PEASCOD STREET & HIGH STREET WINDSOR · 2019-07-11 · Windsor Castle, Windsor Great Park, Legoland...
Transcript of PEASCOD STREET & HIGH STREET WINDSOR · 2019-07-11 · Windsor Castle, Windsor Great Park, Legoland...
PEASCOD STREET & HIGH STREET
WINDSOR
PRIME HIGH STREET INVESTMENT WITH RESIDENTIAL UPPERS
INVESTMENT SUMMARY• Prime retailing position.• Fully let with a WAULT to break of 6 years
7 months, and WAULT to expiry of 9 years, producing an income of £239,940 per annum.
• Windsor is recognised as being within the UK’s top 10 most affluent towns.
• Over 195,000 weekly footfall.• Freehold.• Offers are sought in excess of £4,165,000
(Four Million One Hundred and Sixty Five Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 5.5% on the retail and a capital value of £250,000 on the residential flat, after allowing for purchaser’s costs at 6.53%.
PEASCOD STREET & HIGH STREET
WINDSOR
LOCATIONWindsor is a historic market town located within the Royal Borough of Windsor and Maidenhead. It is located 24 miles west of Central London, 20 miles east of Reading and 6 miles south east of Maidenhead. The town is one of the UK’s leading tourist destinations with sites including Windsor Castle, Windsor Great Park, Legoland and the nearby Ascot Racecourse as well as being home to Eton College.
The town benefits from excellent communication links with Junction 6 of the M4, 2 miles north of the centre which closely intersects with Junction 15 of the M25 and Heathrow Airport. The town is served by Winsor & Eton Central and Windsor & Eton Riverside stations, both providing frequent services to London Waterloo and Paddington.
PEASCOD STREET & HIGH STREET
WINDSOR
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
A2
A3
A3
A41
A34
A40
A31
A24
A22
A21
A20
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
Epping
Knebworth
Hertford
Aylesbury
Dunstable Stevenage
Hatfield
DartfordGravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Romford
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
StaplehurstPaddock
Wood
HaywardsHeath
Burgess Hill
GUILDFORD
HemelHempstead
Berkhamsted St AlbansThame
Luton
WINDSOR
BASINGSTOKE
READING
OXFORD
Swanley
BillericayWickford
Stanford-le-Hope
Southend-on-SeaBenfleetCanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Harpenden
RETAILINGWindsor has an estimated 630,000 sq ft of retail accommodation centred on the pedestrianised Peascod Street and adjacent is the Royal Windsor Shopping Centre, comprising the Windsor & Eton Central Station, and Windsor Yard Shopping Centre.
The subject properties are located at the junction of Peascod Street, and High Street, in close proximity to Windsor Castle. The subject pitch is recognised as prime pitch where there are a number of mulit-national occupiers in occupation such as M&S, Boots, White Stuff, Starbucks Coffee, Barbour, and Krispy Kreme.
PEASCOD STREET & HIGH STREET
WINDSOR
DEMOGRAPHICSWindsor has a retail catchment of over 300,000 people and is ranked within the UK’s top 10 most affluent catchments. This is reflected in its per capital retail spending levels which are significantly above the UK average and population categorised within the most affluent AB social group. This stands at 37% compared to the UK average of 22% and including AB/C1 rises to 71%.
Windsor attracts 7.6 million visitors a year, from both the UK and overseas. In 2017, tourism generated approximately £441.8m on trips to Windsor and Maidenhead, and approximately £420.1m directly benefited local businesses (Source: www.windsor.gov.uk).
The high retail catchment coupled with the high number of tourists results in a footfall in excess of 195,000 people.
DESCRIPTION AND ACCOMMODATIONThe freehold ownership includes four retail units, three of which have glazed frontages onto Peascod Street, and the other unit is prominently located on High Street, diagonally opposite the Castle. In addition, there is a two storey maisonette above unit 5 Peascod Street.
