sign in sign up
<<
Home , Uxbridge

159-161 HIGH STREET, UB8 1JY PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY UXBRIDGE 159-161 HIGH STREET UXBRIDGE MIDDLESEX UB8 1JY

Indicative CGI proposals POTENTIAL DEVELOPMENT OPPORTUNITY PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

INVESTMENT HIGHLIGHTS > 100% prime retail position > Located between Intu and Shopping Centres and 50m from Uxbridge Underground Station > Fully let on FRI leases to and SportsDirect.com > WAULT of 2.25 years > Terms agreed with Superdrug to extend their lease until August 2028 (tenant break option August 2024) at current passing rent > Freehold > Total area of 24,979 sq ft (2,320.69 sq m) > Total current income of £408,000 per annum

POTENTIAL DEVELOPMENT OPPORTUNITY > The property is included in a proposed Local Plan and we have been advised it would be suitable for redevelopment and conversion to residential. STP.

> Offers sought in excess of £6,950,000 (Six Million Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 5.5%. A505 Stevenage Dunstable Stansted Luton Luton Bishop’s A120 A418 Knebworth Stortford 159-161 A5 A10 A1(M) A602 HIGH STREET A44 M1 A131 UXBRIDGE A34 Aylesbury A130 MIDDLESEX UB8 1JY Harpenden Welwyn Garden City Hertford A40 A414 M11 A41 Hemel Harlow A12 Berkhamsted Hatfield Hempstead St Albans A4142 Thame M10 A414 Chelmsford A138 A420 21 A414 LOCATION A404 Potters Bar Chipping A4010 Chesham 20 Epping Uxbridge is an affluent commuter town situated 18.5 miles (29.7 km) north west 23 Ongar 19 25 27 of Central . Uxbridge is served by Uxbridge Underground Station (Piccadilly Borehamwood M25 and Metropolitan Lines), with a journey time of 45 minutes to . M25 A1 Enfield The town benefits from strong road links with the A40/M40 (J1) to the north, the M4 High Rickmansworth M1 M11 A130 (J4) to the south and the M25 to the West (J16). Uxbridge is within 5.6 miles (9 km) Wycombe A355 A413 Billericay of Airport which provides both domestic and international flights, with over Brentwood 28 Wickford 200,000 passengers arriving and departing each day. M40 Brent A10 Harrow Cross A12 A127 29 Basildon A404 16 Benfleet Southend-on-Sea Henley-on-Thames UXBRIDGE A40 A34 Canvey A13 LONDON M25 Stanford-le-Hope Island London 15 M4 Brentwood City Windsor READING M4 Heathrow A316 Richmond Dartford Staines Gravesend A329(M) Ashford Kingston Sheerness Egham 2 Upon Thames Wokingham 12 Swanley M3 A309 A3 A23 3 Rochester Gillingham A232 M2 M25 M25 M20 Sandhurst Epsom Sittingbourne Shoreham Snodland Woking 10 A217 A339 A22 9 5 M26 M20 M3 Sevenoaks Fleet M25 A331 A3 Maidstone BASINGSTOKE 8 7 6 A34 Aldershot Reigate A26 GUILDFORD Dorking Redhill Famham A21 A24 Tonbridge A303 Godalming M23 Horley Paddock Royal Wood Staplehurst Gatwick Alton Witley Tunbridge Cranleigh A264 Wells A229 A31 Crawley Three Bridges North A264 East Grinstead Horsham Horsham Uxbridge Underground Station Piccadilly & Metropolitan Lines Domestic & International Flights 45 minutes to Central London 5.6 miles (9 km) A23 Haywards Heath

Burgess Hill PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

(COCA-COLA HQ) UXBRIDGE STATION PAVILIONS SHOPPING CENTRE

BUS STATION INTU CAPITAL COURT SHOPPING CENTRE

HARMAN HOUSE SUBJECT PROPERTY CHARTER PLACE

BELMONT HOUSE (Grade A Office Development)

HIGH STREET NORWICH UNION HOUSE (Residential Development)

Outline for identification purposes only. 159-161 HIGH STREET UXBRIDGE MIDDLESEX UB8 1JY

SITUATION

The subject property is situated in a prominent position within the pedestrianised section of Uxbridge High Street in the 100% prime pitch. The property is situated adjacent to both Uxbridge Underground and Uxbridge Bus stations as well as being centrally located between The Pavilions and Intu Uxbridge shopping centres which form the town’s principal retail destinations. The rear of the property fronts onto Bakers Road which provides direct access to both Uxbridge’s underground and bus stations.

Retailers in immediate proximity to the subject premises include: PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

DEMOGRAPHICS

Uxbridge has a primary catchment area of 359,000 with an estimated shopping population of 220,000 and a 2.15m catchment population within a 30 minute drive. The town is forecast to see significant population growth over the next 5 UNDER CONSTRUCTION years. This is boosted by large office and student populations accounting for approximately 40,000 office workers and 25,000 students. The highly regarded Brunel University and are situated 1.5 miles (2.4 km) south and 0.5 miles (0.8 km) east of the town centre. Uxbridge has an affluent catchment with over 56% of the population categorised in the AB and C1 social groups and over 77% of households own at least one car. Heathrow is located 8 miles (12.8 km) south of Uxbridge and is the UK’s busiest airport which is an important driver of the regional economy. There are plans for an extension at Heathrow which if progressed is reported by the Airports Commission to add £147bn in economic growth and 70,000 jobs by 2050.

