9/11 high street winchester - Green & Partners
9/11 high street winchester - Green & Partners
9/11 high street winchester - Green & Partners
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9/<strong>11</strong> <strong>high</strong> <strong>street</strong> <strong>winchester</strong><br />
prime retail investmentr
9/<strong>11</strong> <strong>high</strong> <strong>street</strong> <strong>winchester</strong><br />
key investment criteria<br />
• Let to Next Group Plc for a further 6 years.<br />
• A substantial building comprising (15,974 sq ft) in the<br />
affluent Cathedral City of Winchester.<br />
• Occupying a prime retail pitch adjoining Debenhams<br />
and in close proximity to Marks and Spencer,<br />
Sainsburys, Primark and The Brooks Shopping Centre<br />
• Modest Zone A rental level of £<strong>11</strong>0 per sq ft.<br />
• Reversionary - next rent review due on 15th January 2012.<br />
• Freehold.<br />
• £5,670,000 (Five Million, Six Hundred and Seventy<br />
Thousand Pounds), reflecting an attractive net initial<br />
yield of 5.5% rising to an estimated 5.95% in January<br />
2012 and an equivalent yield of 5.93% allowing for<br />
purchaser costs of 5.8%.<br />
<strong>winchester</strong><br />
The Cathedral City of Winchester is a significant retail and<br />
commercial location as well as being a popular tourist<br />
destination. The City is situated approximately 100km (62 miles)<br />
south west of London, 30.6km (19 miles) south west of<br />
Basingstoke and 22.5km (14 miles) north of Southampton.<br />
Winchester enjoys excellent road communications. Junctions 9<br />
to <strong>11</strong> of the M3 serve the City linking it to the south coast,<br />
London and the M25 motorway. The A34 dual carriageway<br />
provides access to Oxford, the Midlands and the North and the<br />
A303 dual carriageway links with areas to the west. There are<br />
frequent rail services from Winchester to London (Waterloo),<br />
Southampton and Poole. Southampton International Airport is<br />
situated approximately 13km (8 miles) to the south at Eastleigh.<br />
<strong>winchester</strong><br />
demographics & local economy<br />
Winchester serves a particularly extensive and affluent catchment<br />
with a <strong>high</strong> proportion of class AB residents. The local authority<br />
population is <strong>11</strong>5,700 persons (HCC 2009 estimate) which is<br />
forecast to increase by 6.1% between 2009 and 2016.<br />
Winchester’s estimated shopping population is circa 59,000 persons<br />
however this figure does not account for the large influx of tourists,<br />
which contributes greatly to the health of the local economy.<br />
retailing in <strong>winchester</strong><br />
Winchester’s retail provision amounts to circa 0.57 million sq ft<br />
of floor space with prime retailing focused on the pedestrianised<br />
High Street where Debenhams, Marks & Spencer, Boots,<br />
Next, HMV, River Island, Monsoon, Superdrug, Laura<br />
Ashley, Hobbs and Jigsaw are represented.<br />
The Brooks Shopping Centre is situated to the north of the High<br />
Street, close to the subject property. This is the only covered,<br />
managed shopping centre in Winchester and is anchored by a Beales<br />
department store, Primark and New Look. It also benefits from a 344<br />
space multi-storey car park.
