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
    14/Feb/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    Withdrawn Prior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
Important Auction & Property Update
  • The Buttermarket<br>North Street<br>Chichester<br>West Sussex<br>PO19 1LQ
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* More information on the term "price" can be found here

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.

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.

Tenancy & Accommodation

UnitFloorUse
Floor Areas (Approx)
TenantTermRent p.a.xReviews
Unit 1GroundRetail/
Ancillary
38.55 sq m
(415 sq ft)
VACANT---
Unit 2GroundRetail/
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)
£30,00019/04/2021
Unit 3GroundRetail/
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
£21,87531/08/2022
and 5 yearly
thereafter
Units 5-8FirstRetail/
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
£65,62531/08/2022
and 5 yearly
thereafter
Unit 4GroundRetail/
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)
£65,00013/04/2021
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.

Property Documents

  • Site Plan
    Updated Date
    22.01.19
    File Size
    2 MB
    View PDF
  • Catalogue Page
    Updated Date
    22.01.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Associate Auctioneers
Robert Bebington 6 Conduit Street
London
W1S 2XE
Robert Bebington 0207 493 5551drb@bebington.com
Seller's Solicitors
Wannops LLP 54 High Street
Bognor Regis
PO21 1SP
Alan Wheatley 01243 864001awheatley@wannops.com

Useful Links

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