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126/130 High Street, Watford | home | investment summary | location | demographics | retailing | situation | goad | description | accommodation | tenure | tenancy | covenant | rental value | vat | epc | proposal | contact 126/130 HIGH STREET, WATFORD PRIME LONG LET LONDON RETAIL INVESTMENT OPPORTUNITY | home | investment summary | location | demographics | retailing | situation | goad | description | accommodation | tenure | tenancy | covenant | rental value | vat | epc | proposal | contact INVESTMENT SUMMARY • Watford is a dominant retail centre situated 19 miles north west of central London, within the M25. • Significant over-representation of the AB and C1 social groupings. • 100% prime freehold High Street retail investment. • Directly opposite the entrance to the JLP anchored INTU Watford Shopping centre. INTU’s retail and leisure extension will be anchored by Debenhams and IMAX Cineworld and will make Watford a top 20 retail and leisure destination. • Let to undoubted covenant of McDonalds with just under 9 years remaining on the lease. The tenant has an Experian credit score of 100/100. • Passing rent of £197,000 per annum recently settled at rent review reflecting an increase of approximately 9.45%. • Excellent rental prospects moving forward. • Potential to convert upper floors to residential use subject to planning. • We are instructed to seek offers in excess of £3,100,000 (Three Million, One Hundred Thousand Pounds), subject to contract and exclusive of VAT which reflects a net initial yield of 5.96%, after allowing for purchaser’s costs of 6.46%. WATFORD - 126/130 HIGH STREET PRIME LONG LET LONDON RETAIL INVESTMENT OPPORTUNITY | home | investment summary | location | demographics | retailing | situation | goad | description | accommodation | tenure | tenancy | covenant | rental value | vat | epc | proposal | contact LOCATION M1 Watford is an affluent and popular retail and 16 minutes. London underground services are A1(M) M25 commercial centre in the borough of Hertfordshire provided from Watford tube station on the A41 situated 17 miles (11.3km) northwest of central Metropolitan line. There are proposals to re-route POTTERS M25 London and inside the M25 motorway. and extend the Metropolitan line to BAR M25 Watford Junction. A41 M25 Watford benefits from excellent motorway M1 transportation links and is strategically located Watford offers an excellent choice for air travel A1 CHORLEYWOOD BOREHAMWOOD BARNET with Junction 19 of the M25, 4 miles (6.4km) to with Luton Airport 17 miles (27.4km) to the north, WATFORD the north west and Junction 5 of the M1 2 miles and a 25 minute drive from the town centre. RICKMANSWORTH M1 (3.2km) to the north east. Heathrow Airport is located 22 miles (35.4km) to EAST BARNET the south, Gatwick Airport 60 miles (96.6km) to the MAPLE CROSS Watford is also serviced by three mainline south and Stansted Airport is 45 miles (72.4km) to STANMORE EDGEWARE M25 stations and benefits from regular train services the north east. M1 into London Euston with a fastest time of just A413 GERRARDS HARROW A1 CROSS RUISLIP DEMOGRAPHIC PROFILE The total population within the Watford primary representation of the AB and C1 social groupings. catchment area is 635,000, similar to the Regional As a result the per capita retail spending levels are Centre average and ranking the town 24 out of higher than the national average. (CACI) the PROMIS Centres. The town is projected to see above average growth in population over the Watford has a strong economic profile and is period 2016-21. a major employment hub especially for retail, finance and professional/business services. The The estimated shopping population of Watford is service sector as a whole accounts for 81% of 336,000, ranking the town 27 of the PROMIS centres, total employment, significantly above the Retail which reflects Watford’s dominance and retail PROMIS average. Employers include Watford status since the development of Intu Watford in the Borough Council, Watford NHS, Hilton Worldwide, late 1980s. The Watford catchment population is JD Wetherspoon, Camelot Group, Iveco, TK Maxx, moderately affluent and contains a significant over Costco, Total Oil, Sanya and Beko. “ Per capita retail spending levels higher than the national average” WATFORD - 126/130 HIGH STREET PRIME LONG LET LONDON RETAIL INVESTMENT OPPORTUNITY | home | investment summary | location | demographics | retailing | situation | goad | description | accommodation | tenure | tenancy | covenant | rental value | vat | epc | proposal | contact RETAILING IN WATFORD SITUATION Watford is one of the premier regional retail The town centre retail floor space in Watford Intu Properties and the Watford B.C are The subject property is situated in a centres in the UK. The prime retailing in is estimated at 1.37 million sq ft, ranking currently redeveloping the former Charter highly prominent prime corner trading Watford is centred on the John Lewis and the town 46 of the PROMIS Centres on this Place Shopping centre which will be location on the