High Yielding and Fully Let Freehold Town Centre Retail Parade Investment
Substantial retail parade comprising six well configured retail units
Tenants include Halifax, Subway, New Look, British Heart Foundation and Sue Ryder
Comprises approximately 2,482.77 sq m (26,725 sq ft)
Modern building in prominent Town Centre location, opposite Rhiw Shopping Centre/Indoor Market
Nearby occupiers include Boots the Chemist, Burton, O2 and JD Wetherspoon
Lot 8
Auction 10th December 2020
Rent £193,885 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
21 miles west of Cardiff
24 miles south-east of Swansea
Roads
A406, M4
Rail
Bridgend
Air
Cardiff Airport
Situation
Bridgend is located in South Wales approximately 21 miles west of Cardiff and 24 miles south-east of Swansea. The property is situated in a prominent, town centre location on the north side of the pedestrianised Caroline Street, opposite the main entrance to Rhiw Shopping Centre and indoor market, and extends to it's junction with Dunraven Place. Nearby retailers include Boots the Chemist, Burton, O2 and JD Wetherspoon.
Tenure
Freehold.
Location
Miles
21 miles west of Cardiff
24 miles south-east of Swansea
Roads
A406, M4
Rail
Bridgend
Air
Cardiff Airport
Situation
Bridgend is located in South Wales approximately 21 miles west of Cardiff and 24 miles south-east of Swansea. The property is situated in a prominent, town centre location on the north side of the pedestrianised Caroline Street, opposite the main entrance to Rhiw Shopping Centre and indoor market, and extends to it's junction with Dunraven Place. Nearby retailers include Boots the Chemist, Burton, O2 and JD Wetherspoon.
Tenure
Freehold.
Description
The property comprises a substantial retail parade currently arranged as six shops, each providing ground floor retail accommodation together with first floor ancillary. There is a service yard to the rear of the property.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion.
EPC
Various. See legal pack at www.acutus.co.uk.
Description
The property comprises a substantial retail parade currently arranged as six shops, each providing ground floor retail accommodation together with first floor ancillary. There is a service yard to the rear of the property.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion.
EPC
Various. See legal pack at www.acutus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
1 1A
Ground First
Retail Ancillary
91.60 sq m 103.68 sq m
(986 sq ft) (1,116 sq ft)
MULLIGAN COMMUNITY CIC
Approximately 6 years from 11/11/2019 until 03/07/2025 (1)
£12,000
04/07/2023
3
Ground First
Retail Ancillary
102.29 sq m 97.18 sq m
(1,101 sq ft) (1,046 sq ft)
SUBWAY REALTY LIMITED (2)
10 years from 08/09/2019 until 07/09/2029 (3)
£13,000
08/09/2024
3A
Ground First
Retail Ancillary
104.33 sq m 109.16 sq m
(1,123 sq ft) (1,175 sq ft)
BRITISH HEART FOUNDATION (4)
5 years from 24/03/2017 until 23/03/2022
£15,000
-
4/5
Ground First
Retail Ancillary
283.35 sq m 173.82 sq m
(3,050 sq ft) (1,871 sq ft)
HALIFAX PLC
15 years from 18/06/2007 until 17/06/2022
£105,000
-
7 & 7A
Ground First
Retail Ancillary
434.97 sq m 321.16 sq m
(4,682 sq ft) (3,457 sq ft)
NEW LOOK RETAILERS LIMITED (5)
5 years from 13/12/2019 until 12/12/2024 (6)
3% turnover rent (7)
-
9
Ground First
Retail Ancillary
306.02 sq m 355.26 sq m
(3,294 sq ft) (3,824 sq ft)
SUE RYDER (8)
10 years from 08/07/2019 until 07/07/2029 (9)
£25,943
08/07/2024
Total
2,482.82 sq m
(26,725 sq ft)
£193,885 (10)
(1) The lease is subject to a tenant's option to determine on 03/07/2021, and a landlord's option to determine at any time on giving one month's notice. (2) For the year ending 31/12/2018, Subway Realty Limited reported a turnover of £35,107,808, pre tax profits of £1,530,929 and total assets of £7,749,186 (NorthRow 13/11/2020). (3) The lease is subject to a tenant's option to determine on 08/09/2024. (4) British Heart Foundation was founded in 1961 and operates from over 700 stores (www.bhf.org.uk). (5) Founded in 1969, New Look now operates in over 800 stores around the world, the majority in the UK and the Republic of Ireland (www.newlookgroup.com 12/11/2020). (6) The lease is subject to a tenant's option to determine on 13/12/2022. (7) New Look Retailers Limited filed for CVA in September 2020 and as a result it has been agreed that they will pay a 3% turnover rent for this store on the equivalent monthly basis. Under the CVA the landlord and tenant are granted additional rights to terminate the lease. Please see legal pack for full details and a copy of the CVA agreement. (8) Sue Ryder was founded in 1953 and operates from over 400 shops across the UK (sueryder.org). (9) The lease is subject to a tenant's option to determine on 08/07/2024. (10) Includes estimated annualised rent paid by New Look, based on the agreed 3% turnover rent, assuming New Look continue to trade throughout the year at similar levels to that reported for the month ending 23rd October 2020. For the month ending 23rd October 2020 New Look reported a turnover of £63,730 at this store.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
Contacts
Seller's Solicitors
Dentons UK and Middle East LLP 1 George Square, Glasgow G2 1AL