9/<strong>11</strong> <strong>high</strong> <strong>street</strong> <strong>winchester</strong><br />
tenure<br />
Freehold.<br />
tenancy<br />
Next Group PLC - 10 year, FRI lease from 15th January 2007 at a<br />
rent of £330,000 pax. The next rent review is 15th January 2012.<br />
In December 2010 Henderson Global Investors acquired the Silver Hill<br />
Development Site to the north of the property. A joint venture with the<br />
Local Authority, the original consented scheme comprised 270 flats, 35<br />
shops, a new bus station and a doctor’s surgery. This may be varied.<br />
situation<br />
The property is prominently located at the eastern end of the High<br />
Street in the prime, pedestrianised retailing pitch adjoining<br />
Debenhams and Pizza Hut and close to M&S.<br />
description & accommodation<br />
The property comprises a substantial, well-configured retail unit<br />
arranged over ground, first and second floors. The ground and a<br />
major portion of the first floor provides an extensive quality sales<br />
area; the latter accessed by both a customer lift and staircase at<br />
the front of the store. The remaining part of the first floor and<br />
entire second floor provides storage, staff, office and ancillary<br />
accommodation. The property also benefits from an excellent<br />
rear loading area incorporating a goods lift accessed from<br />
Market Lane.<br />
Next Group PLC has a Dun and Brad<strong>street</strong> rating of 5A1, with a<br />
deemed risk of business failure described as “minimum”. For the<br />
year ending 30 January 2010 they reported a turnover of £3,406.5m,<br />
pre-tax profits of £505.3m and net assets of £133.4m. In their 5<br />
January 20<strong>11</strong> trading statement they estimate that pre-tax profits for<br />
year ending 30 January 20<strong>11</strong> (results to be announced 24 March<br />
20<strong>11</strong>) will be between £540-£555m. Sales were up 0.2% between<br />
1 August and 24 December 2010.<br />
current income<br />
£330,000 per annum exclusive.<br />
Floor Description Area (SqM) Area (Sq Ft)<br />
Ground Sales 545.77 5877<br />
ITZA<br />
2433 units<br />
Storage 39.22 422<br />
First Sales 278.58 3000<br />
Storage/Staff 367.45 3957<br />
Second Storage/Staff 252.39 2718
9/<strong>11</strong> <strong>high</strong> <strong>street</strong> <strong>winchester</strong><br />
rental value<br />
Winchester continues to generate strong retailer demand with a<br />
limited supply of well configured available units. Lettings to<br />
Whittards (<strong>11</strong>5 High Street), reflecting circa £179 per sq ft Zone<br />
A (Nov. 2009) and Jeremy France Jewellers (108 High Street)<br />
reflecting circa £170 per sq ft Zone A (Oct. 2010) represents<br />
recent activity.<br />
investment considerations<br />
• Affluent and desirable South East Cathedral City<br />
• Strong covenant and established retailer.<br />
• A substantial unit comprising 15,974 sq ft: a rarity in<br />
Winchester.<br />
proposal<br />
£5,670,000 (Five Million, Six Hundred and Seventy<br />
Thousand Pounds), subject to contract and exclusive of<br />
VAT, reflecting an attractive net initial yield of 5.5% rising to<br />
an estimated 5.95% in January 2012, and an equivalent yield<br />
of 5.93% allowing for usual purchaser costs of 5.8%.<br />
FSEN<br />
ENT<br />
T OFFI<br />
PHASE EIGHT<br />
GHAMS<br />
RES<br />
81<br />
CANCER<br />
RESEARCH UK<br />
CHAR SH<br />
TIMPSON<br />
CADOGAN & JAMES<br />
4<br />
80<br />
WINCHESTER<br />
TRAVEL<br />
SERVICE<br />
TRAVEL AGENT<br />
JUSTICE<br />
JWLR<br />
RCHMENT STREET<br />
<strong>11</strong> - <strong>11</strong>2<br />
