very strong covenant, Holland & Barrett Retail Ltd
5 | Fawcett Mead Newquay – 10-10a Bank Street
Retail property expertise
100% prime trading position on pedestrianised Bank Street
COVENANT INFORMATION Holland & Barrett describes itself as the largest health and wellness retailer in Europe and has a total of 1,368 stores around the world. It sells a wide range of vitamins, minerals, health supplements, specialist foods and natural beauty products. In the past three years they have reported the following figures in their annual accounts: 30/09/2015
26/04/2015
27/04/2014
£424,662,000
£368,823,000
£349,637,000
Pre Tax Profit
£129,456,000
£89,463,000
£84,309,000
Net Worth
£326,224,000
£260,473,000
£251,454,000
Turnover
The Company has a Creditsafe Rating of “Low Risk”.
RENTAL ANALYSIS We calculate that the current passing rent for the retail element devalues to £60.77 Zone A. This is in line with the most recent letting of 2 Bank St to Caffe Nero at £57,500 per annum. This property is slightly off pitch and shows £55.00 Zone A from May 2016. In the case of both lettings, we understand there were alternative offers.
6 | Fawcett Mead Newquay – 10-10a Bank Street
Retail property expertise
For indicative purposes only. Title plan available upon request. 50 metres
EPC
PROPOSAL
Experian Goad Plan Created: 16/
FURTHER INFORMATION Created By: Fawc
Copyright and confidentiality Experian, 2016. © Crown copyright and database The property has the following EPC Rating: rights 2016. OS 100019885
For more on our products and For further information or to arrange aninformation inspection, www.experian.co.uk/goad | [email protected] | 0845 please contact the sole agent:
We are instructed to seek offers in excess of £800,000 (Eight hundred thousand pounds), Subject to Contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.0% after purchaser’s costs at 5.49%.
Richard Bashford 020 7182 7497 07774 619 204 [email protected]
VAT We understand the property is elected for VAT. It is anticipated that the sale will be treated as a Transfer Of a Going Concern.
Craig Cawthorne 020 7182 7498 078111 41407 [email protected]
www.fawcettmead.co.uk
Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017SUBJECT TO CONTRACT
INVESTMENT SUMMARY • • • • • • •
Popular seaside town 100% prime trading position on pedestrianised Bank Street Well configured shop Freehold Ground floor let to very strong covenant, Holland & Barrett Retail Ltd Total income of £59,000 per annum Asking price of Offers in Excess of £800,000, an attractive NIY of 7.0%
2 | Fawcett Mead Newquay – 10-10a Bank Street
Retail property expertise
Bristol
Exeter
Newquay
LOCATION Newquay is located on the north coast of Cornwall and is 26 miles north of Truro, 30 miles north west of Penzance and 40 miles west of Plymouth. The town centre is 4 miles north of the A30 trunk road, which connects with the M5 at Exeter, 82 miles to the east. Newquay has a resident population of approximately 20,000 persons which extends to 28,000 persons within a 15 minute drive-time. Newquay is Cornwall’s most popular seaside resort and the population increases to approximately 100,000 in the summer months due to an estimated 1.25 million annual visitors. It is estimated that tourism generates £100 million of revenue for the town with £74 million of this related to retail.
3 | Fawcett Mead Newquay – 10-10a Bank Street
RETAILING IN NEWQUAY Retailing in Newquay is centred around the pedestrianised Bank Street, where multiple retailers include WH Smith, Boots, H Samuel, Costa Coffee, Superdrug, Poundland, New Look and Superdry. Further retailing is found on Fore Street and East Street where there are numerous branded fashion stores including Billabong, White Stuff and Fat Face in addition to traditional tourist seaside shops and cafes.
Retail property expertise
SITUATION The property is situated in the 100% prime location on pedestrianised Bank Street. Nearby occupiers include:
DESCRIPTION The property is of traditional construction with rendered elevations under a pitched slate roof and a brick built ground floor extension under a flat roof to the rear.
ACCOMMODATION Floor
sq ft
sq m
Ground Floor Sales
1,659
154.18
ITZA First Floor Hair Salon TOTAL
4 | Fawcett Mead Newquay – 10-10a Bank Street
822.75 900
83.61
2,559
237.79
Retail property expertise
TENURE The property is held freehold.
TENANCIES The ground floor is let on effectively full repairing and insuring terms to Holland & Barrett Retail Limited for a term of 10 years from 24th February 2017 and expiring 23rd February 2027, at a rent of £50,000 per annum. A rent commencement date of 30th October was agreed in consideration for the Tenant carrying out a number of repair works. There is a Tenant option to break dated 24th February 2022 and an open market, upward only rent review also dated 24th February 2022. The first floor is let on effectively full repairing and insuring terms to Mrs D Hattam for a term of 5 years from 1st January 2017, at a rent of £9,000 per annum. A rent commencement date of 1st January 2018 was agreed which will not be topped up by the vendor.
Let to very strong covenant, Holland & Barrett Retail Ltd
5 | Fawcett Mead Newquay – 10-10a Bank Street
Retail property expertise
100% prime trading position on pedestrianised Bank Street
COVENANT INFORMATION Holland & Barrett describes itself as the largest health and wellness retailer in Europe and has a total of 1,368 stores around the world. It sells a wide range of vitamins, minerals, health supplements, specialist foods and natural beauty products. In the past three years they have reported the following figures in their annual accounts: 30/09/2015
26/04/2015
27/04/2014
£424,662,000
£368,823,000
£349,637,000
Pre Tax Profit
£129,456,000
£89,463,000
£84,309,000
Net Worth
£326,224,000
£260,473,000
£251,454,000
Turnover
The Company has a Creditsafe Rating of “Low Risk”.
RENTAL ANALYSIS We calculate that the current passing rent for the retail element devalues to £60.77 Zone A. This is in line with the most recent letting of 2 Bank St to Caffe Nero at £57,500 per annum. This property is slightly off pitch and shows £55.00 Zone A from May 2016. In the case of both lettings, we understand there were alternative offers.
6 | Fawcett Mead Newquay – 10-10a Bank Street
Retail property expertise
For indicative purposes only. Title plan available upon request. 50 metres
EPC
PROPOSAL
Experian Goad Plan Created: 16/
FURTHER INFORMATION Created By: Fawc
Copyright and confidentiality Experian, 2016. © Crown copyright and database The property has the following EPC Rating: rights 2016. OS 100019885
For more on our products and For further information or to arrange aninformation inspection, www.experian.co.uk/goad | [email protected] | 0845 please contact the sole agent:
We are instructed to seek offers in excess of £800,000 (Eight hundred thousand pounds), Subject to Contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 7.0% after purchaser’s costs at 5.49%.
Richard Bashford 020 7182 7497 07774 619 204 [email protected]
VAT We understand the property is elected for VAT. It is anticipated that the sale will be treated as a Transfer Of a Going Concern.
Craig Cawthorne 020 7182 7498 078111 41407 [email protected]
www.fawcettmead.co.uk
Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017SUBJECT TO CONTRACT
