FREEHOLD RETAIL INVESTMENT FOR SALE

 Brighton is one of the South East’s most vibrant retailing cities BRIGHTON  New 10 year FRI lease from May 2018 at £125,000 pa BN1 1HN  Prime position between the Royal Pavilion, the Lanes  Let to KRM [Great Britain ] Ltd trading as Ecco with 36 and the Seafront branches in the UK  Neighbouring occupiers include Jack Wills, Cos, 2,598 SQ FT  Offers invited in excess of £2,250,000 showing a The White Company and Kurt Geiger (241.5 SQ M) NIY of 5.22% LOCATION

Brighton and Hove is one of the largest commercial centres in the south-east of England, 46 miles south of London, 19 miles west of Eastbourne and 55 miles east of Southampton.

The city enjoys excellent road communications with the A23 dual carriageway providing direct access to the M23 which in turn leads to London, the M25 and the national motorway network.

The railway station at Brighton provides a fast and regular train service to both London Victoria (52 mins)and London Bridge (56 mins). First Floor

SOCIAL AND DEMOGRAPHIC PROFILE

The city of Brighton and Hove is an important cultural and commercial centre with a population of 274,000 and an urban catchment of approximately 500,000. As one of the UK’s most popular seaside resorts, Brighton hosts 7 million visitors annually, attracted by the wide ranging cultural and entertainment facilities, A23 D R

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A259 T ST J S A MES A ST K E R INGS EE I360 R T Brighton - Southampton D M AR INE PAR ADE 1 h 37 Minutes BRIGHTON RETAILING

East Street forms an important link between the Royal Pavilion, Brighton’s famous Lanes and the seafront. It has become the very centre of the city’s high end fashion offering and buoyed up by the surrounding eclectic mix of independent, niche and aspirational retailers who surround it.

The property itself, one of the most prominent on East Street, is surrounded by household occupiers including Cos, Sandro, Hobbs, Jack Wills, Kurt Geiger, The White Company, Jo Malone, Mac, Bobbi Brown, All Saints, Molton Brown.

East Street is also benefitting from Redevco’s multi million pound development of the former Hanningtons store to provide a mix of retail, restaurants, cafes and offices. Habitat have already signed for a new 6,500 sq. ft. unit.

DESCRIPTION

A substantial three storey, double fronted, corner building offering retail space on the ground and first floors with storage on the lower ground and second floor levels. There is side access to the upper parts from Steine Lane.

ACCOMMODATION The property offers the following net internal floor areas: TENURE

Freehold subject to a single letting. BASEMENT STORES 693 SQ FT (64.3 SQ M)

GROUND FLOOR 687 SQ FT (63.8 SQ M)) RETAIL (ITZA 580 UNITS) LETTING The entire property is let to KRM (Great Britain) Ltd on a 10 FIRST FLOOR RETAIL 590 SQ FT (54.8 SQ M) year full repairing and insuring lease from 21st May 2018 with an upward only rent review in May 2013. The rent is £125,000 SECOND FLOOR 628 SQ FT (58.3 SQ M) pa although the tenant enjoys a reduced rent until November STORES 2019 which our clients will top up upon completion. There is a tenant’s only break clause in May 2023 with 6 months’ notice TOTAL 2,598 SQ FT (241.3 SQ M) and a 3 month rental penalty.

The repairing liability of the lease does not fully cover the EPC basement.

The property has an EPC rating of E - 107 VAT

The property is registered for VAT and it is expected that the sale will be by way of a TOGC.

TERMS

Offers are requested in excess of £2,250,000 a purchase at this level will show a net initial yield of 5.22%

VIEWING AND FURTHER INFORMATION

For further information, please contact either.

NICK BRADBEER [email protected] | 01273 876 220 | 07850 605 770

CHARLES BRAMLY [email protected] | 01273 876 219 | 07803 742 153

COVENANT

KRM (Great Britain) Ltd (Company No 7317197) was incorporated in July 2010, is a retailer of shoes and accessories and is part of the ECCO group of companies. Experian give the company a risk rating of “very low” and report the following figures:

YEAR ENDING 31/12/2015 31/12/2016 31/12/2017

TURNOVER £19,202,661 £22,523,679 £28,231,640

PRE-TAX PROFIT £543,120 £412,058 £533,578

SHAREHOLDERS FUNDS £11,629,857 £11,837,595 £12,153,474

SHW prepares sales and letting particulars diligently and all reasonable steps are taken to ensure that they are correct. Neither a seller nor a landlord nor SHW will, however, be under any liability to any purchaser or tenant or prospective purchaser or tenant in respect of them. If a property is unoccupied, SHW may not have all the information required by a prospective purchaser or tenant in its possession, may not be able to obtain it and may not be able to verify all the information which it does hold. The mention of appliances and/or services or heating/cooling system or any other plant or fenestration systems in this description does not imply that they are in working order. Prospective purchasers should make their own investigations before finalising any agreement to purchase or lease. Note: Any maps or plans included in this document are obtained from Promap under our Ordnance Survey Business Use Copyright license ES 100017692 or are Goad Digital Plans including mapping data licensed from Ordnance Survey Crown Copyright 2007 under license number PU 100017316 - September 2018 | J4725-2 Designed by threesixtygroup