Spa Common Investment Brochure - PropList
FOR SALE
Spa Common, Retford, Nottinghamshire, DN22 6LU
▪ Well let Funeral Home ▪ Recently converted ▪ Let to Funeral Services Ltd part of the Co-op ▪ FRI terms from 5th December 2017 ▪ Ten year term with tenant break at year five ▪ NIY at guide: 7.15%* ▪ Guide Price: £285,000 * assuming normal purchasers costs
fishergerman.co.uk
01302 243932
FOR SALE Spa Common, Retford, Nottinghamshire, DN22 6LU Location The building sits in a prominent position fronting Arlington Way close to a pedestrian crossing leading to Retford’s main town centre car park and the local bus station. This building fronts a busy ring-road which sees a significant amount of passing traffic throughout the day. Retford itself is a North Nottinghamshire market town which still retains its markets of Thursday, Friday and Saturdays with a monthly farmers market. The town is a central point for many of the smaller towns and villages and as such the town has attracted and maintained a good number of national occupiers and retailers. Retford is well placed for taking advantage of the surrounding centres of Sheffield, Doncaster, Lincoln, Worksop and Nottingham. The A1 trunkroad and motorway networks are close by and the town benefits from the mainline railway Station, which has an excellent rail service to London Kings Cross [1 hour and 40 minutes]. The town has a population of around 21,000 persons with a catchment population of approximately 45,000.
At the guide quoted the opportunity reflects an attractive yield of 7.14% assuming purchasers costs of 3.12%. For the year ended 2016 the tenants accounts show a revenue of £389.43m with profits after tax of £79.43m. The company is reporting current Net Assets of £426.5m. As such the covenant strength is considered strong.
Tenure The property is freehold
Business Rates The property has a 2017 business rates listing of £9,900 and is described as funeral parlour and premises.
Services
Description The property comprises a modern single storey building constructed in brick elevations beneath a pitched tiled roof. The accommodation was configured originally to provide two open plan areas with a central block consisting of WCs and ancillary facilities. The building has recently been let to Funeral Services Limited who have just completed their re-fit which has created a number of smaller celluar rooms and consulting areas. The building is let from December 2017 on full repairing and insuring terms for a term of ten years at an initial rent of £21,000 per annum. Further details regarding the tenancy are below.
We understand that all mains services are available to the property, namely mains water, electricity and gas.
Fixtures & Fittings Any fixtures and fittings not expressly mentioned within the confines of these particulars are excluded from the letting.
Energy Performance Rating The property has an Energy Performance Rating of C (58).
Legal Costs and VAT
Accommodation Open Plan area 1 Open Plan area 2 Reception, kitchen & Office Store Total Net Internal Area
review on the fifth anniversary of the term to passing rent or market rent, whichever is the higher. The lease is generally drawn on standard institutional type terms.
57.29m2 56.23m2 22.37m2 5.72m2 135.90m2
Each side to pay their own legal costs. The property is not opted to tax.
(617ft2) (605ft2) (241ft2) (62ft2) (1,524ft2)
References and Money Laundering
All measurements are approximate.
The successful Purchaser may be asked to provide two forms of identity, in accordance with Money Laundering Regulations.
Investment Summary
Viewing and Further Information
The property is currently let on a FR & I lease dated 5th December 2017 for 10 years at a rent of £21,000 per annum. The lease contains a tenant break option on the fifth anniversary of the term along with a tenant option for a new 10 years lease, to be exercised within the last 2 years of the term. There is a rent
Strictly by prior arrangement with the Sole Agents. Copies of the lease and tenants accounts are available upon request.
