2, 2a, 2b and 2c south street, bishop’s stortford,...
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2, 2A, 2B AND 2C SOUTH STREET, BISHOP’S STORTFORD, HERTFORDSHIRE CM23 3AT FREEHOLD ISLAND SITE COMPRISING THREE PRIME RETAIL UNITS, DENTAL PRACTICE AND A REAR CAR PARK WITH RESIDENTIAL POTENTIAL SUBJECT TO PLANNING CONSENT.
INVESTMENT SUMMARY
• Freehold property situated on an island site within Bishop’s Stortford’s prime retailing pitch.
• The property comprises three retail units with a dental practice at first floor level and a secure rear car park.
• The shops are let to the strong covenants of Vodafone Limited, EE Limited and Greggs PLC.
• All leases expire between December 2020 and April 2022.
• Total Current Income of £143,900 pa.
• Potential for change of use or redevelopment of the property including the rear car park, subject to planning.
• Numerous national multiple retailers including Marks & Spencer, WH Smith, Café Nero, Costa Coffee, Clinton Cards, The Carphone Warehouse and Santander as well as a variety of other boutique retailers are represented close by.
• Offers are invited in excess of £1,940,000 for the freehold interest of the property, reflecting a Net Initial Yield of 7.01% assuming standard Purchaser’s costs of 5.80%, subject to contract and exclusive of VAT.
2, 2A, 2B AND 2C SOUTH STREET, BISHOP’S STORTFORD, HERTFORDSHIRE CM23 3AT FREEHOLD ISLAND SITE COMPRISING THREE PRIME RETAIL UNITS, DENTAL PRACTICE AND A REAR CAR PARK WITH RESIDENTIAL POTENTIAL SUBJECT TO PLANNING CONSENT.
LOCATION Bishop’s Stortford is an historic market town in the county of Hertfordshire approximately 38.7 miles (62.3 km) north east of London, 28.8 miles (46.6 km) west of Braintree, 27.9 miles (44.9 km) south of Cambridge and 22.9 miles (36.9 km) east of Stevenage. Junction 8 of the M11 Motorway lies 2.6 miles (4.2 km) to the north east of the subject property with the A10 main arterial route lying approximately 7.3 miles (11.7 km) to the west. Trains run frequently from Bishop’s Stortford to London Liverpool Street Mainline and Underground Station with a journey time of approximately 38 minutes. Regular trains to Cambridge take circa 30 minutes. Stansted Airport is located 4.7 miles (7.5 km) to the east and London Luton Airport is located 35.0 miles (56.4 km) to the west, both of which provide daily national and international flights.
BISHOP’S STORTFORD
2, 2A, 2B AND 2C SOUTH STREET, BISHOP’S STORTFORD, HERTFORDSHIRE CM23 3AT FREEHOLD ISLAND SITE COMPRISING THREE PRIME RETAIL UNITS, DENTAL PRACTICE AND A REAR CAR PARK WITH RESIDENTIAL POTENTIAL SUBJECT TO PLANNING CONSENT.
DESCRIPTIONThe subject property forms a prominent island site comprising three ground floor retail units (A1 use), a self-contained dental practice at first floor level (D1 use) and a secure car park for approximately eight cars to the rear accessed via Apton Road. The two storey building is of concrete frame construction.
2A South Street (Vodafone) benefits from a return frontage onto Apton Road. All three shops have glazed retail frontages and the first floor dental practice is accessed via a self-contained entrance on South Street. Unit 2B (EE) benefits from a large rear staff area/office at ground floor level.
The island site could provide a redevelopment opportunity in the medium to long term subject to planning. This could include adding to and/or converting the first floor to residential use, creating an additional storey and/or developing the rear car park. Any redevelopment or change of use would be subject to obtaining the required vacant possession and the necessary planning consents being granted.
All leases expire between December 2020 and April 2022.
