BATH – 18 UNION STREET - Smith Price

PRIME FREEHOLD RETAILINVESTMENTBATH – 18 UNION STREET

18 UNION STREET, BATH BA1 1RS SMITH PRICEExceptional retail locationLet to Tie Rack Ltd8-year unexpired termTotal rent £76,054 per annumGuide price £1,200,000Net initial yield 6.0%BATHThe historic spa city of Bath is situated 13 miles south-east of Bristol, 50 miles eastof Cardiff and 115 miles west of London. The population is approximately 90,000people with 779,000 people living within 12 miles of the town centre (Focus).Communications are good. The town is situated by the A4 and A46 roads whichprovide direct links to Bristol and junction 18 of the M4 motorway. Rail services toLondon Paddington take approximately 1 hour 25 minutes. In addition, BristolInternational Airport is located 18 miles west of the city.The City of Bath became a World Heritage Site in 1987 and is one of the principaltourist destinations in the UK. There are a variety of attractions, including theRoman Baths and Georgian architecture, which help draw over one millionstaying visitors and 3.8 million day visitors each year. The city has twouniversities and several schools and colleges.LOCATIONThe city provides some 1.2 million of sq ft of retail floor space with prime retailingfocused on the pedestrianised Union Street. Retailers located in the city includeMarks and Spencer, Bhs, Waitrose and Boots while Debenhams and H&M aredue to take occupation shortly.The subject premises are located on the eastern side of Union Street. Retailers inclose proximity include Next, the Disney Store, Clarks, Monsoon and WH Smith.The shop benefits substantially from its location at the entrance into the Corridor,an historic retail arcade built in 1825, which provides a link to various popularpedestrianised passages and the High Street.The location is indicated on the Goad plan extract.DESCRIPTIONThe subject premises are arranged over basement, ground floor and three upperfloors. The accommodation is arranged within a mid-terraced building havingbrick elevations under a slate-covered mansard roof.The ground floor and basement are occupied by Tie Rack. The ground floorcomprises retail accommodation while the basement area is used for ancillaryand storage.The upper parts have been sub-let by Tie Rack to a hair salon. The first andsecond floors are used as salons with additional storage areas. The third floorcomprises a staff kitchen, WC facilities and additional treatment areas.DIMENSIONSApproximate dimensions and net floor areas are:-Gross Frontage (Union Street) 14' 10" 4.52 mNet Frontage (Union Street) 13' 07" 4.14 mGross Frontage (The Corridor) 23' 04" 7.11 mNet Frontage (The Corridor) 22' 10" 6.96 mShop Depth 20' 00" 6.10 mGround Floor Sales 273 sq.ft. 25.36 m²ITZA 271 units.Basement Ancillary 381 sq.ft. 35.40 m²1 st Floor Salon 494 sq.ft. 45.89 m²2 nd Floor Salon 470 sq.ft. 43.66 m²3 rd Floor Salon Ancillary 249 sq.ft. 23.13 m²TENUREPRIME FREEHOLD RETAIL INVESTMENT

18 UNION STREET, BATH BA1 1RS SMITH PRICEThe Property is freehold.The premises are let to Tie Rack Ltd on a full repairing and insuring basis for aterm of 10 years from 20 th August 2007 and expiring in August 2017, subject toan upward only rent review at the fifth year at a current rent of £76,000 perannum exclusive. The rent review is on 20 th August 2012.The tenant has sub-let all the upper parts to Bath Hairdressing Company for thefull term with co-incident rent review at a rent of £12,000 per annum.There is an agreement in place with Next plc and Legal & General AssuranceSociety believed to relate