5-6 broad street & valentines walk ludlow...2016/10/05 · 5-6 broad street & valentines...
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5-6 Broad Street & Valentines Walk
LUDLOW SY8 1NG
A Rare Opportunity to Acquire a Prime Retail and Leisure Investment in the Popular Town of Ludlow
Investment Considerations Attractive Grade II listed Tudor period buildings located in the market
town of Ludlow
Ludlow benefits from good communications being located on the A49 link road and Ludlow railway station provides direct services to major cities
60% of the income is secured to the 5A1/4A1 covenants of Holland & Barrett Retail Ltd and Tasty Plc
Situated on a prominent junction between three main retailing streets
Totalling approximately 13,195 sq ft (1,225.9 sq m)
Freehold
Total passing rent of £137,700 pa
Attractive AWULT of 16.7 years to expiry and 7.4 years to break
We are instructed to seek offers in excess of £2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 6.48% after costs of 6.28%
5-6 Broad Street & Valentines Walk, Ludlow SY8 1NG
LocationThe historic market town of Ludlow is the largest in the South Shropshire district and is located 57 km (36 miles) west of Birmingham, 39 km (24 miles) north west of Worcester and 35 km (24 miles) north of Hereford.
The town benefits from good road communications being situated on the A49 which links Hereford with Shrewsbury. The A456 starts to the south of Ludlow which links the town to Kidderminster and Birmingham.
Rail links are good with direct services from Ludlow station to Manchester Piccadilly, Crewe and Cardiff with fastest journey times of 1 hour 57 minutes, 1 hour 9 minutes and 1 hour 34 minutes respectively.
Birmingham International Airport is located approximately 66km (41 miles) to the east providing a large range of national and international flight destinations.
M1
M11
M25M25
M25
M40
M40
M42
M50
M32
M27
M23
M20
M2
M6 TollM54A49
A456
A483 A458
A49
M42
M69
M1
M1
M6
M6
M6
M6M5
M5
M5
M4M4M4
M3
M62M62
M65
M60
M56M56
M58
M53
M55
M66M18
A1(M)
A1(M)
A3(M)
A74(M)
A1(M)
A1(M)
M180
M74
M77
M8M8
M9M80
M90
M73
A1(M)
LONDONCardiff
ReadingSwindon
Basingstoke
SouthamptonPortsmouth
Taunton
OxfordLuton
Cambridge
Birmingham
KidderminsterAberystwyth
Bangor Chester
Wrexham Stoke on Trent
Northampton
Gloucester
Worcester
Hereford
Shrewsbury
LUDLOW
MiltonKeynes
Leicester
Bath
Exeter
Merthyr Tydfil
Swansea
Bristol
B4361
Old Street
B4361
Old Street
B4361
Linney
Linney
Dinham
Dinham
Cam
p Lane
Dinham
Mill Street
Bell Lane
Brand Lane
Castle Square
High Street
King Street
Tower Street
Upper G
aldefold
Gra
vel H
ill
Upper Linney
College Street
Market Street
Broad Street
Raven Lane
Lower Raven Lane
Silk M ill Lane
Broad Street
Station Drive
Station Drive
Lower Galdeford
Townsend
Clo
se
St John’s Road
Fria
rs G
arde
n
Julian Road
St. Julians Avenue
Valentine’s W
Pepper Lane
LUDLOW
RIV
ER T
EME
LUDLOW RUGBYFOOTBALL CLUB
LUDLOWCASTLE
LUDLOWCOLLEGE
LUDLOWLIBRARY
TESCOSUPERSTORE
ALDI
5-6 Broad Street & Valentines Walk, Ludlow SY8 1NG
25 metres
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Ludlow
Experian Goad Plan Created: 07/09/2016Created By: Allsop
Copyright and confidentiality Experian, 2016. © Crown copyright and databaserights 2016. OS 100019885
COBBAMOS
TASTE AT NO1
MARKET
WHITE STUFF
TI ADORO
VACANT
DemographicsLudlow is an attractive market town with a population within 5 miles of the town estimated to be circa 17,000. The spending power within the local area is evidenced by the 30% of households within a 5 mile radius of the town that boast an annual income of £40,000 or higher.
Tourism is a major influence on the local economy with the town including over 500 listed buildings, Ludlow Castle and regular festivals and fairs.
SituationThe property is located on the eastern side of Broad Street at its prominent junction with the High Street and King Street. The immediate vicinity is made up of retailers, restaurants and tourist focussed operators including WH Smith, Barclays Bank, Fat Face Clothing, Costa Coffee and Crew Clothing.
The main retail provision in Ludlow is situated in the historic town centre with national and local operators trading predominantly along the High Street, King Street and Broad Street.
