Modern Retail Investment in Affluent Commuter Market Town
Entirely let to Non-Stop Party Shop Ltd on a 15 year lease
Rental increase agreed following rent review
Prominently situated on pedestrianised retail thoroughfare
Benefits from a double frontage onto Middle Street and Carfax
Nearby occupiers include Barclays Bank, Crew Clothing, Waterstones and Ryman Stationers
Net Rent of £16,000 p.a.x.
Lot 29
Auction 23rd February 2012
Rent £47,500 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On Behalf of Robert Dyas
Property Information
Location
Miles
21 miles south-east of Guildford
28 miles north of Brighton
38 miles south of London
Roads
A24, M23 (Junction 11), M25
Rail
Horsham Railway Station (54 minutes to London Victoria)
Air
Gatwick Airport
Situation
The property is situated on one of Horsham’s prime pedestriansed retail thoroughfares and benefits from a double frontage onto both Middle Street and Carfax. Middle Street connects East Street with West Street home to Swan Walk Shopping Centre and occupiers including Top Shop, Starbucks and Lloyds TSB, while Carfax provides access to Piries Place Shopping Centre.
Tenure
Long Leasehold. Held for a term of 120 years from 10th June 1969 until 9th June 2089 at a rent of £31,500 p.a.x. The rent is reviewed every 14 years to 65% of open market rental value with the next review being 10th June 2025.
Location
Miles
21 miles south-east of Guildford
28 miles north of Brighton
38 miles south of London
Roads
A24, M23 (Junction 11), M25
Rail
Horsham Railway Station (54 minutes to London Victoria)
Air
Gatwick Airport
Situation
The property is situated on one of Horsham’s prime pedestriansed retail thoroughfares and benefits from a double frontage onto both Middle Street and Carfax. Middle Street connects East Street with West Street home to Swan Walk Shopping Centre and occupiers including Top Shop, Starbucks and Lloyds TSB, while Carfax provides access to Piries Place Shopping Centre.
Tenure
Long Leasehold. Held for a term of 120 years from 10th June 1969 until 9th June 2089 at a rent of £31,500 p.a.x. The rent is reviewed every 14 years to 65% of open market rental value with the next review being 10th June 2025.
Description
The property comprises retail accommodation on ground and part first floor with storage accommodation on the remaining first floor. The property also benefits from additional ancillary accommodation on the second floor.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises retail accommodation on ground and part first floor with storage accommodation on the remaining first floor. The property also benefits from additional ancillary accommodation on the second floor.
VAT
VAT is not 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)
Tenant
Term
Gross Rent p.a.x
Reversion
Ground First Second
Retail Retail/Storage Ancillary
144.09 sq m 147.99 sq m 57.04 sq m
(1,551 sq ft) (1,593 sq ft) (614 sq ft)
NON-STOP PARTY SHOP LTD (1)
15 years from 13/11/2000
£47,500
12/11/2015
Totals
349.12 sq m
(3,758 sq ft) (3)
£47,500 (2)
(1) Set up in 1988, Non-Stop Party Shop Ltd has 5 stores in London, Surrey and Sussex making them one the biggest and best known party stores in the South of England. Non-Stop Party Shop’s corporate supply division has a customer base that includes BBC Television, ITV, BAA, Sony and Virgin to name a few. (www.nonstopparty.co.uk 24/02/2012) (2)The current gross rental income is £47,500 p.a.x. Therefore, the current net rental income after allowing for the head rent payable is £16,000 p.a.x. (3)Please note that these areas were agreed between parties at the 2005 rent review.