SITUATIONThe property is situated on the west side of South Street at its junction with Apton Road. South Street forms part of the prime retailing pitch within Bishop’s Stortford which stretches from Market Square, past the entrance to Jackson Square Shopping Centre, along Potter Street and on to South Street. Market Square, Potter Street and South Street benefit from a wide range of retailers. Tenants nearby include Marks & Spencer, WH Smith, Café Nero, Costa Coffee, Clinton Cards, The Carphone Warehouse and Santander in addition to a host of other national multiple retailers.
Jackson Square is the dominant shopping centre within Bishop’s Stortford’s town centre, the entrance of which lies close by to the north of the subject property. Argos, Sports Direct.com, Wilkinson, Superdrug, Next and a large Sainsbury’s Supermarket are all located within the scheme together with Jackson Square multi-storey car park.
2, 2A, 2B AND 2C SOUTH STREET, BISHOP’S STORTFORD, HERTFORDSHIRE CM23 3AT FREEHOLD ISLAND SITE COMPRISING THREE PRIME RETAIL UNITS, DENTAL PRACTICE AND A REAR CAR PARK WITH RESIDENTIAL POTENTIAL SUBJECT TO PLANNING CONSENT.
ACCOMMODATION & TENANCY SCHEDULEAreas are calculated on a Net Internal Area (NIA) basis in accordance with RICS Property Measurement.
ADDRESS FLOOR TENANT START DATE
NEXT RENT REVIEW
EXPIRY DATE DESCRIPTION AREA
SQ FTAREASQM
PASSING RENT (PA) COMMENTS
2A South Street Ground Vodafone Limited 25/12/2015 - 24/12/2020
Retail (A1)ITZA*
Staff KitchenTotal
82649537
863
76.7445.973.40
80.14
£35,000 Lease includes one car parking space.
2B South Street Ground EE Limited 24/06/2001 29/09/2016 23/06/2021
Retail (A1)ITZA
Rear AncillaryTotal
658479
1,1551,813
61.1044.46
107.33168.43
£64,900
Lease includes one car parking space. Large staff area/ancillary to the rear of the shop.
2C South Street Ground Greggs PLC 04/12/2011 04/12/2016 03/12/2021
Retail (A1)ITZA
Ancillary Total
64449145
689
59.8345.624.22
64.05
£32,000 Lease includes one car parking space.
2 South Street FirstChelmer Village
Associates Limited t/a Smile & Wellbeing
23/04/2007 24/04/2017 22/04/2022 Dentist (D1) 708 65.81 £12,000 Lease includes five car parking spaces.
TOTAL 4,073 378.43 £143,900
*No allowance has been made for the return frontage.
2, 2A, 2B AND 2C SOUTH STREET, BISHOP’S STORTFORD, HERTFORDSHIRE CM23 3AT FREEHOLD ISLAND SITE COMPRISING THREE PRIME RETAIL UNITS, DENTAL PRACTICE AND A REAR CAR PARK WITH RESIDENTIAL POTENTIAL SUBJECT TO PLANNING CONSENT.
COVENANT INFORMATION2A South Street Vodafone Limited which was incorporated in 1984 is one of the world’s leading mobile communication providers supplying a wide range of services including voice, messaging, data and fixed broadband. The company has over 444 million customers globally and employs around 90,000 people operating in 26 countries and plans to open 150 new stores across the UK next year, bringing the total number of shops in the UK to over 500. The company is listed on both the London Stock Exchange and the NASDAQ.
Dun & Bradstreet have given Vodafone Limited a D&B Rating of N1 representing a minimum risk of business failure and a negative financial strength.
