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129 Stoke Road, Gosport, PO12

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129 Stoke Road, Gosport, PO12 129 Stoke Road, Gosport, PO12 1SD Investment Summary Gosport is an established coastal town situated on a peninsular to the west of Portsmouth Harbour and the city of Portsmouth. Located 0.5 miles west of Gosport town centre and 6.3 miles south of junction 11 of the M27. Let to the substantial 5A 1 Dun & Bradstreet covenant of Waitrose Limited until 16th July 2025 (5.83 years unexpired). Waitrose have been in occupation since 1973. Passing rent of £220,000 per annum (£9.19) with a fixed uplift to £250,000 (£10.44) in July 2020. Large site area of 0.88 acres. Potential to consider long term redevelopment of the site, subject to necessary planning consent. The adjoining building 133 Stoke Road has permission under permitted development to be converted to 18 one-bedroom residential flats. We are instructed to seek offers in excess of £2,500,000 (Two Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects anet initial yield of 8.27%, a reversionary yield of 9.40% (July 2020) and after purchaser costs of 6.38%. 129 Stoke Road, Gosport, PO12 1SD Petersfield M3 A32 A3057 Eastleigh A3 M27 B3354 Droxford SOUTHAMPTON South Downs AIRPORT National Park M271 B2150 Location A32 A334 SOUTHAMPTON Hedge End Gosport is a coastal town in South Hampshire, situated on a A3(M) Wickham peninsular to the west of Portsmouth Harbour and the city of Waterlooville Portsmouth to which it is linked by the Gosport Ferry. Hythe M27 A326 A27 The town is located approximately 13 miles south west of Fareham A27 Portsmouth, 19 miles south east of Southampton and 6 miles south Havant Titchfield Portchester Cosham east of Fareham. M275 A32 Chichester The Solent The property benefits from good road communications with the Blackfield PORTSMOUTH Harbour AONB Stoke Road linking north via the A32 Forton Road to junctions 10 LeeontheSolent and 11 of the M27. The M27 in turn provides access west to the M3 at North Solent Hayling Island National Southampton and east to the A3(M) at Havant. Nature Reserve GOSPORT Alverstoke Portsmouth Harbour railway station, accessed via the Gosport Ferry, The Solent Cowes provides a fastest journey time to London Waterloo in 1hr 36 mins. Southampton International Airport is 20 miles to the north west, ISLE OF WIGHT providing domestic, european and international flights. Royal Clarence Marina National Msem A 3 of te Royal Nav 2 N ST QUEE FORT ON ROAD D A Situation O A3 R 2 H Gosport B T S AD Portsmot 2 R RO Marina P M MBY 1 O U 5 The subject property is situated 0.5 miles west of Gosport town R Gosport 4 W I N T Ferr Terminal I G H G centre and the pedestrianised High Street. Bus services are D W A A R O D R E A3 L 2 N immediately outside the property providing access east to Gosport L GN HARF I L A H Town Centre QAYS N S ’ E STR town centre and north towards Fareham. D GH EET N I A H N O A R AD N RO SOUT H ROAD D E R O K O Gosport F T D S Gosport War R Adjoining the property is 131 and 133 Stoke Road comprising R Ferr Terminal A Memorial O 3 3 3 H Hospital G B3 Portsmot W N Anytime Fitness, Rowans Furniture Shop and Gosport chiropractic IO Car U G D B3333 Ferr Terminal B BURY ROA 3 3 clinic. The upper parts to 133 have permission under permitted 3 3 R OAD OU T H B S R development to be converted to 18 one-bedroom residential flats. O E Haslar E A U G D N D Lake I S E R T V ALERSTOKE B R A E R Haslar E E A T The area around the subject property is predominately residential, L H Marina S T A D H A leisure and retail. At the 2011 Census the population of Gosport O R D Y E A Te Royal Nav S O E stood at 82,600, approximately an 8.1% increase since 2001. R Smarine Msem L G K N R A A P Gosport Park D A O R 129 Stoke Road, Gosport, PO12 1SD R A L Royal Haslar S A Luxur Waterfront H Residential illage PORTSMOUTH GOSPORT FERRY GOSPORT MARINA HIGH HASLAR MARINA STREET 133 STOKE ROAD – PDR for 18 one bedroom flats Description The property comprises a two-storey semi-detached retail unit of concrete frame construction under a flat roof. The supermarket has customer entrances to the front and rear. Internally the unit is fitted out to the corporate trading specification of Waitrose including a large sales area, meat counter, four main checkouts, eight self-service checkouts, two basket checkouts and a