ockleston bailey PRIME LISTED FREEHOLD RETAIL AND ... · Location Shrewsbury is an attractive, historic County Town and the cultural and retail centre for Shropshire and a large area

retail leisure investmentockleston bailey

14/15 HIGH STREET, SHREWSBURY SY1 1SPPRIME LISTED FREEHOLD RETAIL AND RESIDENTIAL INVESTMENT

LET TO WHITE STUFF LIMITED

LocationShrewsbury is an attractive, historic County Town and the cultural and retail centre for Shropshire and a large area of Mid-Wales.

The town is located approximately 41 miles (66 km) south of Chester, 47 miles (75 km) northwest of Birmingham and 15 miles (25 km) west of Telford.

The town benefits from excellent road communications with the A5 ringroad connecting directly to the M54 and subsequently the M6 and wider national motorway network. The town is also served by the A49 (Manchester/Cardiff trunk road) and the A548 (central Wales).

Shrewsbury train station provides direct rail access to London Euston via Birmingham New Street with a fastest journey time of 2 hours 35 minutes. Direct regular services to Manchester, Crewe, Cardiff and Wolverhampton are also provided.

Catchment and DemographicsThe total population within the Shrewsbury primary catchment area is 329,000 people, similar to the sub-regional centre average and ranking the town 76 out of PROMIS centres.

The estimated shopping population of Shrewsbury is 177,000 people ranking the town 74 of the PROMIS centres. The urban population of Shrewsbury has seen rapid growth (11.6%) over the last 10 years and now boasts in excess of 100,000 people.

Shrewsbury attracts a significant number of tourists and it boasts over 600 Listed Buildings including the Castle, now a Regimental Museum, and the world famous Shrewsbury Abbey. Shrewsbury tourism economic impact assessment from 2007 estimated that 2.6m people visited the town annually and in that year, estimated tourism expenditure was £137m. The Local Authority considers the town to have great market potential to develop its visitor economy further with a potential spend of £275m achievable.

Charles Darwin was born and educated in Shrewsbury.

Investment Summaryn The property is Grade II Listed.

n Shrewsbury is the dominant commercial and administrative centre for Shropshire.

n Well secured retail investment let to White Stuff Limited (Company No.2319237) to expire on 7 October 2023.

n The current rental is £78,500 p.a.x.

n Well configured retail space with White Stuff trading on the ground and first floors.

n The sale potentially includes either two or five refurbished, vacant self contained residential units, accessed off the High Street to the right of the White Stuff retail unit, via a courtyard at the rear.

n The entire site is held on one Title (SL192936). It is considered that the Title will split with the retail unit and Apartments 3 and 4 as one entity, with Apartments 1, 2 and The Cottage as a separate entity.

n The property has been registered for VAT purposes and it is assumed that the transaction will be dealt with as a TOGC.

n Freehold.

ProposalWe have been instructed to seek offers on the following basis:-

1. As a Whole to include both the Retail Unit and 5 Vacant Refurbished ApartmentsOffers are sought in excess of £2,500,000. A purchase at this level would reflect 5.75% NIY (£1.28m) after deducting 5.98% for costs for the retail element with the residential element in the region of £1,257,000. Further details relating to the individual apartment values can be found below or under the residential section in this brochure.

2. The Retail Element and Apartments 3 and 4 above.Offers in excess of £1,825,000. A purchase at this level would reflect a 5.75% NIY on the retail element (after deducting costs of 5.98%) and circa £545,000 (Apartment 3 - £265,000 and Apartment 4 £275,000) for the residential element.

3. Apartments 1, 2 and The CottageOffers in excess of £690,000 (Apartment 1 £173,000, Apartment 2 £275,000 and The Cottage £269,000) are sought.

The Shrewsbury catchment population is moderately affluent ranking 90 of the PROMIS centres on the PMA Affluence Indicator.

The level of car ownership in Shrewsbury is significantly above average with particularly high proportion of 2 car households.

The largest employment sector in Shrewsbury is the public sector with Shrewsbury’s largest employer being Shropshire Council, the unitary authority that now covers most of Shropshire. Other key employers include Royal Shrewsbury Hospitals NHS Trust, Shrewsbury Fire & Rescue Service and the Shrewsbury College of Art & Technology. Other major employers include Tesco, Sainsbury’s and Morrisons.

Retailing in ShrewsburyThe pedestrianised Pride Hill is the prime retail pitch within the town centre with major retailers represented including Waitrose, Boots and Tesco Express.

The town benefits from two main shopping centres which ably support prime pitch. The Pride Hill Centre anchored by Next and New Look and the Darwin Shopping Centre anchored by Marks & Spencer, TK Maxx, Topshop and the recently opened Primark at the eastern end of Pride Hill.

Both High Street and The Square have seen a significant alteration of the retail/restaurant offer with many new aspirational operators including Jigsaw, Joules, Phase Eight, Fat Face, Crew, Seasalt, Pure Collection, White Stuff, Goldsmiths, JoJo Maman Bebe, Patisserie Valerie, Starbucks, Costa, Cote, Carluccio’s and Loch Fyne being represented. In addition, there is a Rackhams Department Store (House of Fraser) on High Street, directly opposite the subject property.

Void levels within the prime core of the town centre are extremely low as a result of healthy occupational demand from national and independent retailers and leisure/restaurant operators.

SituationThe property occupies a prime trading location on High Street being adjacent to Costa and Crew Clothing. Nearby multiple retailers include Seasalt, Pure Collection, Zizzi, Rackhams, Starbucks, Patisserie Valerie, JoJo Maman Bebe, Cote, Fat Face, Jigsaw, Phase Eight, Joules and Waterstones.

