50 NEW GEORGE STREET & 131/133 ARMADA ... - Green & Partners
50 NEW GEORGE STREET & 131/133 ARMADA ... - Green & Partners
50 NEW GEORGE STREET & 131/133 ARMADA ... - Green & Partners
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well secured, high yielding, leasehold retail investment<br />
PLYMOUTH: <strong>50</strong> <strong>NEW</strong> <strong>GEORGE</strong> On the <strong>STREET</strong> instructions & <strong>131</strong>/<strong>133</strong> of <strong>ARMADA</strong> WAY<br />
PLYMOUTH: <strong>50</strong> <strong>NEW</strong> <strong>GEORGE</strong> <strong>STREET</strong> & <strong>131</strong>/<strong>133</strong> <strong>ARMADA</strong> WAY
PLYMOUTH: <strong>50</strong> <strong>NEW</strong> <strong>GEORGE</strong> <strong>STREET</strong> & <strong>131</strong>/<strong>133</strong> <strong>ARMADA</strong> WAY<br />
INVESTMENT SUMMARY<br />
• Regional shopping destination with an estimated primary<br />
catchment of circa 463,000 persons and few competing<br />
retailing centres nearby.<br />
• Extremely prominent position at the junction of New George<br />
Street and Armada Way.<br />
• Let to Arcadia Group Ltd for a further 10 years and<br />
Starbucks Coffee (UK) Ltd for circa 6.25 years.<br />
• 75% of the income secured on Arcadia’s covenant.<br />
• A substantial multi-let parade comprising circa 1,820.14m²<br />
(19,592 sq ft) in a busy retailing pitch within Plymouth<br />
opposite HOF (Dingles), Disney, Sports Direct and Bhs and<br />
adjacent to JD Sports.<br />
• Includes a vacant unit (3,<strong>131</strong> sq ft).<br />
• Long Leasehold.<br />
• £4,120,000 subject to contract and exclusive of VAT,<br />
reflecting an attractive net initial yield of 9% rising to an<br />
estimated 9.91% on letting of the vacant unit, allowing for<br />
purchaser costs of 5.8%.<br />
PLYMOUTH<br />
Plymouth is the largest city in the south west of England and is<br />
located 354 km (220 miles) south west of London, 180km (112<br />
miles) south west of Bristol, 70.8km (44 miles) south west of Exeter<br />
and 90km (56 miles) east of Truro. The city is located on the A38<br />
dual carriageway, which connects with the M5 (J31) at Exeter.<br />
Plymouth Airport is located 4.8km (3 miles) north of the city<br />
centre with regular flights throughout the UK and continental<br />
Europe. In addition, the city is an important continental and<br />
international sea port.<br />
The city is served by a mainline railway station, with a journey<br />
time to London (Paddington) of circa 3 hours 7 minutes and<br />
Bristol (Temple Meads) of approximately 2 hours.<br />
DEMOGRAPHIC<br />
Plymouth with a primary catchment of 463,000 and a retail<br />
catchment of 343,000 is particularly dominant within this<br />
catchment, due to the distance from major competing centres,<br />
ranking the city first in the PMA competition index (least<br />
PLYMOUTH<br />
competition from surrounding centres). Consumer spending is<br />
boosted by tourism and the student population. There are an<br />
estimated 11.8 million domestic and foreign visitors to the city<br />
annually, contributing an estimated £360 million to the city’s<br />
economy. In addition, there is a student population of<br />
approximately 60,000, which is the 5th largest in the country<br />
and is estimated to contribute circa £100 million to the local<br />
economy annually. Plymouth is expected to see above average<br />
growth in both population and retail spending over the period<br />
2010-2015.<br />
RETAILING IN PLYMOUTH<br />
Plymouth is the largest regional shopping centre west of Bristol. The<br />
central shopping area comprises an estimated 1.55 million sq ft of<br />
retail floor space with Drake Circus Shopping Centre the main<br />
covered scheme considerably enhancing the city’s retail offer,<br />
attracting a number of new retailers such as Zara, H & M and Cult<br />
Clothing. New George Street remains a strong retailing pitch and<br />
occupiers represented include House of Fraser (Dingles), Debenhams<br />
and Tesco.
