Prime Retail and Residential Investment in Central Bath
Prestigious City Centre Location in Bath, a UNESCO World Heritage City
Grade II Listed Mixed-use Investment Opportunity
Double Fronted Retail Unit with two, 3 Bedroom Apartments
5 year lease renewal to Schuh Limited at a re-based rent with two AST's
Prime Retailing Thoroughfare, adjacent to Roman Baths
Schuh have been in occupation for over 10 years
Nearby Occupiers include M&S, Primark, Vodafone and Timpsons
Lot 12
Auction 22nd September 2022
Rent Gross: £198,200 per Annum Net: £157,280 plus Schuh Turnover Rent to 7% of Annual Turnover (see legal pack)(2)
Status Sold
Price £1,700,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of A Major UK Fund
Property Information
Location
Miles
11 miles south-east of Bristol, 35 miles south-west of Swindon, 45 miles south of Cheltenham, 110 miles west of London
Roads
M4, A36, A46
Rail
Bath Spa Railway Station
Air
Bristol & Southampton Airports
Situation
Bath is the only entire city in the UK that’s a designated UNESCO World Heritage Site with its stunning Georgian architecture. The University City is an affluent and popular tourist destination attracting over 6.25 million tourists in 2018. Bath, being a premier destination providing a thriving shopping, dining and cultural experience. There are numerous World class attractions including The Abbey, Roman Baths, Jane Austen Centre and Royal Crescent. Located in Bath and North East Somerset, the beautiful countryside is within easy reach by foot, bike or car.
The property is prominently situated in the heart of Bath's prime retailing centre on the east of Stall Street at its junction with York Street, adjacent to the Roman Baths. Other neighbouring occupiers include M&S, Vodafone, Holland and Barrett, Timpsons, Primark and Sunglass Hut.
Tenure
Leasehold. Held from Bath & North East Somerset Council for a term of 125 years from 15/01/1981 at a current ground rent of £40,920 per annum. Assuming the property is fully let the rent is reviewed every year to 15% of the aggregate rent which should be received during a period of one year as defined in the lease provided that the ground rent is never less than £9,450. The 2021 rent review is outstanding. There are alternative rent review provisions if the property is owner occupied.
Please refer to the legal pack for further information.
Location
Miles
11 miles south-east of Bristol, 35 miles south-west of Swindon, 45 miles south of Cheltenham, 110 miles west of London
Roads
M4, A36, A46
Rail
Bath Spa Railway Station
Air
Bristol & Southampton Airports
Situation
Bath is the only entire city in the UK that’s a designated UNESCO World Heritage Site with its stunning Georgian architecture. The University City is an affluent and popular tourist destination attracting over 6.25 million tourists in 2018. Bath, being a premier destination providing a thriving shopping, dining and cultural experience. There are numerous World class attractions including The Abbey, Roman Baths, Jane Austen Centre and Royal Crescent. Located in Bath and North East Somerset, the beautiful countryside is within easy reach by foot, bike or car.
The property is prominently situated in the heart of Bath's prime retailing centre on the east of Stall Street at its junction with York Street, adjacent to the Roman Baths. Other neighbouring occupiers include M&S, Vodafone, Holland and Barrett, Timpsons, Primark and Sunglass Hut.
Tenure
Leasehold. Held from Bath & North East Somerset Council for a term of 125 years from 15/01/1981 at a current ground rent of £40,920 per annum. Assuming the property is fully let the rent is reviewed every year to 15% of the aggregate rent which should be received during a period of one year as defined in the lease provided that the ground rent is never less than £9,450. The 2021 rent review is outstanding. There are alternative rent review provisions if the property is owner occupied.
Please refer to the legal pack for further information.
Description
The property comprises a highly attractive, Grade II Listed, sandstone building comprising ground floor double fronted retail accommodation and ancillary accommodation on the lower ground and first floors. On the second floor there are two, 3 bedroom flats, both having access to an internal courtyard. The flats are accessed from the rear of the property via Swallow Street.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a highly attractive, Grade II Listed, sandstone building comprising ground floor double fronted retail accommodation and ancillary accommodation on the lower ground and first floors. On the second floor there are two, 3 bedroom flats, both having access to an internal courtyard. The flats are accessed from the rear of the property via Swallow Street.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Ground Ground Basement First
Retail Ancillary Ancillary Ancillary
178.00 26.19 203.92 211.44
(1,916) (282) (2,195) (2,276)
SCHUH LIMITED (CRN SC125327) (1)
5 years from 29th March 2022 until 28th March 2027 (2)
£155,000
Second (Flat A)
Residential (3 Bedroom Flat)
89.65
(965) (3)
PRIVATE INDIVIDUAL
AST from 6th August 2022 until 5th July 2023
£21,600 (4)
Second (Flat B)
Residential (3 Bedroom Flat)
76.27
(821) (3)
PRIVATE INDIVIDUAL
AST from 2nd August 2022 until 1st August 2023
£21,600 (5)
Total Approximate Floor Area
785.47 (2)
(8,455) (3)
£198,200
(1) Schuh is a footwear specialist that targets the younger end of the market with a fashionable, mainly branded offer. It was founded in the UK in 1981, but has been owned by the US footwear group Genesco since 2011. The retailer trades through just over 120 stores in the UK (Schuh.co.uk 05/08/2022). For the year ending 30/01/2021, Schuh Limited reported a turnover of £234,041,000 (Source: NorthRow Company Report 05/08/2022) (2) The rent stated in the lease is £175,000 p.a. but there is a side deed personal to Schuh (but not personal to the Landlord) which states from 29th June 2022, Schuh will pay the base rent (£155,000 per annum) plus a turnover rent of 7% of an annual turnover for the store until the end date of the lease. Turnover accounts not due until 31st December 2022. (3) The residential floor areas stated are Gross Internal Areas (GIA). (4) A rent deposit of £2,076.90 is held by the Seller. (5) A rent deposit of £2,076.90 is held by the Seller.
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.
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