13 north street chichester PO19 1LB - Green & Partners
13 north street chichester PO19 1LB - Green & Partners
13 north street chichester PO19 1LB - Green & Partners
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<strong>13</strong> <strong>north</strong> <strong>street</strong> <strong>chichester</strong><br />
well secured, prime freehold, retail investment
<strong>13</strong> <strong>north</strong> <strong>street</strong> <strong>chichester</strong> <strong>PO19</strong> <strong>1LB</strong><br />
Investment Summary<br />
• Occupying a prime pedestrianised retailing pitch on<br />
North Street adjacent to Boots and Marks & Spencer<br />
• The vitality of the town centre is boosted by the<br />
absence of a covered shopping centre and the lack of<br />
an extensive retail warehousing provision<br />
• Well secured to Starbucks Coffee Company (UK)<br />
Limited<br />
• Freehold<br />
• Current income £78,250 pax<br />
• 8.25 years unexpired<br />
• £1,287,000 (subject to contract & exclusive of VAT)<br />
• Attractive 5.75% net initial yield<br />
Location<br />
The cathedral city of Chichester is a busy and historic retailing and<br />
tourist hub in West Sussex, lying approximately 68miles (109km) south<br />
west of London, 17miles (27km) east of Portsmouth and 34miles<br />
(55km) west of Brighton. Communications are excellent with the town<br />
lying adjacent to the A27 linking Brighton to the east and Portsmouth<br />
to the west. The A3 also provides good access into London and the<br />
rest of the UK. In addition rail links are strong. London (Victoria) is<br />
accessed via with an approximate journey time of 1 hour 30 minutes.<br />
Retailing in Chichester<br />
The total population within the Chichester primary catchment area is<br />
246,000 and the estimated shopping population is 148,000. The<br />
town is particularly affluent with per capita retail spending levels well<br />
above the PROMIS average (CACI) and has a significantly high overrepresentation<br />
of the most affluent AB & C1 social grouping.<br />
The retail offer in Chichester is concentrated within the city walls and<br />
is focused along two main shopping axis, namely North Street/South<br />
Street and East Street/West Street; these intersecting at Market Cross.<br />
Chichester
<strong>13</strong> <strong>north</strong> <strong>street</strong> <strong>chichester</strong> <strong>PO19</strong> <strong>1LB</strong><br />
There is no closed managed shopping centre within Chichester and the<br />
out of town provision is principally limited to bulky goods operators,<br />
which enhances the desirability and vitality of the town centre.<br />
Situation<br />
The subject property is situated on the busy pedestrianised section<br />
of prime North Street within close proximity to Boots, Marks &<br />
Spencer, WH Smith and O2.<br />
Description<br />
The property lies within a conservation area and is a Grade II listed<br />
building. The premises are arranged on ground and three upper floors.<br />
The ground floor is used solely for retail purposes with prominent<br />
frontage onto North Street. The first floor comprises both storage and<br />
staff rooms, while the second and third floor are vacant. The unit is<br />
serviced via an alley to the rear of the property leading to Chapel Street.<br />
Tenure<br />
Freehold<br />
Accommodation<br />
The property provides an approximate total net floor area of<br />
226.21m 2 (2,435sq ft) sub-divided as follows:<br />
Ground<br />
Ground<br />
First<br />
Second<br />
Third<br />
Floor Use m 2 Sq Ft<br />
Sales<br />
ITZA<br />
Ancillary<br />
Ancillary<br />
Ancillary<br />
112.60<br />
39.20<br />
43.01<br />
31.40<br />
1,212<br />
575 units<br />
422<br />
463<br />
338<br />
226.21 2,435<br />
Tenancy<br />
STARBUCKS COFFEE CO (UK) lTD<br />
FR&I Lease expiring on 21st May 2021 (circa 8.25 years<br />
unexpired) at a current passing rental of £78,250 pax and an<br />
upward only rent review on 22nd May 2016.<br />
There is a rent deposit in place of £64,475.95 as of 28/02/20<strong>13</strong>.<br />
Rental Commentary<br />
Prime rental levels on North Street have remained relatively stable in<br />
recent years. White Company took a 10 year lease of 73 North Street<br />
in January 2012 at a rent of £175,000 pax (£140 psf Zone A net).<br />
More recently, Mountain Warehouse have taken a 10 year lease of<br />
83 North Street at a rent of £152,000 pax (£125 psf Zone A,<br />
although this can be devalued to £<strong>13</strong>2 ZA depending upon the<br />
applied rate psf on the upper floor). The subject property devalues to<br />
approximately £122.60 psf Zone A adopting a 3.75% allowance for<br />
the configuration of the sales area.<br />
We believe the unit is rack rented and that there is a strong case for<br />
future rental growth off this relatively modest base level.<br />
Tenant Covenants<br />
Tenant<br />
D&B<br />
Rating<br />
Current income pax<br />
£78,250 per annum exclusive (£122.40 Zone A).<br />
EPC<br />
The property has an EPC rating of D.<br />
VAT<br />
The property has been elected for VAT and thus VAT will be payable<br />
on the purchase price.<br />
Proposal<br />
£1,287,000 (One Million, Two Hundred and Eighty Seven Thousand<br />
Pounds) Subject to Contract and exclusive of VAT, reflecting an<br />
attractive net initial yield of 5.75%, allowing for purchaser’s<br />
costs of 5.8%.<br />
Date of<br />
Accounts<br />
Turnover<br />
(000’s)<br />
Pre-Tax Profit/<br />
Loss (000’s)<br />
Net Worth<br />
(000’s)<br />
Starbucks Coffee Co (UK) Ltd N 2 02/10/2011 £397,716,437 (£32,853,958) (£1,280,376)<br />
NB: Starbucks Coffee Co (UK) Ltd are a wholly owner subsidy of Starbucks Coffee Holdings (UK) Ltd who for the same period posted a tangible net worth of £210,054,708.