PLYMOUTH: <strong>50</strong> <strong>NEW</strong> <strong>GEORGE</strong> <strong>STREET</strong> & <strong>131</strong>/<strong>133</strong> <strong>ARMADA</strong> WAY<br />
SITUATION<br />
The property occupies an extremely prominent position at New<br />
George Street’s junction with Armada Way. Nearby retailers<br />
include House of Fraser, Bhs, JD Sports, Sports Direct, H.<br />
Samuel, Argos, Waterstone’s and Disney.<br />
DESCRIPTION & ACCOMODATION<br />
The premises form a substantial property constructed post war<br />
in the early 19<strong>50</strong>’s. The New George Street premises comprises<br />
a substantial retail unit arranged over ground, first and second<br />
floors with an extensive return frontage onto Armada Way. The<br />
ground floor and first floor are used primarily as a sales area with<br />
ancillary areas located to the rear on both floors. The third floor<br />
is used entirely as staff and ancillary space. <strong>131</strong>/<strong>133</strong> Armada<br />
Way comprises two separate retail units. They are both arranged<br />
over ground, first (sales) and second floors (ancillary and<br />
storage). <strong>133</strong> Armada Way is currently vacant.<br />
Arcadia Group Ltd:<br />
Floor Description Area (sq m) Area (sq ft)<br />
Ground Sales 431.44 4644<br />
ITZA<br />
1968.8 units<br />
Ancillary 16.72 180<br />
First Sales 373.75 4023<br />
Ancillary 48.95 527<br />
Second Staff/ Ancillary 367.89 3960<br />
Unit 1 - Vacant:<br />
Floor Description Area (sq m) Area (sq ft)<br />
Ground Sales 100.15 1078<br />
ITZA<br />
695 units<br />
First Sales 94.95 1022<br />
Second Staff/ Ancillary 95.78 1031<br />
Unit 2 - Starbucks Coffee (UK) Ltd:<br />
Floor Description Area (sq m) Area (sq ft)<br />
Ground Sales 100.15 1078<br />
ITZA<br />
695 units<br />
First Sales 97.08 1045<br />
Second Staff/ Ancillary 93.27 1004<br />
TENURE<br />
Long Leasehold:<br />
<strong>50</strong> New George Street is held on a 125 year lease from<br />
29/09/1986 (circa 100.16 years unexpired) at 10% of rents<br />
received (side-by-side). The current head rent is £33,020 pax.<br />
<strong>131</strong>/<strong>133</strong> Armada Way is held on a 125 year lease from<br />
22/02/1985 (circa 98.56 years unexpired) at 9% of rents<br />
receivable. The current head rent is £15,174 pax which is subject<br />
to 5 yearly reviews the next being 22/02/2015.<br />
The combined head rent is £48,194 pax.<br />
TENANCIES<br />
<strong>50</strong> New George Street - Arcadia Group Ltd<br />
35 years from 29th August 1986 (circa 10 years unexpired) at<br />
a rent of £330,200 pax subject to 5 yearly rent reviews, the next<br />
being on 29/08/2011. Topshop has relocated to Drakes Circus<br />
and the property is currently occupied on a licence to Madhouse<br />
(in solicitor’s hands).<br />
<strong>131</strong>/<strong>133</strong> Armada Way- Unit 1- Vacant<br />
The vendor will cover the cost equivalent to 12 month’s<br />
empty rates.<br />
<strong>131</strong>/<strong>133</strong> Armada Way- Unit 2- Starbucks Coffee Co (UK) Ltd<br />
10 year lease from 27 November 2007 (circa 6.25 years<br />
unexpired) at a rent of £110,000. Rent Reviews are 5 yearly, the<br />
next being on 27/11/2012.<br />
CURRENT NET INCOME<br />
The current combined net rental income less the current<br />
£48,194 head rent is £392,006 pax.
