high yielding, freehold, retail parade, investment

1-23 market pavement & 1-4 south walk basildon

1-23 market pavement & 1-4 south walk basildon

Basildon has a indigenous district population of 172,600 (ONS

2007 Est) with a catchment of circa 328,000. Banking, finance

and business services are the largest employment sectors in the

town accounting for 19.8% of the workforce. Major employers

include First Data, Ford Motor Company, IFDS, New Holland Agriculture, Selex Galileo and Basildon University Hospital.

The Basildon District is undergoing a major £2billion regeneration

programme, which will further enhance its stature as the business

hub of the sub-region.

Retailing in BasildonThe town has a purpose built, traffic-free shopping environment with a

good range of national multiple comparison goods retailing. Basildon’s

estimated shopping population is 176,000 which is comparable to

towns like Southend, Worcester, Shrewsbury and Harrow.

Prime shopping is focussed on the Eastgate Shopping Centre and

around Town Square. The Eastgate Centre is owned by British Land

and is anchored by Debenhams and Asda. It comprises some

750,000 sq ft, was built in 1981 and fully refurbished in 2007.

SituationThe property occupies the majority of the eastern side of Market

Pavement, with a service yard to the rear and Market Square to the

front. The property also occupies a portion of South Walk, fronting onto

Basildon’s Bus Station. Both parades are within close proximity to the

Town Square and the Eastgate Shopping Centre where retailers such

as Marks & Spencer, Bhs, Boots, WH Smith and McDonalds can

be found.

PropertyThe property comprises 11 retail units within 2 unbroken parades,

arranged over ground and first floors with frontages onto both South

Walk and Market Pavement. The ground floor retail units are well

configured. The first floors are used and fitted as ancillary space. 23

Market Pavement is arranged over second floor and is used as a

snooker hall (t/a Rileys).

AccommodationThe property provides an approximate total net floor area of

3,917.4m2 (42,167 sqft) in accordance with the attached tenancy

schedule.

LocationBasildon is a popular commuter town situated approximately 41.8km

(26 miles) directly east of Central London, 22.5km (14 miles) south

of Chelmsford and 21km (13 miles) west of Southend.

The town benefits from excellent transportation links being located

between the A127 and A13 which provide good access to the M25.

Rail services to London Fenchurch Street are approximately 30

minutes making the town a popular commuter destination.

Demographics & Local EconomyBasildon has the second largest economy in the Thames Gateway

(outside of London) an area which is the UK Government’s largest

regeneration initiative and a priority area for development. It is one of

the most densely populated areas in Essex, mostly due to its influx of

families from the London Boroughs and was designated as a new

town after WW2 in 1949 to accommodate the London population

overspill.

Investment Summary

• A busy pedestrianised retailing pitch situated opposite

the towns Market Place and adjoining the Bus Station.

• Well secured to a number of national retailers including

Iceland, Brighthouse, Barnardo’s and the Money

Shop.

• Freehold

• Weighted unexpired lease term (WULT) of circa

6.32 years

• £3,865,000 (subject to contract & exclusive of VAT)

• Attractive 11% net initial yield

BASILDON

1-23 market pavement & 1-4 south walk basildon

Tenancy Schedule

Unit Description Tenant Name

Area Analysis (sq ft)

Rent pax Start Date Expiry Date

WULT to

ExpNext or O/S

ReviewNext option

Date + Rolling CommentsGFS ITZA 1stOther Anc

1 MARKET PAVEMENT MR NADER BOULILA t/a Kayzar

1,174.34 629.85 1,215.10 - £13,333 18/08/2010 17/08/2015 3.19 18/06/2013 18/08/2012 IR&I lease. Fixed uplift to £20,000 pax in 2013. Tenant rent deposit of £3,916.66, Tenant Break option has NOT been exercised.

3 MARKET PAVEMENT REED EMPLOYMENT PLC(Not in occupation)

1,180.00 626.00 365.00 - £37,000 07/05/2004 06/05/2014 1.91 FR&I Lease.

