8/10 PARK STREET, WALSALL WS1 1NG PRIME FREEHOLD RETAIL INVESTMENT LET to T H BAKER (ESTABLISHED 1888) LIMITED Investment Summary R Prime Trading Location
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8/10 PARK STREET, WALSALL WS1 1NG PRIME FREEHOLD RETAIL INVESTMENT LET TO T H BAKER (ESTABLISHED 1888) LIMITED Investment Summary r Prime trading location. r A full repairing and insuring lease to T H Baker & Co (Established 1888) Limited (Company No. 00506598) trading as T H Baker for a term of 10 years from 14 March 2014, subject to an upward only rent review on 5th anniversary of the term. The lease expires on 13 March 2024 (5.5 years unexpired). r The current rental is £72,000 p.a.x. The current rental offers good growth prospects off a Zone A of £63.20. r The tenant did not activate the break clause dated 14 March 2019 showing commitment to the town and unit. r T H Baker have traded from this location for over 5 years. Previously they traded from a unit in the Saddlers Centre for over 20 years. r A low capital value of £195 psf (£18.11 psm). r The property has been elected for VAT purposes and it is assumed that the transaction will be dealt with as a TOGC. r Freehold. r We are instructed to seek offers in excess of £684,000 for our clients freehold interest, subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 10% after deducting purchasers costs of 5.26%. Location Walsall is the administrative centre of the Metropolitan Borough of Walsall and is situated in the West Midlands. The town is located 10 miles (16km) northwest of Birmingham, 7 miles (11 km) east of Wolverhampton and 6 miles (10 km) northwest of West Bromwich. The town benefits from excellent road communications and Junction 10 of the M6 is 3 miles (5 km) to the west and the M5/M6 intersection within 4 miles (6 km) of the town centre. Walsall railway station is situated in the heart of the town centre adjacent to the Saddlers Shopping Centre, a short walk from the subject property. There are frequent services to Birmingham New Street with an average journey time of 23 minutes whilst London can be reached in approximately 2 hours. Birmingham International Airport is located at Junction 6 of the M42, approximately 24 miles (39 km) to the southwest of the town centre, offering flights to over 150 destinations and serving 12.9 million passengers in 2017. WALSALL 8-10 PARK ST Retailing in Walsall Prime retailing is centered on the pedestrianised Park Street where nearby multiple retailers represented include Specsavers, Sports Direct, Boots, Footlocker, Holland & Barrett and New Look. Park Street is ably supported by two covered principal Shopping Centre, the Saddlers Centre located off Park Street and Old Square Shopping Centre off Digbeth. The Saddlers Centre comprises 193,000 sq ft arranged over 2 levels and is anchored by TJ Hughes. Old Square Shopping Centre comprises approximately 140,000 sq ft of retail accommodation and is anchored by Debenhams. The scheme is undergoing a comprehensive refurbishment with the first phase having been completed in August 2015 with the opening of a new 44,00 sq ft Primark store. To the north of the subject property just off Park Street is the British Land owned Crown Wharf Retail Park totaling 230,000 sq ft anchored by Asda Living, TK Maxx, H&M, JD Sports, Next and River Island. The principal car parks within the town centre are located within the Saddlers Centre (480 spaces), Old Square Shopping Centre (400 spaces) and Crown Wharf (650 spaces). The town also benefits from a 5 day a week street market within Park Street. Demographics Walsall has a resident town population of approximately 70,000 people, a Borough population of 274,000 people, with over 800,000 living within a 6 mile (10 km) radius and 2.3 million people within a 12 miles (19 km) radius. The town serves an extensive catchment area extending to Cannock in the north, Wolverhampton in the west and Sutton Coldfield to the east, and overlapping with Birmingham City Centre to the south. Situation The subject property occupies a prime trading location on the eastern side of the pedestrianised Park Street being adjacent to Card Factory and Lloyds. Nearly multiple retailers include Barclays, Sports Direct, Thomson, Holland & Barrett, Subway, Footlocker, H Samuel, Clintons, Burger King, Thorntons, Deichmann, Specsavers and Pandora. Description The property is arranged on ground, first and second floors and is of a brick construction under a pitch slate roof and flat roof. The tenant has fitted out the ground floor sales to a high standard in