DescriptionThe property is Grade II Listed, arranged on basement, ground, first, second and attic floors and is of brick built construction, under a pitched, slate roof.

The retail unit arranged on basement, ground and first floors has been fitted out in the standard White Stuff livery. The accommodation provides well configured sales space on ground and first floors. Storage accommodation is provided in both the basement and part first floors.

The retail shop front is of a bronze construction with substantial glazing panels, some of which are curved. There are very few surviving shop fronts of this age and construction.

The residential accommodation has access off the High Street via an entrance lobby to the right of the White Stuff unit into a courtyard area. There are five residential units with Apartments 3 and 4 arranged on second and attic floors above the retail element, with Apartments 1, 2 and The Cottage within the courtyard area.

ResidentialThe residential accommodation has been completely refurbished to a very high standard with the following generic specification:-

n Kitchen – with granite work surfaces throughout with NEFF or Bosch appliances.

n Recessed downlighters throughout to all kitchens, bathrooms, bedrooms and landings.

n Electric fired boilers with radiators throughout with individual TRV’s.

n Solid oak internal doors with brushed steel door furniture.

n Contemporary square edged skirting and architrave.

n Matki showers and Rocca sanitary ware.

n Door entry system.

n Recessed floorwash lighting to courtyard.

n Bin and bike stores.

n Linked fire detection system.

The table below provides a brief description of each Apartment, its size and capital value:-

Apartment Number Description Size Capital Value

Apartment 1 1 bedroom 450.6 sq ft (41.9 sq m) £173,000

Apartment 2 2 bedroom 958.2 sq ft (89 sq m) £275,000

Apartment 3 2 bedroom 920.9 sq ft (85.6 sq m) £265,000

Apartment 4 2 bedroom 1,315.3 sq ft (122.2 sq m) £275,000

The Cottage 2 bedroom mews house 752.4 sq ft (69.9 sq m) £269,000

All apartments are currently vacant

NB: The apartment capital values have been provided by Cooper Green Pooks, residential agents based in Shrewsbury. Further details are available upon request.

AccommodationThe accommodation is arranged on basement, ground, first, second and third floors with the following approximate areas and dimensions:-

Description ft/sq ft m/sq m

Internal width (maximum) 27’3” 8.3m

Shop depth 48’0” 14.6m

Ground floor sales 993 sq ft 92.2 sq m

First floor sales 902 sq ft 83.8 sq m

First floor staff/store 232 sq ft 21.6 sq m

Basement store 595 sq ft 55.3 sq m

Ground floor ITZA 713.25 units

Apartment 1 450.6 sq ft 41.9 sq m

Apartment 2 958.2 sq ft 89 sq m

Apartment 3 920.9 sq ft 85.6 sq m

Apartment 4 1,315.3 sq ft 122.2 sq m

The Cottage 752.4 sq ft 69.9 sq m

TenureThe property is held freehold (Title No.SL192936), subject to the tenancy listed below.

TenancyWhite Stuff Limited (Company No.2319237) occupy the basement, ground and first floors by way of a 15 year effective full repairing and insuring lease with a service charge provision from 8 October 2008 to expire on 7 October 2023, at a current rental of £78,500 (seventy eight thousand five hundred pounds) p.a.x. The next rent review is on 8 October 2018.

Covenant Information White Stuff Limited is a British fashion and lifestyle brand that sells women’s and men’s clothing, accessories and gifts in over 100 shops in the United Kingdom, Germany and Denmark, via mail order and online. The Company was established in 1985.

We set out below the most recent financial information available for White Stuff Limited (Company No. 2319237):-

30/04/2016 £000’s

02/05/2015 £000’s

03/05/2014 £000’s

Turnover 144,140 131,446 115,685

Pre-Tax Profit 15,968 16,375 12,095

Tangible Net Worth

34,732 21,345 19,808

Source:- N2Check (part of Dun & Bradstreet)

The tenant has a rating of 91 out of 100 representing a very low risk as defined by N2Check (part of Dun & Bradstreet).

Apartment 2Apartment 1 Apartment 3

Apartment 4 The Cottage

VATThe property has been elected for VAT and it is assumed that the transaction will be dealt with as a TOGC.

ProposalWe have been instructed to seek offers on the following basis:-

1. As a Whole to include both the Retail Unit and 5 Vacant Refurbished Apartments

Offers are sought in excess of £2,500,000. A purchase at this level would reflect 5.75% NIY (£1.28m) after deducting 5.98% for costs for the retail element with the residential element in the region of £1,257,000. Further details relating to the individual apartment values can be found below or under the residential section in this brochure.

2. The Retail Element and Apartments 3 and 4 above.

Offers in excess of £1,825,000. A purchase at this level would reflect a 5.75% NIY on the retail element (after deducting costs of 5.98%) and circa £545,000 (Apartment 3 - £265,000 and Apartment 4 £275,000) for the residential element.

3. Apartments 1, 2 and The Cottage

Offers in excess of £690,000 (Apartment 1 £173,000, Apartment 2 £275,000 and The Cottage £26 9,000) are sought.

Further information For further information, or to arrange an inspection of the property, please contact Hugh Ockleston, Ockleston Bailey Tel. 01244 403445 Email: [email protected]

SUBJECT TO CONTRACT

Misrepresentation Act 1967 Ockleston Bailey Ltd (and their joint agents where applicable) for themselves and for the vendors or lessors of this property for whom they act, give notice that : (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Ockleston Bailey Ltd cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) no employee of Ockleston Bailey Ltd (and their joint agents where applicable) has any authority to make any representations or warranty or enter into contract whatever in relation to the property; (iv) prices/rents quoted in these particulars may be subject to VAT in addition, (v) Ockleston Bailey Ltd will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. Date of publication: October 2017

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