7-9 Queens Road, Nuneaton CV11 5JL

Transcription

7-9 Queens Road, Nuneaton CV11 5JL
MODERN HIGH YIELDING RETAIL INVESTMENT
7-9 Queens Road, Nuneaton CV11 5JL
INVESTMENT SUMMARY
• Modern unit in prime pitch
• Re-based rent, off sub £50 Zone A
• Asking Price - £477,000
• Initial yield of 10%
LOCATION
Nuneaton is a north Warwickshire town 9 miles north of
Coventry, 25 miles east of Birmingham and 20 miles south
west of Leicester. The town is served by the A444 which leads
directly south to Junction 3 of the M6 and north to the A5
which links to Junction 1 of the M69. The town has good rail
links on the West Coast mainline, providing a fastest journey
time to London of 1 hour and 15 minutes.
Nuneaton has a resident district population of approximately
120,000.
SITUATION
The subject property lies within the prime pitch of the town
centre on Queens Road. The Ropewalk Shopping Centre
which opened in 2005 is almost opposite the subject property
and attracts over 400,000 shoppers per month. The scheme
is anchored by Bhs, H&M, TK Maxx, New Look and Next.
Nearby occupiers on Queens Road include WH Smiths, McDonalds, Waterstones, Clarks and 99p Stores.
The town centre was enhanced by the Ropewalk which provided a new 525 spaces multi storey car park to compliment the existing 500 or so
spaces to the western end of Queens Road. The town has a well established market twice a week on Wednesdays and Saturdays centred on
Queens Road and Market Place.
DESCRIPTION
The property comprises a brick built retail unit over two floors with part glazed frontage under a pitched slate roof. The ground floor retail space is
regular in shape while the first floor provides a full floor of storage and staff accommodation.
ACCOMODATION
The property has been measured on a net internal area basis and provides the following accommodation:
Gross frontage
8.00m
26ft 4”
Internal Width
7.40m
24ft 4”
Shop Depth
Overall Ground Floor
23.7m
77ft 9”
182.7sqm
1,966 sqft
ITZA
1st Floor
946 units
177.7sqm
1,913sqft
TENURE
Freehold.
TENANCY
The property is let to Game Retail Ltd for a term of 5 years from 25 March 2012. The current passing rent is £50,000 per annum. The lease is
full repairing and insuring, subject to a Schedule of Condition.
COVENANT
Game Retail Ltd is a UK video game retailer and a subsidiary of Baker Acquisitions and part of OpCapita. Game Group entered administration on
26 March 2012 and was bought by Baker Acquisitions the following week. The company now trades from over 330 stores in the UK and has
a reported 35% market share of the video game market. Game is forecasting to make “£20m in earnings before interest, tax, depreciation and
amortisation in the year to July 2013”.
RENTAL TONE
The property is let at £50,000 per annum which reflects a Zone A rate of £46.75. The previous rent Game was paying for the unit was £70,500.
The historic tone in prime Queens Road had reached £85 Zone A.
PRICE
We are instructed to seek offers in excess of £477,000 (Four Hundred and Seventy Seven Thousand Pounds), subject to contract. A purchase
at this level would show an initial yield of 10%, allowing for costs of 4.8%.
EPC
Full information can be provided on request.
CONTACTS
For further information please contact either:
Andrew Price
DD: 0121 513 0892
M: 07798 656 360
[email protected]
Ben Blackwall
DD: 0121 513 0893
M: 07798 647 836
[email protected]
Misrepresentation Clause: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein are not guaranteed and are for
general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves of their accuracy. Neither Franck-Steier Price Ltd nor any
of their employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Prices and rents quoted in these particulars may
be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or
that it is capable of fulfilling its intended function.

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