&<br />
A<br />
152 - 154<br />
1<br />
E<br />
CARD FACTORY<br />
CARDS & GIFTS<br />
INTERSPORT<br />
SPORTS GOODS<br />
&<br />
TRUPRINT<br />
FILM DEVELOPING<br />
EVANS<br />
LADIES WEAR<br />
VISION EXPRESS<br />
OPTICIAN<br />
PUMPKIN PATCH<br />
CHILDRENS WEAR<br />
DISCOVERY STORE<br />
GIFTS<br />
19 - 21<br />
25A<br />
15 - 17<br />
27<br />
13<br />
11<br />
5<br />
3<br />
1<br />
2<br />
PLYMOUTH: <strong>50</strong> <strong>NEW</strong> <strong>GEORGE</strong> <strong>STREET</strong> & <strong>131</strong>/<strong>133</strong> <strong>ARMADA</strong> WAY<br />
TENANT COVENANTS<br />
Tenant Financial year Turnover Pre-tax Profits (Loss) Net Worth Comments<br />
Arcadia Group Ltd 28/08/2010 £146,923,000 £19,845,000 £1,092,763,000 75% of the income. 5A1 D&B Rating<br />
Starbucks Coffee Co (UK) Ltd¹ 03/10/2010 £396,288,137 (£34,236,334) £24,196,272 25% of the income.<br />
¹The immediate parent company is Starbucks Coffee Holdings UK Ltd. For the same period they had a tangible net worth of £212,165,297. The ultimate parent is<br />
Starbucks Corp.<br />
VAT<br />
The property is elected for VAT and thus will be payable on the purchase price.<br />
PROPOSAL<br />
£4,120,000, subject to contract and exclusive of VAT,<br />
reflecting an attractive net initial yield of 9% (rising to<br />
9.9% in 2013 on letting of the vacant unit) allowing for<br />
purchaser costs of 5.8%.<br />
FUTON COMPANY<br />
FURNITURE<br />
80<br />
JOHN BALDWIN<br />
GOLDSMITH<br />
JWLR<br />
78<br />
SCOPE<br />
CHARITY SHOP<br />
76<br />
SHUROPODY<br />
SHOES<br />
74<br />
JACKSONS<br />
CAFE<br />
72<br />
ANN SUMMERS<br />
LINGERIE<br />
68 - 70<br />
RAW<br />
SHOES<br />
66<br />
THE GEMBOX<br />
JEWELLER<br />
SONY CENTRE<br />
HOME ENT<br />
B H F<br />
CHARITY SHOP<br />
HOLLAND & BARRETT<br />
HEALTH FOOD<br />
PANASONIC STORE<br />
HOME ENTERTAINMENT<br />
MICHAEL SPIERS<br />
JEWELLER<br />
HABERDASHERY<br />
FABRICS AND MORE<br />
SOFTSOLES<br />
VAC<br />
HEALTH<br />
CLUB<br />
64 32<br />
62<br />
60<br />
58<br />
56<br />
54<br />
52<br />
<strong>50</strong><br />
151<br />
SPECSAVERS<br />
OPTICIAN<br />
TONI & GUY<br />
44<br />
HAIRDRESSING<br />
CLARKS<br />
SHOES<br />
(2 RETAIL FLOORS)<br />
38 - 42<br />
GO MOBILE<br />
TELEPHONES<br />
VACANT<br />
STEAD & SIMPSON<br />
SHOES<br />
(2 RETAIL FLOORS)<br />
BOOTS<br />
OPTICIAN<br />
36 20<br />
34<br />
30<br />
SUPERDRUG<br />
HEALTH & BEAUTY<br />
