ALLIS, 20 NORTH STREET, CHICHESTER, PO19 1L …€¦ · ALLIS, 20 NORTH STREET, CHICHESTER, PO19 1L PRIME FREEHOLD RETAIL INVESTMENT WALLIS, 20 NORTH STREET, CHICHESTER, PO19 1LB

W A L L I S , 20 N O R T H S T R E E T , C H I C H E S T E R , P O19 1L B

PRIME FREEHOLD RETAIL INVESTMENTWALLIS, 20 NORTH STREET, CHICHESTER, PO19 1LB


• Chichester is an affluent cathedral city providing an attractive and popular retail environment

• Situated in a prime pitch on pedestrianised North Street

• The property adjoins Marks & Spencer

• Trading as Wallis, the multiple ladies fashion retailer, on a lease to 2021 (subject to a break option in 2019)

• Low passing rent of £97,000pa reflecting only £124.50psf Zone A

• Freehold

• Offers in excess of £1,950,000 reflecting a net initial yield of 4.68%

INVESTMENT SUMMARY


CHICHESTERThe cathedral city of Chichester is a busy retail and tourist centre situated in the county of West Sussex. The city is located 67 miles south west of London and 20 miles east of Portsmouth and benefits from excellent road communications. The city lies immediately north of the A27 trunk road, which runs east to Worthing/Brighton and west to Portsmouth, the A3(M) and the M27.

Chichester Railway Station has a regular service to London Victoria with a fastest journey time of 1 hour and 30 minutes. Consequently, Chichester is a popular commuter hub for those working in London.

As at the 2011 Census, Chichester had an estimated District population of 113,794. West Sussex County Council project this figure to increase to 123,366 by 2021. It is estimated that the city has a shopping population of 154,000 (PROMIS). A range of statistics show that this catchment population is one of the most affluent in the UK.

Due to the historic attributes of the city, most notably the cathedral, Chichester is a major tourist destination. A report by Visit England estimates that British tourists alone bring additional expenditure of £131 million a year into the city.

RETAILING IN CHICHESTERThe primary retail offer in Chichester is focused on East Street and North Street which both provide an attractive retail environment. These two streets intersect at Market Cross, adjoining the cathedral.

Due to the historic nature of the city no major shopping centres have been developed and there remains limited scope for any significant future retail development. Consequently, the supply of units available to retailers is limited creating the environment for both short and long term rental growth.

There are a wide variety of retailers represented in the city being a mix of national multiples, together with a large selection of upmarket and independent retailers who compliment the attractive retail environment. In terms of department stores, there is a House of Fraser on West Street, opposite the cathedral, and two branches of Marks & Spencer (one adjoining the subject property on North Street).

A13

A2

A2

A282

A20

A23

A21

A21

A30

A404

A404 (M)

A308 (M)

M25

M25

M25

M25

M26

M20

M23

M4 M4

M4

M3M3

M3

M27

M275

A23

A27A27

A259

A27A26

A24

A27

A3

A3

A3

Reading

CHICHESTER

LONDON

Guildford

Crawley

RoyalTunbridge Wells

MaidstoneSevenoaks

TonbridgeAldershot

Petersfield

Eastbourne

Lewes

PortsmouthBognorRegis

Havant

Farnborough

Esher

Staines

Woking

Reigate

Camberley

MaidenheadSlough

EdgwareWatford

Ilford

TilburyGravesend

Croydon

Beaconsfield

Littlehampton

Brighton Newhaven

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29

30

28

10

11

13

11

10

3456

79b

2

11

12 2

4

2a

68

9

10

9a

12

3 4

45 6

7

3

3

4

4a

56

7

511

9

2

3

4

57

4

12

10

32

2

2 4

1

3

9

8

78

122

89

153

161a


50 metres

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

Chichester

Experian Goad Plan Created: 18/08/2017Created By: Hoddell Stotesbury Morgan

Copyright and confidentiality Experian, 2017. © Crown copyright and databaserights 2017. OS 100019885

Copyright and confidentiality Experian, 2017. © Crown copyright and database rights 2017. OS 100019885.


SITUATIONThe property occupies a prime location on North Street, approximately 100m north of its intersection with East Street at Market Cross. At the north end of North Street is the Northgate Car Park, one of the largest in the city, which has 836 spaces and ensures a constant pedestrian flow past the subject property.

