159-161 HIGH STREET, MIDDLESEX UB8 1JY · Q1 2014 and currently stand at c. £200psf ZA. The most...
Transcript of 159-161 HIGH STREET, MIDDLESEX UB8 1JY · Q1 2014 and currently stand at c. £200psf ZA. The most...
UXBRIDGE 159-161 HIGH STREET, MIDDLESEX UB8 1JYPRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY
Indicative CGI proposals
159-161 HIGH STREET UXBRIDGE MIDDLESEX UB8 1JY
POTENTIAL DEVELOPMENT OPPORTUNITY
PRIME HIGH STREET RETAIL INVESTMENT
& DEVELOPMENT OPPORTUNITY
INVESTMENT HIGHLIGHTS> 100% prime retail position
> Located between Intu and The Pavilions Shopping Centres and 50m from Uxbridge Underground Station
> Fully let on FRI leases to Superdrug and SportsDirect.com
> WAULT of 2.25 years
> Terms agreed with Superdrug to extend their lease until August 2028 (tenant break option August 2024) at current passing rent
> Freehold
> Total area of 24,979 sq ft (2,320.69 sq m)
> Total current income of £408,000 per annum
POTENTIAL DEVELOPMENT OPPORTUNITY> The property is included in a proposed
Hillingdon Local Plan and we have been advised it would be suitable for redevelopment and conversion to residential. STP.
> Offers sought in excess of £6,950,000 (Six Million Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 5.5%.
LONDONHeathrow
LondonCity
Gatwick
Stansted
Luton
J27J25J23
J21
J20
J19
J16
J15
J12
J10
J7J8
J9
J6
J5
J3
J2
J29
J28
A5
A505
A418
A602A131
A130
A138
A130
A127
A217
A331
A339
A316
A309
A232
A264
A264
A229
A120
A404
A355
A404
A413
A4142
A4010
A414
A414
A414
A1
A3
A3
A41
A34
A40
A31
A24
A22
A10
A10
A12
A12
A13
A26
A21
A23
A23
A420
A303
A34
A34
A44
A40
M1
M4
M4
M2
M3
M3
M10
M40
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
DunstableStevenage
Hatfield
DartfordGravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Croydon
Romford
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
StaplehurstPaddock
Wood
East Grinstead
Crawley Three Bridges
Horley
Horsham
Witley
Godalming
Cranleigh
NorthHorsham
HaywardsHeath
Burgess Hill
RedhillDorkingGUILDFORD Reigate
Staines
HemelHempstead
Chesham
Berkhamsted St Albans
HighWycombe
Thame
Watford
Wembley
UXBRIDGE
Rickmansworth
BrentCross
Woking
Luton
Harefield
Harrow
Hampstead
Borehamwood
Enfield
Windsor
Slough
Aldershot
Alton
BASINGSTOKE
Famham
Fleet
Wokingham
Egham
Sandhurst
READING
OXFORD
Henley-on-Thames
Epsom
Swanley
Fulham
Ashford
RichmondHounslow
Brentwood
Southall
Billericay
Wickford
Stanford-le-Hope
Southend-on-SeaBenfleet
CanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
KingstonUpon Thames
Clapham
Harpenden
159-161 HIGH STREET UXBRIDGE MIDDLESEX UB8 1JY
LOCATION
Uxbridge is an affluent commuter town situated 18.5 miles (29.7 km) north west of Central London. Uxbridge is served by Uxbridge Underground Station (Piccadilly and Metropolitan Lines), with a journey time of 45 minutes to Central London.
The town benefits from strong road links with the A40/M40 (J1) to the north, the M4 (J4) to the south and the M25 to the West (J16). Uxbridge is within 5.6 miles (9 km) of Heathrow Airport which provides both domestic and international flights, with over 200,000 passengers arriving and departing each day.