26 - 28<br />
SHAKEAWAY<br />
TAKE AWAY<br />
24<br />
CORAL<br />
BETTING OFFICE<br />
22<br />
VACANT<br />
BLUE BANANA<br />
LADIES & MENS WEAR<br />
18<br />
ATHENA<br />
POPIC FRM<br />
PAST TIMES<br />
GIFTS<br />
VACANT<br />
MAPLIN ELECTRONICS<br />
ELECTRONICS<br />
OGGY OGGY<br />
PASTY CO<br />
TAKE AWAY<br />
16 14 12 10 6 - 8 2 - 4<br />
ARGENTO<br />
JWLR<br />
THE AMERICANO<br />
CAFE<br />
THEDISCOVERY<br />
CENTRE<br />
BOOKS<br />
BOOTS OPTICIANS<br />
HOME ENTERTAINMENT<br />
BLACKS<br />
OUT WR & CAMPG GDS<br />
PIZZA HUT<br />
RESTAURANT<br />
VACANT<br />
66 - 68<br />
ORGE <strong>STREET</strong><br />
VACANT<br />
TOYMASTER WHOOPEE!<br />
TOYS & GAMES<br />
CARDS<br />
PAPERBOX<br />
THE GORGE<br />
CAFE<br />
FIRST CHOICE<br />
64<br />
WATERSTONE`S<br />
VACANT<br />
TRAVEL AGENT<br />
BOOKS<br />
P<br />
DOLPHIN MOBEN SHARPS<br />
FITTED FURNITURE<br />
PHONES 4U<br />
THOMAS COOK<br />
TELEPHONES<br />
SAVERS<br />
TRAVEL AGENT<br />
SANTANDER<br />
ARTFRAME<br />
VACANT<br />
60<br />
HEALTH & BEAUTY<br />
ART GALLERY (RETAIL)<br />
BANK<br />
61<br />
CAFFE<br />
ART GALLERY (RETAIL)<br />
ROWE`S<br />
ARGOS<br />
59<br />
H SAMUEL<br />
BAKER<br />
P<br />
JEWELLER<br />
CATALOGUE SHOWROOM<br />
JULIAN GRAVES<br />
POUNDLAND<br />
HEALTH FOOD<br />
VODAFONE<br />
59<br />
VACANT<br />
DISCOUNT STORE<br />
TELEPHONES<br />
53 - 55<br />
VACANT<br />
JD<br />
INTERNACIONALE<br />
SPORTS GOODS<br />
LADIES WEAR<br />
CONWAY MENSWEAR<br />
BARISTA BROTHERS<br />
MADHOUSE<br />
SPORTS DIRECT.CO.UK<br />
NATIONWIDE<br />
BUILDING SOCIETY<br />
STARBUCKS<br />
COFFEE SHOP<br />
CLOTHING<br />
THE DISNEY<br />
STORE<br />
VACANT<br />
CAFE<br />
VACANT<br />
TOYS & GAMES<br />
SPORTS GOODS<br />
VACANT<br />
CEX<br />
COMPUTER GAMES<br />
THE EDINBURGH<br />
WOOLLEN MILL<br />
CLOTHING<br />
BARCLAYS<br />
CLAIRE`S<br />
L ACCESS<br />
VACANT<br />
BANK<br />
ERNEST JONES<br />
JEWELLER<br />
GAMESTATION<br />
COMPUTER<br />
GAMES<br />
71 39 - 43<br />
76 - 78<br />
74<br />
69<br />
72<br />
68<br />
66 - 70<br />
67<br />
64<br />
WOOLWORTHS EAST<br />
(2 RETAIL FLOORS)<br />
62<br />
(30) (ESTIMATED)<br />
ENTRANCE<br />
ENT<br />
63<br />
65<br />
60 - 62<br />
63<br />
57<br />
(<strong>50</strong>) (ESTIMATED)<br />
ENT<br />
58<br />
56<br />
54<br />
52 - 58<br />
52<br />
55 - 57<br />
(2 RETAIL FLOORS)<br />
ENTRANCE<br />
<strong>50</strong><br />
(2 RETAIL FLOORS)<br />
