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Double Table Template
| 46 Prince’s Street (Vacant) | ||
|---|---|---|
| Net Frontage | 3.73 m | 12’3” |
| Gross Frontage | 4.27 m | 14’0” |
| Zone A | 23.04 sq m | 248 sq ft |
| Zone B | 23.50 sq m | 253 sq ft |
| Zone C | 16.81 sq m | 181 sq ft |
| ITZA | 420 UNITS | |
| Ground Floor Total | 63.36 sq m | 682 sq ft |
| First Floor Ancillary | 44.59 sq m | 480 sq ft |
| Total NIA | 107.95 sq m | 1,162 sq ft |
48 Prince’s Street (Creams Gelato) | ||
Net Frontage | 5.87 m | 19’3” |
Gross Frontage | 6.55 m | 21’6” |
Zone A | 36.97 sq m | 398 sq ft |
Zone B | 37.62 sq m | 405 sq ft |
Zone C | 28.61 sq m | 308 sq ft |
Remainder | 43.48 sq m | 468 sq ft |
ITZA | 736 UNITS | |
Ground Floor Total | 146.69 sq m | 1,579 sq ft |
First Floor | 166.01 sq m | 1,787 sq ft |
Total NIA | 312.70 sq m | 3,366 sq ft |
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £620 + VAT.
Tenure
Freehold.
Tenancies
48 Prince’s Street is let to Ras Creams Limited (t/a Creams Gelato) on a full repairing and insuring lease for a term expiring on 7th December 2033, with a mutual break option on 7th December 2028. The current passing rent is £40,000 per annum and is subject to an upwards only rent review on 8th December 2028. A £10,000 rent deposit is held by the Landlord.
46 Prince’s Street is currently vacant. The unit is on the market to let at a quoting rent of £15,000 per annum.
Therefore, assuming the vacant unit is re-let at £15,000 per annum, an investor will benefit from a total income of £55,000 per annum.
Rateable Value
The Rateable Value for the property is as follows:
The uniform business rates multiplier is 49.9 pence per pound.
Covenant
For the year ending 28th February 2022, Ras Creams Limited reported Shareholders’ Funds of £45,929. We understand Ras Creams Limited is a franchisee of Creams. A rent deposit of £10,000 is held by the Landlord.
Founded in 2008, Creams is the UK’s biggest desert brand with circa 100 stores across the UK. The company’s focus on quality and innovation has been recognised with several awards including ‘Best Brand Partner’ at the Menu Innovation and Development Awards 2022 (Midas), ‘Best Innovation’ at the Best Business Awards 2021, and ‘Best Family Restaurant’ at the Deliveroo Restaurant Awards 2021. They have also been recognised as one of the top ten most loved Eating Out brands in the UK in 2019, 2020 and 2021 by Savanta Research. For further information visit www.creamscafe.com.
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek a figure of £425,000 (Four Hundred and Twenty-Five Thousand Pounds), subject to contract, reflecting a net initial yield of 9.0%, rising to an estimated 12.4% once the vacant unit is let, assuming standard purchaser’s costs of 4.3%.
Please note that a purchaser will be re-charged the costs of the measured survey (£620 + VAT) and searches (£700.99) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price + VAT.
Investment Considerations
An opportunity to acquire a freehold retail investment;
The property is situated within the heart of Stockport town centre;
Stockport town centre is currently undergoing a £1bn programme of investment;
48 Prince’s Street – trading as Creams, the UK’s biggest desert brand;
46 Prince’s Street – current vacant, providing an investor with an opportunity to re-let and enhance the income;
A purchase at the asking price reflects an attractive yield profile;
Attractive lot size to an investor.
