prime freehold retail investment - Aston Rose
PRIME FREEHOLD RETAIL INVESTMENT 2-3 The Borough, Farnham, Surrey GU9 7NA
Investment Summary • Affluent Surrey commuter market town • Prime High Street unit with large frontage • One of the few well-configured units in town that suit modern retail requirements • Let to the excellent covenant of Poundland Limited • New Lease of 15 years from November 2014 • Offers invited in excess of £3,950,000 • Net in al yield 5.5%
Loca on Farnham is an affluent and a rac ve historic market town with a popula on of approximately 39,500. The town is close to the Surrey-Hampshire border, 39 miles south west of London, 11 miles west of Guildford and 15 miles east of Basingstoke.
Situa on The property is prominently posi oned on the northern side of The Borough, close to its junc on with West Street and Downing Street. The Borough is a prime retail trading pitch with a number of na onal retailers including Boots, Fat Face, Jo Jo Maman Bébé, Jigsaw, Timpson, Clarks, White Stuff, Natwest, Vision Express and Prezzo.
Both Heathrow and Gatwick airports are within an hour's drive of the town.
Slough Reading M4 A33
Descrip on The property is an a rac ve period building arranged over basement, ground and two upper floors, forming part of a retail parade. The building is of tradi onal brick construc on with a more recent concrete frame extension to the rear.
Accommoda on
The upper parts, which have separate access, are to be retained by the vendor for conversion to residen al.
Ground Floor Area ITZA
Tenancy The ground floor retail unit is let to Poundland Limited on a 15 year lease expiring on 13 November 2029. The passing rent is £230,000 pa and is subject to an upward only rent review in the 5th and 10th years.
London
M25 M3
Weybridge
Leatherhead Basingstoke Farnborough Guildford M3 Farnham A31 A24 A3
The ground floor comprises a well configured retail unit with glazed frontage and to the rear the tenant has fi ed out to include storage space, a kitchen, staff rest rooms and office space. The property benefits from a rear yard with parking, goods access and a li .
The town is within the London commuter belt with regular trains to London Waterloo with a fastest journey me of 53 minutes. The town benefits from excellent road communica ons with the A31 and A331 in close proximity. The M25 can be reached via Guildford on the A31 or via the A331 which joins the M3 circa 8 miles to the north.
M40
sq m 592.59 168.61
sq 6,379 1,815
A22
TA
W
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Rents have now grown with £114.79 Zone A agreed on 4th November 2013 at 118 West Street and the tone further established as evidenced by the le ng recently agreed at the subject property. Given that Guildford is commanding rents in the region of £300.00 Zone A, the town is significantly discounted while retaining a similar affluent shopper.
ON
RA
E
ER LA RK Y PA T & EN TT AG RU TE ST TA ES
IV
R
Retailing in Farnham
TH
GA
F IC
HN GE J O R ID A R OD WE GO NS 6 ME -3 35
34
1-
NE
FA
Year Ending Mar 2014 Year Ending Mar 2013 Year Ending Mar 2012
R
MA
3
-3
L UE GE IQ AN UT BO
ER NC K CA CH U P O AR H SE Y S R E H R IT C AL TR M IS
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32
OF
N H E RE -R IC AG E AR TE DG G W TA L O ST A ES EW E DR AN
BO
O
Sales Pre Tax Net Turnover Profit Assets £997,803,000 £41,017,000 £96,235,000 £880,491,000 £34,313,000 £119,042,000 £780,147,000 £32,026,000 £90,342,000
Farnham is a strong retail loca on and The Borough together with West Street are the prime retail streets. Rents exceeded £100.00 Zone A in 2007 and during the recession rents only reduced slightly with deals agreed in between £85.00-£95.00 ITZA.
L RA F CO T OF BE
R ER H E L L LL R D E W E WE DS J P O AR NT
Poundland Limited - Experian Ra ng of Low Risk
35
ES O SH YS LE ) FF W U RS ST G OO TE IN FL HI H L ES W LOT TAI ON C RE PH (2
-4
-
Poundland is a na onal mul ple retailer opera ng from over 500 stores and recently reported a rise in sales (excluding Spain) of 11.4% and sales turnover for the 2015 year end in excess of £1bn.
