8/12 BRIDGE STREET PETERBOROUGH, PE1 1DW

PRIME FREEHOLD RETAIL INVESTMENTLET TO MOSS BROS & LADBROKES

Freehold

Major regional shopping centre

Retail catchment of 664,000

Occupied by national multiple retailers

Total Income of £125,000

Offers in excess of £1,680,00

Initial yield 7%

8/12 BRIDGE STREET PETERBOROUGH, PE1 1DW

LOCATIONPeterborough is an historic cathedral city, designated a New Town in 1967, and is also the unitary authority in the East of England. It is located approximately 80 miles north of London, 37 miles north west of Cambridge and 42 miles north east of Northampton. The city has excellent communications being just 4 miles east of Junction 17 of the A1(M), at its junction with the A47 and A605 trunk roads, giving easy access to Leicester and Northampton to the west, and Kings Lynn and Norwich to the east. It also benefits from being on the East Coast Mainline Railway which provides a fast frequent service to London Kings Cross (50 mins). In 2014 Network Rail invested £2.5M into improving the station facilities and capacity and also provides regular services to Cambridge, Stevenage, Leicester, Birmingham and Leeds.

The city has a resident population of approximately 165,000, and is ranked 21 by PROMIS in terms of primary catchment size (664,000 people). The socio economic breakdown is similar to the UK average and the city is currently undergoing significant residential expansion.

SITUATIONPeterborough is an important retail destination with a lack of competing centres in the primary catchment area, and also benefits from high tourist numbers. Town centre retail floorspace is estimated at 1.4 million sq ft, being ranked 40th by PROMIS, and has three managed shopping centres – The Queensgate Centre, The Rivergate Centre and Hereward Cross Centre, as well as the traditional retailing facilities of Bridge Street, Cathedral Square and Long Causeway.

The subject property is situated at the northern end of the pedestrianised Bridge Street and sits at the heart of retailing in the city centre, close to the junction with Cathedral Square and the Queensgate Shopping Centre. It adjoins The Entertainer and is in the same parade as Timpson, Yours Ladieswear and The Works, with other nearby traders including WH Smith, Waterstones, Mountain Warehouse, Millets, B&M, TK Maxx, Starbucks and Caffe Nero.

DESCRIPTION & ACCOMMODATIONThe property comprises two well configured retail units of steel and concrete framed construction beneath a part pitched and part flat roof arranged over ground and first floors.

The property provides the following approximate dimensions and floor areas:

8 Bridge Street 12 Bridge Street

Gross frontage 20ft 8ins 27ft 6ins

Net Frontage 19ft 0ins 25ft 3ins

Ground Floor Sales 890 sq ft 1,866 sq ft

Ground Floor Ancillary - 226 sq ft

First Floor Sales - 801 sq ft

First Floor Ancillary 848 sq ft 160 sq ft

ITZA 624.5 981.5

TENUREFreehold.

8/12 BRIDGE STREET PETERBOROUGH, PE1 1DW

TENANCIES

UNIT TENANT LEASE RENT REVIEW EXPIRY COMMENTS

8 Ladbrokes Betting & Gaming Ltd

10 years from 23/04/2013 £45,000 n/a 23/04/2023 Tenant break year

5 not exercised

12 Moss Bros Group Plc

10 years from 12/03/2007 £80,000 12/03/2022 11/03/2027

Reversionary Lease to 2027. Tenant break 12/03/2022.

The property is currently producing a total rent of £125,000 pax.

COVENANT INFORMATION

Ladbrokes Betting & Gaming Ltd - for the year ended 31st December 2016 they had a turnover of £843.98M, and a net worth of £942.4M. The company recorded a loss due to the non-trading costs associated with the merger with Coral Group and the impairment losses relating to assets. The combined group trades from over 2,300 branches throughout the UK. According to Credit Check they have a credit rating of 61 out of 100, and represent Average Risk.

Moss Bros Group Plc – for the year ended 28th January 2017 they had a turnover of over £127.93M, a pre-tax profit of £7.146M and a Net Worth of £37.5M. They currently trade from 133 branches, and according to Credit Check they have a credit rating of 78 out of 100, and represent a very Low Risk.

PRICEOffers in excess of £1,680,000 subject to contract, to provide a net initial yield of 7% after allowing for purchasers costs of 6.18%.

EPC’SEPC’s available upon request.

VATThe property is elected for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern.

BILL STEPHENS

020 7518 1527 bstephens@rrg.co.uk

SIMON GREGORY

020 7518 1528 sgregory@rrg.co.uk

SUBJECT TO CONTRACT: Reid Rose Gregory (and their subsidiaries and their Joint Agents where applicable) for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) the particulars are a general outline only, for the guidance prospective purchasers or tenants, and

do not constitute the whole or any part of an offer or contract. (ii) Reid Rose Gregory cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants

must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. (iii) no employee of Reid Rose Gregory has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. (iv)

rents quoted in these particulars may be subject to VAT in addition. (v) Reid Rose Gregory will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars, and (vi) the reference to any plant, machinery, equipment, services, fixtures or fittings at the

property shall not constitute a representation (unless otherwise stated) as to its state or condition or that is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for the requirements. April 2018

8/12 BRIDGE STREET PETERBOROUGH, PE1 1DW

A303

A303A39

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FURTHER INFORMATION

For more information please contact:

Reid, Rose, Gregory 17 Woodstock Street, Mayfair, London W1C 2AJ

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