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.