21-25 buttermarket bury st edmunds, ip33 1dw
TRANSCRIPT
PRIME FREEHOLD RETAIL INVESTMENT LET TO HOLLAND & BARRETT AND SHOEZONE
21-25 ButtermarketBury St Edmunds, IP33 1DW
Key Investment Criteria
• Bury St Edmunds is an attractive historical dominant regional centre in the heart of Suffolk
• Prime pitch adjacent to Marks & Spencer, owned freehold
• Thetownbenefitsfromlimited competition from other retailing centres
• Let to excellent covenants Holland & Barrett and Shoe Zone
• Holland&Barrettrecentlyrefittedtheirstore,showingtheircommitment to the subject property
• Shoe Zone is a new 5 year lease from August 2020
• WAULT 3.7 years to expiry, no breaks
• Total rental income of £130,000 per annum
• Freehold
£1,800,000Attractive Net initial yield of 6.8%*
*After allowing for purchaser’s costs of 6.22%
Subject to contract and exclusive of VAT.
PONTYPRIDDSWANSEA
LLANELLI
CARMARTHEN
A470
A465
A470
A470
A483
M3
M4M4
M40
M40
M40
M42
M42
M45
M25
M1
M1
M1
M1M6
M6
M6
M5
M42
M54
M69
M1
M1
M20
M20
M2M25
M25
M11
M23
M3
M27 A3 (M)
A1 (M)
GUILDFORDBASINGSTOKE
SOUTHAMPTON
PORTSMOUTH
SWINDON
WESTON-SUPER-MARE
BRIDGEWATER
TAUNTON
WEYMOUTHEXMOUTH
DORCHESTER
YEOVIL
POOLE
GLASTONBURY
GLOUCESTER
PONYTPOOL
CHELTENHAM
BANBURY
RUGBY
STRATFORD-UPON-AVON
CIRENCESTER
CHIPPENHAM
BATH
OXFORD
BIRMINGHAM
NOTTINGHAM
SHREWSBURY
WOLVERHAMTON
KIDDERMINSTERCOVENTRY
MANSFIELD
LOWESTOFT
THETFORD
BOSTON
KING’S LYNN
LINCOLN
MANCHESTER
WARRINGTON
BLACKPOOL
SOUTHPORT
LIVERPOOL
PRESTON
WIGANBOLTON
BURNLEY
BLACKBURN
KETTERING
CORBY
DERBY
WORCESTER
HEREFORD
CARDIFF
NEWPORT
BARNSTAPLE
WELLINGTON
MINEHEAD
PLYMOUTH
NEWQUAY
FALMOUTH
DARTMOUTH
LAUNCESTON
TORQUAY
EXETER
SALISBURY
NEWBURY
BRISTOL
WINCHESTER
FISHBOURNEBOURNEMOUTH
ISLE OF WIGHT
READING
BRACKNELL
SLOUGH
WATFORD
LUTON
HATFIELD
HERTFORD
HIGHWYCOMBE
HEMELHEMPSTEAD
BISHOP’SSTORTFORD
NORWICH
AYLESBURY
DUNSTABLE
NORTHAMPTON
WELLINGBOROUGH
CAMBRIDGE
NEWMARKET
AMERSHAM
CROYDON
SOUTHAMPTON
HEATHROW
LUTON
STANSTED
CHELMSFORD
MARGATE
MAIDSTONE
NEWHAVENBRIGHTON EASTBOURNE
FOLKESTONE
DOVER
SOUTHEND-ON-SEA
CLACTON-ON-SEA
COLCHESTER
FELIXSTOWE
HARWICH
IPSWICH
SUDBURY
SEVENOAKSA22
A22 A26
A23
A3A31
A33
A41
A14
A14
A141
A134
A134
A5
A5
A44
A44
A40
A420
A429
A423A508
A429
A46
A6
A1
A11
A14
A14
A11
A47A47
A014A143
A140
A146
A12
A12
A414
A414
A120
A505
A13
A2
A10
A36
A36
A36A37
A46
A3A24
A272
A338
A350
A354
A354
A303
A350
A346
A433
A343
A303
A338
A338
BEDFORD
MILTONKEYNES
GATWICK
S TR A I T O F D O V ER
ENGLISH CHANNEL
ENGLISH CHANNEL
NORTHSEA
LONDON
LONDON CITY
BRISTOL
A38M5
M5
M5
M5
M48
M50
M4
M4
A39
CARDIFF
SWANSEA
A37
A361
A361
A449
A48
A40
A40
A388
A386
A30
BURTONUPON TRENT MELTON
MOWBRAY
DOWNHAMMARKET
GREATYARMOUTH
M6 Toll
A515
A515
A515
A623
A523
A423
A550
A534
A628
A585
A583A646
A570
A5758
A666
A59
A53
A34
A56
A59
A385
A453
A6
A52
A38A41
A49
A49
A46
A53
A50
A46
A46
A444
A458
A456
A442
A458
A449
M66M61
M62M60
M58
M56
M57
M53
M65
M62
M62
M62
M65M55
M6
M6
M6
M1
SUNDERLAND
DARLINGTON
HARTLEPOOL
DURHAM
HEXHAM
BARNARD CASTLE
MIDDLESBROUGH
A694A68
A68
A68
A19A66A66
A69
A19
A690
A693
A689
A1(M)
NEWCASTLEUPON TYNE
BISHOPSAUCKLAND
A386
A377
A380
A385
A38
M5
EXETER
PLYMOUTH
BRISTOL CHANNEL
ST GEORGE’S CHANNEL
MACCLESFIELD
ROTHERHAM
CHESTERFIELD
PEAK DISTRICTNATIONAL PARK
BRECON BEACONSNATIONAL PARK
DARTMOORNATIONAL PARK
STOKE-ON-TRENT
NORTHWICH
CHESTER
BRADFORD
HALIFAX
LEEDS
HUDDERSFIELD
CASTLEFORD
SHEFFIELD
DORKING
LEICESTER
BURY ST EDMUNDS
Location
Bury St Edmunds is a prosperous and historical market town which forms the main commercial centre for rural West Suffolk. The town is located approximately 26 miles (42km) east of Cambridge, 42 miles (67 km) southwest of Norwich and 80 miles (129 km) northeast of London.
