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229 High Street & 32-33 Gandy Street Exeter Ex4

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229 High Street & 32-33 Gandy Street Exeter Ex4 | Home | Investment Summary | Location | Demographics | Retailing | Situation | Goad | Description | Accomodation | Covenant | Tenancy Schedule | Rental | Investment Comparables | VAT | EPC | Proposal | Contact 229 HIGH STREET & 32-33 GANDY STREET EXETER EX4 3NE PRIME FREEHOLD RETAIL & RESTAURANT INVESTMENT FOR SALE | Home | Investment Summary | Location | Demographics | Retailing | Situation | Goad | Description | Accomodation | Covenant | Tenancy Schedule | Rental | Investment Comparables | VAT | EPC | Proposal | Contact INVESTMENT SUMMARY • Prime retail and restaurant investment situated in the historic Cathedral and University city of Exeter, the principal commercial centre for Devon. • Exeter is a dominant retailing centre with an affluent catchment. • Prime location fronting the High Street in close proximity to the Princesshay Shopping Centre. • Large retail unit over four floors fronting the High Street let to Urban Outfitters and a prominent restaurant over ground and first floor to the rear, fronting Gandy Street and let to Bill’s. • Average weighted unexpired lease term of 10.13 years to expiry. • Our clients are seeking offers in excess of £5,970,000 (Five Million, Nine Hundred and Seventy Thousand Pounds), subject to contract and exclusive of VAT which reflects a net initial yield of 5.5%, after allowing for purchaser’s cost of 6.62%. 229 HIGH STREET & 32-33 GANDY STREET EX4 3NE PRIME FREEHOLD RETAIL & RESTAURANT INVESTMENT FOR SALE | Home | Investment Summary | Location | Demographics | Retailing | Situation | Goad | Description | Accomodation | Covenant | Tenancy Schedule | Rental | Investment Comparables | VAT | EPC | Proposal | Contact Oxford Chelmsford Swansea High Wycombe Southend-on-sea Swindon M4 Cardiff Salisbury M4 LONDON LOCATION Bristol Reading Hastings Ramsgate Bath Weston-Super-Mare Guildford M25 Basingstoke Maidstone Exeter is an historic Cathedral and University city M5 Royal Dover Exmoor M3 Crawley Folkestone located in the south west of England. The city National Park Tunbridge Wells Barnstaple Winchester is the main commercial centre for Devon and is A303 A39 Taunton located approximately 45 miles (72 km) east of Southampton Plymouth, 81 miles (130 km) south west of Bristol A31 M5 Brighton and 175 miles (280 km) south west of London. Eastbourne EXETER A30 Portsmouth A30 Bournemouth Newport Exeter benefits from excellent transport links Dartmoor A39 Exmouth being located at the southern end of the National Park Weymouth M5 which links with the M4 and the national A38 motorway network. To the west of Exeter is the Newquay Torquay A38 (Devon expressway) giving direct access St Austell Plymouth A390 to Plymouth and the A30 to Cornwall. The A30 A30 also links the A303 to the east, providing a trunk road connection to the M3 motorway and there Penzance A394 Truro on to London. The city has a comprehensive rail service which links to the national rail network from both Exeter Central and Exeter St Davids. Fastest journey time to London Paddington is approximately 2.5 hours and to London Waterloo 3.5 hours. Exeter International Airport is located 6 miles (10 km) to the east of the city with a range of UK and international flights to destinations that include Geneva, Madrid, Munich, Nice, Dublin and Edinburgh. 229 HIGH STREET & 32-33 GANDY STREET EX4 3NE PRIME FREEHOLD RETAIL & RESTAURANT INVESTMENT FOR SALE | Home | Investment Summary | Location | Demographics | Retailing | Situation | Goad | Description | Accomodation | Covenant | Tenancy Schedule | Rental | Investment Comparables | VAT | EPC | Proposal | Contact DEMOGRAPHIC PROFILE Exeter has an estimated primary catchment population of approximately 508,000 people which is boosted significantly by tourism as well as a large student population. South West Tourism Alliance estimates approximately 500,000 staying visitors and over 1.5 million day visitors each year, spending in excess of £166 million per annum. Additionally, Exeter University is one of the top Russell Group universities in the country which together with Exeter College, attracts in excess of 28,000 students. SUBJECT PROPERTY Exeter has an affluent catchment ranking 31st out of the 200 PROMIS Centres in terms of the volume of comparison retail spend available in the catchment area. Exeter is forecast to see above average percentage growth in the available pool of comparison spending between 2016 and 2021. Reflecting the demographic profile and spending habits of the catchment population, per capita retail spending levels are significantly above the PROMIS average. Large scale employers in the city include The Met Office along with the University and Devon County Council. Other major businesses represented include EDF Energy and British Telecom. 