58 week street maidstone me14 1rr
TRANSCRIPT
PRIME FREEHOLD RETAIL INVESTMENT
58 WEEK STREET MAIDSTONE
ME14 1RR
INVESTMENT SUMMARY
A prime retail property totalling 10,008 sq ft.
100% prime retail pitch on the pedestrianised Week Street.
Located between Primark and the main entrance to Fremlin Walk.
Let to Superdrug Stores Plc with 7 years unexpired.
Current passing rent of £161,000 per annum.
We are instructed to seek offers in excess of £2,100,000 (Two Million One Hundred Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 7.25% after allowing for purchaser’s costs of 5.8%.
58 WEEK STREET
MAIDSTONE
London
Brighton
Maidstone
Gatwick
Sevenoaks
Croydon
Dartford
Ashford
Canterbury
Folkestone
Royal Tunbridge Wells
Hastings
Eastbourne
Dover
London
Brighton
Maidstone
Gatwick
Sevenoaks
Croydon
Dartford
Ashford
Canterbury
Folkestone
Royal Tunbridge Wells
Hastings
Eastbourne
Dover
A23
A2
A2M23
M25
M25
M20
M20
M2
LOCATION
Maidstone is the county town and administrative centre of Kent and is an important retailing centre in south east England. The town is situated approximately 52 miles south east of London, 20 miles north west of Ashford and 28 miles west of Canterbury.
Maidstone enjoys excellent communications being situated within 2 miles of Junction 6 and 7 of the M20, which links directly to the M25. Also a regular rail service to London Victoria offers a journey time of approximately 1 hour.
Maidstone has a large affluent catchment population of approximately 305,000, with approximately 60% falling within Class A, B and C1 categories against the sub-regional average of 55% (PROMIS).
RETAILING IN MAIDSTONE
Maidstone’s primary retail pitch is focused along the pedestrianised Week Street and Fremlin Walk Shopping Centre, which lies opposite the subject property.
Fremlin Walk comprises 350,000 sq ft of open air shopping centre anchored by House of Fraser, with further representation from Zara, Next and H&M. In addition, the Mall Maidstone Shopping Centre provides 535,000 sq ft anchored by Beales Outlet Department Stores, with further representation from Boots and BHS. Week Street acts as a natural thoroughfare between the two schemes, with retailers including Primark, M&S, WH Smith and Poundland all having representation.
SITUATION
The property occupies an 100% prime trading location on the east side of the pedestrianised Week Street, opposite the main entrance to Fremlin Walk and adjacent to Primark. Other occupiers in the immediate vicinity include Marks & Spencer, WH Smith, Phones 4 U and Clarks.
The property comprises a prime prominent retail unit over ground, first and second floors, fronting onto the prime pitch of Week Street. The rear of the property and the first floors provide ancillary accommodation.
58 WEEK STREET
MAIDSTONE
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31 - 33
17
27
5-7
49
5
15
32
59
3 - 4
1
14
65
14
1921
54 - 56
30 - 32
67B
44 - 48
21 - 25
12
51
58
0
69 - 77
28
12
50
72
24
68 - 70
26
13
66
29
34
30
9
15
8-1
0
61 - 6374
7
1730
78A
4
19
226
38 - 42
26
78 76
67
60 - 64
48
80
1A
53
2
23
27
29
1448
12
52
28
82
24-2
6
11
16-2
0
55 - 57
35 - 37
21-2
5
158
36
28
2
17
16
24
17 - 19
13
15
22
UNIT 5
UNIT 10
1820
9
6
6 - 8
12 - 14
10
21
13
18 - 19
12
22
7
UNIT 12C
20
9
16
UNIT 12A
1 - 5
10 - 11
RT
WEEK STREET
STFA
ITHS
STRE
ETCHURCH STREET
UNIO
NST
REET
MARKET BUILDINGS
ROSE YARD
STREET
RAM
P
EURO
CLOSED
(PEDESTRIANS ONLY EXCEPT LOADING MONDAY - SUNDAY 5.30PM - 10.30AM)
(4RE
TAIL
FLO
ORS
)
(3 RETAIL FLOORS)
S)
SERV
ICE
AREA
YARD
&
(2RE
TAIL
FLO
ORS
)
THUR
SDAY
SO
NLY
(2RE
TAIL
FLO
ORS
)
&
(2RE
TAIL
FLO
ORS
)
(2RE
TAIL
FLO
ORS
)
&
YAR
D
(2RE
TAIL
FLO
OR
S)
&
(PEDS ONLY EXCEPT ACCESS)
CORN EXCHANGE
CORN EXCHANGE
ENT
ENT
ENT
ENT
DWG
ENT
ENT
ENT
16
TOWN LOCAL
(50)
(
MA
IDST
ON
E
010
2030
40 m
58 WEEK STREET
MAIDSTONE
TENURE
The property is held freehold.
ACCOMMODATION
The property has the following approximate net internal floor areas, as provided by our client:-
Sq Ft Sq M
Ground Floor Sales 3,176 295.0
ITZA 1,108
Ground Floor Ancillary 2,082 193.4
First Floor Ancillary 2,218 206.1
Second Floor (Hatch access) 2,532 235.2
TOTAL 10,008 929.7
TENANCY
The subject property is let to Superdrug Stores Plc from 14th March 2006 on a 15 year lease, expiring 13th March 2021 at a rent of £161,000 per annum. We are of the opinion that the rent devalues to £121.20 Zone A, the lease benefiting from one remaining rent review on 14th March 2016.
COVENANT INFORMATION
Superdrug Stores Plc is rated as C (above average) by Equifax.
29/12/12£’000
31/12/11£’000
25/12/10£’000
Net Worth 106,905 124,652 133,384
Turnover 1,021,021 1,049,128 1,054,587
Pre Tax Profit -3,977 5,517 9,302
PL ANNING
We understand that the property is neither listed nor located within a conservation area.
VAT
We understand that the property is elected for VAT and therefore the sale will be by way of a TOGC.
EPC
An EPC for the property is available upon request.
58 WEEK STREET
MAIDSTONE
PROPOSAL
We have been instructed to seek offers in excess of £2,100,000 (Two Million One Hundred Thousand Pounds), subject to contract and exclusive of VAT for our client’s valuable freehold interest. A purchase at this price would show an investor a net initial yield of 7.25%, assuming normal purchaser’s costs of 5.8%.
FURTHER INFORMATION
For further information or to arrange a viewing, then please do not hesitate to contact:
Matthew CoatesLuke Blacker
020 7637 [email protected]@jacksoncriss.co.uk
SUBJECT TO CONTRACT
Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. March 2014 58 WEEK STREET
MAIDSTONE