Prime Retail Investment - Savills...HMV, CEX, McDonalds, CO-Op Sainsbury’s Local and an easyHotel...
Transcript of Prime Retail Investment - Savills...HMV, CEX, McDonalds, CO-Op Sainsbury’s Local and an easyHotel...
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Prime Retail Investmentlet to Pizza Hut and Bonmarché
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Manchester
Leeds
J34 (M1)
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Sheffield is an extensive and attractive retailing centre providing approximately 1,560,000 sq ft of retail floor space, which serves a primary catchment population of around 637,000 (source promis). Prime retailing extends along a linear pitch around Fargate, from High Street in the north east down to Pinstone Street. The city is well represented by many of the major national multiples including John Lewis, Marks & Spencer, Primark, H&M, Boots, Topshop and TK Maxx.
The property occupies a prominent position and a high footfall location, at the junction of High Street and Castle Square. The units are adjacent to JD Weatherspoon’s (The Bankers Draft) and opposite and Sports Direct. Other occupiers in the immediate vicinity include Boots, HMV, CEX, McDonalds, CO-Op Sainsbury’s Local and an easyHotel comprising 131 rooms.
The two universities are in close proximity along with existing and proposed student accommodation. 50 High Street (opposite) has planning permission for 330 bed spaces above the existing retail parade.
Retailing in Sheffield
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The property originates from c.19th Century and occupies a frontage to High Street and High Court.
The property is arranged over basement, ground and three upper floors with customer entrances in Bonmarché and from High Street and Pizza Hut on the corner of High Street and High Court.
The property has a sandstone façade under a slated pitched roof. The ground floor units benefit from full height shop windows with the upper floors providing attractive stone elevations and single glazed sash windows.
Internally, the ground floor sales areas are fitted out with Pizza Hut and Bonmarché branded shop fit. Whilst the basement and upper floors are partially used for stores, staff areas and WC facilities.
There is a separate access from High Court that could be utilised for future development.
Description
The property has been measured in accordance with the RICS Code of Measurement Practice (6th Edition) on a net internal basis as follows:
Accommodation
Floor Sq ft Sq mGround Floor Sales 2,582 240
ITZA 1,365 127
Ground Floor - Stores 304 28
First Floor - Staff Room & Stores 2,142 199
Second Floor - Not in use 3,441 319
Third Floor - Not in use 2,883 267
Basement - Not in use 4,273 397
Total 15,625 1,451
41-43 High Street - Pizza Hut
Floor Use Net Internal AreaGround Floor Sales 2,276 2111
ITZA 1,490 -
First Floor 2,110 196
Basement 2,552 237
Total 6,938 644
45-47 High Street - Bonmarché
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The property is 100% let to Bonmarché Limited and Pizza Hut (UK) Limited in accordance with the schedule of tenancies set out below:
Tenancy
Freehold
Tenure
Floor Tenant Lease Start Lease Expiry (Break Option)
Rent Review Rent PassingPer Annum
41-43 High Street Pizza Hut (UK) Limited 24/09/2001 23/09/2026 09/2021 £114,000
45-47 High Street Bonmarché Limited 23/05/2019 24/03/2024 (23/11/2021) N/A £70,000
Total £184,000
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Tenant Covenants
Balance Sheet Fiscal (Individual) 31/03/2018 Amount (in Thousands) Last 4 YearsTangible Net Worth: £21,876Current Assets: £61,749Total Fixed Assets: £24,850Long Term Liabilities: £54,112Net Current Assets (Liabilities): £7,637Total £86,599
Balance Sheet Fiscal (Individual) 03/12/2017 Amount (in Thousands) Last 4 YearsTangible Net Worth: £52,376Current Assets: £32,926Total Fixed Assets: £64,382Total Current Liabilities: £37,511Long Term Liabilities: £6,790Net Current Assets (Liabilities): (£4,585)Total £97,306
Profit & Loss Fiscal (Individual) 31/03/2018 Amount (in Thousands) Last 4 YearsSales/Turnover: £186,014Gross Profit/(Loss): £41,562Profit/(Loss) Before Taxes: £7,923Net Profit/(Loss): £6,308
Profit & Loss Fiscal (Individual) 03/12/2017 Amount (in Thousands) Last 4 YearsSales/Turnover: £225,210Gross Profit/(Loss): £92,645Profit/(Loss) Before Taxes: (£7,512)Net Profit/(Loss): (£7,844)
Bonmarché Limited - Dunn & Bradstreet rating - 4A2 - representing a lower than average risk of business failure.
Pizza Hut (UK) Limited - Dunn & Brad Street rating - 5A1 - representing a minimum risk of business failure.