The property comprises a self-contained retail unit, part of a development of three shops developed over 50-60 years ago. It has a retail frontage to Packers Row and rear servicing from Church Lane.
The accommodation is arranged on ground and one upper floor and is open-plan.
The property is of steel frame or precast concrete construction, with rendering to the front elevation and a flat roof.
Location
Chesterfield is a historic market town in Derbyshire. It lies within the M1 corridor on the A61, 12 miles south of Sheffield, 24 miles of north Derby and 6 miles west of Junction 29 of the M1 Motorway.
Chesterfield has a population of 148,500 persons living within a 5 mile radius and a resident population of 190,000 within a 15 minute drive.
The town’s Market Place is host to one of the largest open-air markets in the UK with stalls on either side of the historic Market Place which ensures a high pedestrian flow all around the town centre including Packers Row where the subject property is located. The market is held every Monday, Thursday, Friday and Saturday. In addition, there is a farmers market held on the last Sunday of each month.
The property is located on the eastern side of Packers Row close to the junction with the Vicar Lane Shopping Centre, Central Pavement and close to the Market Place. Nearby occupiers include Vision Express, Costa Coffee and Birds Bakers.
In summary the property occupies an excellent location within the town centre.
The towns retail provision is located around the Market Place, Pavements Shopping Centre and Vicar Lane Shopping Centre.
The Pavements provides approximately 103,000ft² of retail accommodation and is accessed from the south side of the Market Place and is anchored by; Tesco, Boots, WHSmith and a 465 space multi-storey car park. Vicar Lane Shopping Centre to the east was redeveloped in 2000 and provides approximately 212,000ft² and a 390 space multi-storey car park.
Occupiers represented within Vicar Lane include; TG Hughes, JD Sports, Waterstones, H&M, River Island and Primark are located in the Market Place which houses the town’s various open air markets already referred to.
Accommodation
The property has the following accommodation:-
Ground Floor Sales - 182.27 sq m (1,962 sq ft)
ITZA - 82.96 sq m (893 sq ft)
First Floor Stores - 162.76 sq m (1,752 sq ft)
Total - 345.03 sq m (3,714 sq ft)
Terms
Tenure - Freehold. Title No DY347720.
Tenancy - The lease of these premises was reviewed on 22nd November 2022, the present tenant being in occupation since 2009. The lease is for a term of 5 years on full repairing and insuring terms expiring on 21st November 2027. There is a tenant’s break clause as at 22nd November 2025 subject to 6 months prior notice in writing. The current rent payable is £XXX per annum.
EPC - The property has a current EPC rating of D.
Covenant - Savers Health & Beauty are shown by Experian as at March 2023 to have a credit rating of:-
Risk Score: 100/100
Risk: Very Low Risk
Credit Limit: £XXX
Credit Rating: £XXX
The principal activities are health, home and beauty retailer in the United Kingdom.
The ultimate Holding Company is CK Hutchison Holdings Limited.
Rental Value - The property is currently let at a rent of £XXX per annum from 22nd November 2022, equating to a figure of £XXX Zone A, with the first floor stores at £XXX The previous rent was £XXX per annum.
Recently the Birds unit, further up the High Street, was let at a similar figure, equating to £XXX Zone A.
Price - Offers are invited at £XXX to show a yield of 8.41% net of normal purchasing costs.
VAT - The rent is subject to VAT and therefore the sale will be as a TOGC.
Specification
- Central location on the east side of Packers Row, close to Vicar Lane Shopping Centre and the Market Place
- Let to Savers Health & Beauty (in occupation since 2009)
- Current lease expires 21st November 2027
- Very low risk credit rating
- Offers invited at £XXX to show 8.41% net of costs