click & collect service. At first floor level there are staff offices, a staff room with canteen and ancillary storage space including chillers. Loading is to the rear of the store where a goods lift provides access to the first floor. The property provides car parking to the rear. The site area is approximately 0.88 acres. Tenancy The property is entirely let on a full repairing and insuring lease to Waitrose Limited (company reg: 00099405) at a rent of £220,000 per annum (£9.19 per sq. ft.), for a term of 10 years from 17th July 2015 expiring on 16th July 2025 (5.83 years unexpired). The lease is subject to a fixed rental uplift on the 17th July 2020 to £250,000 per annum (£10.44 per sq. ft.). Waitrose have been in occupation since the original lease that dates back to 1973. 129 Stoke Road, Gosport, PO12 1SD Accommodation The property has been measured on a Gross Internal Area (GIA) XX basis in accordance with the Royal Institution of Chartered Surveyors Code of Measuring Practice (6th Edition) and we set out the approximate areas below: Unit Area sq m sq ft Ground Floor Retail 1,120.5 12,062 First Floor Ancillary 1,104.6 11,889 Total 2,225.1 23,951 Covenant Waitrose Limited is one of the UK’s largest supermarket chains and forms the food retail division of the John Lewis Partnership. Car park Waitrose Limited (00099405) has a Dun and Bradstreet rating of 5A 1. 28 Jan 2017 27 Jan 2018 26 Jan 2019 000’s 000’s 000’s Turnover £6,121,300 £6,226,100 £6,296,700 Pre-tax Profit £150,500 £100,500 £84,800 Net Worth (exc £695,500 £718,000 £763,800 intangible fixed assets) Shareholder Funds £806,700 £841,500 £906,100 Ordnance Survey © Crown Copyright 2019. All Rights Reserved. Licence number 100022432 This plan is for indicative Plotted Scale - 1:1250. Paper Size - A4 purposes only 129 Stoke Road, Gosport, PO12 1SD Investment Market The market remains strong for supermarket investments that offer a secure income stream. Recent comparables are set out below: Coombe Villa, Knaphill, Woking Address Sale Date Size (sq ft) Price Yield Rent psf Tenant Comments Let for 5 years from March Ham Rd, Shoreham by Sea, Co-op Mar-19 35,648 GIA £3.85m 6.75% £7.29 (Mar-17) 2017. Tenant break in 2020. BN43 6PA Foodstores Ltd Redevelopment potential. The Furlong, Ringwood Jan-18 £17.25m 4.99% £20 Waitrose Let for 7.25 years to break. BH24 1AT 44,102 GIA Ampthill, Bedfordshire Let for a term expiring Jan 2031 Nov-18 31,298 GIA £12.31m 4.95% £21.66 (Jan-17) Waitrose MK45 2LU (12 years unexpired). Yorktown Road, Sandhurst £12.62 Let for a term expiring Mar 2030. Apr-17 28,523 GIA £7.75m 4.35% Waitrose GU47 OPU (rebased 2017) Providing 13 years unexpired. Occupational Comparables Local comparable evidence are set out below: Coombe Villa, Knaphill, Woking Transaction Headline Rate Address Transaction Rent PA Date psf Lidl Supermarket, Hambledon Road, Letting May-18 £328,500 £16.11 Waterlooville, Hampshire PO7 7XW Aldi Foodstore Ltd, Barnfield Drive, Letting Jul-17 £290,000 £15.76 Chichester, West Sussex PO19 7AG Asda Unit 1 Wave, Approach Selsey, West Sussex Letting Jun-17 £360,000 £17.92 PO20 0FR Lidl, 61/69 London Road, North End, Letting Apr-17 £280,000 £11.36 Portsmouth, Hampshire PO2 0BH 129 Stoke Road, Gosport, PO12 1SD Proposal EPC: D - 82 Tenure: Freehold. We are instructed to seek offers in excess of £2,500,000 VAT: We understand the property has been VAT elected and (Two Million Five Hundred Thousand Pounds), subject to therefore anticipate the sale will be treated as a Transfer of Going contract and exclusive of VAT. Concern (TOGC). A purchase at this level reflects anet initial yield of 8.27%, Data Room: Leases and other supporting documentation a reversionary yield of 9.40% (July 2020) and after purchaser relating to the properties are available in the data room – for costs of 6.38%. access please contact Nicole Evans on [email protected]. Further Information London Southampton Toby Yates Marcus Chuter [email protected] [email protected] 07881 500 995 07557 504 952 Richard Dawtrey Russell Miller [email protected] [email protected] 07881 588 526 07760 171 443 Misrepresentation Act 1967 – Vail Williams for themselves and for the vendors or lessors of this property, whose agents they are, give notice that: 1. The particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute nor constitute part of an offer or contract.
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