BHS, 83/85/87 high street, watford - Green & Partners
BHS, 83/85/87 high street, watford - Green & Partners
BHS, 83/85/87 high street, watford - Green & Partners
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well secured, freehold, department store investment<br />
<strong>BHS</strong>, <strong>83</strong>/<strong>85</strong>/<strong>87</strong> <strong>high</strong> <strong>street</strong>, <strong>watford</strong>
Well secured, freehold, department store investment<br />
10 minutes to Watford Junction Train Station<br />
The Harlequin<br />
Charter Place<br />
Shopping Centre<br />
John Lewis Department Store<br />
The Parade<br />
Marks & Spencer<br />
Primark<br />
High Street<br />
5 minutes to Watford High Street Train Station<br />
For identification purposes only
<strong>83</strong>/<strong>85</strong>/<strong>87</strong> HIGH STREET, WATFORD<br />
INVESTMENT SUMMARY<br />
■<br />
■<br />
Well secured, prime, Department Store<br />
opportunity located in the popular regional<br />
retailing centre of Watford.<br />
Freehold<br />
Location<br />
Watford is an important and popular south Hertfordshire retail and<br />
commercial centre situated on the northern boundary of the Greater London<br />
conurbation, just within the M25. The town is located approximately 30.5km<br />
(19miles) north-west of central London, 30.5km (19miles) south of Luton<br />
and 42km (26miles) east of High Wycombe.<br />
■<br />
■<br />
Dual frontages and trading floors into both<br />
the Harlequin Centre and the High Street and<br />
adjacent to the proposed £80m Charter Place<br />
re-development.<br />
Well secured to Davenbush Limited and <strong>BHS</strong> Ltd.<br />
Watford benefits from excellent transportation links strategically located<br />
circa 7.25km (4.5miles) south-east of J19, M25 and 2.8km (1.73miles)<br />
south-west, of J5 of the M1. Rail links are also first class with Watford<br />
Junction one of the region’s busiest rail stations, where virtually all trains<br />
heading north out of Euston and Kings Cross stop. The fastest journey time<br />
into central London is just 16 minutes resulting in Watford not only being<br />
THE<br />
PROPERTY<br />
■<br />
■<br />
6,145m (66,146 sqft)<br />
Circa 49.7 years unexpired on the Davenbush lease.<br />
a desirable commuter town but also an important business destination.<br />
Watford is also served by the London Underground (Metropolitan Line).<br />
■<br />
Current income £980,000 pax (£14 psf).<br />
■<br />
£14,820,000 (subject to contract & exclusive of VAT).<br />
■<br />
Attractive 6.25% net initial yield.<br />
Watford
Well secured, freehold, department store investment
<strong>83</strong>/<strong>85</strong>/<strong>87</strong> HIGH STREET, WATFORD<br />
Local Economy & Demographics<br />
Watford is a major regional centre with a local authority population of circa 90,700 (mid-2011 ONS estimate) but<br />
draws on an extensive wider primary catchment of 596,000 persons (PROMIS) which reaches into Hertfordshire<br />
and Buckinghamshire to the north-west and Rickmansworth, Ruislip, Borehamwood and Elstree to the south-east.<br />