Ludlow market has taken place in front of the castle for over 900 years attracting tourists and locals increasing footfall within the town centre. Ludlow market is held every Monday, Wednesday, Friday and Saturday all year with specialist markets most Thursdays and Sundays.
DescriptionThe property comprises three retail units, a restaurant and a 9 bedroom bed and breakfast.
5-6 Broad Street is a Grade II listed building arranged over ground, first, second and basement floors. Internally the property comprises a ground floor restaurant with additional seating to the rear and part first floor. The remainder of the first floor comprises a kitchen and ancillary accommodation. The second floor and basement provide further ancillary accommodation.
Unit 1 Valentines Walk is a Grade II listed building with a frontage onto Broad Street arranged over ground and basement. Internally the property comprises a ground floor sales area with ancillary accommodation with further ancillary accommodation in the basement.
Units 3, 4 and 5 Valentines Walk provide retail accommodation on the ground floor with ancillary accommodation on the first floor.
The Town House provides a 9 bedroom bed and breakfast arranged over ground, first and second floors.
© Crown Copyright, ES 100004106. For identification purposes only.
5-6 Broad Street & Valentines Walk, Ludlow SY8 1NG
Tenancy
Address Tenant Floor Area (sq ft)
Area (sq m)
Lease Start Lease End (Lease Break)
Review Current Rent pa (ITZA psf)
Comments
5 - 6 Broad Street Tasty Plc (t/a Wildwood Kitchen)
GF 3,101 288.1 21/05/14 20/05/39 (21/05/29)
20/05/19 £60,000 (£13.18 psf overall)
Schedule of condition attached to lease.
First 2,352 218.5
Second 1,037 96.4
Basement 312 29.0
Total 6,802 631.9
Unit 1 Valentines Walk Holland and Barrett Retail Ltd GF 982 91.2 29/04/10 28/04/20 £22,000 (£27.66)(ITZA) 765 71.1
Basement 562 52.2
Total 1,544 143.4
The Townhouse, Valentines Walk Bosi Accommodation Ltd (t/a The Townhouse)
Total 3,371 313.2 01/09/14 31/08/34 (01/09/19)
31/08/19 £40,000 Floor area stated is the gross combined area of the 9 rooms.
Unit 3 Valentines Walk N Spa Tanning & Beuty Spa (t/a Nail Spa and Beauty Salon)
GF 429 39.8 01/06/16 31/05/21 £5,500 (£14.55)(ITZA) 765 71.1
1F 287 26.7
Total 716 66.5
Unit 4 Valentines Walk Bosi Accommodation Ltd (t/a The Townhouse)
GF 248 23.1 13/01/15 31/08/34 (12/07/20)
13/01/20 £5,200 (£19.72)(ITZA) 248 23.1
1F 185 17.2
Total 434 40.3
Unit 5 Valentines Walk Heidi Boden (t/a Jigsaw Hair Design)
GF 231 21.4 01/10/16 30/09/21 £5,000 (£20.93)
Lease renewal in solicitor’s hands.
(ITZA) 231 21.4
1F 98 9.2
Total 329 31
Total 13,195 1,225.9 £137,700
CovenantHolland & Barrett Retail Ltd - Dunn & Bradstreet rating 5A1
Holland & Barrett is the UK’s leading retailer of vitamins, minerals and herbal supplements. Holland & Barrett has over 145 years of experience in the health supplement industry and operates from over 620 outlets across the UK and Ireland. Holland & Barrett Retail Ltd in September 2015 reported a turnover of £424,662,000, a pre-tax profit of £129,456,000 and a total net worth of £326,224,000.
Tasty Plc - Dunn & Bradstreet rating 4A1
Wildwood is a collection of restaurants that focus on providing freshly prepared Mediterranean food. There are currently 48 restaurants across the UK. Tasty plc in December 2015 reported a turnover of £35,794,000, a pre-tax profit of £3,067,000 and a total net worth of £21,814,000.
AWULT16.7 years to expiry and 7.4 years to break.
TenureFreehold.
EPCAvailable upon request.
VATThe property will be subject to VAT although we anticipate the sale will be treated as a Transfer of Going Concern.
5-6 Broad Street & Valentines Walk, Ludlow SY8 1NG
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop 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 are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop 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, 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: (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; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design Command D www.commandHQ.co.uk 09.16
Andy Pointon020 7543 [email protected]
For further information or to make arrangements for viewing please contact:
Jonathan Butcher020 7543 [email protected]
Lottie Hayward020 7543 [email protected] www.allsop.co.uk
ProposalWe are instructed to seek offers in excess of £2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 6.48% after costs of 6.28%.
5-6 Broad Street & Valentines Walk, Ludlow SY8 1NG