The Buttermarket North Street Chichester West Sussex PO19 1LQ

The Buttermarket
North Street
Chichester
West Sussex
PO19 1LQ

Prestigious and Historic City Centre Retail Investment

Refurbished landmark building in historic city centre
Let to tenants including Bill’s and Patisserie Valerie
Bill’s leases expire in August 2032 (no breaks)
Asset management opportunities
Nearby occupiers include Boots the Chemist, Russell & Bromley, Jigsaw, The White Company, Mint Velvet and Starbucks
Affluent and historic cathedral city and popular retail and tourist destination

Lot
19
Auction
14th February 2019
Rent
£182,500 per Annum Exclusive
Status
Withdrawn Prior
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Prestigious and Historic City Centre Retail Investment

Refurbished landmark building in historic city centre
Let to tenants including Bill’s and Patisserie Valerie
Bill’s leases expire in August 2032 (no breaks)
Asset management opportunities
Nearby occupiers include Boots the Chemist, Russell & Bromley, Jigsaw, The White Company, Mint Velvet and Starbucks
Affluent and historic cathedral city and popular retail and tourist destination

Lot 19
Auction 14th February 2019
Rent £182,500 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 16 miles east of Portsmouth; 32 miles west of Brighton
Roads: A259, A27, M27, M275, A3(M)
Rail: Chichester Station
Air: London Gatwick

Situation

Chichester is a historic cathedral city and popular retail centre. The property is situated on the east side of the pedestrianised North Street in a prime retailing location, close to The Cross and the junction with East Street, South Street and West Street. Nearby occupiers include Boots the Chemist, Russell & Bromley, Starbucks, Jigsaw, The White Company, Mint Velvet, Marks & Spencer and numerous high street banks.

Tenure

Long Leasehold. Long Leasehold from Chichester City Council for a term of 99 years from 17th December 2009 (approximately 89 years unexpired). The rent payable to Chichester City Council is calculated annually by way of a fixed “base rent” of £50,000 per annum, plus a “turnover rent” (i.e. total annual rent less various deductions as defined in head lease). Please see legal pack for the headlease and recent turnover rent calculations/certificates.

Location

Miles: 16 miles east of Portsmouth; 32 miles west of Brighton
Roads: A259, A27, M27, M275, A3(M)
Rail: Chichester Station
Air: London Gatwick

Situation

Tenure

Description

Dating from 1808, The Buttermarket was originally built to provide accommodation for small traders. The property was extensively refurbished and re-opened in 2011 to provide a magnificent Grade II listed building, arranged as five shops/restaurants on the ground and first floors.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Unit 1	Ground	Retail/ Ancillary	38.55 sq m	(415 sq ft)	VACANT	-	-	-
Unit 2	Ground	Retail/ Ancillary	26.68 sq m	(287 sq ft)	PRESSLEYS CHICHESTER LIMITED t/a Pressleys Jewellers (1)	15 years from 19/04/2011 until 18/04/2026 (2)	£30,000	19/04/2021
Unit 3	Ground	Retail/ Ancillary	18.55 sq m	(200 sq ft)	BILLS RESTAURANTS LIMITED t/a Bill’s (3)	20 years from 31/08/2012 until 30/08/2032	£21,875	31/08/2022 and 5 yearly thereafter
Units 5-8	First	Retail/ Ancillary	312.20 sq m	(3,360 sq ft)	BILLS RESTAURANTS LIMITED t/a Bill’s (3)	20 years from 31/08/2012 until 30/08/2032	£65,625	31/08/2022 and 5 yearly thereafter
Unit 4	Ground	Retail/ Ancillary	138.76 sq m	(1,493 sq ft)	STONEBEACH LIMITED t/a Patisserie Valerie (4)	15 years from 13/04/2011 until 12/04/2026 (5)	£65,000	13/04/2021
Total			534.74 sq m	(5,755 sq ft)			£182,500

(1) Pressleys was established in 1909 and operates three other branches in Brighton and Worthing (Source: www.pressleys.co.uk 10/01/2019).
(2) The lease was subject to a tenant option to determine in April 2016, but this break option was not exercised.
(3) For the year ending 31st December 2017, Bill’s Restaurants Limited reported a turnover of £118,572,000, pre-tax profits of £4,880,000 and a total net worth of £20,425,000 (Source: Experian Group 10/01/2019). Bill’s opened its first restaurant in 2000 and now operates from over 80 restaurants throughout the UK (Source: www.bills-website.co.uk 10/01/2019).
(4) For the year ending 30th September 2017, Stonebeach Limited reported a turnover of £101,774,000, pre-tax profits of £18,487,000 and a total net worth of £67,943,000 (Source: Experian Group 10/01/2019). Stonebeach Limited (trading as Patisserie Valerie) operates from 155 shops in the UK (Source: www.patisserie-valerie.co.uk 10/01/2019).
(5) There is a tenant option to determine the lease in April 2021.