The town is particularly affluent and contains a significant over-representation of the AB and C1 social groupings.<br />
As a result the per capita retail spending levels are materially <strong>high</strong>er than the national average (CACI). The town<br />
also boasts an impressive employment base and skilled labour force. In addition to Watford Borough Council and<br />
Watford NHS a number of major national companies have either UK headquarter or major regional offices located<br />
in the borough including Hilton Worldwide, JD Wetherspoon, Camelot Group (National Lottery), Iveco,<br />
Bathstore, TK Maxx, Costco, Total Oil, Sanyo, Beko, Mothercare, Majestic Wine and Brighthouse.<br />
Retailing in Watford<br />
Watford is one of the premier regional retailing centres in the UK and has a shopping population of 349,000<br />
which ranks the venue 19th nationally by this measure.<br />
The town’s retailing core extends from John Lewis within the Harlequin Centre, through Charter Place Shopping<br />
Centre and along the High Street and Market Place through to The Parade to the north of the town centre. The<br />
Harlequin Shopping Centre dominates Watford’s retail provision and the prime pitch extends within the scheme<br />
stretching from John Lewis to Next on the upper mall and from John Lewis to HMV on the lower mall, including<br />
<strong>BHS</strong>’ frontages on both levels. The Harlequin Centre opened in 1992 and provides approximately 725,000 sq<br />
ft arranged within 147 stores over two shopping levels and enjoys a 16 million annual footfall with an average<br />
shopping dwell time of 113 minutes. The centre provides car parking for approximately 2,000 cars, while the<br />
adjoining Council owned, Charter Place Shopping Centre anchored by Wilkinsons, Topshop and Argos<br />
provides a 1,000 multi storey car park. Watford boasts a <strong>high</strong> concentration of major UK multiples including<br />
a full range John Lewis department store, Marks & Spencer, H&M, Primark, Zara, <strong>BHS</strong>, Next, River<br />
Island and Gap.<br />
Charter Place Re-Development<br />
Watford Borough Council (WBC) announced in June 2012 that in partnership with Intu Properties plc (formerly<br />
Capital Shopping Centres) a re-development of its 1970’s Charter Place Shopping Centre is to be undertaken.<br />
Intu’s £80 million project will focus upon enhancing Watford’s overall retail, entertainment and leisure offer, and<br />
will include a cinema, restaurants, family entertainment, new retail brands and a food store and will ultimately be<br />
incorporated in the Harlequin Centre. A planning application will be submitted shortly. Intu Properties plc is the long<br />
leaseholder of The Harlequin Centre, which it developed in the early 1990’s and will be granted a similar 999-year<br />
lease by the Council for the Charter Place re-development. More information is available on request.<br />
Situation<br />
The property occupies a substantial site within the prime section of both the High Street and the Harlequin Centre (upper<br />
