Highly Secure Town Centre Retail Investment

3-5 Broad Street | March | Cambridgeshire | PE15 8TP

£340,000

subject to contract

EXCHANGED

Summary

  • To be sold by clicktopurchase® best offers by 1pm 29th March 2019

  • Freehold retail investment

  • Let to Specsavers Optical Superstores Ltd

  • Highly secure income – Net Assets £78.3 million

  • Prime retailing pitch

  • Potential to increase the massing on the upper floors - STPP

  • Offers in excess of £340,000, subject to contract and plus VAT

  • 9.10% net initial yield

March-Cambridgeshire-retail-property-investment-PE158TP -

Location

March is a market town in Cambridgeshire, situated on the banks of the River Nene which is mainly used by pleasure boats. The town has become an extremely popular stopping off point for boaters with the town centre benefitting from free moorings, close to the subject property. Two weekly markets are held in this location, on Wednesdays and Saturdays.

March is located on the A141 and is approximately 88 miles (141 km) north of Central London, 20 miles (32 km) east of Peterborough, 20 miles (32 km) north east of Huntingdon and 30 miles (48 km) north of Cambridge.
The town is located approximately 25 miles (40 km) north east of Junction 16 of the A1(M) Motorway. The town is also connected to the National Railway Network with March Station providing the fastest journey time to London’s Kings Cross in 1 hour and 20 minutes.

Stansted airport is situated approximately 60 miles to the south.
It is estimated that approximately 22,000 of the 100,000 Fenland residents live in March, making it one of the most popular towns in Fenland.
(Source: www.citypopulation.de).

Situation

The property occupies a prime retailing position on the southern end of Broad Street which is the towns’ principal retailing thoroughfare and benefits from a return frontage onto Mill View. Broad Street benefits from ample free car parking and is well populated by numerous national and independent businesses.

Nearby occupiers include WHSmith and Clarks (adjacent), Boots, Domino’s, Holland & Barrett, Tesco Express and Superdrug.

March-Cambridgeshire-retail-property-investment-PE158TP
March-Cambridgeshire-retail-property-investment-PE158TP

Description

The property comprises a retail unit arranged over ground, first and second floors. Internally, the sales area is predominantly open plan with ancillary accommodation on the upper floors. ground floor

The property has been fitted out by Specsavers in their usual corporate style. This branch provides a full range of services including eye tests, audiology services, children’s eye care, contact lens services and home eye tests.

Accommodation

The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:

Zone A 41.90 sq m 451 sq ft
Zone B 41.53 sq m 447 sq ft
Zone C 25.73 sq m 277 sq ft
ITZA    
Ground Floor Total 109.16 sq m 1,175 sq ft
     
First Floor 95.22 sq m 1,025 sq ft
Second Floor 40.41 sq m 435 sq ft
     
Total 244.79 sq m 2,635 sq ft

The total Gross Internal floor area is 270.90 sq m / 2,916 sq ft.

The measured survey report is available to download and will be assigned to a purchaser at a cost of £325 + VAT.

March-Cambridgeshire-retail-property-investment-PE158TP
March-Cambridgeshire-retail-property-investment-PE158TP

Planning

The property is not listed and sits within the March Conservation Area.

Tenure

Freehold.

March-Cambridgeshire-retail-property-investment-PE158TP -
March-Cambridgeshire-retail-property-investment-PE158TP

Tenancy

The property is let to Specsavers Optical Superstores Ltd on a full repairing and insuring lease for a term of 10 years from 7th April 2011, expiring 6th April 2021.

The current passing rent is £32,000 per annum.

Covenant

Specsavers Optical Superstores Limited (Company No. 01721624) has reported the following trading figures:

  28th February 2018 28th February 2017
Turnover £622,473,000 £716,509,000
Pre-Tax Profit £20,860,000 £32,772,000
Net Assets £78,314,000 £62,372,000

Specsavers was founded in 1984 and is the United Kingdom’s most used optician with a market share of 38.7% (2016). Specsavers has an outstanding brand which is clearly differentiated from the rest and is highly trusted, serving 49% of those who bought glasses in the United Kingdom (2016). Specsavers employ over 32,500 people across 1,978 stores, support offices and throughout the supply chain.

For further information visit www.specsavers.co.uk.

March-Cambridgeshire-retail-property-investment-PE158TP
March-Cambridgeshire-retail-property-investment-PE158TP

VAT

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

Proposal

We are instructed to seek offers in excess of £340,000 (Three Hundred and Forty Thousand Pounds), subject to contract and plus VAT, reflecting a net initial yield of 9.10%, assuming purchasers’ costs of 3.71%.

Please note that a purchaser will be re-charged the costs of searches and surveys which are provided in the data room.

Please note a purchaser will be charged a transaction fee of £2,500 + VAT.

March-Cambridgeshire-retail-property-investment-PE158TP
March-Cambridgeshire-retail-property-investment-PE158TP

Investment Considerations

  1. An opportunity to acquire a freehold town centre retail investment;

  2. The property occupies a prime retailing pitch;

  3. Let to the highly secure covenant of Specsavers Optical Superstores Limited (Net Assets £78.3 million);

  4. Attractive lot size to an investor;

  5. A purchase at the asking price reflects an attractive net initial yield.

 

19.2.19

Contact Us

Singer Vielle   +44 (0) 207 935 7200
Daniel Elia daniel@singervielle.co.uk +44 (0) 203 701 1353
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120
Faye Langoulant faye@singervielle.co.uk +44 (0) 203 478 9122
Louanne Malan louanne@singervielle.co.uk +44 (0) 203 701 1386

Vendors Solicitor

Joelson Law +44 (0) 207 580 5721
Jude Salmon jude.s@joelsonlaw.com

Joint Agent

James Dunitz james@dunitzandco.com
+44 (0) 207 486 8000

customer service