TE
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KS H IC E ELP TO R TS MEN A RT R S) DEP LOO IL F E TA (2 R
RPS SHA FURN F IT
LAN A-P O F F IN S
NE HO OUSE RP CA RHEH NES WA E P H O TEL
OFF AR WE ANG ENS MER B O O IE S & M LAD IFA X S HAL K IO R TER BAN E IN H O M H IN G S DEN IS PON FURN T T IN SOF AUS TT & TLE B A R IC IA N OPT
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TH MI KS HS O W BO &
NS TO IRD A HA CI TI OP S OT S BO IN RK PE Y AR TH E RO S W DO DIE NE ES LA FO ON DA PH VO LE TE 31
34
Covenant
B
27 29
5
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AN
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OF
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2-
AN
G OU
EA
NT
E UG R O CH FÉ REN ST F RE
3
The property is being offered for sale as Freehold with the upper parts let to the vendor on a 999 year lease. Alterna vely the property could be purchased by way of 999 year leasehold for the ground floor retail unit.
14A
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Tenure
G
72
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VA R
D YA
IE T Y
S
S TO
RE
(280) (ESTIMATED)
Energy Performance Cer ficate (EPC) The property has an Energy Performance Asset Ra ng of C (57). A full copy of the EPC is available on request.
VAT
Further informa on, please contact: Rob Cragg 020 7629 1533 [email protected]
The property has been elected for VAT.
Proposal Offers in excess of £3,950,000 (Three Million Nine hundred and Fi y Thousand Pounds) are invited for the freehold or long leasehold interest, subject to contract and exclusive of VAT, reflec ng a yield of 5.5% a er deduc on of standard costs of 5.8%.
Aston Rose Chartered Surveyors St Albans House 57/59 Haymarket London SW1Y 4QX
020 7629 1533 www.astonrose.co.uk
Ma Hunter 020 7629 1533 ma [email protected]
OS Plan reproduced with permission. ©Crown Copyright 2014. All rights reserved. Licence Number 100047514 MISREPRESENTATION ACT These particulars are believed to be correct and, where practicable, reasonable steps have been taken to ensure their accuracy, however this cannot be guaranteed. They do not form part of any offer or other contract. The owner of this property does not make or give, representations or warranties in relation to this property. Aston Rose (West End) Limited and its employees do not accept any responsibility for information supplied to them by the owner or any third party. Any intending purchaser or lessee must satisfy itself by inspection or otherwise as to the correctness of the particulars. All measurements are approximate. The plans in these particulars are published for convenience of identification only, and although believed to be correct, their accuracy is not guaranteed and do not form part of any contract.
MAY 2015
Investment Summary • Affluent Surrey commuter market town • Prime High Street unit with large frontage • One of the few well-configured units in town that suit modern retail requirements • Let to the excellent covenant of Poundland Limited • New Lease of 15 years from November 2014 • Offers invited in excess of £3,950,000 • Net in al yield 5.5%
Loca on Farnham is an affluent and a rac ve historic market town with a popula on of approximately 39,500. The town is close to the Surrey-Hampshire border, 39 miles south west of London, 11 miles west of Guildford and 15 miles east of Basingstoke.
Situa on The property is prominently posi oned on the northern side of The Borough, close to its junc on with West Street and Downing Street. The Borough is a prime retail trading pitch with a number of na onal retailers including Boots, Fat Face, Jo Jo Maman Bébé, Jigsaw, Timpson, Clarks, White Stuff, Natwest, Vision Express and Prezzo.
Both Heathrow and Gatwick airports are within an hour's drive of the town.
Slough Reading M4 A33
Descrip on The property is an a rac ve period building arranged over basement, ground and two upper floors, forming part of a retail parade. The building is of tradi onal brick construc on with a more recent concrete frame extension to the rear.
Accommoda on
The upper parts, which have separate access, are to be retained by the vendor for conversion to residen al.