and lower malls) adjoining Marks & Spencer with extensive frontages onto both. Nearby national retail occupiers<br />
include Next, HSBC, Phones 4U, Lush, Pandora, Wilkinson’s, Top Shop/Top Man and 99p Stores.<br />
Description<br />
The property was developed in the early 1960’s (prior to the Harlequin Centre) and comprises a large prominent<br />
terraced building of traditional brick construction under flat roofs, arranged over ground, basement and three upper<br />
floors. The ground and first floors are used for retail trading with direct access onto both lower and upper mall<br />
levels of the Harlequin Centre and the High Street. The adjoining retail unit fronting onto Charter Place is also<br />
occupied by <strong>BHS</strong> and links directly into the subject property. <strong>BHS</strong> trade a full range of merchandise and have<br />
concessions to Miss Selfridge, Dorothy Perkins, Wallis, Evans and Burton within the store. The remainder<br />
of the accommodation is ancillary storage and staff. The building is serviced from the High Street via Red Lion Yard.<br />
Accommodation<br />
Address Floor Use sq ft m 2 Comments<br />
<strong>83</strong>/<strong>85</strong> High<br />
Street<br />
Gd Retail 25,350 2,355.0 At the last rent review the effective GIA was agreed<br />
1st Retail 22,880 2,125.6<br />
between the parties adjusted to accord with a Deed dated<br />
06/01/1998<br />
2nd Anc. 7,<strong>87</strong>6 731.7<br />
3rd Anc. 2,516 233.7<br />
B Anc. 2,006 186.4<br />
Sub-Total 60,628 5,632.4<br />
<strong>87</strong> High Street Gd Retail 2,091 194.3 This unit is now integrated within the Bhs store (Coffee<br />
ITZA - 968 -<br />
Shop) but was originally separate and is reviewed<br />
accordingly<br />
1st Anc. 2,147 199.5<br />
2nd Anc. 1,280 118.9<br />
Sub-Total 5,518 512.7
Well secured, freehold, department store investment<br />
R<br />
ANK<br />
PARTY PARTY<br />
CARDS<br />
UNDER WATER<br />
PUBLIC HOUSE<br />
CORAL<br />
FICE<br />
24<br />
40<br />
PAPA JOHN`S<br />
TAKE AWAY<br />
VACANT<br />
22<br />
42<br />
ELLSTONES<br />
FLOWER DRUM<br />
CHINESE REST<br />
20<br />
SUBWAY<br />
DUDLEYS CORNER<br />
44<br />
BED<br />
DRY CLEANING<br />
18<br />
23 - 27<br />
REVOLUTION<br />
SWIFT<br />
AX<br />
BANK<br />
HIGH STREET<br />
(BUSES ONLY)<br />
BAR<br />
BAR & RESTAURANT<br />
AGORA AMUSEMENTS<br />
AMUSEMENTS<br />
NEWS PLUS<br />
NEWSAGENT<br />
WARREN ANTHONY<br />
16<br />
46<br />
ALLIANCE & LEICESTER<br />
EST AG<br />
14<br />
23 - 25<br />
48 - 50<br />
12<br />
TRAVELODGE BAR & CAFE<br />
BAR & RESTAURANT<br />
THE ENTERTAINER<br />
10<br />
JESSOPS<br />
PHOTO GOODS<br />
BEATRICE BRAY<br />
GAS MARK 1<br />
HERTS BATHROOM CENTRE<br />
TRAVELODGE<br />
FLORIST<br />
FIRES<br />
BATHRM FURN<br />
HOTEL<br />
29 - 35<br />
52<br />
BANK<br />
BARRETT HOUSE<br />
&<br />
VAC<br />
VAC<br />
VACANT<br />
TOYS & GAMES<br />
VACANT<br />
8<br />
15 - 19<br />
52B<br />
6<br />
52A<br />
VACANT<br />
OFFICE<br />
13<br />
54<br />
4<br />
CHICKEN<br />
COTTAGE<br />
TAKE AWAY<br />
56<br />
QUE PASA<br />
BAR & RESTAURANT<br />
9<br />
37<br />
2<br />
VACANT<br />
39<br />
BEAVERS<br />
NIGHTCLUB<br />
58<br />
