129 / 132 North Street & 133 Queens Road

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129 / 132 North Street & 133 Queens Road BRIGHTON 129 / 132 NORTH STREET & 133 QUEENS ROAD CORE CITY CENTRE HIGH STREET RETAIL INVESTMENT OPPORTUNITY BRIGHTON 129/132 NORTH STREET & 133 QUEENS ROAD CORE CITY CENTRE HIGH STREET RETAIL INVESTMENT OPPORTUNITY Investment Highlights • Brighton is one of the largest retail centres in the UK, with a primary catchment of 515,000 persons and boasts an eclectic and vibrant mix of high-end, mass market and boutique retailers. • Brighton ranks 9th on the PMA Retail Score and Fashion Score - evidencing the strength of the retail offer. • The subject property is situated in a dominant city centre location at the busy junction of North Street and Queens Road. • Flagship store of 71,935 sq ft, with three adjoining retail units. • Long WAULT of 14.3 years to expiry and 9.6 years to break. • 85% of the total income is secured against Boots UK Ltd for a further 16 years (11 years to break). • Remaining income secured against major UK retailers Krispy Kreme and TUI. • Freehold. • Obvious asset management opportunities to extend the WAULT and significant long term development potential (STPP). • Current total rental income of £1,523,000 pa. We are instructed to seek offers in excess of £31,000,000 (Thirty One Million Pounds), subject to contract, for the freehold interest in this property. This reflects an attractiveNet Initial Yield (NIY) of 4.60%, assuming purchaser’s costs of 6.77%. “The subject property is situated in a dominant city centre location at the busy junction of North Street and Queens Road” Stratford 11 7 upon Avon Bedford M1 M11 A508 A509 A46 A5 10 Newport Biggleswade A10 Haverhill Ipswich A6 A44 Evesham Banbury Pagnell 9 11 A505 Sudbury 14 A14 A43 Milton A1 Royston A134 8 A422 A421 Saron 1 A44 Keynes 13 Walden A12 10 A505 A46 A131 Felixstowe 9 Letchworth 9 Harwich A43 12 Leighton Hitchin M5 10 A5 A120 A44 8 A120 10 Stow-on- the-Wold Buzzard M1 M40 A1(M) Braintree Luton Stevenage STANSTED Cheltenham 11 7 A602 Colchester A133 11 Bicester Dunstable 8 A41 Bishop's 9 A120 10 A10 A34 LUTON Welwyn Stortford A130 A436 A131 9 6 Garden Aylesbury City Ware Witham A12 Clacton-on-Sea A417 A40 Kidlington 5 Witney Tring Hemel Hertford M11 A429 St 4 A40 A41 Hempstead Harlow Oxford 8 Hatfield Maldon A413 Albans M10 3 Chelmsford Stroud A40 Berkhamsted Hoddesdon 7 7 1 2 8 A418 Thame A414 A419 Cirencester 7 A4010 22 20 Amersham 24 M25 25 26 A12 A130 19 5 A420 Abingdon High Watford 6 18 Barnet Enfield 5 5 Wycombe 4 Chigwell 17 A10 A419 M11 28 Rayleigh Didcot M40 Beaconsfield A12 4 2 Brentwood 3 M1 A406 4 A127 2 Marlow 29 A127 Basildon Southend-on-Sea 1 A41 1 A40 Harrow Swindon M25 A13 Uxbridge A406 BRIGHTONCITY 16 Henley- Maidenhead A13 A429 129/132 NORTH STREET & 133 QUEENSCanvey ROAD Island M4 15 on-Thames Slough 17 7 30 A346 6 4 1 Woolwich Tilbury CORE CITY CENTRE HIGH STREET RETAIL INVESTMENT OPPORTUNITY A34 3 2 31 Windsor A4 Richmond Sheerness Reading 14 HEATHROW A205 Dartford Gravesend 13 M4 A329(M) A20 14 13 A2 2 Margate A350 12 Kingston A2 Rochester Herne 10 Bracknell 1 Staines upon Thames Swanley 1 Bay Newbury 11 A28 2 Gillingham A299 11 A232 Chatham Whitstable Sutton Sittingbourne A253 Ramsgate 3 Croydon 4 4 A28 Location Devizes M20 3 5 A34 Camberley Epsom M25 M25 2 Faversham 10 LONDOA22 N 4 A249 6 7 A338 3 M2 A33 4 Woking 9 5 6 Canterbury A23 A2 A339 A24 M26 7 9 5 7 Leatherhead 8 Sevenoaks A228 A3 M25 A2 5 6 Maidstone Basingstoke 8 A21 Deal Brighton is one of the largest commercial centres in the South East of 6 M3 Aldershot Dorking Redhill Oxted A26 Reigate M20 A28 A256 England, located 46 miles (74 km) south of London, 19 miles (30 km) west of Andover 7 Guildford Tonbridge A22 Farnham A31 A229 A24 A2 8 9 CHANNEL Godalming TUNNEL Eastbourne and 55 miles (88 km) east of Southampton. Ashford TERMINAL Dover A36 9 East 10 A303 A303 Alton GATWICK Grinstead Tunbridge Wells A20 10 A264 A34 Crawley A21 13 A338 M20 11 12 The city enjoys excellent road communications with the A23 dual A2070 M3 Folkestone A264 A31 Haslemere 11 M23 Hythe carriageway providing access to the M23 which leads to London, the M25 A3 A26 9 Horsham A22 Salisbury Winchester Crowborough A259 and the national motorway network beyond. In addition, the A27 skirts the 10 Haywards 11 A36 Heath north of the city and runs east / west from Portsmouth to Eastbourne. A354 A272 Romsey 12 Petersfield A23 Uckfield 13 Eastleigh 14 A21 4 SOUTHAMPTON In the year to 31st March 2016, Brighton railway station was the seventh A338 3 4 SOUTH DOWNS 2 5 A24 A22 A26 A259 1 7 1 NATIONAL PARK busiest station outside of London with 17.3m entries/exits (ORR). The station A283 8 A3(M) A27 Lewes Hailsham SOUTHAMPTON A259 Hastings offers fast and regular services to London Victoria and London Bridge, with A31 9 3 M27 10 Havant A27 11 A27 Ringwood Hythe 5 Bexhill- a