26<br />
NT<br />
MP<br />
UIP<br />
6<br />
68<br />
69<br />
OFFICE<br />
1<br />
2<br />
1<br />
3<br />
1<br />
38<br />
40<br />
41<br />
1<br />
9<br />
4<br />
<strong>13</strong> <strong>north</strong> <strong>street</strong> <strong>chichester</strong> <strong>PO19</strong> <strong>1LB</strong><br />
STAPLERS<br />
USE OF FRASER<br />
RTMENT STORE<br />
TAIL FLOORS)<br />
18<br />
TELEPHONE EXCHANGE<br />
WEST STREET<br />
PLACE OF WORSHIP<br />
BRITISH TELECOM<br />
POST OFFICE<br />
PO<br />
CHAPEL STREET<br />
FURNITURE<br />
5 - 7<br />
BATHROOM<br />
THE DOLPHIN & ANCHOR<br />
RIPPLES<br />
OFFICE<br />
PUBLIC HOUSE<br />
J D WETHERSPOON<br />
BARNARDO`S<br />
CHARITY SHOP<br />
CONNEXIONS<br />
COSTA<br />
SCOPE<br />
CHAR SH<br />
MARKS & SPENCER<br />
WAREHOUSE<br />
AGE UK<br />
CHARITY SHOP<br />
ADVICE CENTRE<br />
COFFEE SHOP<br />
8<br />
SERVICE AREA<br />
VARIETY STORE<br />
LADIES WEAR<br />
WATERSTONES<br />
6<br />
ETTING OFFICE<br />
BOOKS<br />
WILLIAM HILL<br />
(2 RETAIL FLOORS)<br />
E<br />
GGED<br />
CKEY<br />
OTHING<br />
THE EDINBURGH WOOLLEN MILL<br />
BOOTS<br />
CHEMIST<br />
5<br />
CLOTHING<br />
CRABTREE & EVELYN<br />
ECCO<br />
SHOES<br />
MILLETS<br />
OUT WR &<br />
CAMPG GDS<br />
(2 RET FLRS)<br />
ENT<br />
QUBA<br />
JOULES<br />
TIMPSON<br />
SHOE REPAIRS<br />
ROHDE<br />
SAHARA<br />
MOSS<br />
TIMOTHY ROE<br />
FINE JEWELLERY<br />
RUSSELL & BROMLEY<br />
SHOES<br />
(2 RET FLRS)<br />
L/WR&M/WR<br />
SHOES<br />
CLOTHING<br />
MENS WEAR<br />
4<br />
CLOTHING<br />
HEALTH & BEAUTY<br />
3<br />
9<br />
10<br />
11<br />
12<br />
5 - 6<br />
7<br />
8<br />
KING<br />
MODA IN PELLE<br />
SHOES<br />
FLIGHT CENTRE<br />
TRAV AG<br />
2<br />
1 - 3<br />
HOLLAND & BARRETT<br />
THE CARPHONE<br />
WAREHOUSE<br />
TEL<br />
H SAMUEL<br />
SANTANDER<br />
BRITISH BOOKSHOPS<br />
SUSSEX STATIONERS<br />
THE WORKS<br />
ALL THAT<br />
GLITTERS<br />
JEWELLER<br />
WALLIS<br />
PAPERCHASE<br />
STATIONER<br />
SPORTS DIRECT.COM<br />
VACANT<br />
NATIONWIDE<br />
BRITANNIA<br />
HSBC<br />
VISION EXPRESS<br />
STEAD & SIMPSON<br />
PERFECT TIMING<br />
STEAMER TRADING<br />
COOKSHOP<br />
CRUMBS & CREAMS<br />
TIEMPO<br />
LADIES ACCESSORIES<br />
GNC<br />
HEALTH FOOD<br />
BARNARDO`S<br />
CHARITY SHOP<br />
SMITH &<br />
RALIER JWLR<br />
GREGGS<br />
BAKER<br />
HEALTH FOOD<br />
JEWELLER<br />
NEWSAGENT & BOOKS<br />
BOOKS<br />
SPORTS GOODS<br />
BUILDING SOCIETY<br />
1<br />
(PEDESTRIANS BUSES & LOADING ONLY)<br />
65<br />
68<br />
4<br />
64<br />
HAIR<br />
67<br />
66<br />
74 - 75<br />
72 - 73<br />