The subject units provide the following approximate NIA floor areas:
UNIT USE SIZE (SQ M)
SIZE (SQ FT)
ITZA (SQ FT UNITS)
2-3 Peascod Street
Ground Floor Sales 119.93 1,291 691
First Floor Ancillary 5.46 59
Second Floor Ancillary 90.15 970
4 Peascod Street
Ground Floor Sales 31.95 344 344
First Floor Ancillary 27.48 296
Second Floor Ancillary 25.70 277
5 Peascod Street
Ground Floor Sales 26.66 287 262
Ground Floor Ancillary 3.71 40
Basement Ancillary 20.97 225
26 High Street
Ground Floor Sales 91.42 984 533
Basement 51.65 556
First Floor Office 42.92 462
Second Floor 48.59 523
Third Floor 47.44 403
5a Peascod Street Top Floor Maisonette 52.00 560
PEASCOD STREET & HIGH STREET
WINDSOR
Address Tenant Accommodation Lease Start Lease Expiry Tenant Break Passing Rent (pa) Incentive
2-3 Peascod Street
Seasalt Ground, first, and second floors
12/18 12/28 n/a £85,000 12 months’ rent free
4 Peascod Street Eurochange Basement, ground, first, and second floors
12/18 12/28 12/23 £38,000 6 months’ rent free
5 Peascod Street Raj’s 59 Ground floor 03/15 03/25 n/a £35,000 n/a
5A Peascod Street
Private tenant Top floor maisonette 08/18 08/19 n/a £10,440 n/a
26 High Street WDFG Ltd t/a Glorious Britain
Basement, ground, first, second, and third floors
06/18 06/28 06/23 £71,500 3 months’ rent free (if break not exercised)
PEASCOD STREET & HIGH STREET
WINDSOR
TENANCY The property provides an attractive WAULT to break of 6 years 7 months, and WAULT to expiry of 9 years, and a total income of £239,940 per annum.
*The outstanding rent free is to be topped up by the vendor.
COVENANT INFORMATION
Seasalt Ltd (Company no. 02259954)
Year Turnover Pre-tax Profit Shareholder’s Funds Creditsafe Rating
27/01/2018 £51,088,502 £367,884 £9,462,858 C45
Ultra Value Ltd t/a Raj’s 59 (Company number. 07677332)
Year Turnover Pre-tax Profit Shareholder’s Funds Creditsafe Rating
30/06/2018 - - £36,515 B62
Eurochange Limited (Company co. 02519424)
Year Turnover Pre-tax Profit Shareholder’s Funds Creditsafe Rating
30/06/2018 £37,386,000 £10,293,000 £29,975,000 A79
WDFG Ltd (Company no. 02872512)
Year Turnover Pre-tax Profit Shareholder’s Funds Creditsafe Rating
31/12/2017 £1,015,630,000 £153,323,000 £150,624,000 A79
PEASCOD STREET & HIGH STREET
WINDSOR
MISREPRESENTATION NOTICE. Avison Young hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent Avison Young is in this brochure is provided on the following conditions:(1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract.(2) All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct.
However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise.(3) No person in the employment of Avison Young, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure.(4) All prices quoted are exclusive of VAT.(5) Avison Young shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by Avison Young. Design: CommandD www.commandHQ.co.uk May 2019.
Avison Young UK LLP22 Ganton Street, Soho, London W1F 7FD
Avison Young is the trading name of GVA Grimley Limited. ©2019 GVA Grimley Limited
Lewis Sinclair 0207 911 2913
Jessica Hawes 0207 911 2409
www.avisonyoung.co.uk
EPC2-3 Peascod Street – D79, 4 Peascod Street - C73,
5 Peascod Street - C70, 26 High Street - C73, 5a Peascod Street – F34
VATThe properties are elected for VAT. It is anticipated that the sale will be
structured as a Trade of Going Concern (TOGC).
DATA ROOMThe data room is available upon request.
WEBSITEwww2.avisonyoung.co.uk/14998
PROPOSALOffers are sought in excess of £4,165,000 (Four Million One Hundred and Sixty Five Thousand Pounds) for the freehold interest,
subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 5.5% on the retail and a capital value of £250,000 on the residential flat, after allowing for purchaser’s costs at 6.53%.