INVESTMENT OF CLINTONS CARDS 42 High Street, Newport IW ...
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INVESTMENT OF CLINTONS CARDS 42 High Street, Newport IW PO30 1SE 222358 CHARTERED SURVEYORS COMMERCIAL PROPERTY AGENTS RETAIL INDUSTRIAL OFFICE INVESTMENT BUSINESS TRANSFER DEVELOPMENT LAND MANAGEMENT RENT REVIEWS LEASE RENEWALS VALUATIONS ARBITRATION ACQUISITIONS EXPERT WITNESS HISTORIC BUILDINGS CONSULTANCY DIRECTORS NICK BUCKLE BSc(Hons) MRICS GAVIN CHAMBERS BA(Hons) GRANT HIGGS JAMIE WHITTLE BSc(Hons) PgDipSurv MRICS SHAUN WOOLFORD MBA BSc(Hons) Dip Proj Man MRICS REGISTERED OFFICE 62 High Street, Newport, Isle of Wight PO30 1BA Registered in England and Wales No. 6477562 Vat No. 928 0215 39 62 HIGH STREET NEWPORT ISLE OF WIGHT PO30 1BA TEL 01983 822555 ___________________ MERRITTS FARM WHITE HORSE LANE WATERLOOVILLE PO7 6QL TEL 02392 257224 ___________________ EMAIL [email protected] www.gullyhoward.com PRIME HIGH STREET RETAIL INVESTMENT Well located Freehold retail investment in a prime pitch in the centre of the Island's County Town Ground Floor 269.5 sq.m (2,901 sq.ft). Main retail area equates to 106 sq.m (1,140 sq.ft) ITZA Let on Reversionary 5 year FRI Lease at current passing rent of £75,000 p.a. Freehold Investment For Sale at offers "in the region of" £875,000 Net initial yield 8.12% LOCATION Located in the centre of the County Town and commercial and administrative centre of the Island, Newport is able to draw from the total population of circa 140,000, considerably boosted by large numbers of visitors estimated at around 2.3 million per year. There is a weekly Farmer's market in St Thomas Square around the corner from the property, home to many eateries with outdoor seating attracting large numbers of Islanders and visitors alike to enjoy the cospmolitan atmosphere it creates. The town also boasts a cinema complex on Coppins Bridge and has excellent road and transport links to the rest of the Island with the main bus interchange located in the heart of the South Street Retail Park a few minutes away. This provides excellent links to the passenger ferries from Southampton and Portsmouth bringing thousands of day trippers over to the Island each year. DESCRIPTION The property benefits from a large frontage of circa 8.6 metres (28 feet) to the prime area of Newport High Street and the accommodation is arranged over 4 floors with the retail area being on the Ground Floor. The upper 3 floors provide staff accommodation/facilities, office and storage with access off the High Street. Ground Floor The Ground Floor area runs to a total of 269.5 sq.m (2,901 sq.ft) with the main retail area equating to 106 sq.m (1,140 st.ft) in terms of Zone A. Upper Floors The upper floors provide plenty of storage, together with staff accommodation/facilities and office space. The first floor runs to a total of circa 50.5 sq.m (544 sq.ft), the second floor to circa 60.5 sq.m (651 sq.ft) and the third floor circa 24.5 sq.m (264 sq. ft). COVENANT STRENGTH Founded in 1968 Clinton Card's 397 stores were purchased by American Greetings in June 2012, with 360 stores trading in the UK. Turnover to 28 January 2017 is reported as £201,222,000 and at £188,791,000 to 27 January 2018 with pre-tax profits for 2017 at (£19,442,000) and (14,270,000) for 2018.
Transcript of INVESTMENT OF CLINTONS CARDS 42 High Street, Newport IW ...