Vodafone LimitedCompany number 01471587
31/12/14(£ 000’s)
31/12/13(£ 000’s)
31/12/12(£ 000’s)
Sales Turnover 6,294,200 6,969,200 5,062,500Pre Tax Profit/Loss Before Taxes (832,800) (304,800) (184,300)Tangible Net Worth (1,991,600) (1,658,000) (1,629,200)Net Current Assets (Liabilities) 849,800 1,540,700 1,857,600
For additional information please see
2B South Street EE Limited formally known as Everything Everywhere was created through the merger of France Telecom and Deutsche Telekom in 2010 (Orange and T-Mobile had previously merged and been acquired by France Telecom in 2000). T-Mobile UK dates back to 1993 and Orange to 1990. EE launched the UK’s first 4G network and also runs the UK’s largest 3G network. EE runs the EE, Orange and T-Mobile brands for over 30 million customers and EE’s fixed Fibre Broadband service has now reached 15 million households. The company employs over 15,000 full time employees and has 580 retail stores.
Dun & Bradstreet have given EE Ltd a D&B Rating of N1 representing a minimum risk of business failure and a negative financial strength.
In January 2016 The Competition and Markets Authority (CMA) gave final clearance of BT Group’s £12.5bn takeover of EE.
EE Limited Company number 02382161
31/12/14(£ 000’s)
31/12/13(£ 000’s)
31/12/12(£ 000’s)
Sales Turnover 6,327,000 6,482,000 6,657,000Pre Tax Profit/Loss Before Taxes (255,000) (101,000) (249,000)Tangible Net Worth (868,000) (661,000) (179,000)Net Current Assets (Liabilities) (962,000) (713,000) (141,000)
For additional information please see
First Floor, 2 South Street The first floor dental practice is let to Chelmer Village Associates Limited trading as Smile & Wellbeing. It is an established family run private practice offering a range of general and cosmetic dentistry.
Dun & Bradstreet have given Chelmer Village Associates Limited a D&B Rating of N3 representing a greater than average risk of business failure and a negative financial strength.
Chelmer Village Associates LtdCompany number 06391181
31/03/15(£ 000’s)
31/03/14(£ 000’s)
31/03/13(£ 000’s)
Tangible Net Worth (223,380) (191,266) (163,589)Net Current Assets (Liabilities) (259,957) (225,590) (191,895)
For additional information please see
2C South StreetGreggs PLC opened its first store in 1951 and is now the UK’s leading bakery food-on-the-go retailer. It has 1,671 shops, nine regional bakeries, two distribution centres and 19,500 employees.
Dun & Bradstreet have given Greggs PLC a D&B Rating of 5A1 representing a minimum risk of business failure.
Greggs PLCCompany number 502851
31/12/14(£ 000’s)
31/12/13(£ 000’s)
31/12/12(£ 000’s)
Sales Turnover 803,961 762,379 734,502Pre Tax Profit/Loss Before Taxes 49,743 33,152 53,342Tangible Net Worth 248,537 242,193 234,148Net Current Assets (Liabilities) (623) (15,727) (15,459)
For additional information, please see &
2, 2A, 2B AND 2C SOUTH STREET, BISHOP’S STORTFORD, HERTFORDSHIRE CM23 3AT FREEHOLD ISLAND SITE COMPRISING THREE PRIME RETAIL UNITS, DENTAL PRACTICE AND A REAR CAR PARK WITH RESIDENTIAL POTENTIAL SUBJECT TO PLANNING CONSENT.
COMPARABLE INVESTMENT TRANSACTIONS
ADDRESS TENURE DATE SOLD
RENT(PA) TENANT LEASE
TERMPRICE
ACHIEVEDNIY YIELD
(5.80% COSTS) COMMENTS
12 South Street, Bishop’s Stortford Freehold Q4
2015 £90,000 Waterstones Booksellers Ltd
20 years from 21/11/1998 £1,410,000 6.03%
15/17 North Street, Bishop’s Stortford Freehold Q3
2015 £145,000 Bill’s Restaurant Ltd & Cote Restaurants Ltd
20 years from 21/08/2015 £2,575,000 5.32% Two fully refurbished restaurants both
benefiting from new leases.32/32A South Street,
Bishop’s Stortford Freehold Q32015 £140,056 Tesco Stores Ltd 15 years from
18/12/2008 £2,100,000 6.30% Uncapped RPI increase December 2018. 18 car parking spaces to the rear.
