EASTBOURNE – 112/114 TERMINUS ROAD - Smith Price

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112/114 TERMINUS ROAD, EASTBOURNE, BN21 3NR SMITH PRICEPrime retail locationNational multiple tenantLet until June 2017Rent £70,000 per annumOffers in the region £1,100,000Net initial yield 6.02 %EASTBOURNEEastbourne is a popular and elegant holiday resort, conference and commercialcentre situated in East Sussex some 21 miles east of Brighton and 18 miles westof Hastings. There is a resident population of nearly 95,000 with 111,000 livingwithin 6 miles and 228,000 within 12 miles. In recent years, the huge SovereignHarbour marina and residential development has increased the population andbroadened the appeal of the town.The location is indicated on the Goad plan extract.DESCRIPTIONThe accommodation is arranged over basement, ground and one upper floorwithin a building having brick elevations under flat roofs. The basement has trapdoor access and has not been inspected or valued. The street is staggered insuch a way that the shop has the benefit of a small return window frontageclearly visible from the western end of the street.The ground floor is occupied by Goldsmiths, who use the major portion of theaccommodation for sales with some small rear areas partitioned to provideancillary space. Staff room and WCs face onto an enclosed rear courtyard.The first floor is separately accessed from a prominent entrance onto TerminusRoad and is arranged as a self contained hairdressing salon occupied by a wellknown and popular local operator. This is sub-let by Goldsmiths.Eastbourne receives some 4 million visitors annually including some 30,000conference bedspaces and is frequently a finalist for the best UK resort. It is wellknown for the international tennis championship in June and airshow in August.Communications are good with the mostly duel carriageway A27 linking with theA23 at Brighton and A259 extending north-west to Hastings and Kent centresbeyond. Rail services are available to London Victoria in about 1hr 30 minutes.Channel tunnel access is available at Ashford and Folkestone whilst the nearestinternational airport is Gatwick.LOCATIONPrime retailing in Eastbourne is split between Terminus Road where Boots, M&S,Debenhams and TJ Hughes are located and The Arndale Centre where anchorsinclude Primark, Bhs, HMV, Top Shop, Next and Sainsburys. More specialistshopping is provided in the non pedestrianised sections of Terminus Road andsurrounding streets.The property occupies a prime trading location on the south side of thepedestrianised Terminus Road immediately adjoining WH Smith and Superdrug,opposite Boots and close to branches of New Look, Clintons, Monsoon andWaterstones.PRIME FREEHOLD INVESTMENT
112/114 TERMINUS ROAD, EASTBOURNE, BN21 3NR SMITH PRICEDIMENSIONSApproximate dimensions and net floor areas are –Gross Frontage 22' 05" 6.83 mNet Frontage (shop) 16' 05" 5.00 mNet Frontage (hairdresser) 6' 2" 1.88 mShop Depth 62' 1" 18.92 mGround Floor Sales 1,186 sq.ft 110.18m²ITZA 630 units.First Floor Hairdressers 1,202 sq.ft 111.67m²Basement UnusedTENUREThe Property is freehold.The property is let to Aurum Group Ltd on a full repairing and insuring basis fora term of 15 years from 24 th June 2002 and expiring on 23rd June 2017, subjectto upward only rent reviews every five years at a current rent of £70,000 perannum exclusive.We understand the first floor is sub-let to the hairdresser at a rent of £8,580 perannum.TENANT COVENANTAurum Group Ltd (No.146087) were previously known as Goldsmiths Ltd beforethey changed their name in August 2007. The company was originallyincorporated in 1917.Aurum is the largest prestige and luxury jewellers in the UK and includesWatches of Switzerland, Mappin & Webb and Goldsmiths in their portfolio ofbrands. They currently operate some 200 branches. Turnover for the year endedFebruary 2008 was £179 million and Experian rate them as Very Low Risk.COMMENT ON RENTFirst FloorThe passing rent of £70,000 per annum paid may be devalued to a Zone A rateof £96.50 per sq ft taking the first floor hairdressers at the passing level with amanagement allowance and making a small adjustment for the return.The first floor rent devalues to just over £7.10 per sq ft which appears low forsuch good open space with separate access and signage.This compares well with best zone A rents in the street which are in excess of£105 per sq ft – (Costa, Monsoon/Accessorise all opposite the subject property)and other passing levels at or close to £100 per sq ft (Thomas Cook,Waterstones, Superdrug, Orange Shop). Best rents in the Arndale Centre haveapproached £120 per sq ft. More detailed information can be provided.We feel the property is rack rented or slightly reversionary.PRIME FREEHOLD INVESTMENT
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EASTBOURNE – 112/114 TERMINUS ROAD - Smith Price

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