INVESTMENT OF CLINTONS CARDS42 High Street, Newport IW PO30 1SE 222358
CHARTERED SURVEYORSCOMMERCIAL PROPERTY AGENTS
RETAIL
INDUSTRIAL
OFFICE
INVESTMENT
BUSINESS TRANSFER
DEVELOPMENT LAND
MANAGEMENT
RENT REVIEWS
LEASE RENEWALS
VALUATIONS
ARBITRATION
ACQUISITIONS
EXPERT WITNESS
HISTORIC BUILDINGS
CONSULTANCY
DIRECTORS
NICK BUCKLE BSc(Hons) MRICS
GAVIN CHAMBERS BA(Hons)
GRANT HIGGS
JAMIE WHITTLE BSc(Hons) PgDipSurv MRICS
SHAUN WOOLFORD MBA BSc(Hons) Dip Proj Man MRICS
REGISTERED OFFICE
62 High Street, Newport, Isle of Wight PO30 1BA
Registered in England and Wales No. 6477562
Vat No. 928 0215 39
62 HIGH STREET NEWPORTISLE OF WIGHT PO30 1BA
TEL 01983 822555___________________
MERRITTS FARM
WHITE HORSE LANE
WATERLOOVILLE PO7 6QL
TEL 02392 257224___________________
EMAIL [email protected]
www.gullyhoward.com
PRIME HIGH STREET RETAIL INVESTMENT
Well located Freehold retail investment in aprime pitch in the centre of the Island'sCounty TownGround Floor 269.5 sq.m (2,901 sq.ft). Mainretail area equates to 106 sq.m (1,140 sq.ft)ITZALet on Reversionary 5 year FRI Lease atcurrent passing rent of £75,000 p.a.Freehold Investment For Sale at offers "in theregion of" £875,000 Net initial yield 8.12%
LOCATIONLocated in the centre of the County Town and commercial and administrative centre of the Island,Newport is able to draw from the total population of circa 140,000, considerably boosted by largenumbers of visitors estimated at around 2.3 million per year. There is a weekly Farmer's market in StThomas Square around the corner from the property, home to many eateries with outdoor seatingattracting large numbers of Islanders and visitors alike to enjoy the cospmolitan atmosphere itcreates. The town also boasts a cinema complex on Coppins Bridge and has excellent road andtransport links to the rest of the Island with the main bus interchange located in the heart of the South Street Retail Park a few minutes away. This provides excellent links to the passenger ferries fromSouthampton and Portsmouth bringing thousands of day trippers over to the Island each year.DESCRIPTIONThe property benefits from a large frontage of circa 8.6 metres (28 feet) to the prime area of NewportHigh Street and the accommodation is arranged over 4 floors with the retail area being on the GroundFloor. The upper 3 floors provide staff accommodation/facilities, office and storage with access offthe High Street. Ground FloorThe Ground Floor area runs to a total of 269.5 sq.m (2,901 sq.ft) with the main retail area equating to106 sq.m (1,140 st.ft) in terms of Zone A. Upper FloorsThe upper floors provide plenty of storage, together with staff accommodation/facilities and officespace. The first floor runs to a total of circa 50.5 sq.m (544 sq.ft), the second floor to circa 60.5 sq.m(651 sq.ft) and the third floor circa 24.5 sq.m (264 sq. ft).COVENANT STRENGTHFounded in 1968 Clinton Card's 397 stores were purchased by American Greetings in June 2012,with 360 stores trading in the UK. Turnover to 28 January 2017 is reported as £201,222,000 and at£188,791,000 to 27 January 2018 with pre-tax profits for 2017 at (£19,442,000) and (14,270,000) for2018.
TENANCY
Let to A G Retail Cards Limited, trading as Clintons, on a 5 year reversionary FR&I lease from 22nd December 2018. Current passing rent £75,000 per annum TERMSThe entire property is offered for sale as a Freehold Investment at offers "in the region of" £875,000 subject to contract and exclusive ofVAT. This reflects a net initial yield of 8.12%.VATThe property is registered for VAT and therefore VAT will be charged on the overall sale price. A sale by way of TOGC will be consideredsubject to purchasers supplying the necessary clearances.ADDITIONAL INFORMATIONThe property has an overall EPC rating of Band DThe property has a Rateable Value of £68,000 with the multiplier for 2018/2019 currently set at £0.493p.VIEWINGStrictly by appointment with joint sole agents Gully Howard Commercial Property, Suite 11 Salisbury Gardens, Dudley Road, Ventnor PO381EJ. Call Gavin Chambers or Morgan Williams on 01983 301434. E: [email protected] or [email protected]
Whilst these particulars are believed to be correct neither the agent nor the clients guarantee accuracy nor are they intended to form part of any contract. We have not carried out any survey. All offers are subject to formal contract. Interested parties must satisfy themselves independently as to VAT in respectof any transaction. Gully Howard Chartered Surveyors and staff are not able to give any warranty or representation in connection with this property andhave not tested any plant, purchasers must satisfy themselves as to its condition. Plans are shown not to scale and for identification only, dimensions areapproximate and location plans may not show all current occupiers.