MARKET STREET<br />
&<br />
SUBWAY<br />
41<br />
60<br />
GREGGS<br />
BARCLAYS<br />
PAPERBOX<br />
ASK<br />
ITALIAN RESTAURANT<br />
3 - 7<br />
BANK<br />
BAKER<br />
41A<br />
CARDS<br />
MARKET PLACE<br />
62 - 66<br />
BANK<br />
1<br />
REED<br />
EMP AGY<br />
CO-OPERATIVE<br />
POUNDLAND<br />
BON MARCHE<br />
GUIDEPOSTS<br />
CHARITY SHOP<br />
DISCOUNT STORE<br />
(BUSES ONLY)<br />
68<br />
LADIES WEAR<br />
MOSS<br />
MENS WEAR<br />
BUTCHERS YARD<br />
47 - 51<br />
P<br />
70<br />
MULTI-STOREY<br />
(600) (ACTUAL)<br />
LINENS DIRECT<br />
PHONES 4U<br />
TEL<br />
BURGER KING<br />
NATWEST<br />
TIMPSON<br />
SHOE REP<br />
HOUSEHOLD TEXTILES<br />
55<br />
57<br />
ENTRANCE<br />
24<br />
WENZEL`S THE BAKERS<br />
BAKER<br />
RAMP<br />
BANK<br />
APPLE SNOW<br />
LADIES WEAR<br />
(2 RETAIL FLOORS)<br />
BROOK STREET<br />
POPIANDY`S<br />
FAST FOOD RESTAURANT<br />
(2 RETAIL FLOORS)<br />
1 - 2<br />
72 - 74<br />
63 - 65<br />
23<br />
MADHOUSE<br />
EMPLOYMENT AGENCY<br />
PUNKY FISH<br />
LADIES WEAR<br />
CLOTHING<br />
67<br />
76<br />
3<br />
21<br />
CAFE<br />
ENT<br />
MEETING ALLEY<br />
NEW STREET<br />
(2 RET FLRS)<br />
LLOYDS TSB<br />
BANK<br />
D & A<br />
INFO CEN<br />
5<br />
69<br />
OPTICIAN<br />
ARO SPORTS<br />
SPTS GDS<br />
POSH<br />
JWLR<br />
(BUSES ONLY)<br />
REET<br />
78<br />
20<br />
19<br />
VACANT<br />
71<br />
AGORA<br />
80<br />
AMUSEMENTS<br />
WILLIAM HILL<br />
WARREN<br />
JAMES<br />
JWLR<br />
CARD FACTORY<br />
BETTING OFFICE<br />
WESTON OPTICIANS<br />
CLAIRE`S<br />
CARDS & GIFTS<br />
82<br />
1<br />
18<br />
OPTICIAN<br />
SNAPPY SNAPS<br />
TOPMAN<br />
ORANGE<br />
SHOP<br />
HI-FI CITY<br />
HOME ENT<br />
G GIBSONS<br />
BUTCHER<br />
82A<br />
17<br />
L ACCESS<br />
84<br />
FILM DEV<br />
2<br />
VACANT<br />
SPECSAVERS<br />
OPTICIAN<br />
MENS WEAR<br />
TEL<br />
TOPSHOP<br />
HSBC<br />
THE ONE BELL<br />
PUBLIC<br />
HOUSE<br />
LADIES WEAR<br />
BANK<br />
A<br />
CHARTER PLACE<br />
MARKET PLACE<br />
SERVICE ROAD<br />
&<br />
86<br />
16<br />
15<br />
13<br />
11<br />
73 - 75<br />
90<br />
(PEDESTRIANS ONLY)<br />
3<br />
77 - 79<br />
5<br />
6<br />
99P STORES<br />
CATALOGU<br />
SHASONIC<br />
HOME ENT<br />
PLACE OF WORSHIP<br />
SONY CENTRE<br />
HOME ENT<br />
THOMSON<br />
TRAVEL AGENT<br />
WILKINSON<br />
SHOECARE<br />
SHOE<br />
REPAIRS<br />
IMAGINE ESTATE AGENTS<br />
ESTATE AGENT<br />
DISCOUNT STORE<br />
27<br />
26C<br />
<strong>83</strong> - <strong>87</strong><br />
HOUSEHOLD GOODS<br />
27A<br />
CAFFE NERO<br />
COFFEE SHOP<br />
SMOOTH CRIMINAL<br />
CLOTHING<br />
RUSH<br />
HAIRDRESSING<br />
102<br />
89<br />
26<br />
28<br />
<strong>BHS</strong><br />
VARIETY STORE<br />
(2 RETAIL FLOORS)<br />
& BURTON MENSWEAR<br />
& EVANS LADIES WEAR<br />
RED LION YARD<br />
VACANT<br />
NETWORK NEWS<br />
29<br />
25<br />
N/A<br />
SHAKEAWAY<br />
KRISPY KREME<br />
T/A<br />
TAKE AWAY<br />
GINGER<br />
GROUP<br />
HAIR<br />
25A<br />
ECLIPSE<br />
O2<br />
TELEPHONES<br />
91 - 95<br />
106 - 108<br />
HAIR<br />
THE EYE SHOP<br />
OPT<br />
COSTA<br />
30<br />
MOBILE<br />
