190-192 High Street, Slough, Berkshire SL1 1JS - Allsop
190-192 High Street, Slough, Berkshire SL1 1JS - Allsop
190-192 High Street, Slough, Berkshire SL1 1JS - Allsop
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Retail Investment<br />
<strong>190</strong>-<strong>192</strong> <strong>High</strong> <strong>Street</strong>, <strong>Slough</strong>, <strong>Berkshire</strong> <strong>SL1</strong> <strong>1JS</strong><br />
Prime South East Retail Investment Opportunity
<strong>190</strong>-<strong>192</strong> <strong>High</strong> <strong>Street</strong>, <strong>Slough</strong> <strong>SL1</strong> <strong>1JS</strong><br />
Investment Considerations<br />
■■<br />
Prime South East Retail Investment<br />
■■<br />
100% prime location within the<br />
pedestrianised retail pitch<br />
■■<br />
Two well-proportioned refurbished units<br />
providing excellent retail accommodation<br />
■■<br />
Approximately 7.25 years unexpired let to<br />
two strong 5A1 covenants.<br />
■■<br />
Total current passing rent of £283,000 pa<br />
reflecting rebased rental levels<br />
■■<br />
Our client is seeking offers in excess of<br />
£3,570,000 (Three Million, Five Hundred<br />
and Seventy Thousand Pounds), reflecting<br />
a net initial yield of 7.50% assuming costs<br />
of purchase at 5.8%.<br />
Retailing within <strong>Slough</strong><br />
Retailing in <strong>Slough</strong> has historically been dominated by the<br />
Queensmere and Observatory Shopping Centres. The prime A4142 retail<br />
pitch is now perceived to be the <strong>High</strong> <strong>Street</strong> which is proving to<br />
be a more popular location with retailers. A number of tenants<br />
(including Poundland) have relocated out of the schemes onto the<br />
A4047<br />
<strong>High</strong> <strong>Street</strong> as recent improvements to the pedestrianised <strong>High</strong><br />
<strong>Street</strong> have increased footfall. Major occupiers in the town include<br />
Debenhams, Primark, TK Maxx, Next and Marks & Spencer.<br />
There is substantial town centre car parking with 900 spaces in<br />
A329<br />
the Queensmere Centre and 630 spaces within the Observatory<br />
Shopping Centre along with an extensive car park (400 spaces)<br />
adjacent to the rail station.<br />
A329<br />
The towns retail offering will be further improved as Criterion<br />
M4<br />
Capital<br />
and <strong>Slough</strong> Shopping Centre bring forward proposals to redevelop<br />
the Queensmere Observatory Shopping Centre which will invigorate<br />
A4<br />
<strong>Slough</strong> town centre. The plans include 911 new homes, improved<br />
pedestrian links between the town centre and nearby transport<br />
hubs and improve retail and leisure spaces which will increase the<br />
number of visitors to the town centre.<br />
A34<br />
A339<br />
A5<br />
M11<br />
A505<br />
M1<br />
Stevenage<br />
A131<br />
A418<br />
Dunstable<br />
A120<br />
Stansted<br />
Luton<br />
A5<br />
Luton<br />
A1(M)<br />
Bishop’s<br />
A120<br />
A120<br />
A120<br />
Knebworth<br />
A41<br />
A10 Stortford<br />
A418<br />
A602<br />
M40<br />
A5 M1<br />
A1(M)<br />
M11<br />
A131<br />
A130<br />
Aylesbury<br />
Welwyn Garden<br />
A41<br />
A10<br />
City Hertford<br />
A12<br />
A1(M) A414<br />
