15 above bar street southampton - green and partners · 15 above bar street southampton 15 above...
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well secured, freehold, retail investment
15 above bar street southampton
15 above bar street southampton 15 above bar street southampton
this retail provision since its opening in 2000. Above Bar remains
a prime pedestrianised thoroughfare where major retailers
represented include, Bhs, Primark, TK Maxx, WH Smith, Boots, Superdrug and Top Shop.
SituationThe property occupies a prominent position within the southern
pedestrianised section of Above Bar Street. Boots is one unit
removed and the subject property adjoins Yorkshire Building Society and John Anthony Menswear with Virgin Media, Primark and Santander opposite and close-by.
PropertyBuilt in the 1950’s the property is a mid-terraced retail unit
arranged over ground, first and second floors. The ground floor
retail area is well configured and the first floor whilst let as ancillary
space has the potential to be used for sales. The tenant has fitted
this area out as consulting rooms. The second floor is ancillary
accommodation. There is a disused basement (trap door access).
The property is of pre-cast concrete block and beam
construction with the front elevation finished with pre-cast
concrete panels and the rear elevation brickwork under flat roofs.
LocationSouthampton is a major port and one of the UK’s primary
commercial centres. The city is located approximately 122 km
(76 miles) south-west of Central London, 48 km (30 miles) east
of Bournemouth and 32 km (20 miles) west of Portsmouth.
Road communications are excellent. Southampton is located just
to the south of the M3 motorway, which connects with both the
M25 and the M27, the latter providing east/west links to
Portsmouth and the New Forest. By rail, there are fast and
frequent services to London Waterloo with journey times of
approximately 80 minutes. There are additional direct services to
Bristol, Winchester and Bournemouth.
Southampton Airport is located five miles to the north-east of the
city centre (Eastleigh) and provides flights to over 40 UK and
European destinations.
Demographics & Local EconomySouthampton has an urban area population of 304,400 (2001
Census) with a primary catchment of circa 710,000. This is
boosted further by tourism. The Southampton area is affluent and
has a significantly higher than average number of working adults
in the most affluent AB social grouping and is under-represented
in the least affluent DE grouping. The city has a high proportion
of young adults due to the city’s large student population.
Retailing in SouthamptonSouthampton is a major regional shopping destination, offering
approximately 2.18m sq ft of retail accommodation and an
estimated shopping population of circa 434,000 persons. The
city is ranked by Venuescore (2011) as a top 15 retail destination
within the UK.
The West Quay shopping centre (800,000 sq ft), anchored by
John Lewis and Marks & Spencer, has significantly enhanced
Investment Summary
• Southampton is the premier retailing destination on the south
coast with a primary catchment population of 710,000
• A strong pedestrianised retailing pitch adjoining
Yorkshire Building Society and John Anthony with
Boots, Primark, Virgin Media and Santander opposite
or close-by
• Well secured to Specsavers Optical Superstores Ltd
(5A1 D&B Rating)
• Freehold
• 10 year lease from November 2011 at a re-based
rental
• £1,380,000 (subject to contract & exclusive of VAT)
• Attractive 7% net initial yield
SOUTHAMPTON
15 above bar street southampton
Tenant Covenant Tenant D&B Rating Date of Accounts Turnover Pre-Tax Profit/Loss Net Worth
Specsavers Optical Superstores Ltd 5A 1 28/02/2011 £390,791,000 £21,261,000 £80,512,000
The property is serviced from a rear loading bay with access
from Portland Terrace. Specsavers has recently fitted out with
the store opening on 1st March.
AccommodationThe property provides an approximate total net floor area of
396.76m2 (4,271 sq ft) sub-divided as follows:
Floor Use Area (sq m) Area (sq ft)
Ground Sales 192.58 2,073
ITZA 712 units
Ground Store 11.42 123
First Ancillary 138.42 1,490
Second Ancillary 54.34 585
Basement Not Used (Trap door access - not measured)
Total 396.76 4,271
Tenure - Freehold
TenancySPECSAVERS OPTICAL SUPERSTORES LTD (t/a Specsavers)
10 year FR&I lease from 22nd November 2011 (circa 9.75 years unexpired) expiring on 21st November 2021 at a current
passing rental of £102,500 pax and an upward only rent review
on 22nd November 2016.
Current Income Pax£102,500 per annum exclusive (equating to circa £126.97 psf
ZA Headline and £111.10 psf ZA Net effective).
Rental levels in Above Bar Street peaked at circa £230 psf ZA
in mid 2008 at 31 Above Bar Street (T Mobile). The subject
letting shows a generous discount to this historic level and
reflects a 2011 re-based rent.
VATThe property has been elected for VAT and therefore VAT will be
payable on the purchase price.
Proposal£1,380,000 (One Million, Three Hundred and Eighty Thousand
Pounds) Subject to Contract and exclusive of VAT, reflecting an
attractive net initial yield of 7%, allowing for purchaser’s costs
of 5.8%.
15 above bar street southampton 15 above bar street southampton
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. March 2012. Adrian Gates Photography & Design 07710 316991
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Southampton Central