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The George Centre High Street, Grantham, Lincolnshire Ng31 6Lh

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The George Centre High Street, Grantham, Lincolnshire Ng31 6Lh THE GEORGE CENTRE HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH INVESTMENT CONSIDERATIONS ■ Grantham is an attractive and historic market town with a journey time to London ■ Freehold of 1 hour ■ Various asset management opportunities including the potential to increase ■ Busy covered shopping centre in the heart of Grantham income through letting vacant units ■ Grantham is a fast growing town with plans in place to construct 3,700 new homes ■ Our client is seeking offers in excess of £2,850,000 (Two Million Eight Hundred and Fifty Pounds) ■ Multi-let Shopping Centre with additional office accommodation producing a total subject to contract and exclusive of VAT. A purchase at this level 12.1% 11.0% passing rent of £367,001 p.a. and a potential reversion to £488,385 p.a. fully let would reflect an attractive net initial yield of and a triple net yield of and a potential reversionary yield of 16.1% after allowing for purchasers costs of 6.3%. ST WULFRAM’S G CHURCH LIDL ASDA THE GEORGE CENTRE HIGH STREET WESTGATE ST AUGUSTIN RETAIL PARK SIR ISAAC NEWTON SHOPPING CENTRE MORRISONS BUS STATION RAIL STATION THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH ■ Doncaster ■ Rotherham MANCHESTER ■ A B t A1 (M) S t 5 1 k 2 1 oo M60 k 74 B r ■ c SHEFFIELD i r 7 0 ■ 6 7 r Warrington a A 0 6 t LOCATION A6 A Manchester A15 P s N M56 Airport o i r l t h S S eet D a w tr t h S i urc ■ n Ch The historic market town of Grantham is situated in the south n Chesterfield Lincoln e Macclesfield k ■ G o ■ a t a i e A614 t M1 Kesteven district of Lincolnshire approximately 25 miles (40km) east e U a Ransfield n P i o ■ n N W A61 of Nottingham, 35 miles (56 km) north of Peterborough and 41 (66 S a Crewe t t r e ■ e Bluegate r e g E t a l e m km) miles north east of Leicester. The town benefits from excellent A60 t t e a e r g e S l t t A Stoke-on-Trent s N transport links being situated on the A52 which provides direct ■ A1 5 a Boston o C 2 r NOTTINGHAM ■ Conduit Ln t h ■ S access to Nottingham and the M1 motorway. Approximately 1 mile DERBY a n ■ Nottingham City k St t n A52 ki GRANTHAM n Airport Fi A to the west of the town is the major north-south dual-carriageway t e M6 ■ u s e A453 tr S r t as g E a i u r G f ad s o R East Midlands e y g t W id the A1 which links Edinburgh to the north and London to the south. e e r i t t b r t S e e Airport n S eorge n a l G l o G l t h A46 W g a S t h a d A15 m s l a i A42 A606 e u B y G 1 S W 1 t Grantham railway station provides regular high speed services 7 r 4 e e d a A1 t Telford Ro e’s across England and Scotland along the East Coast mainline with a ■ erin th Dy t Ca M54 LEICESTER sart Road S ■ H M42 a fastest journey time to Kings Cross London of 1 hour. East Midlands D r ysa r Wolverhampton A47 rt Rd o w ■ PETERBOROUGH ad o D b R Leicester ■ ’s u y e Airport is located approximately 36 miles (58 km) to the west d in R Airport er l B th e o a a y a C M69 t t d M1 h S R o BIRMINGHAM S a and provides flights across the UK and Europe. t t d S ■ e g id M6 A1 (M) r Birmingham b m A5 a M5 Airport 2 B C t r A S Ketting S e ge Kidderminster ■ t w 5 le Rugby ■ a N 2 ol ■ t e C ■ i o r M42 o r y St n t COVENTRY o H rd R fo n i x o l O a R l d d HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT G THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH G Grantham DEMOGRAPHICS GRANTHAM – A CHANGING LANDSCAPE Grantham has a primary catchment area of 95,000 Grantham is benefiting from significant investment with an estimated shopping population of 48,000, spearheaded by the government backed £23 million new which is forecasted to see growth over the period A1 junction project which will enable plans for a new 193 2017-2020. Grantham’s primary catchment population hectare Spitalgate Heath Garden Village urban extension to is adults aged over 45 with a high proportion of the move forward. This is set to consist of up to 3,700 homes population aged 65 and above. Grantham also has and bringing with it new jobs and facilities. an above average percentage of home owners and The town centre is also undergoing significant redevelopment has experienced an above average growth in house with a £5 million council backed scheme featuring a cinema prices between 2015 and 2016. alongside food and beverage offerings set to enhance the town centre. REAL BURGER COMPANY SOUTH LINCOLNSHIRE BLIND SOCIETY UNDER OFFER VACANT JAMESUPHOLSTERY OUGHTON UNDER OFFER Ground Floor Experian Goad Plan Created: 27/01/2017 SITUATION 25 metres Created By: Allsop The George Centre is situated on Grantham High Copyright and confidentiality Experian, 2017. © Crown For more information on our products and services: copyright and database rights 2017. