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PRIME RETAIL HIGH STREET INVESTMENT OPPORTUNITY WITH OVER 5.7 YEARS UNEXPIRED
CAFFÉ NERO 67-69 HIGH STREET
GUILDFORD, GU1 3DY
CAFFÉ NERO 67-69 HIGH STREET, GUILDFORD, GU1 3DY
INVESTMENT CONSIDERATIONS• Guildford is the principal administrative
and commercial centre for Surrey
• Primary retail catchment of approximately 507,000 with the majority in the most affluent social groups
• One of the premier retailing locations in the UK
• Attractive property situated on the prime retail pitch
• Total area of 3,088 sq ft (286.9 sq m)
• Let to Nero Holdings Limited until June 2024
• Passing rent £145,175 per annum
• Valuable rent review in June 2019
• Freehold
PROPOSALWe are instructed to seek offers in excess of £2,720,000 (Two Million Seven Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 5.00% after deductions for purchaser’s costs.
CAFFÉ NERO 67-69 HIGH STREET, GUILDFORD, GU1 3DY
LOCATIONGuildford is the principal administrative and commercial centre for Surrey and one of the premier retailing locations in the UK. The town is located approximately 33 miles south west of central London, 7 miles south of Woking adjacent to the Surrey Hills Area of Outstanding National Beauty.
The town benefits from excellent road communications with dual carriageway access via the A3 to the M25 providing access to central London and the south east. The M3 to the north provides access to Southampton to the west and the M25 to the east.
Guildford Railway Station offers direct and frequent rail services to London Waterloo, London Victoria and Gatwick Airport with fastest journey times of 37 minutes, 47 minutes and 39 minutes respectively.
Heathrow
Gatwick
StanstedLuton
A127
A505
A418 A602
A120A131
A130
A138
A130
A229
A243
A217
A232
A331
A322
A339
A316
A309
A232
A264
A264
A229
A404
A355
A404
A413
A4010
A4142A414
A414
A5
A1
A2
A3
A3
A2
A34
A41
A40
A40
A33
A31
A24
A24
A23
A22
A21
A20
A12A10
A10
A10
A12
A12
A13
A26A21
A21
A22
A22
A23
A429
M4
M4
M2
M3
M3
M1
M25
M10
M40
M40
M25
M23
M26
M25 M20
M20
M25
M11
M11
M25
A1(M)
M1
Harlow
Bishop’sStortford
Epping
Knebworth
Hertford
Luton
Aylesbury
DunstableStevenage
LONDON
Hatfield
Dartford
Bromley
Gravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Croydon
Biggin Hill
Romford
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
Staplehurst
East Grinstead
Crawley Three Bridges
Horsham
Witley
Godalming
Cranleigh
HaywardsHeath
Burgess Hill
Redhill
Oxted
DorkingReigate
Staines
Slough
HemelHempstead St Albans
HighWycombe
Watford
WembleyUxbridge
Harrow BrentCross
Woking
Rickmansworth
Harefield
BorehamwoodEnfield
Windsor
Famborough
Aldershot
Alton
Basingstoke
Famham
Fleet
WokinghamAscot
Reading
Henley-on-ThamesMaidenhead
Epsom
Chessington
Tolworth
Sutton
Clapham
Swanley
Fulham
Weybridge
Ashford
RichmondHounslow
KingstonUpon Thames
Billericay
Wickford
Stanford-le-Hope
Southend-on-SeaBenfleet
CanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
•GUILDFORD
CAFFÉ NERO 67-69 HIGH STREET, GUILDFORD, GU1 3DY
DEMOGRAPHICS & RETAILING IN GUILDFORDGuildford has a primary catchment of 507,000 with an estimated shopping population of 241,000. Guildford’s catchment population is one of the most affluent catchments in the UK, ranked 2nd out of the PROMIS centres on the PMA Affluence indicator. This is reflected by the spending habits of the catchment population where per capita retail spending levels are significantly above the PROMIS average.
Guildford is an attractive and popular tourist destination and includes a large student population with the University of Surrey accommodating in excess of 15,000 students. Guildford is also a popular commuter town with over 8.2 million people using the station in 2015/16 making it the busiest station in Surrey.