5 MARKET PAVEMENT CAVERSHAM TRADING LTDt/a Brighthouse

1,158.00 615.00 305.00 - £35,750 25/03/2007 24/03/2017 4.80 25/03/2012 FR&I Lease. Rent guaranteed by Caversham Finance Limited

7 MARKET PAVEMENT INSTANT CASH LOANS LTDt/a Money Shop

1,179.95 625.92 443.59 - £37,500 20/10/2006 19/10/2016 4.37 20/10/2011 IR&I Lease. Landlord responsibility for the roof and structure, canopy and support posts.

9 MARKET PAVEMENT D PATEL, R PATEL & B PATELt/a Thoroughgood Newsagent

1,177.36 632.35 377.82 - £25,000 10/02/2011 09/02/2021 8.65 09/02/2016

11 MARKET PAVEMENT MR GARY HAYWARDt/a Home Creations

1,101.28 636.92 426.23 - £4,500 16/08/2011 15/06/2013 1.19 FR&I Lease. Next agreed rent £5,000pax as of 16/08/2012. Outside 1954 act.

13-21 MARKET PAVEMENT ICELAND FROZEN FOODS PLC t/a Iceland

5,077.14 3,151.21 4611.05 - £160,000 21/07/1992 23/06/2022 10.05 24/06/2012 FR&I Lease. 5 year reversionary lease in place from 2017.

23 MARKET PAVEMENT SPINVALE LIMITED t/a Rileys

- - 14,411.00 - £3,000 24/03/1961 09/09/2057 45.29 FR&I Lease.

1 SOUTH WALK MJL HOLDINGS LIMITEDt/a Shoeworld

2,263.65 1676.10 1336.06 - £56,000 25/12/2000 24/12/2015 3.05 25/12/2010

2 SOUTH WALK SIU SHAN WONGt/a The Chef Baker

534.75 445.14 627.65 565.05 £27,000 26/02/1993 25/02/2018 5.72 26/02/2013 FR&I Lease. Tenant rent deposit of £14,834.

3 SOUTH WALK AEON CLOTHING LTDt/a Eon Ladieswear

797.78 574.45 - 242.40 £25,600 11/04/2001 24/03/2016 3.80 25/03/2011 FR&I Lease. Tenant rent deposit of £5,875.

4 SOUTH WALK BARNARDO’S 850.00 552.00 1554.00 - £25,000 25/09/2002 28/09/2012 0.24 Currently in discussions with the tenant to take a new 5 year lease at a rental of £20,000 pax.

SUB-STATION EASTERN ELECTRICITY BOARD

- - - - 25/03/1958 24/03/2057 44.83

16,494.25 - 25,672.50 807.45 £449,683 WULT 6.32

Tenure Freehold. The vendor owns the freehold of the entire property however there

are various long underleases within this freehold also vested with

the vendor. All are included in the sale.

TenancyThe block is leased to a variety of national, regional and local

retailers in accordance with the Schedule of Tenancies.

Current income pax£449,683 per annum exclusive

EPCCopies of the Energy Performance Certificates are available

upon request.

VATThe property has been elected for VAT and thus VAT will be

payable on the purchase price.

Covenant Analysis66% of the current income is secured to nationally renowned tenants:

Local 28%

National 66%

Regional 6%

1-23 market pavement & 1-4 south walk basildon

PROPOSAL£3,865,000 (Three Million, Eight Hundred and Sixty Five

Thousand Pounds) Subject to Contract and exclusive of VAT,

reflecting an attractive net initial yield of 11%, allowing for

purchaser’s costs of 5.8%.

Further Details

David Freeman

020-7659-4830

david.freeman@greenpartners.co.uk

James Baillie

020-7659-4839

james.baillie@greenpartners.co.uk

Ed Smith

020-7659-4831

ed.smith@greenpartners.co.uk

MISREPRESENTATION These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. July 2012. Adrian Gates Photography & Design 07710 316991

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