their usual corporate style. The first floor is used for staff/storage facilities and the second floor is unused. The property is serviced from the rear via The Bridge. Accommodation The premises are arranged on ground, first and second floors with the following approximate areas and dimensions:- Description ft/sq ft m/sq m Window frontage 29’3” 8.9 m Internal width (average) 32’0” 9.8 m Shop depth 75’0” 22.9 m Ground floor sales 2,083 sq ft 193.5 sq m First floor storage 1,006 sq ft 93.5 sq m Second floor storage 416 sq ft 38.6 sq m ITZA 1,077 units Walsall Experian Goad Plan Created: 31/10/2018 50 metres Created By: Ockleston Bailey Copyright and confidentiality Experian, 2017. © Crown copyright and For more information on our products and services: database rights 2017. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 Tenure The property is held freehold, subject to the tenancy listed below. The site extends to 0.056 of an acre (0.022 hectares). Tenancy The property is let to T H Baker & Co (Established 1888) Limited (Company No. 00506598) by way of a 10 year FR&I lease from 14 March 2014, subject to an upward only rent review in the 5th year at a current rental of £72,000 p.a.x. 46 The lease contained a tenant only option to determine on 44 Rising Bollard 8-10 PARK STREET ST PAUL'S STREET Walsall, WS1 1NG 40 1 to 2 119.2m the 5th anniversary of the term (14 March 2019) subject to 42 serving 6 months prior written notice. The tenant did not 38 operate the break clause showing commitment to both the 5 Bank 6 town and store. 36 Shelter Club 34 30 41 Park St Arcade 30 to 39 to 35 TCBs 28 298550 26 24 119.2m Bank Bank 16 to 22 31 29 27 TCBs 401250 401300 14 25 Demise LB Notes: 21 23 21 2 to 3 TCBs Care should be taken when drawings are printed to avoid 8 Shelter image distortion. 19 This drawing is issued for lease registration purposes only and further copies should be printed under the appropriate licence. 17 LB This drawing contains Ordnance Survey data which has 13 been reproduced with the permission of the Controller 298500 1 of Her Majesty's Stationery Office, Crown copyright 2003. 7 to 11 to 7 Statue 5 2 Sister Dora Buildings 3 CBRE Limited, St Martins Court, 10 Paternoster Row, London, EC4M 7HP 3 1 Switchboard: 0207 182 2000 Fax: 0207 182 3007 Web: www.cbre.com The Bridge 5 Address: 8-10 Park Street 4 Walsall West Midlands 6 WS1 1NG 12 Drawing: Demise Plan 10 1 Date: 06/11/18 Project No. 285893 5 0 5 10 15 20 40 Scale: 1:500@A3 Alt. Scale: 9 1a Drawn: SA Checked: AG metres 87 119.2m Dwg. No. 285893-02 Rev. A Covenant Information TH Baker was founded by Thomas Henry Baker, a watchmaker and jeweler from Calne in Wiltshire in 1888. The company has traded for over 130 years and operate 30 stores located throughout the Midlands and Southern England. We set out below the most recent financial information available for the tenant:- Year End Year End Year End 31/10/2017 31/10/2016 31/10/2015 Turnover £19,525,871 £18,093,714 £15,364,953 Pre-Tax Profit £1,116,317 £2,402,830 £1,639,987 Shareholders Funds £5,337,405 £5,458,964 £4,318,409 T H Baker & Co (Established 1888) Limited has a Creditsafe rating of 54 out of 100 representing a low risk. (Source: Creditsafe) EPC The property has a rating of D92. A Certificate and Recommendations are available upon request. VAT The property has been elected for VAT and it is assumed that the transaction will be treated as a TOGC. Anti Money Laundering In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser. Proposal We are instructed to seek offers in excess of£684,000 subject to contract and exclusive of VAT reflecting aNet Initial Yield of 10% after deducting purchasers costs of 5.26%. Further Information For further information, or to arrange an inspection of the properties, please contact: Hugh Ockleston Ockleston Bailey Tel: 01244 403 445 Email: [email protected] Misrepresentation Act 1967 Ockleston Bailey Ltd (and their joint agents where applicable) for themselves and for the vendors or lessors of this property for whom they act, give notice that : (i) these particulars are 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) Ockleston Bailey Ltd cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) no employee of Ockleston Bailey Ltd (and their joint agents where applicable) has any authority to make any representations or warranty or enter into contract whatever in relation to the property; (iv) prices/rents quoted in these particulars may be subject to VAT in addition, (v) Ockleston Bailey Ltd will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.