ST-HELIER-Jersey-Barclays-Bank.Pdf
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BARCLAYS BANK ST HELIER, JERSEY NEW 15 YEAR LEASE WITHOUT BREAKS PRIME FREEHOLD BANK INVESTMENT NEW 15 YEAR LEASE WITHOUT BREAKS 3 YEARLY UNCAPPED RPI RENT REVIEWS GROUND & BASEMENT 1 & 3 BROAD STREET & 11-13 LIBRARY PLACE, JE4 8NE INVESTMENT CONSIDERATIONS PROPOSAL Offers are sought in excess of £5,140,000 (Five million, One Hundred and Annually compounded Ground and basement only, Forty Thousand Pounds) subject to contract and exclusive of GST (5%). This equates Freehold three yearly uncapped measuring 12,851 sq ft to an attractive net initial yield of 5.50%, after allowing for purchasers’ costs of 6.20%. Jersey RPI rent reviews Assuming an increase based on Jersey’s March 2019 – March 2020 RPI of 2.7%, New lease for a term of a purchase at this level gives a reversionary yield of: Undoubted covenant Services retail, business and 15 years at a rent of of Barclays Bank Plc ‘Premier’ Banking customers Year Rent NIY £300,000 per annum 2023 £323,067 5.95% Barclays have been Heart of St Helier Town Barclays’ only retail branch 2026 £ 347,9 0 8 6.45% in occupation for over Centre, Jersey, Britain’s largest on the Island; benefiting 2029 £374,658 6.99% 100 years ‘offshore’ financial centre from a recent comprehensive 2032 £403,466 7. 57 % refurbishment Jersey RPI for the last 3 years has averaged an annual increase of 3.3%, which is higher than the UK. PRIME FREEHOLD BANK INVESTMENT NEW BARCLAYS BANK 15 YEAR LEASE WITHOUT BREAKS Ground & Basement, 1 & 3 Broad Street & 11-13 Library Place, St Helier, Jersey JE4 8NE 3 YEARLY UNCAPPED RPI RENT REVIEWS GURNSEY FRANCE PORTSMOUTH ENGLAND BOURNEMOUTH LOCATION ISLE OF WIGHT ST HELIER Jersey is a British Crown dependency and an archipelago located in the English St Helier is the capital of Jersey, home to WEYMOUTH Channel approximately 14 miles off the north west coast of France and 85 miles from approximately 31% of the Island’s entire population the south coast of England. Jersey is part of the British Isles but is self-governing and is CHANNELTORQUAY ISLANDS and virtually all of the Island’s prime retail and office known as Britain’s largest ‘offshore’ financial centre operating within its own financial stock. The town has a population of approximately and legal systems – independent of both the UK and The European Union. It is the 33,500 and has seen considerable public and largest of the Channel Islands and its local economy revolves largely around the PLÉMONT private sector development in the last two decades. finance and professional advisory industries. BOULEY BAY ENGLISH CHANNEL The town benefits from excellent road communications Jersey benefits from excellent communications to both the UK and Europe: JERSEY being the focal point of the Island’s road network. JERSEY AIRPORT• La Route de la Liberation runs through the centre of the town and provides access to the west side of the Jersey Airport is located 5 miles from St Helier. Journey times from ST AUBIN •ST HELIER Island and Jersey’s International Airport via the A1 London Gatwick and London City airports are 1 hour and 1 hour and A2. The A8 and A9 are located to the north 15 minutes respectively. of the town and connect the town with the Island’s CHERBOURGOCTEVILLE northern Parishes and coastline. The A4 is located to Regular ferries operating between Jersey, England and France. St Helier FLAMANVILLE the south of the town which links to the east side of the to Poole 4 hours and 30 minutes. St Helier to St Malo 1 hour 20 minutes Island along its coastal shoreline. GUERNSEY FRANCE BARNEVILLECARTERET CHANNEL ISLANDS JERSEY JERSEY AIRPORT ST HELIER PRIME FREEHOLD BANK INVESTMENT NEW BARCLAYS BANK 15 YEAR LEASE WITHOUT BREAKS Ground & Basement, 1 & 3 Broad Street & 11-13 Library Place, St Helier, Jersey JE4 8NE 3 YEARLY UNCAPPED RPI RENT REVIEWS St Helier Deutsche Bank RM LIGHTING UNITED COLORS OF BENETTON CLINTONS TUI SCHUH PAPERCHASE MOUNTAIN CLARKS COFFEE WAREHOUSE ACCESSORIZE REPUBLIC THERE ARE OVER 50 REGISTERED NEW LOOK BANKS ON THE ISLAND CLAIRE’S ALLIANCE NEW HEAD OFFICE NEW 15 YEAR LEASE 24,500 SQ FT AGREED THE ESPLANADE OFFICE LOCATION SITUATION LESS THAN 5 MINUTES WALK The property comprises a prominent corner building The immediate area also provides the Island’s main in the very heart of St Helier Town Centre at the commercial centre for retail and office stock alongside corner junction of Broad Street and Library Place. The numerous bars and restaurants. The Liberty Wharf property is located on the town’s main thoroughfare mixed-use development is located a short 5 minute from The Esplanade to the High Street and benefits walk south via Weighbridge Place which now boasts from good pedestrian flow. a number of up-market restaurants and bars around The subject property is situated in a strong banking two attractive piazzas, including The Royal Yacht and location with the Island’s principle branches of Café Zephyr. Lloyds and NatWest located opposite. Other banks The bus station is located 300 metres to the south and financial operators in close proximity include on the Esplanade. Santander, Coutts, Investec, RBS, RBC, HSBC, Citibank and Deutsche Bank, amongst others. © CrownExperian Copyright, ES Goad 100004106. Plan For identification Created: purposes 23/01/202 only. 0 50 metres Created By: Allsop Copyright and confidentiality Experian, 2020. © Crown copyright and For more information on our products and services: database rights 2020. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 PRIME FREEHOLD BANK INVESTMENT NEW BARCLAYS BANK 15 YEAR LEASE WITHOUT BREAKS Ground & Basement, 1 & 3 Broad Street & 11-13 Library Place, St Helier, Jersey JE4 8NE 3 YEARLY UNCAPPED RPI RENT REVIEWS DESCRIPTION The building comprises an attractive and prominent period property which originally encompassed separate buildings but now operates as one demise. The subject property is arranged over ground and basement floors only, the upper floors are not included in the sale. The main entrance to the property is located on the south side of Library Place which offers access to Barclays’ ground floor banking hall:- Barclays’ only retail branch on the Island. The south side of Broad Street provides separate access to Barclays “Premier Banking” customers offering investment and wealth management services. The premier banking accommodation comprises a number of private meeting rooms and offices. The remaining ground floor accommodation comprises counting rooms, storage areas and staff accommodation and offices. There is further ancillary accommodation to the basement floor where the bank’s vault is located. JERSEY’S ECONOMY The front facade of both Library Place and Broad Street are Grade 4 Financial services dominate Jersey’s economy, employing nearly 30% of the Listed, the internal of the building is not listed.’ population and contributing 60% of the Island’s GDP. The Island is considered one of the top worldwide offshore financial centres and benefits from attractive ACCOMMODATION* tax regimes for both private and corporate wealth. Tax on the Island is levied at a BRITAIN’S LARGEST ATTRACTIVE TAX 725,000 flat rate of 20% and benefits from no inheritance tax, no capital gains tax and no ‘OFFSHORE’ REGIMES FOR VISITORS Floor Area sq m Area sq ft corporation tax. FINANCIAL CENTRE BOTH PRIVATE AND PER YEAR Basement 396.4 4,266 CORPORATE WEALTH The Island’s robust taxation benefits and sophisticated legal framework supports Ground 797.6 8,585 the development of Jersey’s Financial Services Centre, and is sustained by the high Total 1,194 12,851 number of banks, accountants, wealth managers and solicitors based on the Island. In fact there are over 50 registered banks on the Island with estimated banking *Due to the restrictive access provided by Barclays for security reasons the above floor areas deposits in excess of £108 billion and fund values totalling over £200 billion. have been scaled using historic architect’s plans and have been provided by the vendor. All potential purchasers are expected to carry out their own measured survey and due Tourism is another major contributor to the economy, accounting for over 20% BANKING FINANCIAL SERVICES 30% OF THE diligence prior to completion. of GDP as 725,000 visitors flock to the island every year. Some of the most DEPOSITS IN CONTRIBUTE POPULATION WORK GIA floor areas are cited within the lease which have been used in previous rent review popular sites on the Island include Elizabeth Castle, Mont Orgueil Castle, EXCESS OF 60% OF THE IN THE FINANCIAL transactions. The lease can be found in the data room. Jersey Zoo and Jersey War Tunnels. £108 BILLION ISLAND’S GDP SERVICES SECTOR PRIME FREEHOLD BANK INVESTMENT NEW BARCLAYS BANK 15 YEAR LEASE WITHOUT BREAKS Ground & Basement, 1 & 3 Broad Street & 11-13 Library Place, St Helier, Jersey JE4 8NE 3 YEARLY UNCAPPED RPI RENT REVIEWS FLOORPLANS GROUND FLOOR (8,585 SQ FT) BASEMENT (4,266 SQ FT) PRIVATE BANKING PREMIER BANKING ENTRANCE BROAD STREET RETAIL ENTRANCE LIBRARY PLACE ARRANGED OVER GROUND MEASURES 12,851 SQ FT NIA FLOOR AND BASEMENT RETAIL BANK WITH PREMIER BANKING SERVICES FREEHOLD TITLE PRIME FREEHOLD BANK INVESTMENT NEW BARCLAYS BANK 15 YEAR LEASE WITHOUT BREAKS Ground & Basement, 1 & 3 Broad Street & 11-13 Library Place, St Helier, Jersey JE4 8NE 3 YEARLY UNCAPPED RPI RENT REVIEWS TENANCY LET TO BARCLAYS BANK PLC NEW 15 YEAR LEASE (NO BREAKS) RENT OF £300,000 PA JERSEY RPI VS UK RPI COVENANT INFORMATION Barclays Bank Plc, a subsidiary of Barclays Plc, is a The company employs approximately 85,000 3 YEARLY RENT REVIEWS TO British multinational banking and financial services people worldwide with the UK business alone Date UK Jersey UNCAPPED JERSEY RPI company founded in 1925 with its headquarters has approximately 24 million retail customers.