51 - 53<br />
147<br />
127 - 129 139<br />
135 - 137<br />
<strong>133</strong><br />
<strong>131</strong><br />
109 - 117<br />
107<br />
103 - 105<br />
101<br />
141 - 145<br />
PUBLIC GARDENS<br />
<strong>ARMADA</strong> WAY<br />
(UNDER ALTERATION)<br />
128<br />
126<br />
124<br />
39 - 41<br />
(2 RET FLRS)<br />
44<br />
BURTON<br />
DINGLES<br />
BHS<br />
VARIETY STORE<br />
MENS WEAR<br />
MILLETS<br />
DEPARTMENT STORE<br />
OUTDOOR WEAR<br />
& CAMPING GOODS<br />
(2 RETAIL FLOORS)<br />
33 - 37<br />
(2 RETAIL FLOORS)<br />
42<br />
(2 RETAIL FLOORS)<br />
(3 RETAIL FLOORS)<br />
40<br />
ACCESSORIZE<br />
LADIES ACCESSORIES<br />
38<br />
FRIARY MILL BAKERY<br />
MISS SELFRIDGE<br />
38<br />
37<br />
VIRGIN MEDIA<br />
LADIES WEAR<br />
HOLLAND & BARRETT<br />
36<br />
TELEPHONES<br />
HEALTH FOOD<br />
36<br />
35A<br />
THORNTONS<br />
TRESPASS<br />
THOMSON BIRTHDAYS<br />
OUT WR & CAMPG<br />
GDS<br />
(2 RETAIL FLOORS)<br />
CONF & BIS<br />
FOOT SOLUTIONS<br />
34<br />
34<br />
SHOES<br />
31<br />
CARDS & GIFTS<br />
35<br />
TRAVEL AGENT<br />
VACANT<br />
32<br />
JEWELLER<br />
JOHN BALDWIN<br />
29<br />
33<br />
ANTICS<br />
VACANT<br />
30 - 32<br />
30<br />
TOYS & GAMES<br />
25 - 27<br />
(2 RETAIL FLOORS)<br />
TESCO METRO<br />
THE BODY SHOP<br />
28<br />
HEALTH & BEAUTY<br />
SUPERMARKET<br />
T K MAXX<br />
CAFFE NERO<br />
23<br />
COFFEE SHOP<br />
CLOTHING<br />
M BUTTERFLY<br />
T K MAXX<br />
26 - 28<br />
LADIES WEAR<br />
26<br />
CLOTHING<br />
21<br />
ORANGE<br />
P<br />
TELEPHONES<br />
HALIFAX<br />
ST LUKE`S HOSPICE<br />
(87) (ACTUAL)<br />
24<br />
BANK<br />
22<br />
17 15<br />
CHARITY SHOP<br />
THE CARPHONE WAREHOUSE<br />
HALFORDS METRO<br />
CAR SPARES &<br />
CYCLES & REPAIRS<br />
MARKS & SPENCER COURT<br />
<strong>NEW</strong> <strong>GEORGE</strong> <strong>STREET</strong><br />
OVER<br />
BEDFORD WAY<br />
CORNWALL <strong>STREET</strong><br />
(3 RETAIL FLOORS)<br />
20<br />
TELEPHONES<br />
DOROTHY PERKINS<br />
LAWSONS OF PLYMOUTH<br />
18<br />
13<br />
LADIES WEAR<br />
HOUSEHOLD GOODS<br />
THORNTONS<br />
DEBENHAMS<br />
EARLY LEARNING<br />
CENTRE<br />
16<br />
11<br />
TOYS & GAMES<br />
CONFECTIONERY & BISCUITS<br />
DEPARTMENT STORE<br />
(4 RETAIL FLOORS)<br />
16 - 22<br />
MOSS<br />
MENS WEAR<br />
14 - 14A<br />
O2<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 />
Ed Smith<br />
020-7659-4831<br />
