191/193 High Street

Freehold Retail and 191/193 HIGH STREET Residential Opportunity Southend-on-Sea, Essex, SS1 1LL Freehold retail and residential opportunity 191/193 HIGH STREET Southend-on-Sea, eSSex, SS1 1LL investment summary location Southend-on-Sea is one of the principal commercial centres in Essex and a popular tourist Southend-on-Sea is a major commercial, destination, located 15 miles east of Basildon, 20 miles south east of Chelmsford and 42 miles retail centre and tourist destination in Essex. east of Central London. The town benefi ts from excellent road communications, with the A127 and A13 providing access The property is located in 100% prime retail to the M25 (Junction 29) and Central London. National Rail services are available from three pitch on the pedestrianised High Street. Southend stations to Liverpool Street and Fenchurch Street stations, with the fastest journey time of 46 minutes.

Ground ﬂ oor and basement let to Savers London Southend Airport offers scheduled fl ights to destinations across Europe, whilst Stansted Health and Beauty Limited. Airport (32 miles) provides a greater number of fl ights to more destinations.

Felixstowe Vacant possession of the upper parts M11 A12 recently converted to four 1-bed and two A120 Braintree 2-bed ﬂ ats ﬁ nished to a high standard and A120 Colchester A133 ready for occupation. A12 Clacton on Sea

Chelmsford Freehold. A414 A130

M25 A12

Income from Savers £70,000 pa rising to A127 Basildon LONDON SOUTHEND £75,000 pa in years 4 and 5. A13 ON SEA

Dartford Low re-based rent. A2 Rochester

M25 A249 Margate M20 Sittingbourne A299

M26 M2 Opportunity to let or sell the ﬂ ats. Sevenoaks Canterbury Maidstone A21 A228

A229 M20 A256 A28 A2 price: offers in excess of £1,750,000 A26

Royal Dover A20 (subject to contract and exclusive of Vat). Tunbridge Wells A21 Folkstone Freehold Retail and Residential Opportunity 191/193 High Street Southend-on-Sea, Essex, SS1 1LL

Demographics and Local Economy Southend-on-Sea is a Unitary Authority area and has borough status. It has a resident population in excess of 174,000 persons, with an estimated catchment population of over 628,000 people (within 12 miles). Major employers in the town include HMRC, whose main VAT office is in Southend, RBS Card Services, British Telecom and InsureandGo. The town is a popular tourist destination with estimated day visitors in excess of 6 million annually. The University of Essex is situated close by and is host to some 15,000 students in the Southend campus alone. Retailing in Southend With little competition Southend benefits from a large and loyal catchment population and has an impressive retail offer, with the prime High Street (almost entirely pedestrianised) providing the link between two Shopping Centres. The Victoria Plaza Shopping Centre (main anchors – Next, New Look, Wilkos and Peacocks) comprises 390,000 sq ft of retail space with 600 car spaces lies at the northern end of the High Street. The Royals Shopping Centre (main anchors – Debenhams, Boots, Primark and TK Maxx) comprises 280,000 sq ft of retail space with 500 car parking spaces lies at the southern end of the High Street. The subject property is situated in a prime retailing location adjacent to numerous national multiples including WH Smith, McDonalds, Costa, Virgin Media and Top Shop. Prime rents within Southend peaked at around £120 Zone A in 2006 but fell back during the recession. Following recovery they now stand at around £70 - £75 Zone A. We analyse the passing rent to Savers at approximately £48 Zone A. In our opinion the rent is highly reversionary. Description The property is a brick construction beneath a pitched roof and provides a retail unit on ground and basement and recently converted upper parts comprising four 1-bed and two 2-bed flats. Rear access is via a passage approached off Queens Road. Freehold retail and residential opportunity 191/193 HIGH STREET Southend-on-Sea, eSSex, SS1 1LL Created By: Molyneux Ros e Experian Goad Plan Created: 11/10/201 6 For more information on our products and services : www.experian.co.uk/goad | [email protected] 0845 601 1 Southend-on-Se a

North 50 metre s Copyright and confidentiality Experian, 2016. © Crow n copyright and database rights 2016. OS 10001988 5 Freehold Retail and Residential Opportunity 191/193 High Street Southend-on-Sea, Essex, SS1 1LL

Accommodation Tenure The property provides the following approximate floor areas: Freehold.