A414<br />
M11<br />
M1<br />
A130<br />
A41 Hemel<br />
Harlow<br />
A12<br />
Hempstead St Albans Hatfield<br />
A4010<br />
M10<br />
Chelmsford A138<br />
A41<br />
A414<br />
J21<br />
A1(M)<br />
A10<br />
A414<br />
A414<br />
M40<br />
M25<br />
M11<br />
Potters Bar<br />
J20<br />
Epping Chipping<br />
M1<br />
J23 M25<br />
Ongar<br />
A12<br />
J19<br />
J25<br />
A130<br />
A404<br />
M25 J27<br />
A4010<br />
Borehamwood<br />
M25<br />
Watford<br />
Location<br />
A1 Enfield<br />
M25<br />
<strong>High</strong> Rickmansworth<br />
M1<br />
A10<br />
M11<br />
A12<br />
A355<br />
M40 Wycombe<br />
A413<br />
South<br />
M25 Oxney<br />
M40<br />
M1<br />
Harefield Harrow Brent<br />
A4130<br />
M40 Ruislip<br />
Cross<br />
A404<br />
J16<br />
A10<br />
A4155<br />
A40<br />
Wembely<br />
Henley-on-Thames<br />
Uxbridge A40<br />
A4047<br />
Maidenhead<br />
M25<br />
SLOUGH<br />
A4<br />
A4 A404(M)<br />
LONDON<br />
Bray Eton<br />
J15 M4<br />
M4<br />
M4<br />
Fulham<br />
A321<br />
Windsor<br />
Hounslow<br />
M25 Heathrow<br />
READING<br />
Richmond Clapham<br />
A316<br />
A4<br />
A329(M)<br />
A3095<br />
Staines<br />
Ashford Kingston<br />
J2<br />
A2<br />
M4<br />
Upon Thames<br />
A20<br />
Wokingham Ascot<br />
A2<br />
A30 J12 M3<br />
Bromley<br />
A309<br />
A23<br />
Situation<br />
A3<br />
A33<br />
A322<br />
A321<br />
M3<br />
A24<br />
A3095<br />
Croydon<br />
A327<br />
Weybridge<br />
A232<br />
A232<br />
M25<br />
Sutton<br />
A3<br />
A21<br />
Sandhurst<br />
A217<br />
A30<br />
M3<br />
Epsom<br />
J10<br />
Woking<br />
A24<br />
M25<br />
A23 Biggin Hill<br />
A22<br />
J9<br />
J5<br />
M26<br />
M20<br />
A33<br />
A30 M3 Farnborough<br />
A3<br />
A217<br />
Sevenoaks<br />
A229<br />
A26<br />
Fleet A331<br />
M25<br />
M25<br />
Maidstone M20<br />
Basingstoke<br />
A24<br />
J8 J7 J6<br />
A21<br />
Aldershot Guildford<br />
Oxted<br />
A3<br />
Reigate M23<br />
Billericay<br />
A130<br />
<strong>Slough</strong> is Brentwood a major commercial centre within the Thames Valley located<br />
Woodford<br />
J28<br />
Wickford<br />
Green approximately A12 38 km (24 miles) west of London and 16 km (10 miles) west of<br />
M25<br />
A12<br />
A127<br />
Heathrow Airport. J29 Communication A130<br />
Ilford Romford<br />
Basildon links are excellent with Junction 5 of the M4<br />
A12<br />
Barking motorway within a mile of the town Benfleet centre which, in turn, connects with the M25,<br />
A13<br />
Southend-on-Sea<br />
A13<br />
3 miles A13 to the east. Stanford-le-Hope<br />
There are frequent Canveyrail services to London (Paddington) with<br />
M25<br />
Island<br />
an average journey<br />
A13<br />
time of 27 minutes. The town’s communications will be further<br />
A2 improved when Crossrail comes online in 2017/18.<br />
A20<br />
Dartford<br />
A2<br />
M25 Gravesend<br />
Sheerness<br />
Swanley<br />
J3<br />
Rochester Gillingham<br />
The property occupies a 100% M2 prime position on the southern side of the<br />
M25<br />
M20<br />
pedestrianised <strong>High</strong> <strong>Street</strong> located opposite Sittingbourne the Queensmere Shopping Centre.<br />
Shoreham<br />
Snodland M2<br />
Boots, BHS, Top Man, River Island and W H Smith are all within close proximity.
