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Summary
- Attractive Grade II Listed retail arcade
- Prime retailing position
- Attractive yield profile
- Value add potential
- Planning for residential in part
- Current true net income £508,232 per annum
- Freehold
- £5,350,000, subject to contract
- 8.9% Net Initial Yield overall
- 9.2% Reversionary Yield
Location
Bournemouth is a famous coastal town and is the principal commercial and retailing centre in the county of Dorset. The town is approximately 95 miles (153 km) south-west of London, 76 miles (122 km) south of Bristol and 32 miles (52 km) west of Southampton.
The town benefits from excellent road communications with the A338 and A31 providing easy access to the M27 motorway, which links to the M3 and the wider national motorway network.
Bournemouth railway station provides regular and direct trips to London Waterloo with the fastest journey time being 1 hour and 50 minutes. There are regular trips to London Paddington with one change and the journey time being 2 hours.
Bournemouth international airport is 4 miles (6.4 km) north of the town centre and Southampton international airport is 33 miles (53 km) to the north-east.
Retailing and Demographics
Bournemouth benefits from a thriving tourism industry and is one of the leading holiday resorts in the UK attracting over 11.5 million tourists in the last year, bringing in over £500 million in tourism spend.
The primary retail catchment area is home to over 514,000 residents with the population having an above average representation in the A, B and C1 social groups. The town’s population is forecast to grow at a higher rate than the UK average over the period up to 2026.
The attractiveness of the retail core has been further enhanced by the development of a £50 million leisure scheme knows as BH2. This 120,000 sq ft regeneration scheme was developed by Legal & General and comprises a 10 screen Odeon cinema and 14 restaurants.
Approximately £500 million has been invested into the town centre since 2015. This has contributed to making Bournemouth one of the UKs ‘21 vibrant digital clusters across the UK’. Bournemouth has been nicknamed ‘silicon beach’ given that it has the fourth highest concentration of digital and creative industries in the UK outside of London. Bournemouth University and Arts University Bournemouth together have a student population of 23,000. Major employers in Bournemouth include JP Morgan, Siemens, Nationwide, Whitbread, Tesco and Barclays to name a few. The town benefits from 7 miles of sandy beaches with some attractions including Bournemouth Pier, Museums and grade I listed churches.
[Sources: www.dorset.live, www.bcpcouncil.gov.uk, www.ons.gov.uk, www.citypopulation.de].
Situation
‘The Arcade’ is situated between Old Christchurch Road and Gervis Place within the centre of Bournemouth. The arcade is a popular destination for shoppers as well as being a convenient cut through route. Bournemouth Pier is approximately 350 metres from the property.
The location has benefitted from recently completed local authority public realm improvements which include repaving, the creation of a stepped central place for performances, new lighting, seating and planting.
Retailer located on Old Christchurch Street include Mc Donalds, Pandora, Greggs, EE, WH Smith and Costa. Retailers located on Gervis Place include Cote Brasserie, The Stable, Yobu, Franco Manca, JD Wetherspoon and the Real Greek.
Description
The property comprises an attractive Grade II listed Victorian Retail Arcade arranged into eleven retail units with ancillary accommodation. The property benefits from a glazed domed roof and includes coloured glass end panels and an original 19th century clock as well as Victorian tiled flooring.
The following link will take you to the official website for The Arcade – www.bournemoutharcade.com/.
