70 high street guildford
prime, well secured, freehold, retail investment
WIL K C
LS
JA
70 high street guildford
70 high street guildford
investment summary • Occupying a prime and prominent corner position on Guildford High Street, adjoining Liz Earle, Pandora and Gap Kids with Boots, Gant and Links situated opposite. • Well secured to the extremely popular and established covenant of Jack Wills Limited. • Unexpired lease term of circa 8.7 years. • Reversionary with a rent review in September 2015. • £4,425,000 (Subject to Contract & Exclusive of VAT). • An attractive 4.75% net initial yield rising to an estimated 4.90% in 2015.
location Guildford is an affluent and popular commercial and administrative centre within Surrey located circa 50km (31 miles) south-west of central London, 59.5km (37miles) north-west of Crawley and 48.5km (30.2 miles) east of Basingstoke. Road communications are excellent. The town is situated adjacent to the A3 (Dual Carriageway) which affords direct access to the M25 (J10) some 13km (8miles) to the north-east and the M27 circa 64.7km (40.2 miles) to the south-west. The A31 also passes through the town which links with J4 of the M3 (via A331) at Frimley some 23.5km (14.6 miles) to the north-west. Guildford is served by regular rail services to London (Waterloo) with a fastest journey time of approximately 40 minutes. Heathrow Airport is approximately 43km (22 miles) to the north and Gatwick Airport is 54.4km (33.8 miles) to the south-east of the town centre.
demographics Guildford has a borough population of circa 135,700 persons with a primary catchment of approximately 472,000 and an estimated 727,000 within a 12 mile radius. Guildford is particularly affluent, ranked 5th in the UK on the PMA Affluence Indicator, and has a significant over representation of the AB and C1 social groupings.
As a result, the town attracts some of the greatest consumer spending in the south-east. Footfall along the High Street has increased year on year with the target customer profile being between the ages of 25-50 and predominantly A, B, C1 female.
retailing in Guildford Guildford is one of the premier retailing locations within the UK and has an estimated shopping population of 244,000. The town is regarded as the second most ‘credit crunch’ resistant retail centre in the UK (CACI 2011) with an estimated £590m of retail expenditure in 2011. A recent Retail Impact Study suggests that that there is expenditure capacity for a further 3,700 m² of gross retail floor space to 2016. Recent surveys also report a strong footfall increase of 8.1% compared to a national decline of 1.4% and a lower shop vacancy rate of 10% (national average of 14.5%). The prime retail offer is focused on the busy and popular pedestrianised High Street where there is a high concentration of major UK multiples including M&S, House of Fraser, Next, River Island, Boots, Gap, WH Smith, Superdrug and Waterstone’s and a high representation of quality fashion retailers including Gant, Karen Millen, Whistles, Ted Baker, Superdry, French Connection, Reiss, Barbour, Hobbs, Russell & Bromley, Jo Malone and LK Bennett.
70 high street guildford situation This prime property occupies a prominent trading position on the southern side of the pedestrianised High Street at its junction with Chapel Street and benefits from a small return frontage. The premises adjoin Liz Earle, Pandora and Gap Kids with Boots, Gant and Links opposite.
property The premises comprise a Grade II listed period building arranged over basement (unused), ground, first and second floors. The property has brick elevations with a tile hung High Street frontage and rendering to Chapel Street incorporating wooden framed window units under a tiled pitched roof. Servicing is from the High Street. The property is located within Guildford Town Centre Conservation Area.
accommodation The property provides an approximate total net floor area of 248.4m2 (2,674sqft) sub-divided as follows: Use
Ground
Sales
128.85
Ground
ITZA
657 units
First
Sales
44.31
477
current income pax
First
Ancillary
69.58
749
£222,500 per annum exclusive (circa £300 psf ZA)
Second
Ancillary
5.66
61
248.40
2,674
Total
Area (sq m)
Area (sq ft)
tenant covenant
Floor
1,387
Tenure - Freehold Tenancy JACK WILLS LIMITED (t/a Jack Wills) 10 year FR&I from 27th September 2010 (circa 8.7 years remaining) expiring on 26th September 2020 at a current passing rental of £222,500 pax with an upward only rent review on 28th September 2015. This was a lease renewal with 3 month’s rent free only.
Tenant Jack Wills Limited
D&B Rating
Date of Accounts
4A 1
31/01/2011
rental value Prime rental levels in Guildford rose in 2011 reaching £322.50 psf ZA with the open market lettings to Calvin Klein of 94 High Street in July and the adjoining Liz Earle at 72/74 High Street at £311 psf ZA in August. The Vodafone unit at 66 High Street was reviewed in July to £310 psf ZA. We have adopted a conservative rental value of £229,500pax reflecting £311 psf ZA.
Turnover £91,511,001
Pre-Tax Profit/Loss £10,492,879
Net Worth £18,723,724
70 high street guildford
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£4,425,000 (Subject to Contract and Exclusive of VAT) reflecting an attractive net initial yield of 4.75% rising to 3 4.90% in 2015 allowing for purchaser’s costs of 5.8%. The equivalent yield is 4.88%.
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B OFF ROThey are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. MISREPRESENTATION These particulars do not constitute an offer or contract. OW RL BA R The purchaser should satisfy himself and as to the correctness of these details. ITONeither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the C I L MI SO understanding that all negotiations are conducted through this office. January 2012. Adrian Gates Photography & Design 07710 316991 L
