A substantial double fronted single storey retail unit providing modern open plan accommodation to suit a wide range of uses, such as retail, restaurant, office, gym or medical centre, which sit under the new planning use class E.
There is air space above the property that would suit development into flats and our client has carried out a feasibility scheme which indicates 4 large flats, spread between the front and rear of the property and comprising 2 x 1 bedroomed flats and 2 x 2 bedroomed flats with private and communal roof top gardens. More information regarding this and the agreement with the tenant below is available upon request
( Agency Pilot Software Ref: 19255 )
Location
Uckfield is in the Wealdon District of East Sussex and is midway between Brighton and Tunbridge Wells. Sitting astride the river Uck and A22, the town has a population of just under 15,000 but enjoys a substantial retail catchment from neighbouring towns and villages. Uckfield benefits from excellent transport links with the town’s railway station (2-minute walk from property) providing direct services to London Bridge in 1 hour 20 mins. The property is right in the heart of the main retailing pitch and is surrounded by other retailers such as Waitrose, Superdrug, Specsavers and Santander. Whilst short term parking is still allowed in the High St, there is also a large Tesco with associated parking immediately behind the building.
Accommodation
Ground Floor Sales 4,018sq ft ( 373.28sq m )
ITZA: 1,560 units
Ground Floor Ancillary 1,041 sq ft (96.71 sq m )
TOTAL 5,059 sq ft (469.99sq m )
Terms
TENURE Freehold
LEASE The entire property is let to W H Smith Retail Holdings Ltd and guaranteed by W H Smith High Street Holdings Ltd on a 15 year FRI term from 1st August 2011 at a passing rent of £55,000 per annum and an upward only rent review in 2021. The tenant benefits from 9 months rent free from the 19th October 2020, the residual amount will be topped up by the vendor. The original lease has been altered by a deed to allow the owner to develop the upper levels above the ground floor retail space. Further information is obtainable from the agents.
COVENANT We have summarised below some financial details about the tenant and guarantor, which are for information purposes only. Purchasers are advised to make their own enquiries as to the financial standing of the tenant and guarantor. W H Smith Retail Holdings Ltd (Co no 00471941) were incorporated in 1949 and have an Experian rating of “very low risk” and a score of 100 . For the year ending 21st August 2019 the Company declared the following figures: Turnover - £187,524,000 Pre tax profit - £116,655,000 Net worth - £613,950,000 W H Smith High St Holdings Ltd (Co no- 06560371) were incorporated in 2008. For the year ending 21st August 2019 the Company declared the following figures: Pretax profit - £38,988,000 Net worth - £106,181,000
VAT VAT will be chargeable but our clients anticipate a sale by way of a TOGC
LEGAL COSTS Each party is to be responsible for their own legal fees
Specification
INVESTMENT SUMMARY
• Retail investment in affluent Sussex town
• Prime position opposite Waitrose
• Let to WH Smith Retail Holdings Ltd for approximately 5.5 years, with a guarantee provided by WH Smith High Street Holdings Ltd
• Passing rent of £55,000 per annum
• Residential redevelopment opportunity
• Freehold interest for sale at £695,000 showing a net initial yield of 7.52%