High Yielding Retail Investment – 100% Prime Pitch
H. Samuel | 32A Fishergate | Preston | PR1 8HJ
subject to contract
Track all marketing and execution activity for this property in the clicktopurchase Blockchain – only available at the Singer Vielle Network.
Q: Why is this so important?
A: The ultimate in trust, accountability and transparency from the commencement of marketing to conclusion of a sale.
100% prime retailing pitch
Let to Signet Trading Ltd (Net Worth £275m)
In excess of 5 years unexpired – no breaks
Tenant did not exercise June 2022 break option
Passing rent £100,000 per annum
Return frontage into Fishergate Shopping Centre
£1,110,000, subject to contract
8.5% net initial yield
Preston is a university city and the principal commercial and administrative centre for the county of Lancashire. Preston is the third largest city in the North West of England and one of the strongest retail centres in the North West. The city is located 25 miles (40 km) south of Lancaster, 35 miles (56 km) north west of Manchester and 62 miles (99 km) west of Leeds.
Preston benefits from excellent communications with the city prominently situated on the national road and rail networks, both providing links across the United Kingdom. The city is situated on the M6 providing access to Birmingham to the south and Carlisle and Scotland to the north. The M55 sits to the north of the city linking Preston and Blackpool. The M61 and M65 both terminate at Preston with the M61 providing access to Manchester via Bolton and the M65 linking Preston to Colne via Blackburn and Burnley.
Preston Railway station is on the West Coast Mainline and provides regular and direct journeys to London Euston (2 hours 15 minutes) and north to Glasgow, Edinburgh and Aberdeen. The station also serves connecting services to Blackpool, Lancaster, Blackburn, Leeds, Manchester, Liverpool and Wigan. Preston Railway station is the third busiest station in the North West and the arrival of HS2 to Preston would reinforce the city’s tole as the North West’s major rail hub north of Manchester.
Manchester and Liverpool airports are respectively located approximately 40 miles (64 km) to the south west and south east. Preston railway provides direct services to Manchester airport.
Preston council have developed a 15 year City Investment Plan to focus on protecting and enhancing the city centre and delivering further regeneration. The aim is to maximise the impact and benefit of the £430 million City Deal and their successful Transforming Cities Fund bid.
Preston Station Quarter Project
The project presents an opportunity to deliver approximately 300,000 sq ft of grade A office accommodation, commercial space, education, new housing and public realm. The project would be built on the surrounding land by the station and on the car park of the Fishergate shopping centre.
Preston station has been identified as having significant potential for new employment opportunities in the future and this would capitalise on the potential for Preston to be established as an HS2 station.
This would also reinforce the eastern end of Fishergate as the Prime Retailing pitch in Preston.
For further details, visit www.investprestoncity.com/stationgateway.
Preston is the retail centre within the county of Lancashire with a primary catchment population of approximately 510,000 residents, increasing to 1,260,000 within a 30-minute drive time.
Preston benefits from an affluent catchment population with a high representation of the most affluent AB social group and a below average representation of the least affluent C2 and DE social groups.
There is limited surrounding retail competition, so the local economy benefits from a high retention of the catchment retail spend and attracts consumers from Blackpool, Chorley, Leyland and Blackburn.
Preston benefits from a large student population being the third largest university city in the north west of England behind Manchester and Liverpool.
The University of Central Lancashire currently has approximately 36,000 students. The University is the 12th largest and fastest growing in the UK. The Preston campus of the university is within walking distance of the city’s retail provision and subject property.
(Sources, www.preston.gov.uk, www.citypopulation.de, www.uclan.ac.uk).
The property occupies a 100% prime retailing pitch on Fishergate just 150 metres from Preston railway station.
The property benefits from a return frontage into the main entrance to the 340,000 sq ft Fishergate shopping centre which is home to brands including, Starbucks (adjacent), Primark (recently renewed lease), Mc Donald’s, Poundland, Sports Direct, and TK Maxx.