Kevin Benson
Ben Flint
T: 01302 243904 T: 01302 243915 E: [email protected] E: [email protected]
Please note: Fisher German LLP and any Joint Agents give notice that the particulars are produced in good faith are set out as a general guide only and do not constitute or form any part of an offer or any contract. No person within Fisher German has any authority to make or give representation or warranty on any property. Brochure/photos prepared Jan 18.
fishergerman.co.uk
Spa Common, Retford, Nottinghamshire, DN22 6LU
▪ Well let Funeral Home ▪ Recently converted ▪ Let to Funeral Services Ltd part of the Co-op ▪ FRI terms from 5th December 2017 ▪ Ten year term with tenant break at year five ▪ NIY at guide: 7.15%* ▪ Guide Price: £285,000 * assuming normal purchasers costs
fishergerman.co.uk
01302 243932
FOR SALE Spa Common, Retford, Nottinghamshire, DN22 6LU Location The building sits in a prominent position fronting Arlington Way close to a pedestrian crossing leading to Retford’s main town centre car park and the local bus station. This building fronts a busy ring-road which sees a significant amount of passing traffic throughout the day. Retford itself is a North Nottinghamshire market town which still retains its markets of Thursday, Friday and Saturdays with a monthly farmers market. The town is a central point for many of the smaller towns and villages and as such the town has attracted and maintained a good number of national occupiers and retailers. Retford is well placed for taking advantage of the surrounding centres of Sheffield, Doncaster, Lincoln, Worksop and Nottingham. The A1 trunkroad and motorway networks are close by and the town benefits from the mainline railway Station, which has an excellent rail service to London Kings Cross [1 hour and 40 minutes]. The town has a population of around 21,000 persons with a catchment population of approximately 45,000.
At the guide quoted the opportunity reflects an attractive yield of 7.14% assuming purchasers costs of 3.12%. For the year ended 2016 the tenants accounts show a revenue of £389.43m with profits after tax of £79.43m. The company is reporting current Net Assets of £426.5m. As such the covenant strength is considered strong.
Tenure The property is freehold
Business Rates The property has a 2017 business rates listing of £9,900 and is described as funeral parlour and premises.
Services
Description The property comprises a modern single storey building constructed in brick elevations beneath a pitched tiled roof. The accommodation was configured originally to provide two open plan areas with a central block consisting of WCs and ancillary facilities. The building has recently been let to Funeral Services Limited who have just completed their re-fit which has created a number of smaller celluar rooms and consulting areas. The building is let from December 2017 on full repairing and insuring terms for a term of ten years at an initial rent of £21,000 per annum. Further details regarding the tenancy are below.
We understand that all mains services are available to the property, namely mains water, electricity and gas.
Fixtures & Fittings Any fixtures and fittings not expressly mentioned within the confines of these particulars are excluded from the letting.
Energy Performance Rating The property has an Energy Performance Rating of C (58).
Legal Costs and VAT
Accommodation Open Plan area 1 Open Plan area 2 Reception, kitchen & Office Store Total Net Internal Area
review on the fifth anniversary of the term to passing rent or market rent, whichever is the higher. The lease is generally drawn on standard institutional type terms.
57.29m2 56.23m2 22.37m2 5.72m2 135.90m2
Each side to pay their own legal costs. The property is not opted to tax.
(617ft2) (605ft2) (241ft2) (62ft2) (1,524ft2)
References and Money Laundering
All measurements are approximate.
The successful Purchaser may be asked to provide two forms of identity, in accordance with Money Laundering Regulations.
Investment Summary
Viewing and Further Information
The property is currently let on a FR & I lease dated 5th December 2017 for 10 years at a rent of £21,000 per annum. The lease contains a tenant break option on the fifth anniversary of the term along with a tenant option for a new 10 years lease, to be exercised within the last 2 years of the term. There is a rent
Strictly by prior arrangement with the Sole Agents. Copies of the lease and tenants accounts are available upon request.
Kevin Benson
Ben Flint
T: 01302 243904 T: 01302 243915 E: [email protected] E: [email protected]
Please note: Fisher German LLP and any Joint Agents give notice that the particulars are produced in good faith are set out as a general guide only and do not constitute or form any part of an offer or any contract. No person within Fisher German has any authority to make or give representation or warranty on any property. Brochure/photos prepared Jan 18.
fishergerman.co.uk