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.<br />
The 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<br />
understanding that all negotiations are conducted through this office. August 2011. Adrian Gates Photography & Design 07710 316991<br />
CLINTON CARDS<br />
19<br />
12<br />
TELEPHONES<br />
CARDS & GIFTS<br />
THE BRASS MONKEY<br />
BAR<br />
MARKS & SPENCER<br />
MCDONALD`S<br />
FAST FOOD<br />
RESTAURANT<br />
(2 RETAIL FLOORS)<br />
12 - 14<br />
VARIETY STORE<br />
(2 RETAIL FLOORS)<br />
10<br />
15 - 17<br />
8<br />
1<br />
LLOYDS TSB<br />
6<br />
(ACCESS ONLY)<br />
SIZE?<br />
11<br />
SHOES<br />
BANK<br />
8 - 10<br />
6<br />
9<br />
MR BUN`S<br />
BAKERY<br />
BLUE WING<br />
GALLERY<br />
VAUGHAN`S<br />
BLACKS<br />
OUT WR &<br />
CAMPG GDS<br />
(2 RETAIL<br />
FLOORS)<br />
MODA IN PELLE<br />
SHOES<br />
COTSWOLD<br />
OUTDOOR WEAR<br />
& CAMPING GOODS<br />
6<br />
4 - 6<br />
JEWELLER<br />
5 - 7<br />
HAIR<br />
SWAROVSKI<br />
2<br />
EXPRESSO BAR<br />
COFFEE SHOP<br />
VODAFONE<br />
TEL<br />
GIFTS<br />
PHONES 4U<br />
COSTA<br />
RESTAURANTCOFFEE<br />
SHOP<br />
GUL<br />
CLOTHING<br />
SUBWAY<br />
S/W BAR<br />
LES JARDINS<br />
DE BAGATELLE<br />
CAFE<br />
H SAMUEL<br />
1 - 3<br />
2<br />
TEL<br />
VACANT<br />
VACANT<br />
THOMAS<br />
COOK<br />
VENEZIANA<br />
ITALIAN<br />
WARRENS<br />
BAKER<br />
O`BRIENS<br />
SANDWICHBAR<br />
JEWELLER<br />
TRAVEL<br />
AGENT<br />
ENT<br />
YOUR<br />
LOCAL<br />
CO-OP<br />
SMKT<br />
7 - 9<br />
2<br />
OLD TOWN <strong>STREET</strong><br />
3<br />
(PEDESTRIANS ONLY)<br />
UNIT 13<br />
UNIT 14<br />
UNIT 15<br />
UNIT 16<br />
UNIT 17<br />
WATERSTONE`S<br />
H&M<br />
O2<br />
GAME<br />
BOOKS<br />
UNIT 18<br />
UNIT 12<br />
FRASER<br />
HART<br />
JEWELLER<br />
CLOTHING<br />
(2 RETAIL FLOORS)<br />
TELEPHONES<br />
COMPUTER GAMES<br />
UNIT 11<br />
THE<br />
CARPHONE<br />
WAREHOUSE<br />
BUILD A BEAR WORKSHOP<br />
GIFTS<br />
BILLABONG<br />
CLOTHING<br />
(2 RETAIL FLOORS)<br />
16<br />
12 - 14<br />
10<br />
4 - 6 8<br />
TEL<br />
VACANT<br />
ENT<br />
NATWEST<br />
BANK<br />
FAT FACE<br />
CLOTHING<br />
BRITANNIA<br />
HSBC<br />
BANK<br />
RBS<br />
SKIPTON<br />
BUILDING<br />
SOCIETY<br />
HMV<br />
BUILDING SOCIETY<br />
BANK<br />
UNIT 19<br />
DRAKE<br />
UNIT 10<br />
RECORDINGS<br />
SERVICE YARD<br />
POST O<br />
ST ANDREWS CROSS
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