188-191 WESTERN ROAD & 1-8 REGENT HILL BRIGHTON
PRIME RETAIL HOLDING FOR SALE WITH REDEVELOPMENT POTENTIAL 188-191 Western Road and 1-8 Regent Hill | BRIGHTON
INVESTMENT SUMMARY
z Brighton is one of the largest and most affluent commercial centres in the south east, located 53 miles south of London, with a catchment in excess of 500,000.
z The city benefits from a strong tourism economy with approximately 11 million visitors per annum, which boosts expenditure by nearly £900 million a year.
z Brighton ranks 8 on the basis of its PMA Non-Food Retail Score and 7 on the PMA Fashion Score (PROMIS BRIGHTON).
z Brighton was voted “Happiest City in the UK” in June 2017.
z Freehold.
z Site area of c.0.29 acres.
z Situated in a prime trading location on Western Road opposite Churchill Square Shopping Centre.
z Prime corner store comprising c.28,500 sq ft of accommodation with significant development potential.
z Single let to New Look Retailers Ltd. expiring 23rd July 2025 at a current passing rent of £617,500 pa.
z We are instructed to seek offers in excess of £8,575,000 (Eight Million Five Hundred and Seventy Five Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 6.75%, net of normal purchaser’s costs. 188-191 Western Road and 1-8 Regent Hill | BRIGHTON
DEMOGRAPHICS
Brighton has a catchment population in excess of 507,000 and the city dominates its catchment area. The estimated shopping population of Brighton is 354,000, ranking the city 16 of the PROMIS centres. The city benefits from a strong tourists economy with approximately 11 million visitors per year and boosting expenditure by nearly £900 million per annum. An estimated 21,000 jobs are tourism related (www.visitbrighton.com).
Brighton attracts c.36,000 students from throughout the UK and worldwide, who study at the University of Brighton and University of Sussex. Many students opt to remain in the city after graduating, attracted by the strong jobs market.
The age profile of Brighton’s primary catchment population includes a high proportion of adults aged 25-44 and Brighton’s population is set to grow by 4.9% by 2021. In 2011 the service sector accounted for 82% of total employment in Brighton. Within this sector, financial and business services account for 27% of total employment. BRIGHTON The ICT and digital sector has grown by more than 40% over 5 years. 354,000 HOSTS OVER ESTIMATED FESTIVALS Worth over half a billion pounds, Brighton is recognised as having the 11 60A YEAR highest level of specialism in immersive technology in the UK. SHOPPING MILLION INCLUDING THE LARGEST ANNUAL ARTS FESTIVAL POPULATION OF BRIGHTON VISITORS THROUGH TOURISM IN ENGLAND Major employers include Lloyds, Legal & General and American Express, which has its European headquarters in the city. Other major employers include Domestic and General, Bupa, University of Brighton, University of ESTIMATED SHOPPING POPULATION PRIME CATCHMENT Sussex, EDF Energy and Hospitals NHS Trust. POPULATION RANKS IN EXCESS OF £886m 16 of the PROMIS TOURIST 507,000 CENTRES EXPENDITURE 188-191 Western Road and 1-8 Regent Hill | BRIGHTON