stop prime-high-yielding-town-centre-retail-investment-haverfordwest - Singer Vielle Sales

Prime, High Yielding Town Centre Retail Investment

24 Bridge Street | Haverfordwest | Pembrokeshire  | SA61 2AD

£350,000

subject to contract

SOLD

Summary

  • Freehold retail investment opportunity

  • Prime retailing pitch

  • Established national tenant

  • New lease from April 2017

  • Newly re-fitted and refurbished unit

  • £350,000, subject to contract

  • 9.63% net initial yield

Location

Haverfordwest is the county town of Pembrokeshire, Wales and serves as the county’s principal commercial and administrative centre. The town is situated approximately 93 km (58 miles) north-west of Swansea and 48 km (30 miles) west of Carmarthen.

The town benefits from good road communications, being at the junction of the A40 and A4076. The A40 connects Haverfordwest with Carmarthen to the east and Fishguard to the north. The A4076 connects the town with Milford Haven to the south. The town is also connected to the national railway network with a fastest journey time to Swansea of 1 hour 25 minutes.

Haverfordwest is a popular tourist destination, due to its proximity to The Pembrokeshire Coast National Park, the UK’s only Coastal National Park. Therefore, the population is boosted significantly during the summer months.

Situation

The subject property is situated in a prime retailing pitch in the heart of Haverfordwest on Bridge Street, the primary shopping street within the town centre. Other occupiers surrounding the property include Greggs, Mountain Warehouse, Vision Express, H Samuel, New Look, The Edinburgh Woollen Mill, Clarks, Superdrug and Specsavers.

Description

The property comprises a mid-terrace retail unit arranged over ground, first and second floors. The property was previously split into two separate units but has since been amalgamated at ground floor level with an opening connecting the two previously separate
retail areas. The upper floors remain separated and retain their own access staircases.

Internally, the property has been recently fitted out by the tenant to their usual corporate style to provide a main retail area on ground floor with storage/ancillary accommodation on first and second floor.

The property has recently been refurbished. The quality of the property is shown in the marketing photographs and video.

Accommodation

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

Gross Frontage 11.25 metres 36’11”
Net Frontage 9.93 metres 32’7”
     
Zone A 60.01 sq m 646 sq ft
Zone B 52.67 sq m 567 sq ft
Zone C 43.01 sq m 463 sq ft
Remainder 37.90 sq m 408 sq ft
ITZA   1,096
Total Ground Floor Sales 193.60 sq m 2,084 sq ft
     
First Floor Ancillary 89.83 sq m 967 sq ft
Second Floor Ancillary 41.81 sq m 450 sq ft
     
Total 325.24 sq m 3,501 sq ft

A set of floor plans is available to download and the measured survey report can be re-addressed to a purchaser.

Tenure

Freehold.

Tenancy

The property is entirely let to Trespass Europe Limited (t/a Trespass) for a term of 5 years from 18th April 2017, expiring on 17th April 2022. There is a tenant’s break option at the end of the third year of the term, subject to three months’ prior written notice. The lease is subject to a Schedule of Condition.

The rent payable is £35,000 per annum (equating to £27 Zone A) plus 15% of any Gross Turnover in excess of £350,000 per annum.

 

Covenant

Trespass Europe Limited (Co. No.SC292500) has reported the following figures;

  30th June 2016 30th June 2015
Net Assets £132,461 £147,346

First established in 1938, Trespass is one of the UK’s most successful outdoor clothing retailers with more than 150 stores, a network of wholesale clients across the world and an e-commerce website.

The ultimate parent company is Jacobs & Turner Limited (Co. No. SC047678). The company has reported the following figures, with turnover growing by 8.2% in the 12 months to last June, following expansion of its retail operations in the UK and Europe:

  26th June 2016 26th June 2015
Turnover £95,155,882 £87,924,128
Pre-Tax Profits £4,659,332 £1,882,481
Net Assets £48,022,255 £45,123,625

For further information, please visit www.trespass.com.

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 of £350,000 (Three Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 9.63%, assuming purchaser’s costs of 3.80%.

Investment Considerations

  1. An opportunity to acquire a freehold retail investment in the heart of Haverfordwest town centre;

  2. Let on a new 5 year lease from April 2017;

  3. Let to an established national retailer;

  4. The property occupies a prime retailing pitch;

  5. The property has recently been refurbished and newly shop-fitted

  6. Attractive lot size to an investor;

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

Contact Us

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

Vendors Solicitor

Edwards Duthie +44 (0) 208 514 9000
Michael Bonehill michael.bonehill@edwardsduthie.com

 

 

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