76 Spring Gardens, Buxton, SK17 6BZ

Summary

Retail investment property, providing sales accommodation at ground floor with ancillary accommodation at first floor.

Key Points

Lease

The premises are let to Hays Travel Limited on a term of 10 years from 6 April 2020 at a commencing rental of £15,000 per annum exclusive, subject to an outstanding rent review with effect from September 2025.

The passing rent is considered to be reversionary.

Tenant Covenant

Hays Travel Limited acquired the premises as part of the purchase of the Thomas Cook business in October 2019.

Based on the trading performance of the store, Hays Travel Limited recently decided not to exercise a break option with effect from September 2025. The lease therefore currently has almost 5 years unexpired.Further details are available upon request.

Hays Travel Limited was formed in 1980 and by May 2018, its sales had reached £1 billion. The Dunn & Bradstreet Financial Strength Rating for the company is 5A based on a current Tangible Net Worth of £46,138,000.

Location

Buxton is in the Borough of High Peak, Derbyshire and has a population of approximately 22,215 persons.

Buxton is a Roman Spa town located on the edge of the Peak District National Park and includes some of the most architecturally significant buildings in the country including The Devonshire Dome, Cavendish Arcade and The Buxton Crescent Hotel & Spa.

The subject unit is centrally positioned on Spring Gardens, the main pedestrianised retail thoroughfare in the town, close to Spring Gardens Shopping Centre which is anchored by Waitrose. Buxton Train Station is located 100 metres away. Other nearby multiple retailers include Halifax, Boots, Iceland Frozen Foods and Costa Coffee.

Capital & Centric (on behalf of the Council), have submitted a planning application for a £100m redevelopment of the scheme.

This will include 45,000 Sq.ft of new retail and leisure alongside 332 homes.

The redevelopment of the shopping centre will enhance the location of the subject premises with the creation of a new pedestrian friendly direct link between Spring Gardens and Buxton train station.