57 West Street

Horsham, West Sussex, RH12 1PL

Under offer

PRIME TOWN CENTRE RETAIL INVESTMENT
FREEHOLD FOR SALE

Status

For Sale

Location

The property is situated within West Street, being the prime pedestrianised retailing area of the town, along with Swan Walk Shopping Centre. Nearby traders include Toni & Guy, Cotswold Outdoor Wear, Pret a Manger and Jones The Bootmaker. The entrance to Swan Walk, the Carfax and the semi-pedestrianised East Street are all situated close by.

Horsham, being one of the largest West Sussex towns, is located on the A24 close to its junction with the A264 which provides a direct link to the South East motorway network. Horsham’s mainline railway station is a short walk from the town centre and provides direct services to London Victoria in approximately 50 minutes.

Description

The property comprises a three-storey property and is let to Specsavers opticians. The ground floor comprises an open plan retail sales area with two partitioned consulting rooms to the rear. At first floor, there is a reception waiting area with 4 consulting rooms and the second floor comprises ancillary accommodation, including a technician's workshop. staff room, a manager's office and male and female WC's.

Accommodation

The building has the following approximate net internal floor areas:

Ground Floor Sales Area 118.64 sq m (1,277 sq ft)
ITZA 66.05 sq m (711 sq ft)
First Floor (Ancillary) 68.10 sq m (733 sq ft)
Second Floor (Ancillary)   63.64 sq m (685 sq ft)
Total (250.38 sq m) (2,695 sq ft)

Tenure

Freehold, subject to the existing tenancy. Offers are invited in the region of £1,000,000. The price reflects an attractive net initial yield of 5.44% (when assuming purchasers costs at 5.75%)

Tenancy

The entire property is let to Specsavers Optical Superstores Ltd on a 10 year full repairing and insuring lease from 28 May 2013 at a passing rent of £57,500 per annum exclusive. The lease is subject to an upwards only rent review on 28 May 2018.

Rent Analysis

The rent reflects approximately £75 Zone A when applying £3.50 to the first and £2.50 to the second floor and there is considered to be scope for an uplift at the May 2018 rent review.

Price

Offers in the region of £1,000,000

Business Rates

£25,636 per annum (based on rateable value of £52,000). We advise that you contact the Local Rating Authority for confirmation of the actual amount payable.

Covenant Information

Specsavers Optical Superstores Ltd (Company No. 01721624) detail their principle activities as the supply of optical goods, supplier of recruitment services and ophthalmic opticians and have filed the following account figures which are publicly available:

Date of Accounts 28/02/2017 29/02/2016 28/02/2015
Turnover £716,509,000 £673,564,000 £664,629,000
Pre-tax profits £32,772,000 £28,777,000 £28,638,000

Planning

Specsavers have obtained planning permission for a first floor rear extension which they are in the process of implementing.  Further details are available online via Horsham District Council under planning application DC/16/0346. 

VAT

VAT is not applicable on the terms quoted.

Legal Costs

Each party to be responsible for their own legal costs.

Energy Performance Rating

Upon enquiry

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