Dukesmead House 39 & 39B High Street Cm1
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| home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables | vat | epc | proposal | contact CHELMSFORD - DUKESMEAD HOUSE 39 & 39B HIGH STREET CM1 1DE PRIME RETAIL AND OFFICE INVESTMENT FOR SALE | home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables | vat | epc | proposal | contact INVESTMENT SUMMARY y Chelmsford is one of the largest and most affluent retail centres in Essex, with a thriving economy, over 11,000 businesses and 50,000 jobs. y Prime Freehold retail and office investment, situated between the city’s two covered shopping centres. y Re-based rent upon Starbucks unit with excellent medium term growth potential. y 65% of the total income secured against Starbucks Coffee Company (UK) Limited. y Excellent WAULT to expiry of 8.9 years (7.53 years to break). y Ideally situated to benefit from the recently opened Bond Street development, anchored by John Lewis. y Voted one of the top 10 most “credit crunch” resistant towns (CACI 2010). y 51% more “wealthy executives” (CACI’s highest affluence group) in Chelmsford than the national average. y Our clients are seeking offers in excess of £3,900,000 (Three Million, Nine Hundred Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 5.7%, after allowing for purchaser’s costs of 6.53%. CHELMSFORD - DUKESMEAD HOUSE 39 & 39B HIGH STREET CM1 1DE PRIME RETAIL AND OFFICE INVESTMENT FOR SALE | home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | IPSWICH | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables | vat | epc | proposal | contact LOCATION A1(M) Stansted COLCHESTER A120 Airport A120 BRAINTREE M11 Chelmsford is located in the heart of Essex, 30 miles north A10 A12 A133 east of Central London, 21 miles south of Colchester and 16 miles east of Harlow. HARLOW A1(M) A12 y The city provides excellent communication links with CHELMSFORD the A12 offering dual carriageway access to the M25, M25 A414 12 miles to the south west. Other nearby roads include M25 A12 A131 the A131 running north of Braintree and south to M11 Basildon and the A414 which runs west to Harlow. M1 A12 A127 y Chelmsford railway station is a fast and frequent M25 commuter service to London Liverpool Street Station, SOUTHEND-ON-SEA with a fastest journey time of 34 minutes. The station is LONDON A13 the busiest station in the east of England with over 7 million passengers a year. Stansted Airport is approximately 13.5 miles to the north west and is a base for a number of major European low cost carriers. It was voted the 4th busiest airport in the UK in 2015. DEMOGRAPHIC PROFILE Chelmsford is the only city in Essex and has a large and dominant primary catchment area of 404,000, which is above the sub-regional centre average. The catchment population is one of the most affluent of the PROMIS catchments, ranking it 29th of the PROMIS centres. 63% of the population is within the highest social grade of A, B & C1 groupings. Major employers in the town include M&G Investments, BAE Systems, The Royal Sun Alliance and Amlin. CHELMSFORD - DUKESMEAD HOUSE 39 & 39B HIGH STREET CM1 1DE PRIME RETAIL AND OFFICE INVESTMENT FOR SALE | home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables | vat | epc | proposal | contact THE MEADOWS SHOPPING CENTRE DUKESMEAD HOUSE HIGH CHELMER SHOPPING CENTRE BOND STREET DEVELOPMENT CHELMSFORD - DUKESMEAD HOUSE 39 & 39B HIGH STREET CM1 1DE PRIME RETAIL AND OFFICE INVESTMENT FOR SALE | home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables | vat | epc | proposal | contact RETAILING IN CHELMSFORD SITUATION Chelmsford is a major sub-regional The LaSalle owned High Chelmer Shopping growth of Chelmsford’s catchment The subject property occupies a centre and the foremost shopping Centre is anchored by Primark with tenants (Source: CACI). prime corner trading location on the destination within the county of Essex, with including Boots, New Look and Top Shop. pedestrianised junction of High Street and approximately 1.16 million sq ft of town The Bond Street development totals Springfield Road. The High Street frontage centre retail floorspace. The prime retailing The retail