Investment For Sale Peacocks - Property Search

Investment For Sale
Peacocks
156-158 High Street, Ryde, Isle of Wight, PO33 2HT
Freehold Investment For Sale – Guide Price £1.295 million (7% NIY)
■■ Strong covenant
■■ Passing rent of £96,200 per annum
■■ 11 years unexpired term
■■ Overriding lease of the whole
■■ Large open plan unit with in excess of 3,900 sq ft of sales on the ground floor
savills.co.uk
Location
Ryde is the second largest retailing centre
on the Isle of Wight after Newport. The
property occupies a prominent location on
the High Street close to its junction with
Star Street. Surrounding national occupies
include Spec Savers, Carphone Warehouse,
Shoe Zone, Phones 4U and Santander.
Description
The property comprises a three storey end
of terrace building situated on the western
side of the High Street. The property is a
triple fronted retail unit with 5 x 1 bedroom
residential flats above arranged over first
and second floor level at the front of the
building, whilst at the rear the first floor
comprises ancillary accommodation.
The unit in its current configuration was
constructed approximately 15 years ago
with the original front facade having been
retained with new build construction at the
rear. The principal entrance to the retail
unit is from the ground floor level with sales
area comprising a large broadly rectangular
shaped area that tapers slightly to the rear.
Internally the fashion store is generally open
plan, with suspended ceilings and recessed
fluorescent strip-lighting and air conditioning.
At the rear a set of double doors lead to the
first floor which comprises of office, WC, staff
room and store. A goods lift is also provided.
Accommodation
We have measured the retail unit on a Net
Internal Area (N.I.A) as follows:-
Net Frontage
14.58 sq m
47.85 sq ft
Internal Width
13.50 sq m
44.29 sq ft
Shop Sales Depth
28.89 sq m
94.77 sq ft
Ground Floor Sales
367 sq m
3,958 sq ft
ITZA
164 sq m
1,771 sq ft
First Floor Storage/Ancillary
160 sq m
1,728 sq ft
Tenure
Freehold, subject to the occupational lease.
Tenancy
The whole property is leased on a FRI
lease to Dorsman Estate Co Ltd with
Peacocks Stores Limited acting as
Guarantor. The tenant company went into
administration in January 2012 and was
bought shortly afterwards by Edinburgh
Woollen Mill, they have therefore taken on
responsibility for the lease. The lease is
for a term of 21 years from 24 June 2001,
however we understand the tenant has
entered into a lease extension extending
it by a further three years from 24 June
2022, expiring June 2025. The current
rent passing is £96,200 per annum.
Covenant
Dorsman Estates Ltd are no longer active.
Edinburgh Woollen Mill brought the
company out of administration in Q1 2012,
since then it has opened an additional
45 stores, with the well known high
street retailer of value clothing, footwear
and homeware currently operating from
approximately 450 stores across the UK.
Peacocks Stores Limited have a D&B
Rating of 5A 2, a D&B Failure Score of
85 out of 100 with 1 being the worst,
and a turnover as at 2nd March 2013 of
£315,874,000 with a tangible net worth of
£45,325,000.
Edinburgh Woollen Mill Limited have a
D&B Rating of 5A 1, a D&B Failure Score
of 98 out of 100 with 1 being the worst,
and a turnover as at 2nd March 2013 of
£169,713,000 with a tangible net worth of
£187,301,000.
Rental Value
We devalue the current rent passing
of £96,200 per annum to a Zone A
rate of £35 per sq ft (ITZA) applying
£5 per sq ft to the first floor ancillary
accommodation. In addition to the retail
space, the tenant also benefits from the
residential apartments which are let on
AST agreements generating an income
of approximately £425pcm for each
individual flat.
Price
£1,295,000 – represents a net initial yield of
7% assuming purchaser’s costs of 5.8%.
EPC
The property has been given and Energy
Performance Rating of C64. The EPC will
be given to seriously interested parties.
Viewing
For a formal viewing, strictly by
appointment with Savills.
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the
Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (UK) Limited.
Important Notice
Savills, their clients and any joint agents give notice that:
1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form
part of any offer or contract and must not be relied upon as statements or representations of fact.
2. Any areas,
measurements or distances are approximate. The text, photographs and plans areExperian
for guidance
onlyPlan
and are
not
Goad
Created:
15/08/2014
50 metres
necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other
consents
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Matthew Salter MRICS
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