Uxbridge Underground Station Piccadilly & Metropolitan Lines45 minutes to Central London
Heathrow Airport Domestic & International Flights5.6 miles (9 km)
PRIME HIGH STREET RETAIL INVESTMENT
& DEVELOPMENT OPPORTUNITY
BUS STATION CAPITAL COURT
CHARTER PLACE
HIGH STREET
PAVILIONS SHOPPING CENTRE
INTU SHOPPING CENTRE
BELMONT HOUSE(Grade A Office Development)
HARMAN HOUSE
(COCA-COLA HQ)
NORWICH UNION HOUSE(Residential Development)
UXBRIDGE STATION
SUBJECT PROPERTY
Outline for identification purposes only.
159-161 HIGH STREET UXBRIDGE MIDDLESEX UB8 1JY
SITUATION
The subject property is situated in a prominent position within the pedestrianised section of Uxbridge High Street in the 100% prime pitch. The property is situated adjacent to both Uxbridge Underground and Uxbridge Bus stations as well as being centrally located between The Pavilions and Intu Uxbridge shopping centres which form the town’s principal retail destinations. The rear of the property fronts onto Bakers Road which provides direct access to both Uxbridge’s underground and bus stations.
Retailers in immediate proximity to the subject premises include:
UNDER
CONSTRUCTION
PRIME HIGH STREET RETAIL INVESTMENT
& DEVELOPMENT OPPORTUNITY
© Crown Copyright, ES 100004106. For identification purposes only.
DEMOGRAPHICS
Uxbridge has a primary catchment area of 359,000 with an estimated shopping population of 220,000 and a 2.15m catchment population within a 30 minute drive. The town is forecast to see significant population growth over the next 5 years. This is boosted by large office and student populations accounting for approximately 40,000 office workers and 25,000 students. The highly regarded Brunel University and Uxbridge College are situated 1.5 miles (2.4 km) south and 0.5 miles (0.8 km) east of the town centre.
Uxbridge has an affluent catchment with over 56% of the population categorised in the AB and C1 social groups and over 77% of households own at least one car.
Heathrow is located 8 miles (12.8 km) south of Uxbridge and is the UK’s busiest airport which is an important driver of the regional economy. There are plans for an extension at Heathrow which if progressed is reported by the Airports Commission to add £147bn in economic growth and 70,000 jobs by 2050.
RETAILING IN UXBRIDGE
Uxbridge town centre has excellent provision of multiple retailers which was significantly enhanced in 2001 with the opening of the Intu Shopping centre. The Intu shopping centre is anchored by Debenhams and BHS and where the majority of the towns key fashion retailers are located. Notable retailers include: Monsoon, Top shop, New Look and Gap. Uxbridge has a total retail area of approximately 900,000 sq ft reflecting a low supply relative to its shopping population and wider catchment.
The Town has a low vacancy rate standing at approximately 6.8%. The majority of available accommodation is situated off the High Street within secondary locations on the fringes of the town centre.
Zone A prime rents have increased by approximately £25psf since Q1 2014 and currently stand at c. £200psf ZA. The most recent lettings in Uxbridge have been highlighted below:
Date Address Tenant ITZA/PSF
June 2015 214 Upper Mall, Intu Beauty Base £205
May 2015 223-224, Upper Mall, Intu Frankie & Benny’s £200
April 2015 205 Upper Mall, Intu Holland & Barrett £200
June 2014 162-163, High Street Five Guys £28.70
159-161 HIGH STREET UXBRIDGE MIDDLESEX UB8 1JY
ACCOMMODATION
The property provides the following areas:
UNIT 1 - SUPERDRUG STORES PLC
Area sq m Area sq ft
Ground floor sales 538.10 5,792
Ground floor ancillary 105.24 1,133
Mezzanine accommodation 157.15 1,691
Total area 800.49 8,616
ITZA 169.38 1,823
DESCRIPTION
The property comprises a mid-terrace building arranged over ground and three upper floors split into two separate retail units. Both units benefit from rear ground floor access to Baker Road adjacent to Uxbridge Bus and Underground stations.