to a fire escape which produces £54 per annum.The rent was set in 2007 and looks comfortable when set against prevailing bestUnion Street zone A rates of circa £250 per sq ft (although there is evidence atmore).PROPOSALFor the freehold interest, subject to the benefit of the letting, we seek offers in theregion £1,200,000 subject to contract to show a net initial yield of 6.0% assumingpurchasers’ costs at 5.75%.This is an opportunity to purchase an absolutely prime shop of modest lotsize, in one of the most affluent and visited cities in the country and whichprovides good income for another 8 years from an internationally renownedretailer.FURTHER INFORMATIONFor further information please contact James Cartmell or Stephen Powell atSmith Price, 299 Oxford Street, London, W1C 2DZ:Tel: 020 7409 2100Fax: 020 7318 5757Email: stephenpowell@smithprice.co.ukjamescartmell@smithprice.co.ukTHE PROPERTY IS REGISTERED FOR VATSUBJECT TO CONTRACTTENANT COVENANTSecond floorThe tenant is Tie Rack Ltd (company no. 01524977). Experian rate the companyas A Very Low Risk (confidence). They are a household name retailer tradingfrom more than 260 stores across 26 countries including the UK and Ireland.COMMENT ON RENTWe devalue the passing rent of £76,000 per annum to a Zone A rate of £222 persq ft with £10.00 per sq ft on basement and £12,000 per annum on the upperparts. We believe any discount for configuration is offset by the return frontage.MISREPRESENTATION ACTThese particulars are intended only as a guide to prospective purchasers to enable them to decide whether to makefurther inquiries with a view to taking up negotiations but they are otherwise not intended to be relied upon in anyway or for any purpose whatever and accordingly neither their accuracy nor the continued availability of the propertyis in any way guaranteed and they are furnished on the express understanding that neither the agent nor the vendoris to be, or come, under any liability or claim in respect of their contents. The vendor does not hereby make or givenor does any Partner or employee of Smith Price LLP have any authority to make or give any representation orwarranty whatsoever as regards the property or otherwise. Any prospective purchaser or lessee or other person inany way interested in the property should satisfy himself by inspection or otherwise as to the correctness of eachstatement contained in these particulars. In the event of the agents supplying any further information or expressingany opinions to a prospective purchaser, whether oral or in writing, such information or expression of opinion mustbe treated as given on the same basis as these particulars. These particulars do not form part of any contract and,except where expressly otherwise stated, offers will be considered only subject to contract.Smith Price LLP is a limited liability partnership registered in England and Wales. Registered number: OC318959.Registered office: 299 Oxford Street, London, W1C 2DZPRIME FREEHOLD RETAIL INVESTMENT

7BRIDGE STREET)6JWLR & CHINA & GL1 - 5LIBRARYVICTORIA ART GALLERY&MARKETH SAMUEL191817161514131211JEWELLER57GUILDHALLT/A1817711BAR &EUREKAGIFTST/ACO89PLACE OF WORSHIP45 metresE P MALLORY & SON LTDSQUARE M/WR(2 RETAIL FLOORS)VOLUNTERIFLEMANS ARMSJEWELLSRRADHAMSQUAYSHOONOPTVACTHEE BAGELT/ADSTHE BODY SHOPANGERFUNKYBAMBINIFROSTZUCCI 2ZUCCIREDWOODBAYHO GDSCENTRAL WINE BARHLTH&BEAC/WRL/WRWORLDMARKETOFFICESTARBUCKSJOHN ANTHONYSILVERSHOONSHOESWEST CORNWALLPASTY COCECIL GEETORANTE DE L`ARCHEVINTAGEKITM/WRL/WRRESTAURANTSHOESWOODSJ M S RUGBYCHANDNICHOWKCREWCLOTHINGCOSAMWELLERSPUBLICHOUSECOFFEE