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Home , Frome, Taunton

7 NORTH STREET, TA1 1LH

INVESTMENT SUMMARY

• Prime town centre retail pitch

• Nearby occupiers include Greggs, Fat Face, Top Shop, Next & White Stuff

• Let to the undoubted covenant of Cancer Research UK

• 10 year FRI lease from 12th October 2017, 8.3 years unexpired to expiry

• Rebased rent

• Total current income of £39,235 pax

• Freehold

• Offers in excess of £550,000 reflecting anet initial yield of 6.80%, allowing for graduated purchaser’s costs of 4.89%

PRIME, WELL SECURED, HIGH STREET RETAIL INVESTMENT OPPORTUNITY M48 M5 RETAILING IN Newport Swindon M49 M4 M4 M32 TAUNTON Chippenham Barry Taunton dominates retailing in and Weston-super-Mare Bath retains the great bulk of retail spend from its 22 Andover Ilfracombe Wells affluent catchment population. The nearest 23 A39 competing centres are and Bristol, 36 24 A396 A37 A358 miles and 49 miles respectively from the town M5 A372 Salisbury Somerton centre. 25 A378 Shaftesbury Taunton Romsey

27 Sherborne A361 Tiverton Fordingbridge A303 Town centre retail floor space in Taunton is Bude Chard Ringwood estimated at 1.14 million square feet. There Okehampton A35 are two shopping centres in Taunton: Orchard Bridport LOCATION Bournemouth Shopping Centre and County Walk. Orchard Exeter 31 Sidmouth The property occupies a prominent position on Street Shopping Centre was opened in 1982 Weymouth Padstow the west side of North Street within Taunton’s and comprises 135,000 square feet of covered Tavistock NewtonAbbot town centre. Taunton, Somerset’s retailing accommodation. The scheme Bodmin Torquay Saltash and principle retailing and administrative centre, has undergone refurbishment and hosts a is strategically located adjacent to Junction wide range of retailers, including Bill’s, HMV, StAustell

25 of the benefitting from easy L’Occitane, Starbucks and Jack Wills. PR A358 Y access to Bristol, Exeter and further afield. S A358 EWA TA N County Walk shopping centre was opened TO T M5 (J25) I The town has good rail communications with in 1986 and has undertaken refurbishment ON

R the south of and Midlands as well as since. The scheme comprises 105,000 sq ft O AD TAUNTON shopping accommodation and is anchored by P regular mainline inter-city services to R

I

O D A

Sainsbury’s supermarket. R Paddington within 1 hour 50 minutes. O

Y R

P P W R A I O O R

R R S Y K R BR C T ROVE I A APLEG RD DGE R H LA OAD B R M

A3038 B H I T R

O C DEMOGRAPHICS C O E K H R E A O R AD R D C AMILT Taunton has a primary catchment population H ON W ROAD N A O Y 188,000 people with a total shopping population R T H

of 164,000. Taunton is projected to see above S T H EAC T R average population growth within its retail area EAS A38 over the period 2018-2023. In the same period, T EE TR D L ST S E IS F ST N A I A E V E O I Taunton is due to see average growth in available T R E UE O U S E Q R X S T R K W R County Walk D A A P H Y

spend. Orchard Shopping SO H G T Centre I

Shopping U R T E

Centre H L O S T S T W

A38 R A The catchment population is moderately S

E E E D T affluent with total retail spending levels above R ST O U H W the PROMIS average. The level of car ownerships PP ER HIG in Taunton is significantly above average with a particularly high proportion of 2 car households.

7 NORTH STREET, TAUNTON TA1 1LH 2 Taunton DESCRIPTION The property comprises a rectangular shaped shop on the ground floor with rear storage and kitchen. A staircase accesses first floor ancillary accommodation currently used by the tenant, whilst the property includes further accommodation at second floor, demised to the tenant, there is no value attributable to this area. A purchaser may be able to improve the upper parts in the future. TENURE Freehold. ACCOMMODATION The property provides the following accommodation and has been measured by Greenslade Taylor Hunt;

Floor Area (sq.m) Area (sq.ft)

GF Sales 99.50 1,071

GF Anc 27.41 295

FF Kitchen 5.39 58 TENANCY

FF Anc 42.27 455 The property is let to Cancer Research UK via a full repairing and insuring lease for 10 years from 12th Total 174.57 1,879 October 2017 with a tenant’s break option and rent review on the 12th October 2022. There is a 3-month rent penalty if the break is operated by the tenant.

Unexpired term of 8.3 years to expiry. INCOME Current annual income of £39,235 pax.

The rent as agreed at lease renewal reflects £59.42 Zone A. Experian Goad Plan Created: 19/06/2019 50 metres Created By: Green and Partners

For more information on our products and services: Copyright and confidentiality Experian, 2019. © Crown copyright and database www.experian.co.uk/goad | [email protected] | 0845 601 6011 7 NORTH STREET, TAUNTON TA1 1LH rights 2019. OS 100019885 3 COVENANT STRENGTH PROPOSAL Cancer Research UK formed in February 2003 following the merger of The Imperial Cancer Research Fund and The We have been instructed to seek offers in excess of £550,000 (Five Cancer Research Campaign. It is the world’s largest cancer charity; its origins dating back to 1902. The charity has a Dun & Hundred and Fifty Thousand Pounds), Subject to Contract & Exclusive Bradstreet rating of 5 A1 representing a minimum risk of business failure. of VAT, which reflects anet initial yield of 6.80% allowing for purchaser’s costs of 4.89%.

Company Tangible Net Tenant Year ending D&B Rating Turnover Profit / loss Number Worth

Cancer FURTHER INFORMATION 04325234 31 March 2018 5 A1 £634,300,000 (£17,900,000) £528,100,000 Research UK For further information or to arrange inspection please contact either Green & Partners or Greenslade Taylor Hunt:

Patrick Over Duncan Brown  020 7659 4832  01823 334455  [email protected][email protected]

Harry Jeffery Joseph Hughes  020 7659 4837  01823 334455  [email protected][email protected]

The agents for themselves and for the vendors or lessors of the property whose agents they are give notice that: (i) these particulars are given without responsibility of The agents or the vendors or lessors as a general outline only for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) The agents cannot guarantee the accuracy of any descriptions, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in and any prospective purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; (iii) no employee of The agents (and their joint agents where applicable) has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; (iv) VAT may be payable on purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; (v) except in respect of death or personal injury caused by the negligence of The agents, its employees or servants, The agents will not be liable, whether in negligence EPC VAT or otherwise howsoever, for any loss arising from the use of these particulars save to the extent that any statement made in these particulars has been made fraudulently. In accordance with Section 21 of the The premises have a current Asset Rating of ‘D81’. A full The property has been elected for VAT and any disposal will Estate Agent Act 1979, we declare that there is a personal interest in the sale of this property. June 2019. copy of the certificate is available upon request. be by way of a Transfer of a Going Concern (TOGC). Photography & Design by Adrian Gates: 07710 316 991