UNIT 1 - Comprises a ground floor retail unit with storage and office accommodation to the rear providing access to a raised level with further office, storage and W/C facilities. The unit has a shop depth of approximately 37.5 m (404 ft) with a goods lift allowing access from the ground floor to the raised floor level.
UNIT 2 - Comprises a four storey retail unit with a ground level entrance foyer providing primary access to the upper floors from the High Street. The first and second floors comprise open plan retail accommodation with a shop depth of approximately 35.5m (382.1 ft). To the rear of the first and second floors is ancillary storage and office areas with W/C facilities. The fourth floor comprises further ancillary, office and staff areas located to the rear of the unit. The fifth floor provides access to the flat roof over part fifth and fourth floor levels. The roof areas extend to approximately 600 sq m (6,458 sq ft).
UNIT 2 - SPORTSDIRECT.COM RETAIL LTD
Area sq m Area sq ft
Ground floor entrance 32.45 349
First floor sales 611.50 6,582
First floor ancillary 40.72 438
Second floor sales 563.25 6,062
Second floor ancillary 123.73 1,332
Third floor ancillary 120.51 1,297
Staff accommodation 28.04 302
Total area 1,520.21 16,362
PRIME HIGH STREET RETAIL INVESTMENT
& DEVELOPMENT OPPORTUNITY
*Rent reviews outstanding.**Terms agreed with Superdrug to extend their lease by 10 years from lease expiry (tenant break option August 2024) at current passing rent with 7.5 months rent free incentive.
TENANCY SCHEDULE
Unit Tenant Lease Start Rent Review
Area sq ft (sq m)
Lease Expiry (breaks)
Rent (ITZA/Psf)
1 Superdrug Stores Plc** 24/08/1998 24/08/2013* 8,616 (800.49)
23/08/2018 £225,000 (£123)
2 SportsDirect.com Retail Limited
29/09/1998 28/09/2013* 16,363 (1,520.21)
28/09/2018 £183,000 (£11.18)
SportsDirect.com Retail Limited D&B Rating 5A 1
Formed in 1982 as a single store in Maidenhead, SportsDirect has now expanded to become the UK’s leading sports retailer by revenue and operating profit. SportsDirect has 420 sports stores in the UK. The business produces the following headline accounts over the last 3 years:
26 April 2015 27 April 2014 28 April 2013
Turnover £2,074,126,000 £1,864,930,000 £1,677,368,000
Pre-Tax Profit £262,929,000 £202,660,000 £178,631,000
Total Net Worth £872,400,000 £665,649,000 £489,515,000
COVENANT
Superdrug Stores Plc D&B Rating 5A 1
Formed in the 1960’s Superdrug is the second largest health and beauty retailer in the UK with over 900 stores and plans for future expansion. The business produced the following headline accounts over the last 3 years:
27 Dec 2014 28 Dec 2013 29 Dec 2012
Turnover £1,058,047,000 £1,010,212,000 £1,021,021,000
Pre-Tax Profit £38,044,000 £1,010,212,000 (£3,977,000)
Total Net Worth £138,513,000 £122,235,000 £106,905,000
159-161 HIGH STREET UXBRIDGE MIDDLESEX UB8 1JY
54
eet
nt Road
Retail
Retail
Retail
Retail
Market
HouseBakers
28
House
House
29 M
arket
High Street
Baker's Road
Railway Station
Subject Property
Offices
148-154 High Street / 25-30 Bakers Road
Poundland
Retail
Railway Station
Retail
0m 10m 20m 30m
54
52a
52
Retail
Retail
53
Frie
nds
Wal
k
Market
HouseBakers
28
House
House28 Market
House29 Marke
t
High Street
Baker's Road
Railway Station
Retail
Offices
Retail
Offices
Railway Station
RetailRetail
0m 10m 20m 30m
For identification purposes only.
