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Welwyn Garden City, Al8 6Bq

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Welwyn Garden City, Al8 6Bq 4-24 HOWARDSGATE & 6 - 8 WIGMORE SOUTH WELWYN GARDEN CITY, AL8 6BQ Prime Pitch Retail Parade INVESTMENT SUMMARY • Prime pitch retail parade located in the centre of Welwyn Garden City. • Welwyn Garden City is an affluent, well-connected South East commuter town. • Prominent position on Howardsgate, Welwyn Garden City’s dominant high street retail pitch. • Excellent footfall location, with Sainsbury’s supermarket and car park to the rear, accessed via Wigmore South. • Nearby occupiers include Cote Brasserie, Bills, Pizza Express, Halifax, Costa and Prezzo. • Currently configured as 8 retail units and 4 residential apartments. • The retail is multi let to eight tenants including Superdrug, Zizzi’s Restaurant, Martins & Co, Cancer Research and The Salvation Army. • Attractive Average Weighted Unexpired Lease Term of 8.2 years to expiries and 5.9 years to breaks. • Total passing rent of £406,450 per annum. • Reversionary potential to £413,171 per annum. • Highly secure income with 93% rated by Creditsafe as Low Risk or Very Low Risk covenants. • Strong trading pitch with recent lease regears demonstrating tenant commitment to the location and only two unlet units on Howardsgate. • Virtual freehold - 999 year interest at a peppercorn rent. • Asset management opportunities to regear leases with existing occupiers, convert the office space to residential. • Seeking offers in excess of£5,600,000 . Allowing for £1,100,000 for the residential element and Purchaser’s costs of 6.61% this reflects an attractive Net Initial Yield 7.36%. 2 4-24 Howardsgate & 6-8 Wigmore South, Welwyn Garden City, AL8 6BQ 3 LOCATION Welwyn Garden City is an affluent Welwyn Garden City benefits from strong transport links. Junctions 4, 5 and 6 of the A1(M) are all within 2 miles commuter town in Hertfordshire (3 km) of the town centre, which provides a north to CONNECTS located 22 miles (35 km) north of south arterial route between London and the north east WELWYN LUTON AIRPORT TO 70 Central London. of England. GARDEN CITY 13 MILES DESTINATIONS The town benefits from an excellent position within Junction 23 of the M25 Motorway intersects with Junction London’s northern commuter belt. 1 of the A1(M) just 8 miles (13 km) to the south. Regular direct rail services to London (Kings Cross and Moorgate) are provided from Welwyn Garden City with fastest journey times of 28 and 46 minutes respectively KINGS CROSS MOORGATE making the town desirable for London commuters. 28 MINS 46 MINS Luton Airport is conveniently located 13 miles (20 km) STEVENAGE north west of the town, which connects to 70 national 9 MILES and international destinations. LUTON N 13 MILES STEVENAGE LUTON STANSTED Bicester LUTON WELWYN Aylesbury WELWYN GARDEN CITY Kidlington GARDEN CITY M11 Hemel M1 Harlow Hempstead HATFIELD ST ALBANS Oxford Berkhamsted A1(M) ST ALBANS HATFIELD A413 A41 8 MILES 4 MILES A4010 Amersham M25 Abingdon M1 Barnet Enfield High Wycombe Watford Chigwell Brentwood M11 Didcot M40 Beaconsfield M25 CENTRAL LONDON Harrow Wembley 22 MILES M25 Maidenhead Uxbridge CENTRAL CITY Slough A40 LONDON M4 A4 Woolwich Richmond Windsor HEATHROW Dartford 4 4-24 Howardsgate & 6-8 Wigmore South, Welwyn Garden City, AL8 6BQ 5 A20 A24 Newbury M25 M20 A23 A24 M25 Woking M26 M3 Leatherhead M25 Sevenoaks Basingstoke M23 GATWICK M3 Crawley WELWYN GARDEN CITY RETAIL OFFER Welwyn Garden City has an estimated Welwyn Garden City is one of the most affluent The town’s prime restaurant and convenience retail offer is centred PROMIS catchments, with a significantly above average around Howardsgate, an attractive square with central landscaped shopping population of approximately proportion of adults categorised within the most gardens, which fronts The Howard Centre to the east. 90,000 with the area expected to affluent AB social group (which includes those in benefit from significantly above average managerial and professional occupations). Howardsgate is anchored by a Sainsbury’s supermarket which is adjacent to the subject property alongside John Lewis and Debenhams population growth in the next 5 years. The town centre’s retail provision extends to department stores. Howardsgate’s strength as a retail location is approximately 520,000 sq ft which is anchored by Land reflected in there being almost no unit availability. Securities’ Howard Centre. Key restaurants on Howardsgate include: The Howard Centre provides 58 units across 240,000 sq ft and is the town’s fashion retail focus with key occupiers below: in addition to Boots, Halford’s, Holland & Barrett and Superdrug. BRIDGE ROAD N BRIDGE ROAD PARKWAY PARKWAY STONEHILLS HOWARDSGATE