pedestrianised High Street, Marks & Spencer anchored INTU Watford measure. Watford ranks 38 on the basis of integrated with Intu Watford. The extension adjacent to Waterstones, opposite Primark shopping centre. The Prime pitch extends its PMA Non-Food Retail Score, 42 on the is set to create a single 1.4 million sq ft retail and the main entrance to the INTU Watford onto the pedestrianised High Street, where PMA Fashion Score and ranks 38 on the PMA and leisure destination, placing Watford in Shopping centre. a number of national multiple retailers are Anchor Score. Watford has a significantly CACI’s top 20 national retail destinations represented including Superdrug, Wilkos below average volume and quality of retail ranking, alongside Edinburgh and Bristol. and GAP. Sports Direct/Flannels will be provision relative to the size and affluence of This extension to Intu Watford is expected to occupying the former BHS store. the shopping population (PROMIS, 2017). provide a major boost to the town and help retain spending on its completion in autumn 2018. Debenhams has agreed to anchor “ Significant over representation of the the scheme, along with a nine screen IMAX ABC1 social groupings” Cineworld cinema. WATFORD - 126/130 HIGH STREET PRIME LONG LET LONDON RETAIL INVESTMENT OPPORTUNITY | home | investment summary | location | demographics | retailing | situation | goad | description | accommodation | tenure | tenancy | covenant | rental value | vat | epc | proposal | contact T EC S DIR RT TO BE SPO NORTH For Identification purposes only WATFORD - 126/130 HIGH STREET PRIME LONG LET LONDON RETAIL INVESTMENT OPPORTUNITY | home | investment summary | location | demographics | retailing | situation | goad | description | accommodation | tenure | tenancy | covenant | rental value | vat | epc | proposal | contact DESCRIPTION The premises comprise a substantial corner property arranged over ground and two upper floors, with significant frontages along both the High Street and King Street McDonalds currently trade from ground and first floor, with additional ancillary accommodation on first and second floor. The unit benefits from rear servicing via King Street. ACCOMMODATION The property comprises the following approximate floor areas: Accommodation Area (sq ft) Area (sq m) Ground Floor Sales 3,600 332.44 Ground Floor Storage 84 7.8 0 Ground Floor ITZA 1,552 units 144.18 First Floor Sales 2,232 207.35 First Floor Ancillary 1,196 111.11 Second Floor Ancillary 365 33.91 Total Floor Area 7,477 694.61 TENURE The property is held freehold. TENANCY The property is let to McDonalds Real Estate LLP, on a 15 year Full Repairing and Insuring lease from 24th June 2011, at a current rent of £197,000 per annum exclusive. WATFORD - 126/130 HIGH STREET PRIME LONG LET LONDON RETAIL INVESTMENT OPPORTUNITY | home | investment summary | location | demographics | retailing | situation | goad | description | accommodation | tenure | tenancy | covenant | rental value | vat | epc | proposal | contact COVENANT McDonald’s is an American fast food restaurant chain established in 1940. Today, McDonald’s is the world’s largest restaurant chain, serving approximately 68 million customers daily in 120 countries across approximately 36,900 outlets. The summary accounts information can be set out as follows, demonstrating the financial strength of the tenant and their credit score of 100/100. McDonalds Experian 31/12/2015 31/12/2014 31/12/2013 Real Estate Credit Score GBP GBP GBP LLP – out of 100 Turnover £ 89,566,000 £ 87,383,000 £ 87,333,000 Pre-Tax Profit £ 304,122,000 £ 48,958,000 £ 37,871,000 100 Net Worth £ 109,269,000 £ 302,087,000 £ 253,129,000 RENTAL VALUE The rent passing of £197,000 p.a, has recently been settled with effect from 24th June 2016 reflecting a Zone A rent of £105.60 per sq ft and a rental increase since 2011 of approximately 9.45%. This is also in line with the adjacent unit (122 High Street) which was let to Waterstones in July 2016 for £75,000 p.a reflecting a Zone A rent of £105 per sq ft. VAT The property has been elected for VAT purposes and it is anticipated that the investment sale will be treated as a Transfer of a Going Concern (TOGC). WATFORD - 126/130 HIGH STREET PRIME LONG LET LONDON RETAIL INVESTMENT OPPORTUNITY | home | investment summary | location | demographics | retailing | situation | goad | description | accommodation | tenure | tenancy | covenant | rental value | vat | epc | proposal | contact EPC An EPC for the property can be provided upon request. PROPOSAL We are instructed to seek offers in excess of £3,100,000 (Three Million, One Hundred Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 5.96% after allowing for purchaser’s cost of 6.46%. The most salient comparable investment evidence is as follows: 107 High Street, Watford (Bills) Freehold investment is held on the remainder of a 22 year lease, subject to 5 yearly compounded RPI rent reviews, based on a cap and collar of 1% and 4%. The property has exchanged at a price of £2.45m, reflecting a net initial yield of 4.60%.
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