SOLUTIONS<br />
TEL<br />
COFFEE SHOP<br />
H&T<br />
PAWNBRO<br />
31<br />
HIGH STREET<br />
104<br />
110 112<br />
97<br />
114<br />
RAMP TO CAR PARK<br />
LUSH<br />
HEALTH & BEAUTY<br />
31A<br />
PAST TIMES<br />
MARKS & SPENCER<br />
GAME STATION<br />
COMP GAME<br />
GIFTS<br />
32<br />
<strong>BHS</strong><br />
Variety Store<br />
(2 Retail Floors)<br />
&<br />
Burton<br />
Menswear<br />
& Evans<br />
Ladies Wear<br />
99<br />
VACANT<br />
PHONES 4U<br />
TELEPHONES<br />
STORE<br />
101<br />
32A<br />
T<br />
PUMPKIN PATCH<br />
CHILDRENS WEAR<br />
PANDORA<br />
VARIETY STORE<br />
VAC<br />
VACANT<br />
114B<br />
23 - 24<br />
103<br />
THORNTONS<br />
STORE<br />
SUPERCUTS<br />
HAIR<br />
33 - 34<br />
MILLIE`S<br />
COOKIES<br />
BAKER<br />
CONF & BIS<br />
105<br />
ENTRANCE<br />
HOLLAND & BARRETT<br />
HEALTH FOOD<br />
107<br />
HMV<br />
THE HARLEQUIN<br />
22<br />
(2 RETAIL FLOORS)<br />
21<br />
ENTRANCE<br />
RECORDINGS<br />
VACANT<br />
ENT<br />
1<br />
ENT<br />
35<br />
LOADING<br />
DOROTHY PERKINS<br />
36<br />
CLINTON CARDS<br />
LADIES WEAR<br />
CARDS & GIFTS<br />
ENTRANCE<br />
3 STORE<br />
18<br />
TELEPHONES<br />
37<br />
BARONJON<br />
PRIMARK<br />
GAP<br />
FOOT LOCKER<br />
MENS WEAR<br />
17<br />
SPORTS GOODS<br />
CLOTHING<br />
HING<br />
38<br />
PAPER SUN<br />
LADIES WEAR<br />
VACANT<br />
16<br />
39<br />
OPTICAL EXPRESS<br />
(2 RETAIL FLOORS)<br />
DWELLINGS<br />
ENTRANCE<br />
SPORTS DIRECT<br />
SPORTS GOODS<br />
15<br />
OPTICIAN<br />
40<br />
VACANT<br />
41A<br />
1<br />
3 - 5<br />
QUEENS ROAD<br />
THE FRAGRANCE<br />
SHOP<br />
HLTH&<br />
BEA<br />
7<br />
CRUZ<br />
CLO<br />
VAC<br />
41<br />
9<br />
(PEDESTRIANS ONLY)<br />
(PEDESTRIANS ONLY)<br />
ENT<br />
15 - 17<br />
11 - 13<br />
REGIS<br />
REPERTOIRE<br />
FASHION<br />
SHUROPODY<br />
GAMES<br />
WORKSHOP<br />
TOYS & GM<br />
SWAG<br />
CAFFE<br />
L`ANTICO<br />
SANTANDER<br />
HOOTERS<br />
MUSICAL<br />
INSTRUMENTS<br />
MUSICAL<br />
INSTRUMENTS<br />
& SHEET MUSIC<br />
LADIES &<br />
MENS WEAR<br />
SHOES<br />
19<br />
19<br />
HAIR<br />
ENTRANCE<br />
19A<br />
CAFE<br />
ATM<br />
LOBBY<br />
BANK<br />
ENTRANCE<br />
ENTRANCE<br />
VACANT<br />
SUBWAY<br />
JWLR<br />
42<br />
13<br />
12B<br />
WATCH<br />
HOSPITAL<br />
VACANT<br />
STARBUCKS<br />
COFFEE<br />
SHOP<br />
43<br />
STORM<br />
JEWELLER<br />
12<br />
GORDON SCOTT<br />
O2<br />
TELEPHONES<br />
SHOES<br />
11<br />
4FRONT<br />
BROTHER<br />
TO BROTHER<br />
SUPERCUTS<br />
HAIR<br />
MENS WEAR<br />
KAREN MILLEN<br />
DREAMS BED SUPERSTORE<br />
44<br />
53A<br />
QUEENS ROAD<br />
THE BROADWAY<br />
U S C<br />
B S M<br />
DRIVING SCHOOL<br />
BEDS & BEDDING<br />
GIFTS<br />
43A<br />
10<br />
45<br />
LADIES WEAR<br />
CLOTHING<br />
VACANT<br />
DERBY ROAD<br />
BEAVERBROOKS<br />
THE JEWELLERS<br />
JEWELLER<br />
T M LEWIN<br />
MILLETS<br />
44A<br />
OUT WR & CAMPG GDS<br />
9<br />
LADIES & MENS WEAR<br />
46<br />
OFFICE<br />
8<br />
COAST<br />
SHOES<br />
THE HARLEQUIN<br />
47<br />
LADIES WEAR<br />
RYMAN THE STATIONER<br />
CLAIRE`S<br />
L ACCESS<br />
EAR<br />
