east grinstead - allsop.co.uk · misrepresentation act: 1. allsop llp on its own behalf and on...

EAST GRINSTEADPOUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG

HIGH STREET RETAIL INVESTMENT OPPORTUNITY


INVESTMENT CONSIDERATIONS

• EastGrinsteadisapopularaffluentsoutheastcommutertown

• ExcellentcommunicationsbeingsituatedontheA22andregulardirecttrains toLondonVictoria

• Substantialtowncentreretailunitstotalling1,677.3sqm(18,057sqft)

• LettothestrongcovenantsofPoundlandLimitedandPoundstretcherLimited

• AWULTof6.84yearstoexpiry

• Freehold

• Poundlandhaverecentlyextendedtheirlease

• Passingrentof£185,000perannum

• Potentialfutureredevelopmentoftheupperfloors(subjecttoplanning)

• Offersaresoughtinexcessof£2,700,000 (Two Million Seven Hundred Thousand Pounds) subjecttocontractandexclusiveofVAT.Apurchaseatthislevelwouldreflect anattractivenetinitialyieldof6.44%afterallowingforpurchaser’scostsof6.41%.

EAST GRINSTEADPOUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY

129.8m

TCB

24

2

Swan

Court

82

1

9

1

28

5

13

3

Hall

5to

11

Cross

West StreetBaptistChurch

11

3

119713

126.2m

Walk

Queen's

RICES HILL

15

30

5B

13

26

7

4

1

Norman

s Garden

s

18

14

21

29

38

8

30

10

19

20

35to

31

17

22to

26

36

Red

Phoenix House

Centurion House

36

23

StagHouse

11a

11d

11c

0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:970

LOCATION

East Grinstead is an affluent and attractive market town located in West Sussex approximately 27 miles (43 km) south of London, 21 miles (34 km) north of Brighton and 14.6 miles (23.5 km) west of Royal Tunbridge Wells.

The town benefits from strong transport communications being situated on the A22 which provides direct access to London to the north and Brighton to the south. The M23 can be accessed via Junction 10, 9.7 miles (15.6 km) to the west which provides direct access to the M25 (Junction 7).

East Grinstead station provides direct trains to London Victoria with a quickest journey time of 55 minutes.

Gatwick airport is the UK’s second busiest airport and is located approximately 7 miles to the west.

Heathrow

LondonCity

Gatwick

StanstedLuton

J27J25J23

J21

J20

J19

J16

J15

J12

J10

J7J8

J9

J6

J5

J3

J2

J29

J28

A5

A505

A418

A602A131A130

A138

A130

A127

A217

A331

A322

A339

A316

A309

A232

A264

A264

A229

A120

A404

A355

A404

A413

A4142

A4010

A414

A414

A414

A1

A2

A3

A3

A41

A34

A40

A31

A24

A22

A22

A21

A20

A10

A10

A12

A12

A13

A26

A21

A24

A23

A23

A420

A303

A34

A34

A44

A40

M1

M4

M4

M2

M3

M3

M10

M40

A404(M)

A329(M)

M25

M25

M25

M25

M25

M25

M23

M26

M20

M20

M11

M11

A1(M)

M1

Harlow

Bishop’sStortford

EppingPotters Bar

Knebworth

Hertford

Aylesbury

Dunstable Stevenage

Hatfield

Dartford

Bromley

Gravesend

Gillingham

Shoreham

Rochester

Sittingbourne

Biggin Hill

Romford

Sevenoaks

Tonbridge

RoyalTunbridge

Wells

Maidstone

Snodland

Sheerness

StaplehurstPaddock

Wood

EAST GRINSTEADEAST GRINSTEADCrawley Three Bridges

Horley

Horsham

Witley

Godalming

Cranleigh

NorthHorsham

HaywardsHeath

Burgess Hill

Redhill

Oxted

DorkingGUILDFORD Reigate

Staines

Slough

HemelHempstead

Chesham

Berkhamsted St Albans

HighWycombe

Thame

Watford

WembleyUxbridge

Ruislip

Rickmansworth

BrentCross

Woking

SouthOxney

HarefieldHarrow

Borehamwood

Enfield

Windsor

Famborough

Aldershot

Alton

BASINGSTOKE

Famham

Fleet

WokinghamBracknall

Egham

Ascot

SandhurstBagshot

READING

OXFORD

Henley-on-ThamesMaidenhead

EpsomSutton

Swanley

Fulham

Ashford

Richmond

KingstonUpon Thames

Hounslow

Southall

BillericayWickford

Stanford-le-Hope

Southend-on-SeaBenfleetCanveyIsland

Brentwood

Chelmsford

ChippingOngar

Basildon

Welwyn GardenCity

Walton-on-Thames

Clapham

Harpenden

Croydon

© Crown Copyright, ES 100004106. For identification purposes only.

RETAILING IN EAST GRINSTEAD

East Grinstead benefits from a large provision of multiple retailers which are attracted to the town by the excellent transport communications, affluent demographic and the attractive surroundings of the town centre.

