![The Press. (Stafford Springs, Conn.) 1884-08-07 [p ]....at Stafford Springs, Conn. SMITH BARTLETT. At a court of probate holden at Stafford, within and for the district of Stafford,](https://static.fdocuments.us/doc/165x107/60b56d32c5a7ad254b793574/the-press-stafford-springs-conn-1884-08-07-p-at-stafford-springs-conn.jpg)
STAFFORD – 1/2 GAOLGATE STREET 100% PRIME HIGH STREET … Brochure_Final.pdf · 2015-06-16 · 12...
8
STAFFORD – 1/2 GAOLGATE STREET 100% PRIME HIGH STREET RETAIL INVESTMENT Sat Nav Ref: ST16 2BG
Transcript of STAFFORD – 1/2 GAOLGATE STREET 100% PRIME HIGH STREET … Brochure_Final.pdf · 2015-06-16 · 12...
STAFFORD – 1/2 GAOLGATE STREET100% PRIME HIGH STREET RETAIL INVESTMENT
Sat Nav Ref: ST16 2BG
Retail property expertiseFawcett Mead 1/2 Gaolgate Street, Stafford
INVESTMENT HIGHLIGHTS
• Stafford is an affluent and attractive county town in Staffordshire
• 100% prime trading position on the pedestrianised Gaolgate Street,
Stafford’s prime retail location
• 76% of the current income is secured to two excellent covenants:
Holland & Barrett Retail Ltd and Ernest Jones Ltd
• Freehold
• Total current income: £128,000 per annum
• Price: £1,500,000
(subject to contract & exclusive of VAT)
• Attractive Net Initial Yield: 8.1%
Retail property expertiseFawcett Mead 1/2 Gaolgate Street, Stafford
LOCATION
Stafford is the county town and administrative centre of Staffordshire in the West Midlands. The town is located 27 miles north west of Birmingham, 17 miles south of Stoke-on-Trent and 34 miles west of Derby.
In addition, Birmingham International Airport is situated 39 miles south east of the town.
By rail, there are regular services to London Euston with a fastest journey time of 1 hour 25 minutes, to Birmingham New Street in approximately 35 minutes and to Manchester in approximately 55 minutes.
Stafford benefits from excellent transport links, being located just two miles from Junction 14 of the M6 motorway, providing access to Birmingham to the south and Manchester to the north.
Stafford
Retail property expertiseFawcett Mead 1/2 Gaolgate Street, Stafford
DEMOGRAPHICS
Stafford’s catchment population is affluent and contains above average proportions of social groups AB and lower than average proportions of social groups DE. The town ranks 51 on the PMA affluence Indicator, comparable on this measure to Hereford, Wimbledon, Ashford and Harrow.
The service sector accounts for approximately 77% of total employment in Stafford, with manufacturing accounting for 10% of employment. In 2014 the local claimant count was 1.4%, compared to a national average of 2.9%.
The town’s strategic location adjacent to the M6 motorway has helped to attract major employers to the area, including Wincanton Logistics, Alstom Power, Argos and Bostik.
100% prime trading position on the pedestrianised Gaolgate Street, Stafford’s prime retail location
157,000catchment with approximately 395,000 people within 20 kilometres of the town centre
16,000+ students Staffordshire University and Staffordshire NHS Trust
RETAILING IN STAFFORD
Stafford is an attractive and vibrant market town and a major retail centre. Stafford’s retail core is focused on Gaolgate Street, leading into Market Square. The prime pedestrianised thoroughfare is anchored at the northern end by Marks and Spencer and Sports Direct and by Boots the Chemist at the other. Other major retailers with representation include River Island, New Look, Dorothy Perkins, Monsoon and Accessorize.
Gaolgate Street is complimented by the 140,000 sq ft Guildhall Centre, which is anchored by River Island, Poundland and Topshop/ Topman, and by the 71,000 sq ft Hunters Row Shopping Centre, which is anchored by Iceland, Argos and New Look.
Stafford is about to benefit from substantial inward investment which will see major improvements to the town centre retail offer. Works have commenced on LXB’s Riverside development which will comprise 190,000 sq ft of retail accommodation, a multiplex cinema and a 900 space car park.
Morrison’s have also recently committed to the town and have taken a pre let of a 71,000 sq ft store with 460 car parking spaces on the Kingsmead site to the north east of the town centre.
Retail property expertiseFawcett Mead 1/2 Gaolgate Street, Stafford
SITUATION The property occupies a 100% prime trading position on the pedestrianised Gaolgate Street, immediately adjacent to River Island and the main entrance into the Guildhall Centre. Other retailers in the immediate vicinity include F Hinds, EE, Three Store, Costa and Boots the Chemist.
As a result of this excellent trading location, the property benefits from strong levels of pedestrian footfall.
DESCRIPTION
The subject property comprises an attractive corner building that has been sub-divided to provide four individual retail units. The property is currently arranged to provide well configured retail sales accommodation at ground floor level, with ancillary accommodation on the basement and upper floor levels.