The property adjoins Marks & Spencer and Holland & Barrett, and other multiple retailers in close proximity include The White Company, H Samuel, W H Smith, Boots and L’Occitane.

DESCRIPTIONThe property, trading as Wallis, comprises a single let retail unit arranged on ground and first floors. The ground floor provides clear sales accommodation, with the first floor being used for storage and staff facilities. In addition, the property has rear access into the service yard which links onto Chapel Street.



Ground Floor Sales 1,618 sq ft 150.3 sq m

ITZA 750 sq ft 69.7 sq m

First Floor Ancillary 1,228 sq ft 114.1 sq m

ACCOMMODATIONWe have been advised that the following areas were agreed at the 2016 lease renewal.

TENUREFreehold.

A small section at the front of the property is subject to a flying freehold but there is a Deed recording mutual rights of support between the subject property and number 19 (Holland & Barrett).

TENANCYThe entire property is let to Wallis Retail Properties Ltd (Company No. 00306819) on full repairing and insuring terms for a period of 5 years from 1st February 2016 at a rent of £97,000 pa.

The tenant has a break option on 31st January 2019 subject to six months’ prior notice and a penalty payment of £24,250.

RENTAL VALUEThe passing rent of £97,000 pa, which was set at lease renewal last year, devalues to approximately £124.50 Zone A. This level compares favourably with other recent rental negotiations in the immediate vicinity and in the wider context of the central retailing area.

The lease renewal on the H Samuel unit at 18 North Street, only two doors removed from the subject property, was agreed in November 2016 at £100,000 pa reflecting £130 Zone A.

A recent open market letting was of 19/20 East Street to Joules where the agreed rent reflects approximately £190 Zone A. The passing rent on the subject property therefore shows a discount of 35% to this level suggesting excellent prospects for future rental growth.


Address Date Tenant Price NIY

18 North Street Under Offer H.Samuel (shop only) c.£2,100,000 sub 4.50%

22-23 East Street July 2017 Vodafone £2,500,000 3.20%

2-3 East Street March 2017 R L Austen (Jewellers) £3,500,000 3.98%

16-17 North Street February 2017 W H Smith £3,820,000 4.02%

4 East Street August 2016 Oasis £2,550,000 3.69%

COVENANTWallis Retail Properties Ltd is a property investment company, effectively being a property holding company on behalf of its immediate parent company, Wallis Retail Ltd, the multiple ladies fashion retailer. For the year ending 27th August 2016 Wallis Retail Properties Ltd reported a turnover of £1,304,000, a pre-tax loss of £89,000 and net assets of £11.46 million.

By way of further background, Wallis Retail Ltd reported a pre-tax profit of £1,989,000 for the year ending 27th August 2016 and net assets of £144.8 million.

RETAIL INVESTMENT MARKETThere have been a number of recent retail investment sales in Chichester which have generated strong investor competition. Set out below are details of these transactions.

PRICEWe are instructed to seek offers in excess of £1,950,000, subject to contract and exclusive of VAT, which reflects a net initial yield of 4.68% (assuming purchase costs of 6.26%).

EPCThe property has an EPC rating of G173.

VATThe property is elected for VAT which will therefore be payable on the purchase price. It is intended that the sale will be treated as a TOGC.


RICHARD HARDING

DDI: 020 7318 1930

Email: [email protected]

For further information or to make arrangements for a viewing, please contact:

ANDREW TAYLOR

DDI: 020 7318 1934

Email: [email protected]

FURTHER INFORMATION

SUBJECT TO CONTRACT & EXCLUSIVE OF VAT

DATE: September 2017

DISCLAIMER: Messrs Hoddell Stotesbury Morgan Limited (9050701) trading as HSM, for themselves and for the vendors of this property whose agents they are give notice that:- (i) the particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to conditions and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser should not rely upon them a statement or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of HSM has any authority to make or give any representation or warranty whatever in relation to this property. (iv) unless otherwise stated all rents or prices quoted are exclusive of VAT which may be payable in addition. (v) HSM has not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. Prospective purchasers must undertake their own enquiries and satisfy themselves in this regard.

Documents

ALLIS, 20 NORTH STREET, CHICHESTER, PO19 1L …€¦ · ALLIS, 20 NORTH STREET, CHICHESTER, PO19 1L PRIME FREEHOLD RETAIL INVESTMENT WALLIS, 20 NORTH STREET, CHICHESTER, PO19 1LB