Freehold Retail and Office Investment with Residential Redevelopment Potential (s.t.c.)
Retail units let to Sportswift Limited t/a Card Factory and Stormfront Retail Limited
Self-contained office accommodation on upper floors part let to Pinkgreen Creative Limited
Residential conversion potential (subject to consents)
Adjacent to the Parkway Shopping Centre
Nearby occupiers include Jigsaw, H&M, McDonald’s and Costa Coffee
Lot 6
Auction 5th December 2018
Rent
Status Sold
Price £1,120,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the instructions of Lasalle Investment Management
Property Information
Location
Miles
19 miles west of Reading
27 miles south of Oxford
Roads
A4, A39, A339, M4 (Junction 13)
Rail
Newbury Railway Station
Air
Heathrow Airport
Situation
Newbury is a popular market town some 19 miles west of Reading. The property occupies a prominent position on Northbrook Street, adjacent to the Parkway Shopping Centre. The scheme houses occupiers including Costa, Ecco, H&M, John Lewis and Fat Face. Other nearby occupiers include McDonald’s, Specsavers, Metro Bank and Blacks Outdoor Wear.
Tenure
Freehold.
Location
Miles
19 miles west of Reading
27 miles south of Oxford
Roads
A4, A39, A339, M4 (Junction 13)
Rail
Newbury Railway Station
Air
Heathrow Airport
Situation
Newbury is a popular market town some 19 miles west of Reading. The property occupies a prominent position on Northbrook Street, adjacent to the Parkway Shopping Centre. The scheme houses occupiers including Costa, Ecco, H&M, John Lewis and Fat Face. Other nearby occupiers include McDonald’s, Specsavers, Metro Bank and Blacks Outdoor Wear.
Tenure
Freehold.
Description
The property is an attractive three storey building, comprising two ground floor retail units with two selfcontained office suites on first and second floors. The offices are accessed via a dedicated entrance on Northbrook Street.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Available from the legal pack at acuitus.co.uk.
Description
The property is an attractive three storey building, comprising two ground floor retail units with two selfcontained office suites on first and second floors. The offices are accessed via a dedicated entrance on Northbrook Street.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Available from the legal pack at acuitus.co.uk.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
39
Ground
Retail
234.02 sq m
(2,519 sq ft)
SPORTSWIFT LIMITED (1) t/a Card Factory
5 years from 29/06/2018 (2)
£35,000
(28/06/2023)
41
Ground
Retail
148.92 sq m
(1,603 sq ft)
STORMFRONT RETAIL LIMITED (4)
10 years from 14/09/2011 (5)
£42,500
14/09/2016 (6)
40
First
Office
185.62 sq m
(1,998 sq ft)
VACANT POSSESSION
40
Second
Office
185.06 sq m
(1,992 sq ft)
PINKGREEN CREATIVE LIMITED (3)
5 years from 10/11/2015
£19,920
(09/11/2020)
Total
753.62 sq m
(8,112 sq ft)
£97,420
(1) For the year ending 31 January 2018, Sportswift Limited reported a turnover of £403,120,000, pre-tax profits of £73,877,000 and a total net worth of £47,253,000 (Source: Experian Group 07/11/2018). Card Factory is the leading specialist retailer of greetings cards, gift dressings and party products in the UK with over 900 stores in both the UK and Ireland, with new stores opening every year (Source: www.cardfactory.co.uk 07/11/2018). (2) The tenant is currently benefitting from a rent free period due to expire on 05/04/2019. The seller has agreed to adjust the completion monies so that the unit will effectively produce £35,000 from the completion of sale. The lease provides an option to determine on 28/06/2021. If the tenant does not exercise this option, they will benefit from paying a peppercorn rent between 29/06/2021 and 28/12/2021. (3) Pink Green is an integrated creative agency delivering brand and marketing campaigns through film, digital and print (Source: https://pink.green/ 08/11/2018). (4) Stormfront is the UK’s largest Apple premium reseller with 23 stores nationwide (Source: https://stormfront.co.uk 07/11/2018). (5) Stormfront Retail Limited did not exercise their November 2018 break option and the notice period has now passed. (6) The 2016 rent review is outstanding.