fastest journey time of approximately 50 minutes, as well as local services 12 Chichester Hove A31 Fawley Fareham 12 Littlehampton on-Sea A350 A22 Worthing Newhaven to Portsmouth, Seaford and Lewes. Gosport A338 Portsmouth Bognor Eastbourne A348 New Milton Regis Gatwick Airport is located 23 miles (37 km) to the north and Heathrow Lymington Cowes BRIGHTON Ryde Poole Christchurch Airport is located 48 miles (77 km) to the north west; both airports provideBournemouth domestic and international services and are ranked the first and second Sandown largest in the UK respectively. Brighton is further served by Southampton Shanklin International Airport located 54 miles (86 km) to the west. Economic & Demographic Profile Brighton boasts a primary catchment of 515,000 persons and an estimated shopping population of 329,000, evidencing its dominant retail environment. The catchment area encompasses the built up areas of Brighton, Hove, Shoreham-by-Sea and extends north to include affluent locations in the South Downs as well as Lewes, Haywards Heath and Burgess Hill. 54% of the catchment are classed as being within the most affluent ABC1 social groups; this is largely due to the city’s well established position as a business hub and its excellent connectivity with London, and subsequent commuting population (PMA). Spending in Brighton is boosted by leisure and business tourism and the city ranks in the UK’s Top Ten tourist locations (VisitBritain.org). According to Brighton & Hove City Council, some 8.5 million tourists visit the city each year, bringing around £780 million to the local economy (2014). The city also has a significant student population of over 30,000, bringing additional spend to the catchment during term time and adding to the already relatively young population, which includes a high proportion of 15-44 year olds. BRIGHTON 129/132 NORTH STREET & 133 QUEENS ROAD CORE CITY CENTRE HIGH STREET RETAIL INVESTMENT OPPORTUNITY Retailing in Brighton Brighton has an estimated 1.58m sq ft of in-town retail floorspace, ranking 27th of the PMA centres on this measure; however, it ranks 9th on its PMA Retail Score and Fashion Score, making the retail provision tight and in high demand. There is a particular undersupply of large format stores within the city. Retail demand for Brighton is exceptionally high with it being one of the key locations within which both UK and European retailers seek representation, having first established in London. The city’s retail offer is extensive and continues to provide one of the most exciting UK shopping experiences outside Central London. The retail core is principally linear, running in an east/west direction along Western Road and North Street. These prominent high streets form part of the prime retail pitch, along with Churchill Square Shopping Centre, Brighton’s primary covered shopping centre. ‘The Lanes’ and East Street merge to create a unique shopping experience of historic passageways and streets occupied by aspirational and independent retailers. ‘The Lanes’ link directly with the city’s retail core via North Street and combine to create one of the UK’s top retailing destinations. Due to the city’s geography and historic nature, substantial in-town retail development is limited and in recent years developers have been forced to reposition existing stock as opposed to build afresh. An obvious example is, The Hanningtons Estate, which predominantly fronts North Street. The asset was acquired in June 2015 and is being substantially redeveloped to create a landmark mixed-use scheme, which will significantly enhance the eastern end of North Street. Situation The subject property occupies a highly prominent corner position, situated AVAILABLE at the junction of North Street, West Street and Queens Road. The pitch benefits from significant footfall, being situated equidistant between Churchill Square, Brighton’s only shopping centre to the west and the city’s famous ‘Lanes’ to the east. The aforementioned redevelopment of The Hanningtons Estate is anticipated to strengthen the eastern end of North Street and in turn bolster footfall at the subject property. The property’s exceptional position within Brighton’s retailing core is further enhanced by the proximity of Brighton railway station which is situated a short distance north, along Queens Road. Also in close proximity are an array of well-known national multiple retailers including Superdry, Holland & Barrett, Sainsbury’s Local, ITSU, Metro Bank and TK Maxx. THE LANES BRIGHTON 129/132 NORTH STREET & 133 QUEENS ROAD CORE CITY CENTRE HIGH STREET RETAIL INVESTMENT OPPORTUNITY Description The property comprises an extremely prominent corner retail building arranged over ground 129 North Street benefits from a double rear docking station on Windsor Street making and four upper floors.
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