JD<br />
SPORTS GOODS<br />
7<br />
48<br />
STAIRS<br />
2 - 3<br />
STAIRS<br />
ANIMAL<br />
6<br />
FRASER<br />
HART<br />
JWLR<br />
VACANT<br />
CLOTHING<br />
49<br />
ENTRANCE<br />
4<br />
JANE NORMAN<br />
5<br />
Please note this plan is for indicative purposes only<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. © Crown copyright 2011. Licence number PU100017316. For full terms and of copyright conditions visit www.goadplans.co.uk/copyright<br />
LADIES WEAR<br />
50<br />
DUNE<br />
SHOES<br />
51<br />
JOHN LEWIS<br />
CAFE<br />
THE<br />
PERFUME<br />
SHOP<br />
HLTH&BEA<br />
52<br />
RAMP TO CAR PARK<br />
STAIRS
<strong>83</strong>/<strong>85</strong>/<strong>87</strong> HIGH STREET, WATFORD<br />
Tenure Freehold. (predominantly)<br />
NB: there is a small element of long leasehold relating to a strip of land between <strong>83</strong>/<strong>85</strong> High Street and the<br />
Harlequin Centre (ground and first floors and part basement loading bay) that is let on a 999 year lease dated<br />
06/01/1998 (at a peppercorn). Further information available on request.<br />
Tenancy<br />
The property is occupied by Davenbush Limited (<strong>BHS</strong>) on 3 separate leases.<br />
Address Tenant Lease Terms Rent pax Comments<br />
Rental Value<br />
The passing rental of £14psf for the main store is a fair reflection of current market rental value:<br />
Location Occupier Type GIA (sq ft) Rate psf Date Comments<br />
Milton Keynes Primark OML 90,000 £24.80 06/12<br />
Milton Keynes HOF RR 72,095 £17.00 09/11 Q4 2012 Arbitration Award<br />
Croydon M&S RR 62,538 £16.00 12/10 10% added for 21yr RR. 57yr term.<br />
Peterborough Primark OML 58,942 £12.25 12/10 2 level trading.<br />
Milton Keynes Debenhams RR 135,399 £11.25 06/10 Arbitration Award<br />
Thurrock Primark OML 98,149 £19.72 05/10 Store extension<br />
Chester Primark OML 51,730 £17.88 01/10 Agreement for lease 10/08<br />
<strong>83</strong>/<strong>85</strong> High<br />
Street<br />
Davenbush<br />
Limited<br />
(2341207)<br />
99 years from 29/09/1963 expiring<br />
on 28/09/2062 (circa 49.7 years<br />
unexpired). Rent reviews are 21<br />
yearly (upward only) the next being on<br />
29/09/2026. The rent review is geared<br />
to 90% of any uplift.<br />
£880,000<br />
(£14<br />
psf)<br />
Lease assigned to Davenbush Ltd from<br />
<strong>BHS</strong> PLC on 12/08/1991. Privity of<br />
Contract applies. Unit sublet to <strong>BHS</strong> Ltd<br />
for 35 years from 25/12/19<strong>87</strong> expiring<br />
on 25/12/22. (5 yearly RR). No service<br />
charge is payable to the Harlequin Centre.<br />
<strong>87</strong> High Street Davenbush<br />
Limited<br />
(2341207)<br />
97 years from 29/09/1965 expiring<br />
on 28/09/2062 (circa 49.7 years<br />
unexpired). Rent reviews are 21<br />
yearly (upward only) the next being on<br />
29/09/2026. The rent review is geared<br />
to 90% of any uplift.<br />
£100,000<br />
(£95 psf<br />
ZA)<br />
Lease assigned to Davenbush Ltd from<br />
<strong>BHS</strong> PLC on 12/08/1991 Privity of<br />
Contract applies. Unit sublet to <strong>BHS</strong> Ltd<br />
