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EAST GRINSTEADPOUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG
HIGH STREET RETAIL INVESTMENT OPPORTUNITY
EAST GRINSTEADPOUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG
INVESTMENT CONSIDERATIONS
• EastGrinsteadisapopularaffluentsoutheastcommutertown
• ExcellentcommunicationsbeingsituatedontheA22andregulardirecttrains toLondonVictoria
• Substantialtowncentreretailunitstotalling1,677.3sqm(18,057sqft)
• LettothestrongcovenantsofPoundlandLimitedandPoundstretcherLimited
• AWULTof6.84yearstoexpiry
• Freehold
• Poundlandhaverecentlyextendedtheirlease
• Passingrentof£185,000perannum
• Potentialfutureredevelopmentoftheupperfloors(subjecttoplanning)
• Offersaresoughtinexcessof£2,700,000 (Two Million Seven Hundred Thousand Pounds) subjecttocontractandexclusiveofVAT.Apurchaseatthislevelwouldreflect anattractivenetinitialyieldof6.44%afterallowingforpurchaser’scostsof6.41%.
EAST GRINSTEADPOUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY
129.8m
TCB
24
2
Swan
Court
82
1
9
1
28
5
13
3
Hall
5to
11
Cross
West StreetBaptistChurch
11
3
119713
126.2m
Walk
Queen's
RICES HILL
15
30
5B
13
26
7
4
1
Norman
s Garden
s
18
14
21
29
38
8
30
10
19
20
35to
31
17
22to
26
36
Red
Phoenix House
Centurion House
36
23
StagHouse
11a
11d
11c
0m 10m 20m 30m
Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:970
LOCATION
East Grinstead is an affluent and attractive market town located in West Sussex approximately 27 miles (43 km) south of London, 21 miles (34 km) north of Brighton and 14.6 miles (23.5 km) west of Royal Tunbridge Wells.
The town benefits from strong transport communications being situated on the A22 which provides direct access to London to the north and Brighton to the south. The M23 can be accessed via Junction 10, 9.7 miles (15.6 km) to the west which provides direct access to the M25 (Junction 7).
East Grinstead station provides direct trains to London Victoria with a quickest journey time of 55 minutes.
Gatwick airport is the UK’s second busiest airport and is located approximately 7 miles to the west.
Heathrow
LondonCity
Gatwick
StanstedLuton
J27J25J23
J21
J20
J19
J16
J15
J12
J10
J7J8
J9
J6
J5
J3
J2
J29
J28
A5
A505
A418
A602A131A130
A138
A130
A127
A217
A331
A322
A339
A316
A309
A232
A264
A264
A229
A120
A404
A355
A404
A413
A4142
A4010
A414
A414
A414
A1
A2
A3
A3
A41
A34
A40
A31
A24
A22
A22
A21
A20
A10
A10
A12
A12
A13
A26
A21
A24
A23
A23
A420
A303
A34
A34
A44
A40
M1
M4
M4
M2
M3
M3
M10
M40
A404(M)
A329(M)
M25
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
A1(M)
M1
Harlow
Bishop’sStortford
EppingPotters Bar
Knebworth
Hertford
Aylesbury
Dunstable Stevenage
Hatfield
Dartford
Bromley
Gravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Biggin Hill
Romford
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
StaplehurstPaddock
Wood
EAST GRINSTEADEAST GRINSTEADCrawley Three Bridges
Horley
Horsham
Witley
Godalming
Cranleigh
NorthHorsham
HaywardsHeath
Burgess Hill
Redhill
Oxted
DorkingGUILDFORD Reigate
Staines
Slough
HemelHempstead
Chesham
Berkhamsted St Albans
HighWycombe
Thame
Watford
WembleyUxbridge
Ruislip
Rickmansworth
BrentCross
Woking
SouthOxney
HarefieldHarrow
Borehamwood
Enfield
Windsor
Famborough
Aldershot
Alton
BASINGSTOKE
Famham
Fleet
WokinghamBracknall
Egham
Ascot
SandhurstBagshot
READING
OXFORD
Henley-on-ThamesMaidenhead
EpsomSutton
Swanley
Fulham
Ashford
Richmond
KingstonUpon Thames
Hounslow
Southall
BillericayWickford
Stanford-le-Hope
Southend-on-SeaBenfleetCanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Walton-on-Thames
Clapham
Harpenden
Croydon
© Crown Copyright, ES 100004106. For identification purposes only.
RETAILING IN EAST GRINSTEAD
East Grinstead benefits from a large provision of multiple retailers which are attracted to the town by the excellent transport communications, affluent demographic and the attractive surroundings of the town centre.
The town currently has a total retail floor space of approximately 380,000 sq ft with a significant proportion of this situated along London Road. London Road forms the prime A1 retailing location in the town benefiting from direct access to the town centres main car parking facility and a strong supply of attractive glass fronted retail accommodation. This has led to a number of national retailers taking occupation on London Road including; Toni & Guy, Holland and Barratt, WH Smiths, Fat Face, Costa and Boots, amongst others.
