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48/50 Western Road, BN1 2EB BRIGHTON

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48/50 Western Road, BN1 2EB BRIGHTON 48/50 Western Road, BN1 2EB BRIGHTON Well-secured retail investment opportunity. Investment Summary • Brighton is one of the dominant commercial, retail and tourism destinations on England’s south coast. • The city boasts yearly visits of over 8.5 million tourists, spending in excess of £780 million per annum (source: PROMIS). • The property is located on Western Road, in the heart of Brighton’s retail core. • Situated in a prominent location on Western Road opposite Deichmann and close to Poundland, Primark, H & M, and Marks & Spencer. • Freehold. The vendor is to retain the upper parts on a 999 year long-leasehold basis at a peppercorn rent. • Ground floor and basement have been let to the excellent covenant of The Works Limited until 5th April 2028 at a passing rent of £132,500 per annum exclusive. We are instructed to seek offers in-excess-of £2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT, for our client’s freehold interest. Allowing for tapered purchaser’s costs of 6.28%, a purchase at this level would reflect an attractive net initial yield of 6.23%. 48/50 Western Road, Brighton 2 Inverness Aberdeen Dundee Perth Stirling Falkirk Edinburgh Glasgo w Dumfries Newc astle upon Tyne Carlisle Sunderland Hartlepool Stockton-on-Tees Middlesbr ough Darlington Scarborough A1 (M) York Leeds Bradford International Airport Leeds Bradford Hull Preston Burnley M62 M61 M62 M1 Grimsby Barnsley Manchesterester Doncaster Robin Hood Liverpool M18 Airport M62 Manchester SHEFFIELD Airport Location M56 Chester Lincoln M1 The city of Brighton is located on the south coast of England and is one of the region’s largest Skegnes s Brighton boasts commercial, retail and leisure centres. Brighton is located approximately 56 miles south of London, M6 25 miles west of Eastbourne and 62 miles east of Southampton. Nottingham yearly visitsGrantham of over Nottingham City Airport A148 The city benefits from excellent road communications, with the A23 dual carriageway linking Derby A140 East Midlands Brighton to the north. The A23 connects the city to the M23 motorway after 18 miles and the Airport King’s Lynn 8.5 million tourists, M25 motorway after a further 12 miles. The A27 dual carriageway acts as a ring-road for the Telford A47 Norwich A47 Leicester city, and links Brighton with Eastbourne to the east and Southampton to the west. M54 spending in excessA47 Great Yarmouth M42 A47 A146 M69 A11 The train connections are also excellent; Brighton railway station has regular services to M1 Birmingham A140 Lowe stoft of £780 million A143London Bridge and London Victoria with a journey time of just 66 minutes and 55 minutes Birmingham M6 Airport A11 respectively. Cove ntry M45 A140 M5 M40 per annumNorthampton Worcester London Gatwick Airport is conveniently located just 22 miles north of Brighton, which is A12 Cambridge accessible via the A23 and M23 motorway. Bedford A131 Ipswich A12 Milton Keynes M11 Colchester Felixstowe Luton Cheltenham Stevenage A133 Gloucester Aylesbury Stansted A1(M) A12 M1 Oxford Clacton-on-Sea Chelmsford High Wycombe M25 Swansea Southend-on-Sea Swindon M4 LONDON Reading London Gateway Car Bristol M4 Heathrow Ramsgate Bath Basingstoke M25 Weston-super-Mare Guildford A24 Maidstone A303 M3 Gatwick Dover A3 Royal Salisbury Crawley Tunbridge Wells Folkestone Taunton Winchester Southampton A27 Hastings BRIGHTON A338 Portsmouth Eastbourne Exeter Bournemouth Newport Torqua y 48/50 Western Road, Brighton 3 Plymouth Retailing In Brighton Situation Brighton is a major regional shopping destination in the south of England, with an estimated 1.58 m sq ft of The property is located in a highly in-town retailing floor space, ranking the city 27th out of the Promis 200. prominent retailing location on the south side of Western Road. Deichmann The premier retail circuit in Brighton is focused on the three thoroughfares of Western Road, North Street sits opposite and Greggs is adjacent. and East Street. However, Churchill Square, Brighton’s principal managed scheme, also forms part of the The property also sits close to the main prime retail environment. Western Road, the home of the subject property, is anchored by Marks & Spencer pedestrianised frontage and entrance to the and Primark, whilst other notable retailers include H&M, Deichmann, New Look and Argos. Western Road is Churchill Square Shopping Centre. also home to the primary entrance to Churchill Square. 