for 35 years from 25/12/19<strong>87</strong> expiring on<br />
25/12/22 (5 yearly RR). No service charge<br />
is payable to the Harlequin Centre.<br />
Strip of Land<br />
Adjoining The<br />
Harlequin<br />
Davenbush<br />
Limited<br />
(2341207)<br />
74.8 years from 25/12/19<strong>87</strong> expiring<br />
29/09/2062. Approx. 49.7 years<br />
unexpired.<br />
£0 This section of the property is held long<br />
leasehold referred to as ‘Area 400’ (see<br />
Tenure). This land is taken into account<br />
during the rent review for the lease of<br />
<strong>83</strong>-<strong>85</strong> High Street. A service charge<br />
is payable to the Harlequin Centre of<br />
£180.50 pax.<br />
£980,000<br />
NB: <strong>BHS</strong> occupy the adjoining retail unit fronting onto Charter Place. This is outside of the vendor’s ownership although it links into the main store at ground and first<br />
floor levels. The line of ownership is clear on site.<br />
Tenant Covenant Status<br />
Davenbush Ltd (Co. No: 2341207) has a D&B rating of 4A1 with a minimum risk of failure. The company is based<br />
in central London, were incorporated in January 1989 and is currently active with <strong>BHS</strong> Group Ltd the company’s sole<br />
shareholder. They are classified as a business involved in the development and sale of real estate. <strong>BHS</strong> Ltd (Co.<br />
No: 229606), secured via privity of contract via assignment in 1991, has a D&B rating of B2. Both tenants have an<br />
immediate parent in <strong>BHS</strong> Group Ltd with Taveta Ltd, the ultimate domestic and global parent company.<br />
Tenant Year End Turnover Pre-Tax Profit (Loss) Net worth<br />
Davenbush Ltd 27/08/2011 £5,911,000 £450,000 £22,068,000<br />
<strong>BHS</strong> PLC (<strong>BHS</strong> Ltd) 27/08/2011 £740,313,000 (£76,056,000) £330,000<br />
Current Income pax £980,000 per annum exclusive.
VAT<br />
The property has been elected for VAT and thus VAT will be payable on the<br />
purchase price.<br />
EPCs<br />
The EPC and rating is available on request.<br />
<strong>87</strong> High Street<br />
Proposal<br />
£14,820,000 (Fourteen Million, Eight Hundred and<br />
Twenty Thousand Pounds) Subject to Contract and exclusive<br />
of VAT, reflecting an attractive net initial yield of 6.25%, allowing for<br />
purchaser’s costs of 5.8%.<br />
Further Information<br />
For further information please contact:<br />
David Freeman James Baillie Ed Smith<br />
020 7659 4<strong>83</strong>0 020 7659 4<strong>83</strong>9 020 7659 4<strong>83</strong>1<br />
david.freeman@greenpartners.co.uk james.baillie@greenpartners.co.uk ed.smith@greenpartners.co.uk<br />
MISREPRESENTATION These particulars do not constitute an offer or contract. They 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. The purchaser should satisfy himself and as<br />
to the correctness of these details. Neither 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 understanding that all negotiations are conducted through this office. January 2013.<br />
Adrian Gates Photography & Design 07710 316991
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