229 HIGH STREET & 32-33 GANDY STREET EX4 3NE PRIME FREEHOLD RETAIL & RESTAURANT INVESTMENT FOR SALE | Home | Investment Summary | Location | Demographics | Retailing | Situation | Goad | Description | Accomodation | Covenant | Tenancy Schedule | Rental | Investment Comparables | VAT | EPC | Proposal | Contact RETAILING IN EXETER SITUATION Exeter is a very established and thriving retail centre providing At the other end of the High Street, and on the opposite side The subject property is situated one of Devon’s primary shopping destinations with a total floor to Princesshay is the Guildhall Shopping Centre which provides in a prime position on the north- space estimated to be in excess of 1.39 million sq ft. The prime retail and restaurant space anchored by Primark, Wilko and west side of the pedestrianised retail pitches are located within the pedestrianised section of Sainsbury’s. Aviva Investors have recently spent approximately High Street within close the High Street between the Guildhall Centre and the John £12 million remodelling the Queen Street restaurant area with proximity to both Princesshay Lewis department store and Princesshay Shopping Centre. occupiers including Gourmet Burger Kitchen, Polpo, Comptoir Shopping Centre and the Libanais and Kupp which has underpinned this location as the Guildhall Shopping Centre. Princessshay Shopping Centre was developed by Land destination for A3 within the city. Other nearby occupiers include Securities Plc and opened in 2007. The Centre extends to Marks & Spencer, House of approximately 530,000 sq ft of retail space, anchored by Fraser, H&M, Russell & Bromley a 130,000 sq ft Debenhams department store with other and Tesco Metro. retailers including Zara, Top Shop, Hollister, Superdry, New Look and Fat Face. The Goad extract plan highlights the subject property in blue. 229 HIGH STREET & 32-33 GANDY STREET EX4 3NE PRIME FREEHOLD RETAIL & RESTAURANT INVESTMENT FOR SALE | Home | Investment Summary | Location | Demographics | Retailing | Situation | Goad | Description | Accomodation | Covenant | Tenancy Schedule | Rental | Investment Comparables | VAT | EPC | Proposal | Contact NORTH For Identification purposes only 229 HIGH STREET & 32-33 GANDY STREET EX4 3NE PRIME FREEHOLD RETAIL & RESTAURANT INVESTMENT FOR SALE | Home | Investment Summary | Location | Demographics | Retailing | Situation | Goad | Description | Accomodation | Covenant | Tenancy Schedule | Rental | Investment Comparables | VAT | EPC | Proposal | Contact DESCRIPTION The existing buildings of 229 High ground and first floor with ancillary Street and 32/34 Gandy Street have accommodation at basement and been extended and amended since their second floor. construction in the 1930s. The original building of 229 High Street includes the The restaurant unit is arranged as reuse of a salvaged Elizabethan shop ground floor sales with part first floor front from North Street. The building sales and part first floor ancillary. also now includes a prominent mural which faces along the High Street. Both units are let in accordance with the attached Tenancy Schedule. The retail accommodation is arranged to provide sales accommodation over ACCOMMODATION The property comprises 14,264 sq ft in total and is arranged as one retail unit and one restaurant unit. COVENANT A summary of the covenant strength of the two occupiers is highlighted. Experian Credit Tenant Score out of 100 URBN UK Limited 100 Bill’s Produce Store Limited 100 229 HIGH STREET & 32-33 GANDY STREET EX4 3NE PRIME FREEHOLD RETAIL & RESTAURANT INVESTMENT FOR SALE | Home | Investment Summary | Location | Demographics | Retailing | Situation | Goad | Description | Accomodation | Covenant | Tenancy Schedule | Rental | Investment Comparables | VAT | EPC | Proposal | Contact TENANCY SCHEDULE Lease Info Areas Rent ERV Address Tenant Start Expiry Comments Term R/R GF ITZA BF 1st F 2nd F Date Date Composite ITZA stated assuming A/12 on the ground URBN UK Ltd £285,000 £265,500 remainder, A/16 on loading bay and A/20 on basement, 229 High Street 15 11.07.11 10.07.26 11.07.21 4,900 1,436 1,492 1,909 1,992 1st and 2nd floor. Set back frontage cancelled out by t/a Urban Outfitters (£198.50 ZA) (£185 ZA) return. Rent capped at no greater than 115% of the previous rent at review. Bills Produce Store Ltd £65,000 £71,500 February 2017 rent review outstanding. 32/33 Gandy Street 20 03.02.12 02.02.32 03.02.17 1,528 2,443 0 t/a Bills (£23.65 psf) (£26 psf) First floor @ half rate, gives WGIA 2,749. RENTAL COMMENTARY Retail rents on Exeter High Street have rental tone. We set out below a series of remained stable over recent years with comparable evidence for both the retail and various transactions reinforcing the restaurant unit. Address Transaction Tenant Date Zone A psf 12/13 High Street OML Goldsmiths
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