SHOPOFFICETWELVEQUEENSTREETISISCASTLEGALLERIESGAFFD & AMILLETSCHRISTOPHERBARRYFLIGHT CENTRECAFFE NEROCOFFEESHOPT/AMENS WEAROFFICESPORTS GOODSCLOTHINGVACANTOUTLETL/WR & M/WRSTATIONEROFFICEOPTICIANTRAVEL AGENTMINERVAROHANKIMBERLYNEEDFULTHINGSDR CHINANATURALTHERAPYARCANIACRYSTAL ROOMLUSHART MATL/WRJJB SPORTSSPORTS GOODSOUT WRINTDECOR& GIFTSRUSSELLBROOKSHAIRCRAFTS& GIFTSVACTESTCARDS &STATIONERR N H R D HOSPITALFISH &CHIPSPLUSBUTTERPATBAKERCAFE THORNTONSCAFFE NEROGOLD &PLATINUMJWLREPICUREANCOUR DELION PHLACROISSANTERIEO`NEILLSHOYLESRAPHELBAR & RESTAURANTNICHOLASWYLDESALLYREFINELEONIDASTHE HUBCAFENEALS YARDREMEDIESFIRST CHOICEANIMALWALLISNEXTSMOOTHSENSATIONSTIGIL/WRUTTAMRUNNING BATHSPORTS GOODSCLARKSFREE SPIRITWEIRD FISHTEE-SHIRT PRINTCORNISHBAKEHOUSETHE DISNEY STORE RAWMULTISERVER N H R D HOSPITALTIE RACKJANE NORMANGOLDSMITHSTHE CARPHONEWAREHOUSESAW CLOSEPRICKARDSLEATHERGOODSGASCOYNE PLACERESTAURANTVACSTRAIGHTHAIR COHEALTH FD&HLTH&BEACLOTHINGJEWELLERYSTOPJWLRNAT WESTSUPERDRYSOLE SOLUTIONACCESSORIZEBENSCOOKIESSTARBUCKSWHSMITHSHOESALL BAR ONEMONSOONSILVER GIFT SHGIFTSPHONES4 UDOWN TOTHE WOODEARLYLEARNINGCENTRETOYS & GAMES3 STORESTOREDELFTER KRUGCAFE & CONF & BISDELIVACVACBAKER& CAFETOYS & GMJWLRHEALTH &BEAUTYTRAVEL AGENTCONF & BISVACVACCLOL/WRSHOESCLOTHINGCLOTHINGTSHIRT&PRINTGONE SMALL STEPJO JO MAMAN BEBENURSERYGOODSBURGER KINGDUNEANN HARVEYCURRYS.DIGITALGALA CLUBSC CSHOESSHOE REP &KEY CUTL&M ACCESSLADIES WEARHEALTH CENTREBAR & RESTAURANTOASISLONDONCAMERAEXCHANGEAPRICOTMINERVACHOCOLATECONF & BISNATIONALTRUSTBINKS RESTRAT & PARROTREGENCYBOOTS THE CHEMISTCHWARTZEXACTCHANGEJONESQ SSUPERDRUGJIMGARRAHYSFUDGE KITCHENCONF & BISJODYCORYJWLRLABAGUETTEJULIANGRAVESBEN & JERRYSTHYMECOSTA COFFEEPHELLERDECEMBER25GIFTSWESTWORLDCLOTHING COLADIES & MENS WEARHEADMASTERSGAMESTATIONORANGESHTELEPHONESCANCERRESEARCH U KPRET AMANGERS/W BARARTAMUSEMENTSMENS WEARHLTH&BEACOFFEE SHOPHLTH&BEALADIES WEARMENS WEARL/WROUTDOOR WEARHAIRCLOTHINGBANKJEWELLERCONF &BISCLOTHINGTHE CRAFT GUILDJUST BEAUTYFLANSPAPREENVYSOFT FU5328 - 9SHOES & CLOHEALTH CENTRETRAV AGRESTAURANTANTTLETFFICEVAC13C/WR3NATURTHPY& GIFTSGOVERNMENT BUILDING30ANTS12166 - 7458 - 9121NT56 - 7A114&710291517OFFICE18A111342576318 - 10282 - 3 111AOVER(2 RETFLRS)(2 RETAIL FLOORS)11UPPER BOROUGH WALLS(PEDS ONLY)TON STREETDESTRIANS ONLY)Smith Price 29/4/2009ENT92712281452725 - 2612A1112215 - 173212ENTTRIM STREETTRIM STREETHIGH STREET23 - 241613314TRIM BRIDGE(2 RETAIL FLOORS)21 - 221814UBLIC HOUSE6 415UPPER BOROUGH WALLS18CLOSED11DWELLING14DWGDWELLING10CLOSEDNORTHUMBERLAND PLACE201916 - 17OFFICE19 - 2012 - 1314 - 165 - 610HEALTH CENTRESTOBAKER1820GIFTSTELEPHONESCOFFSH23 - 24NEWSAGENT & BOOKSL ACCESS11 - 12LADIES WEARTELGIFTSSHOESTELEPHONESRESTAURANT(2 RET FLRS)SHOESF/FD RESTL/WRLADIES WEARADVICECENTREBINGOVACL/WRHOME ENT12A1811A19 251121 - 228 - 103 - 4THE CORRIDOR(2 RET FLRS)(3 RETAILFLOORS)(PEDESTRIANS ONLY)D15 - 1791921 - 22813 - 142021722UNION STREETPARSONAGE LANE(25) (ACTUAL)BathGARW CLOSE(2 RETAIL FLOORS)(2 RETAIL FLOORS)ENTRANCE5239 - 104PHOTO GDSL/WRGIFTSPUBLIC HOUSEBAKER & RESTDRY CLEANINGHEALTH & BEAUTYHAIRDRESSINGVACANTOUTLETBATBAKERSHOESGREGGSP D S ASCRIVOPTICSUBWDI/CREAM PARL691 - 223 4 57 - 8UNION PASSAGELOADING24 - 26315141317 - 1816CHEAP STREETCLOSED1 - 219COMPUTER GAMES3820 - 21BAIDEWELL LANE(2 RETAILFLOORS)CHAR SHSANDWICH BARCRAFTSENTHLTH&BEAVACANT CINEMA &UNDER ALTERATION3233 - 343513PUBLIC HOUSE26COFFEE SHOPBAKER12A1110COFOCHAR SSANDAMERINAILSBEAUPOSCLO16273730343104413121514282936&CLOSED1WESTGATE STREET2122 - 23 2425(PEDESTRIANS ONLY)THBO- 1824T