The Fishergate Shopping Centre has a car park to the rear with 780 car parking spaces.
Other occupiers on Fishergate include Café Nero, Toni & Guy, Holland & Barrett, HSBC, Greggs, Vodafone, KFC and Lloyds Bank.
The property comprises a two storey double fronted retail premises with a full height glazed return frontage leading into the main entrance of the Fishergate Shopping Centre.
The ground floor provides open plan sales space and the first floor provides ancillary accommodation and staff rooms.
There is a corridor to the rear of the property leading to a fire escape.
The property has been fitted out by the tenant in their usual corporate style.
The property has been measured by BKR Floor Plans and provides the following floor areas:
|Net Frontage||11.20 m||36’9”|
|Gross Frontage||12.34 m||40’6”|
|Zone A||71.53 sq m||770 sq ft|
|Zone B||61.04 sq m||657 sq ft|
|Zone C||18.12 sq m||195 sq ft|
|Ground Floor ITZA||1,147.25 Units|
|Ground Floor||150.68 sq m||1,622 sq ft|
|First Floor||155.05 sq m||1,669 sq ft|
|Total||305.73 sq m||3,291 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 £590 + VAT.
The property is let to Signet Trading Limited (trading as H. Samuel), on a full repairing and insuring lease for a term of 10 years from 23rd June 2017, expiring on 22nd June 2027.
The lease incorporates a tenant only break option in June 2022, however the tenant did not exercise the break option. This demonstrates the tenant’s commitment to the location.
Therefore, there are in excess of 5 years unexpired with no breaks.
The current passing rent is £100,000 per annum.
The property forms part of the Fishergate Shopping Centre for which it has a share of communal charges. The 2021-2022 service charge apportionment for the property is £10,985.
The service charge is fully recoverable from the tenant.
H. Samuel has been a much-loved jeweller for over 150 years, operates from over 300 stores (the first of which was in Preston) and has a successful online business too.
The company is part of Signet Jewelers Ltd which is the world’s largest specialist jeweller and is listed on the New York Stock Exchange. Signet Trading Limited trades as H. Samuel and Ernest Jones.
Signet Trading Limited (03768979) has reported the following figures:
|30 January 2021||31 August 2019|
|Total Net Worth||£274,869,000||£290,369000|
The company has stated in their most recent accounts that the pre-tax loss reported is principally as a result of shops having to shut during national lockdowns and due to the COVID-19 pandemic.
The company reports that it has adequate liquidity including support from its parent company Signet Jewelery Limited.
The parent company, Signet Jewelery Limited, have indicated that its intention is to continue to make funds available for Signet Trading Limited as needed.
In the Signet Jewelers 2022 annual report dated 5th May 2022, the company reported a turnover of $7.8bn and cash or equivalents sit at $1.4bn.
For further information visit www.signetjewelers.com.
The property has been opted for tax and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek offers of £1,110,000 (One Million One Hundred and Ten Thousand Pounds), subject to contract. This price reflects a net initial yield of 8.5%, assuming purchasers’ costs of 5.85%.
Please note that a purchaser will be re-charged the costs of the measured survey (£590 + VAT) which is available to download.
Please note that a purchaser will be charged a Transaction Fee of £5,000 + VAT.
Tenant is part of a publicly listed company with a cash position of $1.4 billion
In excess of 5 years remaining on the lease with no breaks
The tenant did not exercise the June 2022 break option;
The immediate vicinity is the prime retailing pitch in Preston;
Directly next to the main entrance to the Fishergate Shopping Centre
150 metres from Preston Railway Station
Prominent building with full height glazed frontages;
High yielding investment;
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|
|Daniel Eliaemail@example.com||+44 (0) 203 701 1353|
|Dale Henryfirstname.lastname@example.org||+44 (0) 203 701 1356|
|Neil Singeremail@example.com||+44 (0) 203 478 9120|
|Collins Benson Goldhill LLP||+44 (0) 207 436 5151|