DENIM & HIDE<br />
ENS WEAR<br />
ED<br />
E<br />
C<br />
9<br />
BANK<br />
SPORTS DIRECT.COM<br />
11<br />
SPORTS GOODS<br />
ZIE STREET<br />
EDESTRIANS ONLY)<br />
128<br />
THOMSON<br />
135 - 137<br />
ROBERT DYAS<br />
VARIETY STORE<br />
ASTON<br />
BOND<br />
SOLIC<br />
TRAV AG<br />
VODAFONE<br />
TELEPHONES<br />
139<br />
ENT<br />
OP<br />
75 - 77<br />
141<br />
VIRGIN MEDIA<br />
78 - 79<br />
TELEPHONES<br />
143<br />
61<br />
TOBACCO<br />
POINT<br />
74C - 74D<br />
MACKENZIE MALL<br />
VACANT SITE<br />
K2<br />
ENT<br />
QUICKSILVER<br />
AMUSEMENTS<br />
7 - 9<br />
K1<br />
WELLBEING<br />
PHONEWORLD<br />
TELEPHONES<br />
HALIFAX<br />
145<br />
NATUR THPY<br />
BANK<br />
5<br />
3<br />
CHURCH STREET<br />
OFFICE<br />
1<br />
EYE CENTRE<br />
GLAMOUR<br />
HAIRDRESSING<br />
SMOKEYS GRILL<br />
TAKE AWAY<br />
VACANT<br />
SE<br />
A<br />
OPTICIAN<br />
MARKS & SPENCER<br />
STARBUCKS<br />
CO<br />
COFFEE SH<br />
VARIETY STORE<br />
(2 RETAIL FLOORS)<br />
P H GARDEN<br />
147 - 153<br />
146 - 148<br />
COFFEE SHOP<br />
BURGER KING<br />
THE CARPHON<br />
WAREHOUSE<br />
FAST FOOD RESTAURANT<br />
TELEPHONES<br />
150 - 152<br />
YOUR STYLE<br />
FIRST CHOICE<br />
69<br />
LADIES & MENS WEAR<br />
TRAVEL AGENT<br />
3 STORE<br />
MOBILE PHONES<br />
MALL<br />
70<br />
TELEPHONES<br />
155 - 163<br />
TELEPHONES<br />
BRITISH HEART FOUNDATION<br />
71<br />
VACANT<br />
DEBENHAMS<br />
CHARITY SHOP<br />
55<br />
CHELTENHAM & GLOUCESTER<br />
ACCESSORIZE<br />
L ACCESS<br />
H<br />
PHONES 4U<br />
TELEPHONES<br />
DEPARTMENT STORE<br />
BANK<br />
72A<br />
(PEDESTRIANS ONLY)<br />
T-MOBILE<br />
CL<br />
CLARKS<br />
TELEPHONES<br />
O2<br />
VEND<br />
TELEPHONES<br />
SHOES<br />
THE WORKS<br />
REED<br />
JD<br />
APPLE SNOW<br />
BOOKS<br />
TRAVE<br />
ENT T<br />
ENT TO EMP AGY<br />
LADIES WEAR<br />
HAPPIER<br />
THE BODY SHOP<br />
NATIONWIDE<br />
FURNITUR<br />
HLTH&BEA<br />
38<br />
BUILDING SOCIETY<br />
PIZZA HUT<br />
MCDONALD`S<br />
LIFESTYLE W<br />
THE<br />
BARBER<br />
SHOP<br />
RESTAURANT<br />
FAST FOOD RESTAURANT<br />
HOUSEHOLD G<br />
39B<br />
D & O<br />
NAIL SPA<br />
BEAU SAL<br />
SAVERS<br />
VACANT<br />
POUNDWORLD<br />
HEALTH & BEAUTY<br />
B&M<br />
ERNEST JONES<br />
WHSMITH<br />
JEWELLER<br />
DISCOUNT STORE<br />
PO<br />
O2<br />
NEWSAGENT & BOOKS<br />
NEXT<br />
HOUSEHO<br />
KFC<br />
TELEPHONES<br />
POST OFFICE<br />
BOOTS<br />
OFFICE<br />
SABINO<br />
HAIR<br />
F/FD REST<br />
BLUE INC<br />
MENS WEAR<br />
TIP TOP FASHIONS<br />
LADIES WEAR<br />
LADIES & MENS WEAR<br />
CHEMIST<br />
ORANGE<br />
TELEPHONES<br />
AERO<br />
MISS LELDA<br />
LADIES WEAR<br />
NANDO`S<br />
PORTUGUESE<br />
RESTAURANT<br />
CHOPSTIX NOODLE BAR<br />
CHINESE REST<br />
VACANT<br />
THE CAB CO<br />
TAXI HIRE<br />
KEBABISH<br />