LADIES WEAR<br />
CLOTHING<br />
79 78<br />
EAROOMS<br />
CAFE<br />
LOOT THE<br />
GOLDSMITHS<br />
JWLR<br />
CLARKS<br />
<strong>11</strong>3 - <strong>11</strong>4<br />
39 33<br />
0 - 31<br />
The current rent devalues to circa £<strong>11</strong>0 per sq ft Zone A<br />
• A low passing Zone A in comparison to recent prime<br />
assuming A/10 on first floor sales. We are of the opinion that the<br />
High Street lettings.<br />
subject property has a current rental value of £357,000 pax<br />
reflecting £120 per sq ft Zone A.<br />
• The immediate pitch will improve with Henderson’s<br />
Winchester<br />
Silver Hill project.<br />
vat<br />
BLACKS<br />
OUT WR & CAMPG GDS<br />
BAR 3 ONE<br />
LADBROKES<br />
<strong>Green</strong> and <strong>Partners</strong><br />
20/12/2010<br />
HE PENTICE<br />
SHOE REP<br />
HOLLAND & BARRETT<br />
HEALTH FOOD<br />
31A<br />
34<br />
E SQUARE<br />
CADOGANS & JAMES<br />
DELICATESSEN<br />
31<br />
SHOES<br />
BAR<br />
WINCHESTER<br />
BOOK SHOP<br />
BOOKS<br />
<strong>11</strong>5<br />
3<br />
32<br />
ADV CEN<br />
& CNCL OFF<br />
BET OFF<br />
WHITTARD<br />
STARBUCKS<br />
T&COFF MERCH<br />
NAOMI HOUSE<br />
CHILDREN`S<br />
HOSPICE<br />
CLINTON CARDS<br />
<strong>11</strong>6 - <strong>11</strong>7<br />
31<br />
COFFEE SHOP<br />
THOMAS COOK<br />
GIFTS<br />
WOODRUFFS<br />
CARDS & GIFTS<br />
30<br />
TRAVEL AGENT<br />
THE BODY SHOP<br />
PHONES 4U<br />
G E MARSH<br />
ANTIQUE CLOCKS<br />
GIEVES & HAWKES<br />
MENS WEAR<br />
63<br />
CHARITY SHOP<br />
<strong>11</strong>8<br />
ANTIQUES<br />
HLTH&BEA<br />
BANK<br />
SANTANDER<br />
<strong>11</strong>9 - 120<br />
29<br />
TELEPHONES<br />
32 34<br />
32A<br />
1 - 2<br />
RGES STREET<br />
The property has been elected for VAT and thus VAT will be<br />
payable on the purchase price.<br />
(2 RET FLRS)<br />
MINT<br />
YARD<br />
LOADING<br />
FAT FACE<br />
CREW<br />
CLOTHING<br />
CO<br />
PUBLIC<br />
HOUSE<br />
THE WILLIAM<br />
WALKER<br />
THE TOY<br />
CUPBOARD<br />
RIVER ISLAND<br />
121 - 122<br />
28<br />
CLOTHING<br />
65<br />
TOYS & GM<br />
3 STORE<br />
WHITE STUFF<br />
LEIGHTONS<br />
NOKIA<br />
ACCESSORIZE<br />
SHUROPODY<br />
CLOTHING<br />
LADIES & MENS WEAR<br />
SHOES<br />
3<br />
(2 RETAIL FLOORS)<br />
123<br />
TELEPHONES<br />
OPTICIAN<br />
TELEPHONES<br />
LADIES ACCESSORIES<br />
2<br />
67<br />
124<br />
1<br />
ERNEST JONES<br />
26<br />
MONSOON<br />
MCDONALDS<br />
FAST FOOD<br />
RESTAURANT<br />
ROBERT DYAS<br />
VARIETY STORE<br />
JEWELLER<br />
125<br />
25<br />
LADIES WEAR<br />
VODAFONE<br />
TELEPHONES<br />
JIGSAW<br />
1<br />
LADIES WEAR<br />
OFFICE<br />
LAURA ASHLEY<br />
INTERIOR DECORATIONS<br />
2<br />
TEL<br />
THE CARPHONE<br />
WAREHOUSE<br />
JAEGER<br />
NATIONWIDE<br />
SHOON<br />
BAKERS ARMS<br />
PUBLIC<br />
HOUSE<br />
L/WR<br />
71<br />
&M/WR<br />
BUILDING SOCIETY<br />
HOBBS<br />
23 - 24<br />
SHOES<br />
PAPERCHASE<br />
LADIES WEAR<br />
BANK<br />
STATIONER<br />
& CARDS<br />
HALIFAX<br />
73<br />
BANK<br />
SANTANDER<br />
BLOOMING<br />
MARVELLOUS<br />
75<br />
LADIES WEAR<br />
THORNTONS<br />
CONF & BIS<br />
132<br />
HMV<br />
O<br />
WINCHESTER<br />
PHOTOGRAPHIC<br />
PHOTO GDS<br />
SUPERDRUG<br />
RECORDINGS<br />
77<br />
HEALTH & BEAUTY<br />
PAST TIMES<br />
GIFTS<br />
GREGGS<br />
BAKER<br />
PRIMARK<br />
MARKS & SPENCER<br />
VARIETY STORE<br />
DEBENHAMS<br />
DEPARTMENT STORE<br />
THE WESSEX HOTEL<br />
HOTEL<br />
BANK<br />
CHELTENHAM &<br />
GLOUCESTER<br />
GIFTS<br />
143<br />
URBAN NATURE<br />
BOOTS<br />
OPTICIAN<br />
NEXT<br />
VACANT<br />
