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14-15 Commercial Street Newport, Gwent, Np20 1He

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14-15 Commercial Street Newport, Gwent, Np20 1He PRIVATE CLIENT 14-15 COMMERCIAL STREET NEWPORT, GWENT, NP20 1HE HIGH YIELDING PRIME FREEHOLD FLAGSHIP BANK INVESTMENT INVESTMENT CONSIDERATIONS ■ Attractive and prominent corner building in a 100% ■ Barclays Bank Plc has a current D&B rating of 5A1 ■ Freehold prime retail pitch on the pedestrianised High Street ■ The tenant has recently completed an extensive ■ Offers sought in excess of £1,700,000 ■ Let to Barclays Bank Plc for a term of 20 years refurbishment program demonstrating their (One Million Seven Hundred Thousand Pounds) from 20th January 2008 at a current rent of commitment to the branch subject to contract and exclusive of VAT. £155,000 per annum (Tenant break option 2023) ■ No VAT applicable to the sale A purchase at this level reflects a net initial yield ■ of 8.6% assuming purchaser’s costs of 6.18%. Friars Walk Shopping Centre is located immediately ■ Located in the City of Newport, which benefits from adjacent to the property a substantial shopping catchment population of approximately 370,000 14-15 COMMERCIAL STREET, NEWPORT, GWENT, NP20 1HE HIGH YIELDING PRIME FREEHOLD FLAGSHIP BANK INVESTMENT Great Malvern A4103 A438 A449 A470 A438 Hereford A438 A483 A4172 A49 A438 A449 A479 A40 Brecon A417 M50 A40 A40 A465 RossonWye A4137 al Park A40 Location Brecon Beacons Nation GLOUCESTER A40 A40 Newport is a University City in the county of Gwent, in south east Wales. A483 Abergavenny ean Forest of D The City is located 22.5 km (14 miles) north east of Cardiff 50 km (31 miles) A465 A48 A470 north west of Bristol and 9.6 km (6 miles) south of Cwmbran. The City has a Merthyr A4042 Tydfil population of approximately 139,000 with a shopping catchment population of A48 approximately 370,000. A465 Pontypool A449 M4 M5 Newport benefits from good road communications with access to junctions 26, 27 and 28 Neath Cmbrân Chepstow of the M4 connecting to Cardiff to the west and Bristol to the east. Newport Railway Station SWANSEA M48 provides regular services to Cardiff Central, Bristol and London Paddington with a fastest journey Pontypridd NEWPORT Port Talbot A470 Caerphilly M4 time of 15 minutes, 20 minutes and 113 minutes respectively. A433 A403 Chipping Cardiff airport is located 40 km (25 miles) south west of Newport and is accessible via the M4. M49 A470 A48 A48(M) Sodbury M4 Avonmouth Cardiff airport has one terminal which sees over 1.9 million passengers per year travel to M4 Pontshead M32 over 60 destinations. CARDIFF A4 A46 A4232 BRISTOL A420 Penarth M5 Cardiff A4 A4 Barry Bristol A38 A37 BATH Westonsuper-Mare A38 14-15 COMMERCIAL STREET, NEWPORT, GWENT, NP20 1HE HIGH YIELDING PRIME FREEHOLD FLAGSHIP BANK INVESTMENT Newport (Wales) Situation The property comprises a prime corner position situated on the pedestrianised section of the eastern side of Newport’s traditional prime pitch, Commercial Street, with a return frontage onto Corn Street. Commercial Street benefits from a strong pedestrian flow and comprises a wide variety of retail, leisure, financial and professional services. Surrounding occupiers include; Debenhams, Waterstones, WHSmith, Santander, Boots, Burger King and Costa Coffee, amongst others. Newport railway station is located within a 10 minute walk (0.5 miles) to the north west of the subject property. Description The property comprises an attractive end of terrace 1930’s Grade II listed building of concrete frame construction with Portland stone elevations arranged over basement, ground and three upper floors. The Bank provides approximately 14,695 sq ft of accommodation consisting of a large elegant banking hall to the ground floor, further ancillary accommodation to the basement and three FORMER BHS STORE storeys of office accommodation to the upper floors. The second and third floors are not currently used by the tenant. The property benefits from lift access to all floors Barclays Bank have recently completed an extensive refurbishment program, of which further details are available on the dataroom. UNDER OFFER (SUB-LET BY HALIFAX) © Crown Copyright, ES 100004106. For identification purposes only. Experian Goad Plan Created: 18/08/2017 50 metres Created By: Allsop 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 14-15 COMMERCIAL STREET, NEWPORT, GWENT, NP20 1HE HIGH YIELDING PRIME FREEHOLD FLAGSHIP BANK INVESTMENT Newport (Wales) Accommodation* Floor Area sq m Area sq ft Basement 208 2,238 Ground 363 3,909 ITZA 118 1,268 First 278 2,991 Second 291 3,131 Third 225 2,426 Total 1,365 14,695 *Measurements have been provided by the vendor. All potential purchasers are expected to carry out their own due diligence. Tenure FORMER BHS STORE Freehold Tenancy The property is let to Barclay Bank Plc on a 20 year lease from 20 January 2008 with a 5 yearly upward only rent review to the open market rental value. The passing rent is £155,000 pa with the next rent review due on 25 March 2019. The tenant may determine the lease at the expiration of the fifteenth year of the term on serving not less than six months’ written notice on the landlord. UNDER OFFER (SUB-LET BY HALIFAX) Covenant Information Barclays Bank Plc, a subsidiary of Barclays Plc, is a British Barclays Banks Plc has a current D&B rating of 5A1 and reported multinational banking and financial services company founded the following financial information for the last three years: in 1925 with its headquarters located in London. Barclays Plc Year Ending 31 Dec 2016 31 Dec 2015 31 Dec 2014 has operations in over 40 countries and offers retail banking, credit cards, wholesale banking, investment banking, wealth Turnover 27,224,000,000 32,400,000,000 32,708,000,000 management, and investment management services. Pre-Tax Profit 4,383,000,000 2,841,000,000 2,309,000,000 The company employs approximately 130,000 people worldwide Total Net Worth 60,085,000,000 55,845,000,000 55,576,000,000 with the UK business alone has approximately 22 million retail customers, and almost one million business banking clients. Experian Goad Plan Created: 18/08/2017 50 metres Created By: Allsop 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 EPC VAT The EPC is available upon request. VAT is not applicable to this property. DATAROOM For access to the Allsop Data Room, please use the following link: https://datarooms.allsop.co.uk/register/NewportBarclays PROPOSAL Offers sought in excess of £1,700,000 (One Million Seven Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.6% assuming purchaser’s costs of 6.18%. For further information or to make arrangements for viewing please contact: PRIVATE CLIENT TEAM Liam Stray Ciaran McGivney 020 7543 6769 020 7543 6888 [email protected] [email protected] www.allsop.co.uk PRIVATE CLIENT Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 01.18.
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