EPC
The property has the following EPC ratings:2 South Street: 108 (Band E)2A South Street: 96 (Band D)2B South Street: 135 (Band F)2C South Street: 78 (Band D)
Full copies of the EPCs are available from Dunitz & Co. upon request.
PLANNINGThe property is located within East Herts Council Tel: +44 (0)1279 655 261Web:
The property is not listed but does lie within Bishop’s Stortford Conservation Area.
VATThis property has been elected for VAT. It is anticipated that the sale will be treated as a transfer of a going concern (TOGC).
TENURE Freehold.
2, 2A, 2B AND 2C SOUTH STREET, BISHOP’S STORTFORD, HERTFORDSHIRE CM23 3AT FREEHOLD ISLAND SITE COMPRISING THREE PRIME RETAIL UNITS, DENTAL PRACTICE AND A REAR CAR PARK WITH RESIDENTIAL POTENTIAL SUBJECT TO PLANNING CONSENT.
INVESTMENT CONSIDERATIONS• Freehold property situated on an island site.
• Prime south east retail investment comprising three retail units with a dental practice above and eight car parking spaces to the rear.
• The shops are let to Vodafone Limited, EE Limited and Greggs PLC providing good covenant strengths.
• Let for terms expiring between December 2020 and April 2022.
• The property produces a total rental income of £143,900 pa.
• Occupiers situated close by include Marks & Spencer, WH Smith, Café Nero, Costa Coffee, Clinton Cards, The Carphone Warehouse and Santander.
• The property including the rear car park could provide a redevelopment opportunity in the medium to long term subject to obtaining the required vacant possession and planning consent.
The plan is indicative and for reference purposes only. A Title plan can be provided upon request.
APTON ROAD
SOUTH STREET
2, 2A, 2B AND 2C SOUTH STREET, BISHOP’S STORTFORD, HERTFORDSHIRE CM23 3AT FREEHOLD ISLAND SITE COMPRISING THREE PRIME RETAIL UNITS, DENTAL PRACTICE AND A REAR CAR PARK WITH RESIDENTIAL POTENTIAL SUBJECT TO PLANNING CONSENT.
50 metresFor more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Bishops Stortford
Experian Goad Plan Created: 07/12/2015Created By: Dunitz and Co Ltd
Copyright and confidentiality Experian, 2015. © Crown copyright and database rights 2015.Ordnance Survey 100019885
APTON ROAD
SOUTH STREET
HALIFAX
PREMIER TRAVEL
ENTERTAINMENT EXCHANGE
I FONE
SAINSBURYS
DUNITZ & COMPANY LTD: DISCLAIMER
Dunitz & Company Ltd for themselves and for the vendors or lessors of this property whose agents they are, give notice that:
1. The particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of an offer or contract;
2. Lease details, service charges, ground rent (where applicable) and council tax are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts;
3. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct however we have not carried out a structural survey and any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
4. No person in the employment of Dunitz & Company Ltd has any authority to make or give any representation or warranty whatever in relation to the property; and
5. The photographs show only certain parts of the property as they appeared at the time they were taken and the copyright of the same remain exclusive to Dunitz & Company Ltd.
Designed by Brand+Outlines Ltd. March 2016
PROPOSAL
Offers in excess of £1,940,000 (One Million, Nine Hundred and Forty Thousand Pounds) are invited for the freehold interest of the property, reflecting a Net Initial Yield of 7.01% assuming standard Purchaser’s costs of 5.80%, subject to contract and exclusive of VAT.
FURTHER INFORMATION
For further information or to arrange an inspection of the property, please contact:
James DunitzTel: +44 (0)20 7486 8000Email: Web:
Dunitz & Co.40 Margaret StreetLondon W1G 0JH
The plan is indicative and for reference purposes only. A Title plan can be provided upon request. 50 metres