70 - 71<br />
69<br />
BUILDING SOCIETY<br />
LADIES WEAR<br />
BANK<br />
OPTICIAN<br />
SHOES<br />
JEWELLER<br />
VACANT<br />
BANK<br />
COOPER`S<br />
CAFE<br />
GOLD ARTS<br />
JEWELLER<br />
HOUSEHOLD GOODS<br />
CAFE<br />
COO<br />
HAIRDRESSING<br />
1<br />
3 - 5<br />
2<br />
6<br />
94<br />
8<br />
7<br />
10 - 12<br />
9<br />
ENT<br />
MARKS & SPENCER<br />
VARIETY STORE<br />
STARBUCKS<br />
COFFEE SHOP<br />
19<br />
18<br />
16 - 17<br />
15<br />
<strong>13</strong><br />
ENT<br />
14<br />
86 - 87<br />
21<br />
20<br />
85<br />
1<br />
2<br />
25<br />
24<br />
23<br />
22<br />
83A<br />
84<br />
ERNEST JONES<br />
JEWELLER<br />
HOTTER<br />
SHOES<br />
STRAWBERRY<br />
NORTH STREET<br />
(PEDESTRIANS ONLY EXCEPT LOADING 6.00PM-9.00AM)<br />
83<br />
93<br />
MACARI`S<br />
BETWEEN THE LINES<br />
GIFTS<br />
THE SWALLOW BAKERY<br />
ST. OLAVES TRUST<br />
BOOKSHOP<br />
O2<br />
TELEPHONES<br />
CLAIRE`S<br />
LADIES ACCESSORIES<br />
ACCESSORIZE<br />
L.K.BENNETT<br />
OLD GUYS RULE<br />
NATIONAL<br />
TRUST<br />
GIFT SHOP<br />
VODAFONE<br />
TELEPHONES<br />
BOOTS<br />
JONES BOOTMAKER<br />
L/WR<br />
RETTY<br />
CRUFFY<br />
RT & CRAFT<br />
JAQUES VERT<br />
PHONES 4U<br />
TELEPHONES<br />
WHITE COMPANY<br />
LOWERY<br />
R L AUSTEN<br />
ERT DYAS<br />
IETY STORE<br />
CHICHESTER BUTTER MARKET<br />
MOUNTAIN<br />
WAREHOUSE<br />
L ACCESS<br />
YARD<br />
82<br />
81<br />
SMALL UNITS<br />
92<br />
79<br />
80<br />
2 - 3<br />
CLOTHING<br />
70<br />
71 - 72<br />
73<br />
74<br />
75<br />
76 - 77<br />
78<br />
VACANT<br />
BETTING OFFICE<br />
ENT<br />
LADIES WEAR<br />
JEWELLER<br />
OPTICIAN<br />
OASIS<br />
LADIES WEAR<br />
4<br />
6<br />
TOPSHOP<br />
LADIES WEAR<br />
CAFE<br />
NATWEST<br />
OFFICE<br />
COUNCIL OFFICES<br />
&<br />
HALL<br />
5 - 6<br />
89 - 91<br />
JEWELLER<br />
BANK<br />
MINT VELVET<br />
88<br />
LADIES WEAR<br />
DWG<br />
(PEDESTRIANS ONLY EXCEPT<br />
LOADING 6.00PM - 9.00AM)<br />
1<br />
LUSH<br />
HEALTH & BEAUTY<br />
87<br />
SWAROVSKI<br />
HMV<br />
7 - 8<br />
86<br />
GIFTS<br />
RECORDINGS<br />
RIVER ISLAND<br />
7<br />
84 - 85<br />
LADIES & MENS WEAR<br />
LANE`S<br />
END<br />
CAFE<br />
KEEPING UP APPEARANCES<br />
HAIR<br />
6<br />
LLOYDS TSB<br />
FAT FACE<br />
STYLISH<br />
SKIN<br />
TATTOOIST<br />
STEPHEN<br />
CHESTERTON<br />
LAWRENCE<br />
HUMBERTS<br />
LADIES WEAR<br />
EST AG<br />
(140) (ESTIMATED)<br />
Further Details<br />
Ed Smith<br />
020-7659-4831<br />
ed.smith@greenpartners.co.uk<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 />