FOOT LOCKER<br />
EMPIRE<br />
WILLIAM HILL<br />
NEW LOOK<br />
OPTICAL EXPRESS<br />
DRAGON KING<br />
CANCER RESEARCH UK<br />
VACANT<br />
CINEMA<br />
TAKE AWAY<br />
CHARITY SHOP<br />
FURNITURE<br />
BETTING OFFICE<br />
SPORTS GOODS<br />
CHINESE RESTAURANT<br />
RIVER ISLAND<br />
LADIES WEAR<br />
OPTICIAN<br />
LADIES & MENS WEAR<br />
BARONJON<br />
CLINTON<br />
CARDS & GIFTS<br />
ROTARY CLUB OF SLOUGH<br />
MENS WEAR<br />
NEW<br />
VISION EXPRESS<br />
CAFE<br />
JD<br />
FASHION LOOK<br />
H SAMUEL<br />
CULTURE<br />
QUEENSMERE<br />
NEWSAGENT<br />
39 - 40 20<br />
76<br />
BUY THE BOOK<br />
VACANT<br />
FRAGRANCE<br />
SHOP<br />
HLTH&BEA<br />
TIMPSON<br />
CEX<br />
GAMESTATION<br />
POUNDLAND<br />
F HINDS<br />
HERBERT BROWN<br />
JEWELLER<br />
CHOICE<br />
KAZA<br />
HOME STYLE<br />
GRANNY`S SECRETS<br />
CARD FACTORY<br />
CALENDAR CLUB<br />
SHOPPERS PRIDE<br />
BHS<br />
PHONES 4U<br />
BARCLAYS<br />
HOLLAND & BARRETT<br />
WARREN JAMES SCOOPS<br />
JEWELLER<br />
GIFTS<br />
CAFE<br />
VACANT<br />
CLOTHING<br />
BAKER<br />
COMMUNITY CENTRE<br />
OPTICIAN<br />
L/WR&M/WR<br />
SHOE REP<br />
JEWELLER<br />
SPORTS GOODS<br />
25<br />
BOOKS<br />
10<br />
COMPUTER GAMES<br />
DISCOUNT STORE<br />
COMPUTER GAMES<br />
VACANT<br />
ANN SUMMERS<br />
LINGERIE<br />
16<br />
PAWNBROKER<br />
SPECSAVERS<br />
SHOES<br />
OPTICIAN<br />
HOUSEHOLD GOODS<br />
ICELAND<br />
SUBWAY<br />
SANDWICH BAR<br />
CARDS & GIFTS<br />
HEALTH FOOD<br />
FROZEN FOOD<br />
SANTANDER<br />
AMUSEMENTS<br />
BANK<br />
MOBILE`S REPAIR CENTRE<br />
TELEPHONES<br />
MILLIE`S COOKIES<br />
CONF & BIS &<br />
BASKIN ROBBINS<br />
I/CREAM PARL<br />
AMC UK<br />
LADIES<br />
WEAR<br />
TELEPHONES<br />
ARIETY STORE<br />
BANK<br />
CHILDRENS WEAR<br />
DIFFUSION<br />
PERFUME<br />
WAREHOUSE<br />
HEALTH & BEAUTY<br />
VACANT<br />
46A<br />
TOPSHOP<br />
LADIES WEAR<br />
T K MAXX<br />
CLOTHING<br />
(2 RETAIL FLOORS)<br />
156 158<br />
164 - 166 164 202<br />
154 162<br />
204<br />
210 - 212<br />
CHAPEL STREET<br />
52 - 53<br />
160<br />
73 74A<br />
(5 RETAIL FLOORS)<br />
165<br />
101<br />
86<br />
104 - 105<br />
(2 RETAIL FLOORS)<br />
VACANT SITE<br />
103<br />
74B<br />
102<br />
LEOPOLD MALL<br />
38A<br />
ELLIMAN<br />
SQUARE<br />
39A<br />
37<br />
166 176<br />
172<br />
(2 RETAIL FLOORS)<br />
174<br />
106 - 109<br />
QUEENSMERE<br />
39<br />
HIGH STREET<br />
&<br />
LINGS<br />
(2 RETAIL F<br />
9<br />
9<br />
111<br />
46 - 55<br />
(2 RETAIL FLOORS)<br />
PARK STREET<br />
10<br />
46<br />
76A<br />
184<br />
4<br />
6<br />
8<br />
44<br />
(600) (ESTIMATED)<br />
42 - 43<br />
45<br />
38<br />
REY<br />
117<br />
36<br />
186<br />
(2 RETAIL FLOORS)<br />
LIFTS<br />
35<br />
ENTRANCE<br />
TOWN SQUARE<br />
188<br />
19<br />
19B<br />
19A<br />
34<br />