The town currently has a total retail floor space of approximately 380,000 sq ft with a significant proportion of this situated along London Road. London Road forms the prime A1 retailing location in the town benefiting from direct access to the town centres main car parking facility and a strong supply of attractive glass fronted retail accommodation. This has led to a number of national retailers taking occupation on London Road including; Toni & Guy, Holland and Barratt, WH Smiths, Fat Face, Costa and Boots, amongst others.

The main A3 offering in the town is situated along the High Street with occupiers including; Prezzo, Caffé Nero, Pizza Express and numerous local occupiers. Queens Walk is a covered pedestrianised mall located adjacent to the subject property, which connects London Road to the town’s main car park opposite Waitrose. There are currently plans to re-develop this area to provide a large mixed residential and retail scheme with landscaped public space.

50 metres

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

East Grinstead

Experian Goad Plan Created: 22/09/2016Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crowncopyright and database rights 2016. OS 100019885

NAIL SALON

POUNDLAND

DISCOUNT STO

RE

GOOD & GREEN


Shaded area shows the planned redevelopment of Queens Walk and Martells Department Store.

© Crown Copyright, ES 100004106. For identification purposes only.

SITUATION

The Poundland unit, fronting London Road, is located on the prime pitch in East Grinstead adjacent to Queens Walk and benefits from a prominent street frontage. The Poundstretcher unit is situated to the rear of the Poundland store in the covered walkway, Queens Walk, which provides access to the town’s main car park.

There are numerous national retailers in the immediate proximity including WHSmith, Holland & Barrett, Boots, Costa, HSBC, Natwest and Clarks shoes, amongst others.

There are currently plans to redevelop the site immediately adjacent on Queens Walk. The scheme will deliver approximately 17,500 sq ft of new retail accommodation and approximately 130 residential apartments.

DESCRIPTIONThe property is of brick construction and provides two retail units arranged over ground and first floors.

22-26 London Road is occupied by Poundland and provides a ground floor retail unit with a prominent frontage to London Road. The property benefits from substantial storage and ancillary accommodation at first floor level as well as a loading bay which is accessed through the yard to the rear of the property which can be accessed off West Street.

1 Queens Walk is occupied by Poundstretcher and provides a ground floor retail unit with two entrances on to the covered walkway, Queens Walk, which provides access from the towns main car park to London Road. The unit also benefits from storage and ancillary accommodation at the first floor level as well as a loading bay which is accessed from the yard to the rear of the unit.


TENANCY

Unit Tenant Area sqm

Area sqft

Start Date

Expiry Date

Review Date

Passing Rent

Rent ITZA

Comments

22-26 London Road

Poundland Limited

GF Retail 388.7 4,184 27/11/2009 26/11/2024 28/11/2019 £125,000 £44.16 Poundland recently regeared their lease taking a reversionary lease for a further 5 years until 26/11/2024.

Poundland will benefit from 3 months rent free 27/11/19 - 27/02/2020.

ITZA 217.5 2,342

FF Storage 667.9 7,190

Total 1,056.6 11,376

1 Queens Walk Poundstretcher Limited

GF Retail 405.4 4,364 28/10/2010 27/10/2020 £60,000 £27.02

ITZA 182.4 1,963

FF Storage 215.3 2,317

Total 620.7 6,681

1,677.3 18,057 £185,000

TENURE

Freehold

COVENANT INFORMATION

Poundland Limited

The£55macquisitionof99pStoresLtdbyPoundlandaddedanadditional 251storestothePoundlandportfoliobringingthetotaltoaround800stores intheUKandacompanywithamarketcapitalisationofalmost£600m.

29/03/2015 30/03/2014 31/03/2013

Turnover £1,111,526,000 £997,803,000 £880,491,000

Pre-Tax Profit £45,922,000 £41,017,000 £34,313,000

Total Net Worth £93,866,000 £96,235,000 £119,042,000

Poundstretcher Limited

Establishedin1981PoundstretcherisoneoftheUK’sleadingvarietydiscountretailerwithover400storesnationwideandemployingover6,000peoplenationwide.

31/03/2015 31/03/2014 31/03/2013

Turnover £438,325,000 £395,360,000 £367,984,000

Pre-Tax Profit £2,835,000 £1,347,000 (£3,685,000)

Total Net Worth £16,829,000 (£3,361,000) (£4,708,000)

AndyPointon020 7543 [email protected]

Forfurtherinformationortomakearrangementsforviewingpleasecontact:

RichardLea020 7543 [email protected]

JonathanButcher020 7543 [email protected] www.allsop.co.uk

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. 09.16


EPCThepropertyhasan EPCratingofD(82).

VATThepropertyhasbeenelectedfor VATandthereforeitisanticipated thatthesalewillbetreatedasaTransferofaGoingConcern(TOGC).

PROPOSAL

Offersaresoughtinexcessof£2,700,000 (Two Million Seven Hundred Thousand Pounds)subjecttocontractandexclusiveofVAT.Apurchaseatthislevelwouldreflectanattractivenetinitialyieldof6.44%afterallowingforpurchaser’scostsof6.41%.

east grinstead - allsop.co.uk · misrepresentation act: 1. allsop llp on its own behalf and on...

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