DEVELOPMENT POTENTIAL
The property and the sites to the north have been identified within the proposed Hillingdon Local Plan 2 (page 83) as suitable for high density residential-led mixed use development. Plans being considered are at early stages on 148-154 High Street/25-30 Bakers Road for a mixed use scheme incorporating 260 residential units, gym, social spaces and rooftop gardens. The possible scheme will include new retail units on the High Street and a residential tower at the north-east corner.
The Hillingdon local authority policy document refers to the site as follows:
“148-154 High Street / 25-30 Bakers Road (WH Smith), Uxbridge - The site is located at the junction of High Street Uxbridge and Bakers Road, within the designated Uxbridge Town Centre boundary and lies adjacent to the Old Uxbridge Windsor Street Conservation Area. The site is considered suitable for retail residential-led mixed use redevelopment with residential use on the upper floors, subject to the following criteria:
• Provision of upper floor residential units, which must include affordable housing and an appropriate mix of units, provided in accordance with Council standards. Other main town centre uses, such as leisure uses, may be acceptable on upper floors;
• Retention of ground floor retail uses fronting onto the High Street and provision of main town centre uses, providing active frontages onto Bakers Road and Belmont Road;
• The redevelopment should enhance the pedestrian thoroughfare of Cock’s Yard linking Uxbridge Town Centre and the Bus Interchange;
• Amenity space and car parking should be provided in accordance with the Council’s standards; policies in the Council’s Development Management Policies document; The redevelopment should sustain and enhance the significance of the adjacent Conservation Area and its setting;
The Council will expect redevelopment proposals to reflect the scale and character of the surrounding townscape and have regard to the setting of the nearby Conservation Area and Listed Buildings. Whilst the London Plan density guidance indicates a development potential of up to 120 units, capacity on this site should be led by high quality design, taking account of the site’s prominent location.
Proposals should provide scope to incorporate the redevelopment of the land to the south of the site (identified in blue on the site plan), extending from Cock’s Yard to the Uxbridge Underground Station, in accordance with the principles set out in this policy.”
Bakers Road, due to its prominent location opposite the Uxbridge Underground and Bus Station has undergone intensive development in recent years including a ten storey Travelodge hotel. Buildings currently under development include Norwich Union House, a nine storey mixed use scheme and Belmont House a 125,950 sq ft grade A office building on the corner of Bakers Road and Belmont Road.
Our client has commissioned a planning report and indicative drawings outlining a potential scheme which are available on request. Any redevelopment would be subject to obtaining the necessary consents.
Further information is also available on www.hillingdon.gov.uk/lpp2
Local authority identification plan:
SITE AREA
The site equates to approximately 0.31 of acre and has a total depth of 235 ft and width of 60 ft widening to 75 ft at the rear of the site.
*all areas are taken from Pro Map and are approximate.
PRIME HIGH STREET RETAIL INVESTMENT
& DEVELOPMENT OPPORTUNITY
Indicative CGI proposals
UXBRIDGE PROPOSAL
Offers sought in excess of £6,950,000 (Six Million Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 5.5%.
Receiver Caveat:
The property is being marketed for sale on behalf of Joint LPA Receivers (acting as agent for the registered proprietors of the property) and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability.
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. Design: CommandD www.commandHQ.co.uk 05.16
TENURE
Freehold.
VATThe property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern (TOGC).
EPCEPCs are available upon request.
DATAROOMFurther information is provided in the dataroom. For access please register on the following website www.highstreetuxbridge.com.
For further information or to make arrangements for viewing please contact:
Mark Dansky020 7543 [email protected]
Jeremy Hodgson020 7543 [email protected]
James Hood020 7344 [email protected]
James Salmon020 7543 [email protected]
Roseanna Eden 020 7543 [email protected]
National Investment
Residential Investment & Development