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<br />
purchaser should satisfy himself and as 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<br />
that all negotiations are conducted through this office. March 20<strong>13</strong>. Adrian Gates Photography & Design 07710 316991<br />
KUONI<br />
TRAVEL AGENT<br />
CC<br />
PIA JEWELLERY<br />
THORNTONS<br />
TIFFINS<br />
GOOD<br />
NEWS<br />
GUILT<br />
ST. MARTINS<br />
TEA ROOMS<br />
THE HOLE IN THE WALL<br />
BANK<br />
9 - 11<br />
83<br />
CLOTHING<br />
5<br />
12<br />
82<br />
LADIES WEAR<br />
BAKER<br />
CONF & BIS<br />
JEWELLER<br />
VINTAGE CHI<br />
CLOTHING<br />
BLOOMINGVILLE<br />
FURN<br />
SUPERDRUG<br />
STEPHEN<br />
LAWRENCE<br />
MENS WEAR<br />
PROPOSALS<br />
BRIDAL WEAR<br />
CLINTON<br />
N/A<br />
LINGERIE<br />
PUBLIC HOUSE<br />
4<br />
<strong>13</strong><br />
81<br />
6<br />
HEALTH & BEAUTY<br />
CARDS & GIFTS<br />
14 - 15<br />
5<br />
4<br />
2 - 3<br />
EAST STREET<br />
DWELLING<br />
LION STREET<br />
JAY WALK<br />
20<br />
ENT<br />
80<br />
ANT<br />
DWELLINGS<br />
1<br />
1A<br />
ST MARTINS STREET<br />
CLOSED<br />
CLOSED<br />
VACANT<br />
VACANT<br />
MARKS &SPENCER<br />
EARLY LEARNING CENTRE<br />
TOYS & GAMES<br />
CLARKS<br />
SHIPWRECKED<br />
MARINERS SOCIETY<br />
PALLANT<br />
HAIR<br />
79<br />
VARIETY STORE<br />
16 - 18<br />
78<br />
NEXT<br />
SHOES<br />
20<br />
LADIES & MENS WEAR<br />
BARCLAYS<br />
HALIFAX<br />
21<br />
BANK<br />
76 - 77 73 - 75<br />
BANK<br />
FIELD & TREK<br />
OUT WR &<br />
CAMPG GDS<br />
22 - 23<br />
MONSOON<br />
71 - 72<br />
LADIES WEAR<br />
SPACE NK<br />
APOTHECARY<br />
HLTH&BEA<br />
24<br />
SANTANDER<br />
BANK<br />
MOLTON BROWN<br />
HEALTH & BEAUTY<br />
25<br />
69 - 70<br />
P<br />
OXMARKET<br />
CENTRE OF ARTS<br />
3 STORE<br />
TELEPHONES<br />
ORANGE<br />
68<br />
26<br />
PHASE EIGHT<br />
LADIES WEAR<br />
TELEPHONES<br />
HAMPTONS INTL<br />
EST AG<br />
DAVID MESSAM<br />
HARDWARE<br />
CHELTENHAM &<br />
GLOUCESTER<br />
BANK<br />
MONTEZUMA`S<br />
CONF & BIS<br />
SPECSAVERS<br />
MOTHERCARE<br />
OPTICIAN<br />
CHILDRENS WEAR &<br />
NURSERY GOODS<br />
POUNDLAND<br />
T-MOBILE<br />
GERRY WEBER<br />
JESSOPS<br />
PHOTO GOODS<br />
HOTEL CHOCOLAT<br />
CONF & BIS<br />
THE BODY SHOP<br />
HEALTH & BEAUTY<br />
CHAMPNEYS<br />
BEAUTY SALON<br />
BEAUTY<br />
BASICS<br />
BEAU SAL<br />
BLOOMS HOCKLEY<br />
LILI<br />
BOUTIQUE<br />
L/WR&M/WR<br />
CUBITT & WEST<br />
BOOGALOO<br />
PHILLIP &<br />
PHILIP<br />
HAIR<br />
CHICHESTER<br />
DUNNAWAYS<br />
TAXI HIRE<br />
& LA HAVANA<br />