The main A3 offering in the town is situated along the High Street with occupiers including; Prezzo, Caffé Nero, Pizza Express and numerous local occupiers. Queens Walk is a covered pedestrianised mall located adjacent to the subject property, which connects London Road to the town’s main car park opposite Waitrose. There are currently plans to re-develop this area to provide a large mixed residential and retail scheme with landscaped public space.
50 metres
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
East Grinstead
Experian Goad Plan Created: 22/09/2016Created By: Allsop
Copyright and confidentiality Experian, 2016. © Crowncopyright and database rights 2016. OS 100019885
NAIL SALON
POUNDLAND
DISCOUNT STO
RE
GOOD & GREEN
EAST GRINSTEADPOUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY
Shaded area shows the planned redevelopment of Queens Walk and Martells Department Store.
© Crown Copyright, ES 100004106. For identification purposes only.
SITUATION
The Poundland unit, fronting London Road, is located on the prime pitch in East Grinstead adjacent to Queens Walk and benefits from a prominent street frontage. The Poundstretcher unit is situated to the rear of the Poundland store in the covered walkway, Queens Walk, which provides access to the town’s main car park.
There are numerous national retailers in the immediate proximity including WHSmith, Holland & Barrett, Boots, Costa, HSBC, Natwest and Clarks shoes, amongst others.
There are currently plans to redevelop the site immediately adjacent on Queens Walk. The scheme will deliver approximately 17,500 sq ft of new retail accommodation and approximately 130 residential apartments.
DESCRIPTIONThe property is of brick construction and provides two retail units arranged over ground and first floors.
22-26 London Road is occupied by Poundland and provides a ground floor retail unit with a prominent frontage to London Road. The property benefits from substantial storage and ancillary accommodation at first floor level as well as a loading bay which is accessed through the yard to the rear of the property which can be accessed off West Street.
1 Queens Walk is occupied by Poundstretcher and provides a ground floor retail unit with two entrances on to the covered walkway, Queens Walk, which provides access from the towns main car park to London Road. The unit also benefits from storage and ancillary accommodation at the first floor level as well as a loading bay which is accessed from the yard to the rear of the unit.
EAST GRINSTEADPOUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY
TENANCY
Unit Tenant Area sqm
Area sqft
Start Date
Expiry Date
Review Date
Passing Rent
Rent ITZA
Comments
22-26 London Road
Poundland Limited
GF Retail 388.7 4,184 27/11/2009 26/11/2024 28/11/2019 £125,000 £44.16 Poundland recently regeared their lease taking a reversionary lease for a further 5 years until 26/11/2024.
Poundland will benefit from 3 months rent free 27/11/19 - 27/02/2020.
ITZA 217.5 2,342
FF Storage 667.9 7,190
Total 1,056.6 11,376
1 Queens Walk Poundstretcher Limited
GF Retail 405.4 4,364 28/10/2010 27/10/2020 £60,000 £27.02
ITZA 182.4 1,963
FF Storage 215.3 2,317
Total 620.7 6,681
1,677.3 18,057 £185,000
TENURE
Freehold
COVENANT INFORMATION
Poundland Limited
The£55macquisitionof99pStoresLtdbyPoundlandaddedanadditional 251storestothePoundlandportfoliobringingthetotaltoaround800stores intheUKandacompanywithamarketcapitalisationofalmost£600m.
29/03/2015 30/03/2014 31/03/2013
Turnover £1,111,526,000 £997,803,000 £880,491,000
Pre-Tax Profit £45,922,000 £41,017,000 £34,313,000
Total Net Worth £93,866,000 £96,235,000 £119,042,000
Poundstretcher Limited
Establishedin1981PoundstretcherisoneoftheUK’sleadingvarietydiscountretailerwithover400storesnationwideandemployingover6,000peoplenationwide.
31/03/2015 31/03/2014 31/03/2013
Turnover £438,325,000 £395,360,000 £367,984,000
Pre-Tax Profit £2,835,000 £1,347,000 (£3,685,000)
Total Net Worth £16,829,000 (£3,361,000) (£4,708,000)
AndyPointon020 7543 [email protected]
Forfurtherinformationortomakearrangementsforviewingpleasecontact:
RichardLea020 7543 [email protected]
JonathanButcher020 7543 [email protected] www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. 09.16
EAST GRINSTEADPOUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG
EPCThepropertyhasan EPCratingofD(82).
VATThepropertyhasbeenelectedfor VATandthereforeitisanticipated thatthesalewillbetreatedasaTransferofaGoingConcern(TOGC).
PROPOSAL
Offersaresoughtinexcessof£2,700,000 (Two Million Seven Hundred Thousand Pounds)subjecttocontractandexclusiveofVAT.Apurchaseatthislevelwouldreflectanattractivenetinitialyieldof6.44%afterallowingforpurchaser’scostsof6.41%.