14<br />
118<br />
CURZON MALL<br />
<strong>190</strong><br />
4<br />
119<br />
24A<br />
7<br />
28<br />
3<br />
<strong>192</strong><br />
17A<br />
23<br />
12<br />
120 - 121<br />
30 - 32<br />
10<br />
CHANDOS MALL<br />
11<br />
1<br />
194 - 196<br />
122<br />
2<br />
1<br />
198<br />
ENT<br />
48<br />
200<br />
46B<br />
46<br />
43<br />
RAMP<br />
44<br />
42<br />
WEST MALL<br />
BUS LANE<br />
&<br />
39 - 41<br />
TOPMAN<br />
WEST ONE<br />
LADIES WEAR<br />
MENS WEAR<br />
206 - 208<br />
VACANT<br />
30 - 40<br />
37<br />
SERVICE YARD<br />
KAMELEON<br />
LADIES & MENS WEAR<br />
RISKY<br />
221<br />
35<br />
ENTRANCE<br />
99P STORES<br />
DISCOUNT STORE<br />
HOUSEHOLD GOODS<br />
223<br />
GREGGS<br />
BAKER<br />
MIRAGE<br />
JEWELLER<br />
OFFICE<br />
33<br />
225<br />
PRESTIGE<br />
SHOPPING CENTRE<br />
QUEENSMERE RO<br />
BARNARDO`S<br />
CLOTHING<br />
CHARITY SHOP<br />
227<br />
218 - 220<br />
SELECT<br />
VACANT<br />
31<br />
DEJA VU<br />
LADIES WEAR<br />
CAFE<br />
BRIGHTHOUSE<br />
229 - 231<br />
222 - 224<br />
© Crown Copyright, ES 100004106. For identification purposes only.<br />
37A<br />
BLOOMING DOR<br />
28<br />
TREE<br />
MENS WEAR<br />
NORTH<br />
29<br />
HOUSEHOLD GOODS<br />
HOME ENTERTAINMENT<br />
24<br />
(2 RETAIL FLOORS)<br />
ANT SITE<br />
Catchment<br />
<strong>Slough</strong> has a prosperous catchment population of approximately 242,000. This<br />
is set to grow to approximately 254,000 by 2016 (Source: Promis). The success<br />
and prosperity of the catchment population is demonstrated by 29% being<br />
classed as AB (most affluent) and 31% being classed as C1 against a national<br />
average of 25% and 29% respectively.<br />
Unemployment within <strong>Slough</strong> has historically been below the national average<br />
and is currently 3.7% compared to the national average of 3.8%.<br />
Description<br />
Both properties provide ground floor retail accommodation with staff<br />
and storage accommodation on the first floor. There is part second floor<br />
accommodation which is not used by either tenant.<br />
Accommodation<br />
The property comprises the following approximate areas:<br />
<strong>190</strong> <strong>High</strong> <strong>Street</strong><br />
(JD Sports)<br />
45 metres<br />
<strong>192</strong> <strong>High</strong> <strong>Street</strong><br />
(Poundland)<br />
Ground Floor 3,920 sq ft 5,787 sq ft<br />
First Floor 3,328 sq ft 5,375 sq ft<br />
Second Floor<br />
Not inspected by <strong>Allsop</strong><br />
ITZA 1,233 sq ft 1,484 sq ft<br />
Tenure<br />
Freehold.<br />
Tenancy<br />
<strong>190</strong> <strong>High</strong> <strong>Street</strong> is let to JD Sports Fashion Plc for a term of<br />
10 years from 6th September 2010 on full repairing and insuring<br />