Retail Sq ft Sq m Ground Floor Sales 2,634 244.8 Residential ITZA 1,354 units Southend is a growing town with a great future benefitting from an award winning rail link to London served by Southend Ground Floor Storage 230 21.4 Victoria Station (for Liverpool Street) and Central Station (for C2C Basement Storage 1,750 162.6 Fenchurch Street). Inward investment is evident generated by the Total 4,614 428.8 vastly improved and expanding airport. The town continues to attract considerable investment from a number of sources including Residential Sq ft Sq m the new Essex University campus, new hotels, and the upgrading of the seafront and cliffs area. For those with an eye to impending Flat A - 1 bed 459 42.0 exceptional capital growth Southend is an ideal choice. First Floor Flat B - 1 bed 285 26.4 With the exciting new Victoria regeneration project and the interest Flat C - 2 bed 683 63.4 already being received from Investors and private buyers the outlook for Southend is certainly bright. Flat D - 2 bed 695 64.5 Second Floor Flat E - 1 bed 280 26.0 Asset Management/ Flat F - 1 bed 495 46.0 Total 2,897 268.3 Opportunity The purchaser has the opportunity of either letting the flats on ASTs, or selling them on long leases ,or a combination of both. Tenancy In addition there is the potential to benefit from a higher rental income on the shop on review in November 2020. The ground and basement floors are let to Savers Health and Beauty Limited for a term of 10 years with effect from 4th November 2015 (approx.9 years unexpired ) at a current rent of £70,000 pa rising to £75,000 pa in years 4 and 5. The lease is on full repairing and insuring terms and provides for an upward only rent review on 4th November 2020.

There is a tenant only break option on 3rd November 2020 subject to a 3 month rent penalty if effected. Freehold Retail and 191/193 HIGH STREET Residential Opportunity Southend-on-Sea, Essex, SS1 1LL

Covenant Information Contact Savers currently trade from 379 branches throughout the UK. They For further information or to arrange an inspection please contact: are a subsidiary company of A.S. Watson ( Health and Beauty UK ) Ltd; Hutchison Whampoa is the ultimate parent company. For the year ended 26th December 2016 the company made a profit of £29,106,000 on a turnover of £362,314,000 and have a below average credit risk. Mike Gillies Tel: 020 7182 1897 Mobile: 07798 623065 VAT [email protected] We understand that the property is elected for VAT. EPC EPCs for the property are available on request Stephen Ayers Darrell Clarke Proposal Tel : 01702 343060 Tel: 01702 608039 Mobile: 07767 898944 Mobile: 07917 130952 Offers are sought in excess of £1,750,000 (One million seven [email protected] [email protected] hundred and fifty thousand pounds), subject to contract and exclusive of VAT which reflects an initial yield of 7.7% rising to 8.2% in November 2019 after allowing for purchasers costs of 5.9% and assuming a capital value of £325 per sq ft for the residential accommodation.

please note Molyneux Rose and Ayers & Clarke for themselves and for Vendors and for Vendors and Lessors of this property whose agents they are, give notice that (i) these particulars are set out as a general outline only for guidance of intended purchasers or lessees and do not constitute part of an offer or contract (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely (iii) no person in the employment of the lessors and Molyneux Rose and Ayers & Clarke has any authority to make or give any representation or warranty whatsoever in relation to the property: (iv) properties are offered subject to contract and being unsold or unlet and no responsibility is taken for any accuracy or expenses incurred in viewing: (v) all prices and rentals quoted are exclusive of Value Added Tax at the appropriate rate. Similarly unless stated otherwise, any offer made will be deemed to be exclusive of VAT.