Ground Floor Area ITZA
Tenancy The ground floor retail unit is let to Poundland Limited on a 15 year lease expiring on 13 November 2029. The passing rent is £230,000 pa and is subject to an upward only rent review in the 5th and 10th years.
London
M25 M3
Weybridge
Leatherhead Basingstoke Farnborough Guildford M3 Farnham A31 A24 A3
The ground floor comprises a well configured retail unit with glazed frontage and to the rear the tenant has fi ed out to include storage space, a kitchen, staff rest rooms and office space. The property benefits from a rear yard with parking, goods access and a li .
The town is within the London commuter belt with regular trains to London Waterloo with a fastest journey me of 53 minutes. The town benefits from excellent road communica ons with the A31 and A331 in close proximity. The M25 can be reached via Guildford on the A31 or via the A331 which joins the M3 circa 8 miles to the north.
M40
sq m 592.59 168.61
sq 6,379 1,815
A22
TA
W
NI &
Y GU SSIN RE G
RE
N
L CA SI IST AS R CL FLO
EE
AT
TW TH E
NE
ZE EE IR BR HA
LI
T
S LL
IC
E
IS
BA
BL
OF
LE
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FI CE
FI
CE
OF
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OS
OF
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N BE BE EC SE
42
42
1
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ROB
42
18
O ID E S TO-V O D HO G O M P TO HA PHO RN
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TS
41
IE
T EN LS AG VIL TE SA TA T ES S EN E L AG AR TE CH TA ES C AT LE Y PA IS
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ER
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STR
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WN
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BY BA E E OR R TH L ST C/W RA
NE
DO
GE
OF
AF LO ER K BA
37
IC E
NO IL A A R I M WE LL VE NS RA ME
IO IAT OC SS EA IV B AT LU RV LC C IA SO
GE
42
37
OFF
IC E
Rents have now grown with £114.79 Zone A agreed on 4th November 2013 at 118 West Street and the tone further established as evidenced by the le ng recently agreed at the subject property. Given that Guildford is commanding rents in the region of £300.00 Zone A, the town is significantly discounted while retaining a similar affluent shopper.
ON
RA
E
ER LA RK Y PA T & EN TT AG RU TE ST TA ES
IV
R
Retailing in Farnham
TH
GA
F IC
HN GE J O R ID A R OD WE GO NS 6 ME -3 35
34
1-
NE
FA
Year Ending Mar 2014 Year Ending Mar 2013 Year Ending Mar 2012
R
MA
3
-3
L UE GE IQ AN UT BO
ER NC K CA CH U P O AR H SE Y S R E H R IT C AL TR M IS
PE
R
T RE E TH AIR H
BE
ES TW NA NK BA
RE
FF
MA
32
OF
N H E RE -R IC AG E AR TE DG G W TA L O ST A ES EW E DR AN
BO
O
Sales Pre Tax Net Turnover Profit Assets £997,803,000 £41,017,000 £96,235,000 £880,491,000 £34,313,000 £119,042,000 £780,147,000 £32,026,000 £90,342,000
Farnham is a strong retail loca on and The Borough together with West Street are the prime retail streets. Rents exceeded £100.00 Zone A in 2007 and during the recession rents only reduced slightly with deals agreed in between £85.00-£95.00 ITZA.
L RA F CO T OF BE
R ER H E L L LL R D E W E WE DS J P O AR NT
Poundland Limited - Experian Ra ng of Low Risk
35
ES O SH YS LE ) FF W U RS ST G OO TE IN FL HI H L ES W LOT TAI ON C RE PH (2
-4
-
Poundland is a na onal mul ple retailer opera ng from over 500 stores and recently reported a rise in sales (excluding Spain) of 11.4% and sales turnover for the 2015 year end in excess of £1bn.