RETAILING IN UXBRIDGE

Uxbridge town centre has excellent provision of multiple retailers which was significantly enhanced in 2001 with the opening of the Intu Shopping centre. The Intu shopping centre is anchored by Debenhams and BHS and where the majority of the towns key fashion retailers are located. Notable retailers include: Monsoon, Top shop, New Look and Gap. Uxbridge has a total retail area of approximately 900,000 sq ft reflecting a low supply relative to its shopping population and wider catchment.

The Town has a low vacancy rate standing at approximately 6.8%. The majority of available accommodation is situated off the High Street within secondary locations on the fringes of the © Crown Copyright, ES 100004106. For identification purposes only. town centre.

Zone A prime rents have increased by approximately £25psf since Q1 2014 and currently stand at c. £200psf ZA. The most recent lettings in Uxbridge have been highlighted below:

Date Address Tenant ITZA/PSF

June 2015 214 Upper Mall, Intu Beauty Base £205

May 2015 223-224, Upper Mall, Intu Frankie & Benny’s £200

April 2015 205 Upper Mall, Intu Holland & Barrett £200

June 2014 162-163, High Street Five Guys £28.70 159-161 HIGH STREET UXBRIDGE MIDDLESEX UB8 1JY

DESCRIPTION ACCOMMODATION

The property comprises a mid-terrace building arranged over ground and three upper floors split into two The property provides the following areas: separate retail units. Both units benefit from rear ground floor access to Baker Road adjacent to Uxbridge Bus and Underground stations. UNIT 1 - SUPERDRUG STORES PLC UNIT 2 - SPORTSDIRECT.COM RETAIL LTD

UNIT 1 - Comprises a ground floor retail unit UNIT 2 - Comprises a four storey retail unit with a ground Area sq m Area sq ft Area sq m Area sq ft with storage and office accommodation to level entrance foyer providing primary access to the upper the rear providing access to a raised level floors from the High Street. The first and second floors Ground floor sales 538.10 5,792 Ground floor entrance 32.45 349 with further office, storage and W/C facilities. comprise open plan retail accommodation with a shop Ground floor ancillary 105.24 1,133 First floor sales 611.50 6,582 The unit has a shop depth of approximately depth of approximately 35.5m (382.1 ft). To the rear of the First floor ancillary 40.72 438 37.5 m (404 ft) with a goods lift allowing access first and second floors is ancillary storage and office areas Mezzanine accommodation 157.15 1,691 Second floor sales 563.25 6,062 from the ground floor to the raised floor level. with W/C facilities. The fourth floor comprises further Total area 800.49 8,616 ancillary, office and staff areas located to the rear of the Second floor ancillary 123.73 1,332 unit. The fifth floor provides access to the flat roof over ITZA 169.38 1,823 Third floor ancillary 120.51 1,297 part fifth and fourth floor levels. The roof areas extend to approximately 600 sq m (6,458 sq ft). Staff accommodation 28.04 302 Total area 1,520.21 16,362 PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

COVENANT

Superdrug Stores Plc D&B Rating 5A 1 Formed in the 1960’s Superdrug is the second largest health and beauty retailer in the UK with over 900 stores and plans for future expansion. The business produced the following headline accounts over the last 3 years:

27 Dec 2014 28 Dec 2013 29 Dec 2012

Turnover £1,058,047,000 £1,010,212,000 £1,021,021,000

Pre-Tax Profit £38,044,000 £1,010,212,000 (£3,977,000)

Total Net Worth £138,513,000 £122,235,000 £106,905,000

SportsDirect.com Retail Limited D&B Rating 5A 1 Formed in 1982 as a single store in Maidenhead, SportsDirect has now expanded to become the UK’s leading sports retailer by revenue and operating profit. SportsDirect has 420 sports stores in the UK. The business produces the following headline accounts over the last 3 years:

26 April 2015 27 April 2014 28 April 2013

Turnover £2,074,126,000 £1,864,930,000 £1,677,368,000

Pre-Tax Profit £262,929,000 £202,660,000 £178,631,000

Total Net Worth £872,400,000 £665,649,000 £489,515,000

TENANCY SCHEDULE

Unit Tenant Lease Start Rent Area Lease Expiry Rent Review sq ft (sq m) (breaks) (ITZA/Psf) 1 Superdrug Stores Plc** 24/08/1998 24/08/2013* 8,616 23/08/2018 £225,000 (800.49) (£123)