HOWARDSGATE 10 MIN WALK THE HOWARD CENTRE SHREDDED WHEAT DEVELOPMENT SITE FRETHERNE ROAD BROADWATER ROAD 6 4-24 Howardsgate & 6-8 Wigmore South, Welwyn Garden City, AL8 6BQ 7 N SITUATION The Property is prominently located on the southern side of Howardsgate at its corner with Wigmore South and Parkway. In addition to the footfall generated from Howardsgate, Wigmore South is a busy link to the entrance and c.380 space car park for the Sainsbury’s supermarket which is immediately to the rear of the Property. THE HOWARD CENTRE VACANT IVORY DENTAL CLINIC ENT TO ADECCO BACKHOUSE BETTING OFFICE 8 4-24 Howardsgate & 6-8 Wigmore South, Welwyn Garden City, AL8 6BQ 9 Welwyn Garden City has seen a sustained The former Shredded Wheat site at Broadwater Road, a 10 minutes walk from Howardsgate, is the town’s KEY increase in residential accommodation largest development with resolution to grant planning through the conversion of offices under being achieved in December 2018 for the development DEVELOPMENT Permitted Development Rights. of a residential led mixed use scheme, comprising 1 million sq ft including c.1,454 apartments. This should further boost retail spend within the town. Approximately 500,000 sq ft of offices are understood to have been converted, Plans are also being trialled by the Council along Howardsgate and Stonehills for a reduced speed limit which has led to an increase in the density and part pedestrianisation to further enhance the retail of the town’s shopping population. experience. APPROX. 500,000 SQ FT OF OFFICE SPACE CONVERTED TO RESIDENTIAL ACCOMMODATION NEW RESIDENTIAL SCHEME 10 MINS WALK FROM HOWARDSGATE CGI of the proposed scheme for former Shredded Wheat factory 10 4-24 Howardsgate & 6-8 Wigmore South, Welwyn Garden City, AL8 6BQ 11 DESCRIPTION The Property comprises an attractive The Property forms half of an island block with frontage to Howardsgate and benefits from retail parade configured as eight units. rear service access. Two of these are capable of subdivision, while independent units can equally be The upper parts in the main comprise residential accommodation which has been amalgamated. sold off. Unit 10 and 22/24 Howardsgate are the only units to include first floor accommodation. There is basement accommodation accessed via Parkway. SALE DEMISE SOLD OFF INTEREST SALE DEMISE SOLD OFF INTEREST SALE DEMISE For indication purposes only 12 4-24 Howardsgate & 6-8 Wigmore South, Welwyn Garden City, AL8 6BQ 13 TENANCY TENURE The Property is let in accordance with the below tenancy schedule and provides an 999 year long leasehold interest less 10 days, from 3 December 2015 Average Weighted Unexpired Lease Term of 8.2 years to expiries and 5.9 years to breaks. at a peppercorn rent. Tenant GIA Rent Rent ERV ERV Unit Floor ITZA Lease Start Lease Expiry Break Date Rent Review Comments (Trading As) (Sq Ft) (£ Pa) (£ ZA) (£ Pa) (£Psf / ZA) 4/6 Azzurri Restaurants Ltd Lease guaranteed by Azzurri Ground 3,744 - 15-Feb-02 14-Feb-27 - 15-Feb-22 £75,000 £20.03 £75,000 £20.03 Howardsgate (Zizzi’s) Central Ltd. 10 Individuals Ground 1,426 D2 consent. 849.92 12-Mar-15 11-Mar-40 - 12-Mar-20 £26,000 £29.00 £26,000 £29.00 Howardsgate (Ivory Dental Clinic) First 560 Rent deposit in place. 12/14 Sold off on 999 year lease. Quacar Investments Corp. - - - 30-Jun-14 18-Jun-3013 - - £250 - £250 - Howardsgate Occupied by HSBC. 16 ECP Lettings Ltd Ground 990 599.08 23-Dec-16 22-Dec-26 23-Dec-22 23-Dec-21 £33,000 £55.08 £33,000 £55.08 Lease guaranteed by Mr S. Dooley. Howardsgate (Martins & Co) Rent increased at Feb-18 review by 18 Salvation Army Trading Ground 918 587.50 07-Feb-13 06-Feb-23 - - £32,500 £55.32 £32,500 £55.32 £1,500 pa. Howardsgate Company Ltd Feb-18 break not exercised. 20 Cancer Research UK Ground 910 585.75 31-Mar-15 30-Mar-25 30-Mar-20 31-Mar-20 £30,500 £52.07 £32,220 £55.01 Howardsgate Ground 4,176 Vendor to top up stepped rent to year 22/24 Superdrug Stores Plc 1,536.50 29-Sep-18 28-Sep-28 29-Sep-23 29-Sep-23 £95,000 £60.01 £95,000 £60.01 5 level. See Note 1. Tenant break Howardsgate First 560 option subject to £23,750 penalty. H. Backhouse 6/8 (Baker Street) Ltd Ground 1,023 709.50 22-Nov-02 21-Nov-22 - £35,500 £50.04 £35,500 £50.04 Wigmore South (Backhouse Bookmakers) York House Lease surety from Office Angels Ltd. Adecco UK Ltd First 1,287 - 17-Aug-18 16-Aug-23 17-Aug-21 £25,000 £19.43 £25,000 £19.43 Wigmore South PDR consent for two flats. See Note 2. Denmark House Vacant Basement 2,665 - - - - - £0 - £5,000 £1.88 Parkway Commercial Sub Total 15,594 £352,750 £359,471 8 Private Individual Flat 1 829 15-Nov-19 £15,300 £15,300 2 bedroom, 2 bathroom. Howardsgate 8 Private Individual Flat 2 549 08-Nov-19 £12,600 £12,600 2 bedroom, 1 bathroom.
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