2/4 market street guildford · 2/4 market street guildford description 2-4 market street comprises...
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2/4 market street guildford
attractive, freehold, retail investment
2/4 market street guildfordOn the instructions of
2/4 market street guildford
2/4 market street guildfordretailing in GuildfordThe town is one of the premier retailing locations, south-west of
London. The prime retail offer is the pedestrianized High Street
where there is a high concentration and representation of major UK
multiples as well as high quality fashion retailers. The High Street is
ably supported by North Street, the Friary Centre and White Lion
Walk shopping centres, Market Street and Friary Street.
Market Street is a strong retailing destination and provides an
important link between the High Street and North Street.
situationThe property occupies a prominent position within the prime
retailing core close to Market Street’s junction with the High
Street and opposite River Island, which has a double frontage
onto the High Street. Reiss, L’Occitane, T Mobile, Fat Face and
Hotel Chocolat are located nearby. The units adjoin both Toast and Musto Clothing.
locationGuildford is one of the UK’s most affluent conurbations and is
located approximately 33 miles south-west of London and 7
miles south of Woking.
The town benefits from excellent road communications being
located next to the A3 which connects to the M25 some 8 miles
to the north. There are frequent rail services to London Waterloo
(average journey time of approximately 40 minutes) as well as
Portsmouth, Reading and Gatwick. Gatwick and Heathrow
International Airports are both within 25 minutes’ drive time.
demographics & local economy Guildford is the administrative and commercial centre for Surrey
and has a resident population of circa 66,000 people with a
catchment of approximately 187,000 people living within 6 miles
of the centre and 727,000 within 12 miles.
The town is particularly affluent and attracts some of the biggest
consumer spending in the South East. Footfall along the High Street
has increased year by year with the target customer profile being
between the ages of 25-50 and predominantly A, B, C1 female.
investment summary• Guildford is one of the premier retailing locations within
the UK
• Prominent position on Market Street, adjoining Musto
and Toast, opposite River Island and close to Fat Face,
Reiss, T Mobile and L’Occitane
• Well secured on leases to A. Jones & Sons Ltd (Jones
Bootmaker) and Tamarind Natural Products Limited
(t/a Neal’s Yard Remedies)
• Weighted unexpired lease term of circa 5.52 years.
• Freehold
• £1,780,000 (subject to contract & exclusive of VAT)
• Attractive6.25% net initial yield.
GUILDFORD
2/4 market street guildford
description2-4 Market Street comprises a two storey building although 2 Market Street has the additional benefit of
basement storage.
The property has brick faced elevations under a pitched roof with single wooden glazed window
units on the upper floors and large wooden framed double glazed shop fronts on ground. Servicing
is to the rear via a service road accessed from Market Street.
accommodationThe property provides an approximate total net floor area of 140.43 m2 (1,511.5 sqft) sub-divided as
follows:
Tenant (t/a) Floor Use Area (sq m) Area (sq ft)
Jones Bootmaker
4 Market Street
Ground Sales 48.54 522.5
Ground ITZA 48.54 522.5
First Ancillary (A/20) 37.16 400.0
First Ancillary (Shelf) 3.16 34.0
Total 88.86 956.5
Neal’s Yard Remedies
2 Market Street
Ground Sales 19.51 210
Ground ITZA 21.00 226 (inc 1st retail )
First Retail (A/12) 17.84 192
Basement Anclillary 10.78 116
First Ancillary 3.44 37
Total 51.57 555
tenancies4 Market StreetA. Jones & Sons Ltd (t/a Jones Bootmaker)25 years FR&I from 25th March 1992 expiring on 24th March 2017
at a current passing rental of £80,950 pax and an upward only rent
review on 16th March 2012 (circa 5.44 years unexpired).
2 Market StreetTamarind Natural Products Ltd (t/a Neal’s Yard Remedies)15 years FR&I from 24thJune 2002 expiring on 23rd June 2017 at a current
passing rental of £36,800pax and an upward only rent review on 23rd June 2012
(circa 5.69 years unexpired).
tenant covenants Tenant Date of Accounts Turnover Pre-Tax
Profit/Loss Net Worth
A. Jones & Sons Ltd 29/01/2011 £74,314,000 £1,403,000 £12,209,000
Tamarind Natural Products Ltd 31/12/2010 N/A N/A (£8,877)
current income pax£117,750 per annum exclusive
ERVPrime rental levels in Guildford have recently improved reaching circa £330 per sqft ZA with the
open market letting in October 2011 to Liz Earle of 72-74 High Street. This marginally exceeds the
rental achieved on the open market letting to Calvin Klein of 94 High Street in July 2011 at circa
£322.50 psf ZA. Market Street provides a healthy discount to the High Street with the subject units
reflecting between £162.50- £165 psf ZA. This is in line with the rental tone in Market Street and
provides a strong platform for future rental growth at review in 2012.
2/4 market street guildford
VATThe property has been elected for VAT and thus VAT will
be payable on the purchase price.
PROPOSAL£1,780,000 (Subject to Contract and exclusive of VAT)
reflecting an attractive net initial yield of 6.25%, allowing
for purchaser’s costs of 5.8%.
further details
David Freeman
020-7659-4830
James Baillie
020-7659-4839
Ed Smith
020-7659-4831
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 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 that all negotiations are conducted through this office. October 2011. Adrian Gates Photography & Design 07710 316991
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5- 6
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12- 13
159
141
138 - 140
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70
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155
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54 172 - 174
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164 - 166
15
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83
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142
112 - 116
4
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171 - 1
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85 - 89
105 - 111
98 - 100
58 - 59
103
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144
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16- 17
18
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42 - 44
21
46
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65 - 66A
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20
20
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20
38 - 40
23
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32 - 34
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51 - 53
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7- 8
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12B
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180
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17
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16
1
175 - 177
83
176
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86
87
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SWAN
LANE
WHITE
LION
WALK
IGH STREETTUNSGATE
SQUARE
SHOPPING
CENTRE
TRINITYCHURCH
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GATE
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CHAPELSTR
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E
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ALL
(2RETAIL
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(3RETAIL
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SERVICE
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(2RETAIL
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(2 RETAIL FLOORS) &
(2 RETAIL FLOORS)
(2RETAIL
FLOORS)
(2RETAIL
FLOORS)
GRAVEYARD
MILKHOUSE
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(6RETAIL
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&
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UNDER
(2RETAIL
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(2RETAIL
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&
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(2RETAIL
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MILKHOUSE
GATE
(3RETAIL
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(ACCESS ONLY)
GARDENS
MARKET STALLS
(2RETAIL
FLOO
RS)
(2RETAIL
FLOO
RS)
ORS)
YARD
YARD
(2RETAIL
FLOORS)
MARKET STALLS
CENTRAL BUILDINGS
(2RETAIL
FLOO
RS)(2
RETAILFLO
ORS)
&
LE SQUARE
ENT
ENTRANCE
ENT
ENT
ENT
ENT
ENT
ENT
ENT
ENT
DWELLINGS
ENT
ENT
ENT
ENT
ENTRANCE
ENT
ENT
ENT ENT
ENT
ENTENT
DWELLING
ENT
6 - 14
158
2
84
(64) (ACTUAL)(350) (ACTUAL)