279 - <strong>11</strong><br />
MARKET STREET<br />
74<br />
(2 RETAIL FLOORS)<br />
1 - 2<br />
126<br />
DWELLINGS<br />
5<br />
UPPER BROOK STREET<br />
(2 RETAIL FLOORS)<br />
127<br />
OLD MARKET<br />
HOUSE<br />
DWELLINGS<br />
128<br />
129<br />
131<br />
21<br />
ST GEORGES STREET<br />
18 - 20<br />
(BUSES ONLY)<br />
ENTRANCE<br />
(PEDESTRIANS ONLY)<br />
17<br />
16<br />
ENT<br />
134 - 140<br />
(2 RETAIL FLOORS)<br />
141 - 142<br />
12 - 15<br />
(3 RETAIL FLOORS)<br />
MARKET LANE<br />
MERCURE<br />
3<br />
• Potential to re-gear the lease.<br />
(BUSES ONLY)<br />
144<br />
MIDDLE BROOK STR<br />
TIMBERLINE<br />
FURNITURE<br />
FURNITURE<br />
BOOK EXTRA<br />
SAINSBURY`S<br />
CARD FACTORY<br />
BOOKS<br />
SUPERMARKET<br />
146<br />
CARDS<br />
CLOTHING<br />
3 - 4<br />
147<br />
ZOO JEWELLERY<br />
JEWELLER<br />
1 - 2<br />
SILVER HILL<br />
STEAD &<br />
SIMPSON<br />
148<br />
SHOES<br />
CLOISTERS<br />
VAC<br />
5 - 6<br />
CHAR<br />
SH<br />
ENT<br />
149<br />
8<br />
PIZZA HUT<br />
PIZZA RESTAURANT<br />
& PIZZA TAKE AWAY<br />
7<br />
CUPBOARD<br />
OF HEALTH<br />
VACANT<br />
HIGH STREET<br />
MILLETS<br />
OUTDOOR WEAR<br />
150<br />
EARLY LEARNING CENTRE<br />
C & H FABRICS<br />
ANTIQUE MARKET<br />
B H F<br />
REGIS SALON<br />
HAIRDRESSING<br />
ANTIQUES<br />
VACANT<br />
GIFTS<br />
REFLEX<br />
CIRCLE 7<br />
HOUSEHOLD GOODS<br />
KINGS WALK<br />
8<br />
TOYS & GM<br />
151<br />
CHARITY SHOP<br />
151A<br />
7<br />
HABERDASHERY<br />
ENT<br />
9 - 10<br />
JESSOPS<br />
152<br />
PLACE OF WORSHIP<br />
59<br />
LOADING<br />
<strong>11</strong><br />
VACANT<br />
LLOYDS<br />
PHARMACY<br />
CHEMIST<br />
OXFAM<br />
PHOTO GOODS<br />
153<br />
VACANT<br />
13<br />
VAC<br />
ENT<br />
CHARITY SHOP<br />
COLEBROOK STREET<br />
BAKER<br />
MAISON BLANC<br />
154<br />
DWELL<br />
LOADING<br />
12<br />
CROSS KEYS PASSAGE<br />
VACANT<br />
PITCHER & PIANO<br />
R A O B<br />
SOCIAL CLUB<br />
155<br />
ULTI-STOREY<br />
(300) (ESTIMATED)<br />
This Goad Plan is for identification only and not to be scaled as working drawing. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher.<br />
© Crown copyright 2010. Licence number PU100017316. For full terms and of copyright conditions visit www.goadplans.co.uk/copyright<br />
45 metres<br />
CHAR<br />
LLOYDS PHARMACY<br />
CHEMIST<br />
BAR & RESTAURANT<br />
156<br />
T&COFF MERCH<br />
OFFICE<br />
ALFIES<br />
157<br />
KINGS COURT<br />
TANNER STREET<br />
PUBLIC HOUSE<br />
WAREHOUSE<br />
158<br />
VACANT<br />
DOCTORS<br />
SURGERY<br />
159<br />
VACANT<br />
CORAL<br />
YARD<br />
160<br />
BETTING OFFICE<br />
further details<br />
David Freeman<br />
020-7659-4830<br />
david.freeman@greenpartners.co.uk<br />
James Baillie<br />
020-7659-4839<br />
james.baillie@greenpartners.co.uk<br />
Peter Pain<br />
020-7659-4831<br />
peter.pain@greenpartners.co.uk<br />
MISREPRESENTATION These particulars do not constitute an offer or<br />
contract. They are intended as a guide to prospective purchasers. All<br />
reasonable care has been taken in the preparation of these particulars but<br />
their accuracy is not guaranteed. The purchaser should satisfy himself and<br />
as to the correctness of these details. Neither the agents nor the vendors or<br />
lessors are to be or become under any liability or claim in respect of these<br />
particulars. These particulars are supplied on the understanding that all<br />
negotiations are conducted through this office. January 20<strong>11</strong>.<br />
Adrian Gates Photography & Design 07710 316991
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