The city has good road connections to both the M11 and A134 dual carriageways providing direct access to the M1 and the wider national motorway network via Junction 9.
Direct services to Cambridge are available with an approximate journey time of 42 minutes, a popular line with both commuters and tourists. The railway also provides services to Ipswich, Chelmsford, and Norwich. London is accessible in approximately 1hr 40 minutes.
Catchment
The town has a primary catchment population of approximately 257,000 persons, with an estimated shopping population of 131,000 persons. ThecatchmentisaffluentwithahighproportionofAB&C1socialgroups.
Thetown’sunemploymentrateissignificantlybelowthenationalaverage at1.5%comparedtothenationalbasefigureof3%.
Retailing in Bury St Edmunds
Bury St Edmunds provides a very attractive shopping environment for an affluentcatchmentpopulationsittingbetweenthekeycommercialhubsofEastAnglia namely, Norwich (44 miles), Ipswich (25 miles) and Cambridge (25 miles).
The town has a compact shopping area, that includes the Arc Shopping centre which opened in 2009 and includes retailers such as H&M, JD Sports, Costa and Burger King. Buttermarket, where the subject property is located, is the town’s retail hub and hosts a popular local market on Wednesdays and Saturdays and is home to footfall generators such as Marks and Spencer’s, Boots, McDonalds and JD Sports.
The Property
The property comprises a three-storey building, providing retail accommodationovergroundwithancillaryoverfirstandsecondfloors.ThepropertyisgradeIIlisted.
The property has the following approximate net internal areas:
25 Buttermarket - Holland & Barrett
Floor Sq ft Sq m
Ground Floor Sales 2,458 228
ITZA
First Floor Sales 1,525 142
Total 3,983 370
26 Buttermarket - Shoe Zone
Floor Sq ft Sq m
Ground Floor Sales 2,345 218
ITZA
Total 2,345 218
*At August 2020 regear, a 7.5% shape allowance was applied
Asset Management
ThepropertyiswellconfiguredandbenefitsfromrearaccessviaHighBaxterStreet.Theupperfloorsareunderutilisedpresentinga future opportunity to convert the upper parts into residential use (STPP).
Bury St Edmunds has seen an average house price growth of 3%perannuminthelast12months,reflectingthegrowthandaffluenceofthelocaleconomy.
Covenant
Holland & Barrett is the UK’s leading retailer of vitamins, minerals and herbal supplements. The company operates from 1,071 stores across the globe, with over 600 in the UK.Thecompanyhasreportedthefollowingfiguresintheir recent accounts:
Holland & Barrett 29th Feb 2020 29th Feb 2019 30th Sep 2018
Sales Turnover £413,639,000 £477,883,000 £478,649,00
PreTaxProfit £2,245,000 -£21,473,000 £66,605,000
Tangible Net Worth £307,477,000 £302,727,000 £338,798,000
Shoe Zone Limited is a budget footwear retailer that operates from 500 stores across the UK. Founded in 1980, the company now employs over 4,000 people and sells approximately 20 million pairs of shoes each year. The company has reported the followingfiguresintheirrecentaccounts:
Shoe Zone Retail Ltd 29th Feb 2019 30th Sep 2018 30th Sep 2017
Sales Turnover £162,047,000 £160,615,000 £157,777,000
PreTaxProfit £9,600,000 £11,433,000 £9,700,000
Tangible Net Worth £32,300,000 £39,128,000 £31,700,000
50 metres
Bury St Edmunds
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Experian Goad Plan Created: 05/07/2021 Created By: GCW
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Disclaimer - Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No responsibility or warranty whatever is made or given either during negotiationsorinparticularsbyvendor,lessorortheagentGoochCunliffeWhaleLLP.RegisteredinEnglandNo.OC376010.Registeredoffice:30CityRoad,LondonEC1Y2AB.ThesaleisbeingundertakenonbehalfoftheAdministratorsofStonewellPropertyCompany Limited who are acting without personal liability.
July 2021 © Produced by Barbican Studio T: 020 7634 9573
Tenancy
25 Buttermarket - Is let to Holland & Barret Retail Limited on a 15-year lease expiring 3rd January 2025. The current income is £85,000 per annum.
26 Buttermarket - Is let to Shoe Zone Limited on a new 5-year lease from 1st August 2020, expiring 6th October 2024. The current income is £45,000 per annum.
The total current income is £130,000 per annum.
Tenure
Freehold.
VAT
The property is elected for VAT and as such it is anticipated that the sale will be treated by way of a TOGC.
Proposal
We are seeking offers in excess of £1,800,000 (One Million Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would equate to a net initial yield of 6.8%, allowing for purchasers costs of 6.22%.
Contact Details
For further information please contact:
Oli HortonT: 020 7647 4806M: 07788 695 [email protected]
Caryl HowellT: 020 7647 4827M: 07814 418 [email protected]
7-10 Chandos Street London W1G 9DQT: 020 7408 0030www.gcw.co.uk
EPC
Unit 25 – Has an EPC rating of C-74. Unit 26 – Has an EPC Rating of D-81.