terms, subject to 5 yearly upward only reviews. The current<br />
passing rent is £115,000 per annum exclusive.<br />
<strong>192</strong> <strong>High</strong> <strong>Street</strong> is let to Poundland Limited<br />
for a term of 10 years from 13th September<br />
2010 on full repairing and insuring terms subject<br />
to 5 yearly upward only reviews at a passing rent of £168,000 per annum.<br />
The total rent is £283,000 pa.
<strong>190</strong>-<strong>192</strong> <strong>High</strong> <strong>Street</strong>, <strong>Slough</strong>, <strong>Berkshire</strong> <strong>SL1</strong> <strong>1JS</strong><br />
Covenant<br />
Both tenants have a Dun & Bradstreet rating of 5A1<br />
and the latest headline accounts are as follows:<br />
JD Sports Fashion Plc<br />
Poundland Limited<br />
Year Ending 28/01/2012 01/04/2012<br />
Turnover £1,059,523,000 £780,147,000<br />
Pre-Tax Profits £67,442,000 £32,026,000<br />
Net Worth £115,442,000 £90,342,000<br />
Rental Value<br />
The lettings devalue to £98.71 (Poundland) and £82.50 (JD Sports<br />
Fashion Plc) per sq ft Zone A. There have been limited transactions<br />
in the main part of the <strong>High</strong> <strong>Street</strong> due to lack of availability of wellproportioned<br />
units in the prime area outside of the schemes, therefore<br />
we consider the two lettings within the subject property as offering<br />
the best evidence and therefore we consider the property to be rack<br />
rented.<br />
VAT<br />
The property is registered for VAT and therefore VAT will be payable on<br />
the purchase price or dealt with by way of a TOGC.<br />
Proposal<br />
Our client is seeking offers in excess<br />
of £3,570,000 (Three Million, Five<br />
Hundred and Seventy Thousand Pounds),<br />
reflecting a net initial yield of 7.50%<br />
assuming costs of purchase at 5.8%.<br />
For further information or to make arrangements for viewing please contact:<br />
Andy Pointon<br />
020 7543 6720<br />
andy.pointon@allsop.co.uk<br />
Scott Tyler<br />
020 7543 6719<br />
scott.tyler@allsop.co.uk<br />
James Lawson<br />
020 7543 6825<br />
james.lawson@allsop.co.uk<br />
www.allsop.co.uk<br />
Misrepresentation Act: 1. <strong>Allsop</strong> LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent <strong>Allsop</strong> LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property<br />
are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither <strong>Allsop</strong> LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations,<br />
warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to:<br />
(a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property;<br />
and (e) carry out all necessary searches and enquiries. <strong>Allsop</strong> is the trading name of <strong>Allsop</strong> LLP. 05.13
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