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 Street with additional frontages on Guildhall Street CREEPERHOST TRAVAIL and Westgate which form part of the primary retail EDUCATION thoroughfare in Grantham. The centre benefits PEARSON PROFESSIONAL from strong pedestrian flow and retailers in close CENTRES proximity include WHSmith, H Samuel, Clintons, Boots and Argos. Grantham railway station is located a 10 minute walk to the south. First Floor HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT © Crown Copyright, ES 100004106. For identification purposes only. THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH DESCRIPTION The property comprises a part grade II listed building dating back to the 1600’s which was converted into a shopping centre in 1990. The ground floor provides 23 retail units with further retail and office accommodation to the first floor and additional office suites to the second floor. The shopping centre further benefits from on-site parking for approximately 41 cars. TENURE Freehold HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT G G TENANCY SCHEDULE Unit Tenant Floor Floor Area Floor Area Lease Start Next Rent Lease Expiry Annual ERV Comments Sq M Sq Ft Review (Next Break) Rent Units 1 & 2 Under Offer - Subject to contract GF 585.8 6,306 £30,000 £30,000 Terms agreed for new 10 year lease at £30,000 pa with 12 months rent free and £1,000 stepped increases up to first review at year 5. Vendor will top up rent until the unit becomes income producing alongside a rates and s/c guarantee until the letting is complete. Unit 3 Anita Palmer GF 114. 0 1,227 01/07/2015 24/06/17 24/12/2018 £7,000 £7,000 Stepped rental increases: 24/06/2017 to £8,250 pa (t/a Plants by Anita) 24/06/2018 to £10,500 pa Rent Deposit - £1,200 Lease is outside act Unit 4 James Oughton GF 92.2 992 04/08/2016 04/08/17 09/03/2020 £5,500 £5,500 Lease is outside act (t/a James Oughton Upholstery) Annual rent increases linked to RPI or market rent Unit 5 Vacant GF 57.5 619 £0 £4,952 Units 6 & 7 Vacant GF 327.8 3,528 £0 £19,404 Unit 8 Teaspoon Tea Company Limited GF 179.4 1,931 21/03/2014 21/03/18 20/03/2019 £12,000 £12,000 Stepped rental increase: 21/03/2018 to £13,000 pa (21/03/2018) Rent Deposit - £3,000 Lease is outside act Unit 9 Vacant GF 110 .7 1,192 £0 £7,748 Units 10 & 11 Vacant GF 116 .1 1,250 £0 £8,125 Unit 12 Raj Kaur GF 31.6 340 09/09/2015 15/10/17 14/10/2020 £3,000 £3,000 Stepped rental increase: 15/10/2017 to £4,000 pa (t/a R&R Threading) (15/10/2018) Guarantor in place Rent Deposit - £2,169.11 Lease is outside act Unit 13 Vacant GF 131.5 1,415 £0 £9,198 Units 14 & 14a PizzaExpress (Restaurants) Limited GF 302.9 3,260 24/06/1999 24/06/2019 23/06/2032 £44,500 £44,500 Guarantor in place (Ask Restaurants Limited) Lease is inside act Unit 15 Lisa Richardson GF 19.9 214 17/08/2012 16/08/2017 £4,000 £4,000 Lease is outside act (t/a The Gift Box) Unit 16 Deborah Traynor & Kamala Sylvia GF 70.6 760 01/04/2014 28/02/2019 £6,250 £6,250 Rent Deposit - £3,000 Rashell Gray (t/a Juice 'e' Vaporium) Lease is outside act Unit 17 Steven Charles Thorsen GF 78.7 847 02/04/2013 01/04/2023 £18,950 £18,950 Lease is outside act (t/a Oblio's Deli & Bistro) (01/04/2018) Units 18 & 19 The Edinburgh Woollen Mill Limited GF 244.0 2,626 01/04/2017 31/03/2017 £5,000 £26,260 AGL in place for a new term from 01/04/2017 until 29/05/2018 at a rent of £5,000 pa and a fixed service charge of £15,000 pa Lease is outside act Unit 20 Thi Hieu Vo GF 51.9 559 29/04/2015 29/04/2020 28/04/2025 £8,600 £8,600 Rent Deposit - £2,580 (t/a Glamour Nail Bar) Lease is outside act Units 21 & 22 Under Offer - Subject to contract GF 119.9 1,291 £8,000 £8,000 Terms agreed for new 3 year lease at £8,000 pa with 3 months rent free.
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