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 859oliver.horton@gcw.co.uk

Caryl HowellT: 020 7647 4827M: 07814 418 192caryl.howell@gcw.co.uk

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.