High Yielding, Well Secured Retail Investment
The Works | 22 Adare Street | Bridgend | CF31 1EJ
subject to contract
Securely let to The Works Stores Limited
Prime town centre retailing pitch
Strategically located between the bus station and the Rhiw Shopping Centre
£300,000, subject to contract
11.6% Net Initial Yield
Bridgend is located in Wales, approximately 37 km (23 miles) west of Cardiff and 37 km (23 miles) south-east of Swansea.
The town benefits from good road communications, being served by the A4061 which links directly with Junction 36 of the M4 Motorway, approximately 4 km (2.5 miles) to the north. The A473 connects with Junction 35 to the east and the A48 with Junction 37 to the west.
Bridgend is also connected to the national railway network with a fastest journey time to London Paddington of 2 hours and 13 minutes. There are also regular services to Cardiff with a journey time of only 20 minutes. Cardiff International Airport is approximately 27 km (17 miles) to the south-east.
Bridgend College offers courses in building and construction, engineering and business. The University of South Wales, Swansea and Cardiff Universities are easily accessible, giving employers the potential to source skilled employees and apprentices.
The property is located in the heart of the town centre, occupying a prime and prominent position on the pedestrianised Adare Street.
Surrounding occupiers include Superdrug (adjacent), NatWest, Greggs, Vodafone, Specsavers, Holland & Barrett, H Samuel, 02, Lloyds Bank and Poundland.
A public car park is situated to the rear of the subject property, on Derwen Road.
The Rhiw Shopping Centre is immediately to the south. Comprising over 20 shops plus the historical Indoor Market, occupiers include Boots, WH Smith, Game, Card Factory and Warren James.
The property comprises a ground floor retail unit with ancillary accommodation on first floor. Internally, the retail floor area has been fitted out by the tenant to their usual corporate style and is predominantly open plan with ancillary areas.
There is access to a service yard area to the rear of the property.
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
|Net Frontage||7.59 m||24’11”|
|Gross Frontage||7.90 m||25’11”|
|Zone A||46.26 sq m||498 sq ft|
|Zone B||46.26 sq m||498 sq ft|
|Zone C||46.26 sq m||498 sq ft|
|Remainder||94.20 sq m||1,014 sq ft|
|Total Ground Floor||232.99 sq m||2,508 sq ft|
|First Floor Ancillary||221.66 sq m||2,386 sq ft|
|Total||454.75 sq m||4,894 sq ft|
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £525.00 + VAT.
The entire property is let to The Works Stores Limited on a full repairing and insuring lease for a term of 10 years from 15th June 2018, expiring on 14th June 2028. There is a tenant’s break option on 15th June 2023, subject to six months’ notice.
The current passing rent is £36,000 per annum.
All rent is paid and up to date, with no arrears. We include within the legal package a full payment history.
The Works Stores Limited (Co. No. 06557400), has reported the following figures;
|28th April 2019||29th April 2018|
The ultimate parent company is The Works.co.uk, listed on the London Stock Exchange.
The Works is one of the UK’s leading multi-channel specialist retailers of value gifts, arts, crafts, toys, books and stationery. The company has 527 stores throughout the UK & Ireland with over 3,000 employees. It was placed on the Best Companies 2021 25 Best Big Companies to Work For list for the third consecutive year.
Their stores can be found on high streets, in retail parks, shopping centres and as concessions in various locations. The company also has a significant and growing online presence with its multi-channel offering, one of the first of its kind in the value retail sector, including a popular Click & Collect service, offering further convenience for customers.
The company saw a significant increase in sales prior to the COVID-19 enforced store closures in March 2020. During COVID-19 the company’s stores went into hibernation but its website continued to trade throughout. The company’s product proposition played an important role in customers’ lives during this period, providing help with children’s education, mindfulness material to support mental health and well-being products to beat the boredom during the most challenging weeks of lockdown.
During lockdown the company drove the highest follower growth versus its competitors across its’ two main social media platforms; Facebook and Instagram. This equated to a 145% follower increase year on year.
In a trading update on 12th November 2021 the company reported a two-year like for like sales increase of 14.5% and total two-year sales growth of 17.9%, with growth both online and in stores. The Group ended the period in a strong financial position, with net cash of £17.8 million.
Despite the significant impact of COVID-19 on trading performance, the above demonstrates the resilience of the business.
For further information see www.theworks.co.uk.
The property has been registered for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC).
12-14 Adare Street was sold in November 2020 for £272,000 reflecting a net initial yield of 8.93%. Arranged over ground and first floor and totalling 222.40 sq m (2,394 sq ft), the property is let to Vodafone Limited from 25th March 2020, expiring on 30th August 2025 at a passing rent of £25,000 per annum.
We are instructed to seek a figure of £300,000 (Three Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 11.6%, assuming standard purchaser’s costs of 3.3%.
Please note that a purchaser will be re-charged the costs of the measured survey and searches which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
The property occupies a prime position in the town centre;
Securely let to The Works Stores Limited (Net Assets £17.9m);
Future redevelopment potential of the upper parts, subject to planning;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size to an investor.
Data Room and clicktopurchase®
Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.
Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.
clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.
|Singer Vielle||+44 (0) 207 935 7200|
|Dale Henryemail@example.com||+44 (0) 203 701 1356|
|Neil Singerfirstname.lastname@example.org||+44 (0) 203 478 9120|
|W Legal Limited||+44 (0) 161 214 4001|