TE
KS AR S CL OE SH
JO
ON PS R EP T IM O E SH
JO
NE
E
HA
S T
IG
CO E W IN G C R O T H /W R C L R&M L/W
R S TO BED G IN KS H IC E D D ELP S & B BED
HT E IG SE PHA R L/W & ND LLA HO RETT OOD B A R LT H F HEA IZ E OR ESS ACC CESS L AC
KS H IC E ELP TO R TS MEN A RT R S) DEP LOO IL F E TA (2 R
RPS SHA FURN F IT
LAN A-P O F F IN S
NE HO OUSE RP CA RHEH NES WA E P H O TEL
OFF AR WE ANG ENS MER B O O IE S & M LAD IFA X S HAL K IO R TER BAN E IN H O M H IN G S DEN IS PON FURN T T IN SOF AUS TT & TLE B A R IC IA N OPT
E
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OF
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TH MI KS HS O W BO &
NS TO IRD A HA CI TI OP S OT S BO IN RK PE Y AR TH E RO S W DO DIE NE ES LA FO ON DA PH VO LE TE 31
34
Covenant
B
27 29
5
32
33
H
37
BO
AN
UE
EL
T W IS YT ND ONF C IS &B
24
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MA
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112
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118
B 113
A 113
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44
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7
46
120
10
6
5
122
T
9
4
2-
AN
G OU
EA
NT
E UG R O CH FÉ REN ST F RE
3
The property is being offered for sale as Freehold with the upper parts let to the vendor on a 999 year lease. Alterna vely the property could be purchased by way of 999 year leasehold for the ground floor retail unit.
14A
6
30
BC HS NK BA
E
GA
E
OF 25
FR
RE HE IE NC LO NG ER LI
110
RO
C VA
W
GE
CA
EE FR S G OD K IN G O EA G B R P IN M CA
HL NT CA VA K IN BL AR E SW D IE E LA ID N W IN G T IO IL D T Y N A B U C IE SO
76
ET
F IT NE S B E E T IC A E S M &B CO TH
76
RE
4-
1
NE
NS
SA
75
N
2
T
FÉ
ME
NE
74
AN
CA
F IC
6 23
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109
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3
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OF
7
2
RD YA 1 - 22
F IC
ST
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F IC
MB
OF
GE
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18 PO
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OF
17
VIS S G O R O RT SP
N IS O AL END W S IF T S G LI CO RA CAFE CA
L YA
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S
TO
RO
F IC
N MA UE AG TR EST
CA
11
16
13
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D IO S TU L S IA N IC A P T IC O S NE R O J KE MA OT BO
OF
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5
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PT
T RS TE WA O K S BO
12
E ON
LS B IL N T RA
RE
SS RE XP NT AE URA ZZ P I S TA RE
7
N
E
AY NW
LS B IL N T A UR
6-
LO
RD
A ST
7
RE
A GG
Tenure
G
72
ES
E RT
VA R
D YA
IE T Y
S
S TO
RE
(280) (ESTIMATED)
Energy Performance Cer ficate (EPC) The property has an Energy Performance Asset Ra ng of C (57). A full copy of the EPC is available on request.
VAT
Further informa on, please contact: Rob Cragg 020 7629 1533 [email protected]
The property has been elected for VAT.
Proposal Offers in excess of £3,950,000 (Three Million Nine hundred and Fi y Thousand Pounds) are invited for the freehold or long leasehold interest, subject to contract and exclusive of VAT, reflec ng a yield of 5.5% a er deduc on of standard costs of 5.8%.
Aston Rose Chartered Surveyors St Albans House 57/59 Haymarket London SW1Y 4QX
020 7629 1533 www.astonrose.co.uk
Ma Hunter 020 7629 1533 ma [email protected]
OS Plan reproduced with permission. ©Crown Copyright 2014. All rights reserved. Licence Number 100047514 MISREPRESENTATION ACT These particulars are believed to be correct and, where practicable, reasonable steps have been taken to ensure their accuracy, however this cannot be guaranteed. They do not form part of any offer or other contract. The owner of this property does not make or give, representations or warranties in relation to this property. Aston Rose (West End) Limited and its employees do not accept any responsibility for information supplied to them by the owner or any third party. Any intending purchaser or lessee must satisfy itself by inspection or otherwise as to the correctness of the particulars. All measurements are approximate. The plans in these particulars are published for convenience of identification only, and although believed to be correct, their accuracy is not guaranteed and do not form part of any contract.
MAY 2015