Two of the units benefit from prominent frontage to Gaolgate Street, with the smaller two units fronting Crabbery Street.
It is our opinion that the upper floors, which are currently underutilised by the incumbent tenants, may be suitable for conversion to residential use, subject to obtaining the necessary planning consents.
Stafford is an affluent and attractive county town in Staffordshire
Retail property expertiseFawcett Mead 1/2 Gaolgate Street, Stafford
TENANCY
The subject property is let in accordance with the tenancy schedule and currently produces a total gross income of £128,000 per annum.
Address Tenant Lease Start Lease Expiry Break Passing Rent (£pa)
Next Review
1 Gaolgate Street Holland & Barrett Retail Ltd 29/09/2013 28/09/2023 - £46,000 29/09/2018
2 Gaolgate Street Ernest Jones Ltd 24/06/2014 23/06/2019 - £51,000 N/A
20 Craberry Street Save the Children Fund 19/07/2013 18/07/2023 (18/07/2018) £14,000 19/07/2018
21 Crabbery Street Cheque Centres Ltd 05/08/2011 04/08/2021 (05/08/2016) £17,000 05/08/2016
TOTAL £128,000
TENURE
Freehold
Holland & Barrett (NIA) sq m sq ft
Ground Floor Sales 59.69 642
ITZA 38.88 418
First Floor Anc 62.21 670
Second Floor Anc 6.47 662
Total (NIA) 183.37 1,974
Ernest Jones (NIA)
Ground Floor Sales 64.78 697
ITZA 42.1 453
First Floor Anc 71.39 768
Second Floor Anc 71.92 763
Total (NIA) 207.08 2,229
Save The Children (NIA) sq m sq ft
Ground Floor Sales 47.34 510
ITZA 41.25 444
First Floor Anc 40.72 438
Second Floor Anc 25.85 278
Total (NIA) 113.9 1,226
Cheque Centres (NIA) sq m sq ft
Ground Floor Sales 32.51 350
ITZA 29.17 314
First Floor Anc 25.26 272
Second Floor Anc 25.08 270
Total (NIA) 82.87 892
ACCOMODATION
The subject property provides the following approximate Net Internal floor areas:
Retail property expertiseFawcett Mead 1/2 Gaolgate Street, Stafford
COVENANT INFORMATION
Holland & Barrett Retail Ltd is Europe’s leading retailer of vitamins, minerals and herbal supplements, with over 700 stores across the UK.
The company continues to expand and recently celebrated a record six years of consecutive growth by filing strong year-end financials. Having recently opened its 1,000th store at the Trafford Centre in Manchester, Holland & Barrett has announced the opening of a further 70 new stores across Europe (40 in the UK and Ireland), creating 485 new jobs in the UK.
We summarise below their last 3 years accounts:
Date of Accounts 30/09/2013 30/09/2012 30/09/2011
GBP ‘000 GBP ‘000 GBP ‘000
Turnover £349,637 £335,286 £307,766
Pre-Tax Profits £84,309 £74,421 £56,966
Net Worth £251,454 £193,650 £134,681
Ernest Jones Ltd was established in 1949 and is one of the market leaders in the UK’s luxury diamond and watch market, with 180 stores across the UK.
Ernest Jones Ltd is wholly owned by Signet Jewellers Ltd, the world’s largest speciality retail jeweller. Signet also owns H Samuel in the UK , with Ernest Jones targeting the luxury end of the market.
We summarise below their last 3 years accounts:
Date of Accounts 01/02/2014 02/02/2013 28/01/2012 GBP ‘000 GBP ‘000 GBP ‘000
Turnover £186,560 £187,402 £186,182
Pre-Tax Profits £4,171 £2,517 £10,973
Net Worth £50,709 £46,675 £47,768
RENTAL COMMENTARY
In light of the relatively recent agreement of the leases and the resulting affordable passing rents, we consider that the property is effectively rack rented in today’s market.
Stafford’s standing in the retailing hierarchy stands to improve considerably, following the development of Riverside. As a result, when combined with the rapidly improving consumer economy, we are of the opinion that the subject property offers an excellent platform for future rental growth.
Fawcett Mead 1/2 Gaolgate Street, Stafford
���������
����������������������������������������������������������������������������������������������������������������������
��������
�������������������������������������������������������������
������������������������������������������������������������������������������������������������������������������
CH
EQU
E
CEN
TRES
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 June 2015
VAT The property is elected for VAT and it is proposed that the sale will be treated as a Transfer of GoingConcern (TOGC).
PROPOSAL
Offers are sought in excess of £1,500,000 (one million and five hundred thousand pounds), subject to contract and exclusive of VAT.
Assuming standard purchaser’s costs at 5.80%, a purchase at this level would reflect an attractive net initial yield of 8.1%.
EPC
Further information is available upon request.
SUBJECT TO CONTRACT
FURTHER INFORMATION
Jonathan Mills020 7182 [email protected]
15-17 Great Portland StreetLondon W1W 8QA fawcettmead.co.uk
Thomas Heptonstall 020 7182 [email protected]
Nick Carvey020 7182 [email protected]