Town centre retail floorspace in Guildford is estimated at 1.03 million sq ft including 80,000 sq ft within the Tunsgate Square shopping centre. Prime pitch within Guildford is located on the pedestrianised section of the High Street where key retailers include Marks and Spencer, House of Fraser, Boots, H&M and Russell and Bromley. Due to the affluence within the Guildford area, a number of high end retailers choose the town as their first choice out of central London. Recent arrivals in the town include Massimo Dutti, Zara, Joules and Sweaty Betty.
There are three shopping centres within the town, Tunsgate Square, The Friary Centre and White Lion Walk. Tunsgate Square recently reopened having undergone a 5 year redevelopment at a cost of £30 million, 85% of the units were pre let demonstrating the occupational demand from retailers.
SITUATIONThe property is situated on the prime pitch on the northern side of the attractive and pedestrianised High Street.
Nearby occupiers include Marks and Spencer, Jack Wills, Links of London, Waterstones and GAP.
TENUREFreehold.
CAFFÉ NERO 67-69 HIGH STREET, GUILDFORD, GU1 3DY
50 metres
For more information on our products and services:www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011
Guildford
Experian Goad Plan Created: 01/05/2018Created By: Allsop
Copyright and confidentiality Experian, 2017. © Crown copyright and databaserights 2017. OS 100019885
HIGH STREET TENANTS INCLUDE
CAFFÉ NERO 67-69 HIGH STREET, GUILDFORD, GU1 3DY
DESCRIPTIONThe property comprises an attractive mid terrace period building arranged over ground, basement and three upper floors.
The ground floor comprises a café with customer seating and ancillary accommodation to the rear. The basement provides staff and ancillary accommodation. The upper parts are unused by the tenant.
TENANCYUnit Tenant Accommodation Area
(Sq Ft)Area
(Sq M)Rent
(pa)Zone A Lease Start
DateReview
DateLease
ExpiryComments
67-69 High Street
Nero Holdings Limited t/a Caffé Nero
Ground 960 89.2
£145,175 £234 24-Jun-09 24-Jun-19 23-Jun-24
For the purpose of the June 2019 rent review, the floor areas will disregard the tenants improvements made in 2016. The pre 2016 areas are available in the dataroom and reflect £292 Zone A.
ITZA 539 50.1
Mezzanine 623 57.9
First 677 62.9
Second 552 51.3
Third 276 25.6
Total 3,088 286.9
CAFFÉ NERO 67-69 HIGH STREET, GUILDFORD, GU1 3DY
RENTAL COMMENTAddress Tenant Transaction Date Headline
Zone A
103 High Street Neom OML August 2018 £310.00 psf
118 High Street Ted Baker Rent Review July 2017 £307.50 psf
101 High Street Superdrug Rent Review December 2016 £307.50 psf
2-74 High Street Jack Wills OML September 2016 £307.50 psf
66 High Street Vodafone Rent Review June 2016 £307.00 psf
76-78 High Street Kikki-K Assignment June 2016 £314.00 psf
133-135 High Street Massimo Dutti UK OML February 2016 £320.00 psf
COVENANTNero Holdings Limited t/a Caffé Nero (D&B Rating – 5A1)
Caffé Nero was founded in 1997 in South Kensington and went on to join the London Stock Exchange in 2001, until going private in 2007. Since then the brand has expanded globally with stores in 637 locations (2017).
31 May 2015 31 May 2016 31 May 2017
Turnover £233,747,000 £248,761,000 £264,897,000
Pre-Tax Profit £23,797,000 £24,237,000 £25,896,000
Total Net Worth £168,194,000 £191,791,000 £217,488,000
EPCAvailable upon request.
VATThe property has been elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern (TOGC).
DATAROOMFor access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/GuildfordNero
PROPOSALWe are instructed to seek offers in excess of £2,720,000 (Two Million Seven Hundred and
Twenty Thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 5.00% after deductions for purchaser’s costs.
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 09.18
FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:
Mark Dansky020 7543 6813
mark.dansky@allsop.co.uk
Lottie Hayward020 7543 6750
lottie.hayward@allsop.co.uk
Andrew Wise020 7543 6731
andrew.wise@allsop.co.uk
www.allsop.co.uk
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