BAR<br />
UNDER<br />
LOEWE<br />
GALLERIE<br />
ELECTRICAL<br />
& GAS<br />
APPLIANCES<br />
SOCIAL CLUB<br />
OFFICE<br />
MENS WEAR<br />
&<br />
ST MARTINS<br />
SQUARE<br />
LOADING AREA<br />
(2 RETAIL FLOORS)<br />
67<br />
27<br />
28<br />
66<br />
29<br />
65<br />
30<br />
DWELLINGS<br />
TELEPHONES<br />
30A<br />
62 - 63<br />
DISCOUNT STORE<br />
LADIES WEAR<br />
31 - 32<br />
3A<br />
FLOR<br />
1 - 5<br />
YARD<br />
61<br />
33<br />
34<br />
60<br />
3A<br />
3C<br />
SHOES<br />
ESTATE AGENT<br />
KEW<br />
LADIES WEAR<br />
59<br />
35<br />
OIL & VINEGAR<br />
MAGNET<br />
FITTED FURNITURE<br />
FORDS<br />
HAIR<br />
DELICATESSEN<br />
58<br />
3D<br />
LITTLE LONDON<br />
36<br />
WHITEWALL<br />
ART GAL (RET)<br />
37<br />
(ACCESS & LOADING ONLY)<br />
FINS COURT<br />
CAFFE NERO<br />
COFFEE SHOP<br />
INDIGO<br />
L/WR<br />
& M/WR<br />
STREET<br />
FEET<br />
SHOES<br />
DARTAGNAN<br />
2<br />
THE SERIOUS<br />
35<br />
57<br />
1 - 2<br />
3<br />
34<br />
31<br />
VACANT<br />
33 32<br />
VACANT<br />
JAEGER<br />
LITTLE<br />
LONDON<br />
BOUTIQUE<br />
L/WR&M/WR<br />
CHICHESTER DISTRICT<br />
MUSEUM & ART GALLERY<br />
CHICHESTER BOYS CLUB<br />
LITTLE LONDON<br />
CAFE<br />
NS LANE<br />
CASA FINA<br />
ASK<br />
30<br />
OFFICE<br />
DENTAL SURGERY<br />
OFFICE<br />
L/WR&M/WR<br />
FURNITURE<br />
ITALIAN<br />
RESTAURANT<br />
RYMAN<br />
39<br />
STATIONER<br />
THOMAS COOK<br />
38 40<br />
VACANT<br />
NEXT<br />
LADIES & MENS WEAR<br />
(2 RETAIL FLOORS)<br />
MANUKA<br />
AREA<br />
CLOSED<br />
FOR<br />
REDEVELOPMENT<br />
TRAVEL AGENT<br />
SHOES<br />
SHUROPODY<br />
41<br />
HEALTH<br />
FOOD<br />
29<br />
VACANT<br />
RUSH<br />
42<br />
VACANT<br />
31<br />
VACANT<br />
HAIRDRESSING<br />
28<br />
TRULY<br />
GORGEOUS<br />
32 30<br />
THE BARN<br />
VACANT<br />
URBAN NATURE<br />
BRIDAL/WR<br />
27 23 - 25<br />
BY CANDLELIGHT<br />
GIFTS<br />
WILLIAM<br />
BET OFF<br />
HILLTUPTIM<br />
PHONE-IN<br />
TEL<br />
ENTRANCE<br />
43<br />
DISKING<br />
COMP<br />
EQUIP<br />
LADIES &<br />
MENS WEAR<br />
CAKE FAYRE<br />
CAKE SUPP<br />
SADLERS WALK<br />
VAC<br />
VACANT<br />
ENT<br />
JEWELLER<br />
EAST<br />
18 - 19<br />
16 - 22<br />
20<br />
10 - 11<br />
6 - 8<br />
12 - 14<br />
15<br />
5<br />
2 - 3<br />
WHITBY`S<br />
IMAGING CENTRE<br />
CHI<br />
CAF<br />
VACA<br />
ZIGZ<br />
SHOE<br />
VACA<br />
POTTE<br />
TOYS &<br />
FILM DEVELOPING<br />
EAST STR<br />
STOCKLUND HOU<br />
THE REAL<br />
EATING CO<br />
EN<br />
OFFIC<br />
OFFICE
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