offering with the city has approximately 300,000 sq ft of open retail sits immediately adjacent to Barclays and within Chelmsford is concentrated on the continued to improve since the recent and leisure space and comprises a 120,000 in close proximity to the main entrance pedestrianised High Street, between the opening (September 2016) of the John Lewis sq ft John Lewis department store, 5-screen city’s two covered shopping centres, The anchored Bond Street development. It is cinema, 20 additional shops and restaurants into The Meadows Shopping Centre, Meadows and High Chelmer. Retailers on estimated that retail spend in the city will along with a 275 space underground car whilst being diagonally opposite Marks & the High Street include Marks & Spencer, increase by 27% to approximately £660 park. New entrants to the city following the Spencer and Metro Bank. Debenhams, H&M, GAP and Waterstones. million per annum, which is comparable opening of the scheme include John Lewis, with the likes of Tunbridge Wells and York Hotel Chocolat, White Stuff, Joules, Bills, The Goad extract plan highlights the The Benson Elliot owned Meadows (Source: CACI). Established retailers in the Byron, ASK, and Las Iguanas. subject property in blue. Shopping Centre is anchored by Wilkinson, city report that the opening of the Bond Sportsdirect and Odeon Cinema and offers Street development has led to an increase in a more mass market retailing environment. sales of approximately 15%, highlighting the CHELMSFORD - DUKESMEAD HOUSE 39 & 39B HIGH STREET CM1 1DE PRIME RETAIL AND OFFICE INVESTMENT FOR SALE | home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables | vat | epc | proposal | contact NORTH For Identification purposes only CHELMSFORD - DUKESMEAD HOUSE 39 & 39B HIGH STREET CM1 1DE PRIME RETAIL AND OFFICE INVESTMENT FOR SALE | home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables | vat | epc | proposal | contact DESCRIPTION The property comprises a well configured building over three floors arranged as two ground floor retail units let to Starbucks and Flight Centre, with self-contained first and second floor office accommodation multi-let in accordance with the tenancy schedule. ACCOMMODATION The property comprises 6,082 sq ft in total and is arranged as 2 retail units and 3 office suites as detailed overleaf. TENURE Freehold. COVENANT A summary of the covenant strength of the main occupiers is below: Tenant Experian Credit Score – out of 100 Starbucks Coffee 100 Company (UK) Limited Flight Centre (UK) Limited 100 Adecco UK Limited 77 CHELMSFORD - DUKESMEAD HOUSE 39 & 39B HIGH STREET CM1 1DE PRIME RETAIL AND OFFICE INVESTMENT FOR SALE | home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables | vat | epc | proposal | contact TENANCY SCHEDULE Lease Information Areas (sq. ft.) Rent Address Tenant Rent GF Comments Term Start Expiry Break GF Rent Review Sales ITZA FF SF TOTAL Rent pa (Yrs) date date Date Anc (£/psf) date Area Tenant received £100,000 capital Starbucks Coffee 39 High Street 10 21/04/17 20/04/27 21/04/22 1772 1019 25 1797 £150,000 £140.37 contribution .£7.50 psf on GF Store Company (UK) Ltd +5% for return frontage There is a rental penalty of £32,500 plus VAT if the 2020 break 39b High Street Flight Centre (UK) Ltd 10 21/04/17 20/04/27 21/04/20 21/04/22 471 453 471 £32,500 £71.74 is actioned. Another TOB on 21/04/2022 Terms agreed for a 10 year lease with TOBs at 3rd and 5th. The first Part First break being subject to a 12 month Flight Centre (UK) Ltd 10 16/05/17 15/05/27 16/05/20 16/05/22 928 928 £18,550 £20.00 Floor Office rental penalty. The deal requires the landlord to carryout works or make a capital contribution of £32,500. Part First Floor Office Adecco UK Ltd 5 25/12/13 24/12/18 1447 £19,270 £13.32 Second Floor Office NWR Limited 5 10/04/17 09/04/22 1439 1439 £15,500 £10.77 6082 £235,820 CHELMSFORD - DUKESMEAD HOUSE 39 & 39B HIGH STREET CM1 1DE PRIME RETAIL AND OFFICE INVESTMENT FOR SALE | home | investment summary | location | demographics | aerial | retailing | situation | goad | description | accommodation | | tenure | covenant | tenancy schedule | service charge | rental commentary | investment comparables