48/50 Western Road, Brighton 4 Demographics Brighton dominates its immediate catchment area and beyond. The population within the Brighton primary retail area is estimated at 470,000 people, with the shopping population estimated at 365,000, ranking the city 16th nationally. The city has a significantly above- average proportion of adults of working age within the most affluent socio-economic group (AB). Spending in the city is boosted by its booming retail/ leisure and tourism sectors. Brighton has many seaside tourist attractions, bringing in excess of 8.5 million visitors every year. Brighton is also home to two multi-campus Universities, boosting the population by a further 30,000 residents. 48/50 Western Road, Brighton 5 Accommodation The subject property comprises an attractive and well configured high street unit arranged over ground floor and basement. The property has been measured in accordance with RICS guidelines and has the following net internal area and dimensions: Floor Area (Sq.m) Area (Sq.ft) Ground 171.8 1,850 Basement 115.6 1,245 First/Second Residential Total 287.4 3,095 Tenancy The subject property is let on a 10-year effectively full repairing and insuring lease to The Works Limited from 6th April at a passing rent of £132,500 per annum exclusive. The lease provides for an upwards only rent review on 6th April 2023. The upper parts are to be retained by the vendor on a 999 year long-leasehold at a peppercorn rent. Tenure Freehold 48/50 Western Road, Brighton 6 Property is located Covenant Information The Works Stores Limited (Company no. 06557400) is a leading national retailer focusing on the sale of on Western Road, books, toys and stationery. The Works now trade from over 400 stores nationwide. The company has seen in the heart of significant and sustained growth in sales and profitability and serves over 22.5 million customers each year. 30/04/2017 01/05/2016 26/04/2015 Brighton’s (£000) (£000) (£000) Turnover £166,421 £154,398 £141,684 retail core Brighton CentraPre-taxl profits £5,257 £9,917 £6,733 Net Worth £24,710 £20,080 £18,684 48/50 Western Road, Brighton 7 Experian Goad Plan Created: 10/05/2018 50 metres Created By: Prime Retail Copyright and confidentiality Experian, 2017. © Crown copyright and database For more information on our products and services: rights 2017. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 VAT Proposal The property is elected for VAT. It is anticipated that the sale will be structured as a Transfer of a Going Concern (TOGC). We are instructed to seek offers in-excess-of £2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT, for our EPC client’s freehold interest. Allowing for tapered purchaser’s costs of 6.28%, a purchase at this The property has an energy performance rating of C with a level would reflect an attractive net initial score of 68. A certificate is available upon request. yield of 6.23%. Enquiries For further information or to arrange an inspection of the property please contact: Rory Gittins Tony Carr T: 020 7016 5345 T: 01273 740343 E: [email protected] E: [email protected] Bradley Maher Max Pollock T: 020 7016 5348 T: 01273 740342 E: [email protected] E: [email protected] Misrepresentation Act 1967 Prime Retail Property Consultants LLP and Carr & Priddle as agents for the vendors or, as the case may be, Lessor (the “Vendor”) and for themselves, give notice that 1. These particulars are provided merely as a general guide to the property. They are not and shall not hereafter become part of any of- fer or contract; 2. The statements herein are made in good faith but without any responsibility what- soever on the part of the Vendor, Prime Retail Property Consultants LLP and Carr & Priddle or their servants. It is for the Purchaser or as the case may be Lessee (The “Purchaser”) to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in entering into any contract or otherwise rely upon these particulars as statement or representations of fact. 3. The Vendor does not make or give neither Prime Retail Property Consultants LLP and Carr & Priddle nor its servants any authority, express or imply, to make or give any representations or warranties in respect of the property. 4. In the event of any inconsistency between these Particulars and the Conditions of Sale, the latter shall prevail. 5. Nothing in these particulars should be deemed to be a statement that the property is in good condition or that any service or facilities are in working order. May 2018.
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