2 SportsDirect.com 29/09/1998 28/09/2013* 16,363 28/09/2018 £183,000 Retail Limited (1,520.21) (£11.18)

*Rent reviews outstanding. **Terms agreed with Superdrug to extend their lease by 10 years from lease expiry (tenant break option August 2024) at current passing rent with 7.5 months rent free incentive. 159-161 HIGH STREET

k l UXBRIDGE a W

s d MIDDLESEX UB8 1JY n e i r F

Offices Retail Retail

28

B Retail a k B e H a k r o e ' u s r s s e R o a Offices d

Retail DEVELOPMENT POTENTIAL SITE AREA Retail The property and the sites to the north have been identified within the proposed Hillingdon Local Plan 2 The site equates to approximately (page 83) as suitable for high density residential-led mixed use development. Plans being considered are 0.31 of acre and has a total at early stages on 148-154 High Street/25-30 Bakers Road for a mixed use scheme incorporating 260 depth of 235 ft and width of

residential units, gym, social spaces and rooftop gardens. The possible scheme will include new retail 60 ft widening to 75 ft at the Retail units on the High Street and a residential tower at the north-east corner. rear of the site.

Railway Station *all areas are taken from Pro Map and are approximate. Railway Station

The Hillingdon local authority policy document refers to the site as follows: Local authority identification plan:Retail

H ig “148-154 High Street / 25-30 Bakers Road (WH Smith), Uxbridge - The site is located at the junction of High h S M a H r t o k r u e e s t e e Street Uxbridge and Bakers Road, within the designated Uxbridge Town Centre boundary and lies adjacent t

t e rk a e M s 9 u 54 2 o to the Old Uxbridge Windsor Street Conservation Area. The site is considered suitable for retail residential-led Retail H 2 8 M H a o r u k s e mixed use redevelopment with residential use on the upper floors, subject to the following criteria: 53 e t 52a 0m 10m 20m 30m

• Provision of upper floor residential units, which must include affordable housing and an appropriate 52 mix of units, provided in accordance with Council standards. Other main town centre uses, such

as leisure uses, may be acceptable on upper floors; d oa Retail t R • Retention of ground floor retail uses fronting onto the High Street and provision of main town centre n uses, providing active frontages onto Bakers Road and Belmont Road; 28

B • The redevelopment should enhance the pedestrian thoroughfare of Cock’s Yard linking Uxbridge Retail a k eet B e H a r o k e ' Town Centre and the Bus Interchange; u s r 148-154 High Street / s s e R o 25-30 Bakers Road a • Amenity space and car parking should be provided in accordance with the Council’s standards; d policies in the Council’s Development Management Policies document; The redevelopment Offices should sustain and enhance the significance of the adjacent Conservation Area and its setting;

Retail The Council will expect redevelopment proposals to reflect the scale and character of the surrounding townscape and have regard to the setting of the nearby Conservation Area and Listed Buildings. Whilst the Poundland density guidance indicates a development potential of up to 120 units, capacity on this site should be led by high quality design, taking account of the site’s prominent location.

Proposals should provide scope to incorporate the redevelopment of the land to the south of the site (identified in blue on the site plan), extending from Cock’s Yard to the Uxbridge Underground Station, in accordance with the principles set out in this policy.”

Bakers Road, due to its prominent location opposite the Uxbridge Underground and Bus Station has Subject Property undergone intensive development in recent years including a ten storey Travelodge hotel. Buildings

currently under development include Norwich Union House, a nine storey mixed use scheme and Belmont Retail House a 125,950 sq ft grade A office building on the corner of Bakers Road and Belmont Road. Railway Station Our client has commissioned a planning report and indicative drawings outlining a potential scheme which are available on request. Any redevelopment would be subject to obtaining the necessary consents. Railway Station

Further information is also available on www.hillingdon.gov.uk/lpp2

For identification purposes only.

H ig h S M a t H rk o e r u e s t e e 0m 10m 20m 30m t

t ke ar M e us 54 29 o H PRIME HIGH STREET RETAIL INVESTMENT & DEVELOPMENT OPPORTUNITY

Indicative CGI proposals TENURE Freehold.

VAT The property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern (TOGC).

EPC EPCs are available upon request.

DATAROOM Further information is provided in the dataroom. For access please register on the following website www.highstreetuxbridge.com.

PROPOSAL Offers sought in excess of £6,950,000 (Six Million Nine Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial UXBRIDGE yield of 5.5%.

For further information or to make arrangements for viewing please contact:

National Investment Jeremy Hodgson Mark Dansky James Salmon 020 7543 6709 020 7543 6813 020 7543 6880 [email protected] [email protected] [email protected]

Residential Investment & Development Roseanna Eden James Hood 020 7543 6740 020 7344 2637 [email protected] [email protected]

www.allsop.co.uk Receiver Caveat: The property is being marketed for sale on behalf of Joint LPA Receivers (acting as agent for the registered proprietors of the property) and therefore no warranties, representations or guarantees are given or will be given in respect of the information in this brochure or any matter relating to the property, including VAT. Any information provided is provided without liability for any reliance placed on it and the Receivers are acting without personal liability.

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/ lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 05.16