caffÉ nero 67-69 high street - allsop › resources › 2018 › 09 › high-street-guildfor… ·...

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.


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


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.


50 metres

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


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


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

[email protected]

Lottie Hayward020 7543 6750

[email protected]

Andrew Wise020 7543 6731

[email protected]

www.allsop.co.uk

caffÉ nero 67-69 high street - allsop › resources › 2018 › 09 › high-street-guildfor… ·...

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