Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal floor areas:
Net Frontage | 5.16 m | 16’11” |
Gross Frontage | 5.41 m | 17’9” |
Zone A | 31.59 sq m | 340 sq ft |
Zone B | 31.59 sq m | 340 sq ft |
Zone C | 1.21 sq m | 13 sq ft |
Total Ground Floor | 64.38 sq m | 693 sq ft |
First Floor | 31.86 sq m | 343 sq ft |
Total | 96.24 sq m | 1,036 sq ft |
A set floor plan is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £545 + VAT.
Tenure
Long leasehold interest for a term commencing on the date of completion and expiring on 28th December 2187 (approximately 163 years unexpired) at a peppercorn rent.
Tenancy
The property is let to F Hinds Limited on a full repairing and insuring lease until 27th September 2025 and then for a term of 5 years from 28th September 2025, expiring on 27th September 2030.
The current passing rent is £18,000 per annum.
The tenant benefits from a six month rent free period from 28th September 2025, expiring on 27th March 2026. The vendor will ‘top-up’ the income by way of an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.
We understand the tenant has been in occupation since 1979 and entered into a lease renewal in December 2023, demonstrating their desire to remain in the property.
Service Charge
The service charge payable by the tenant is £3,002.28 per annum. Copies of the service charge accounts and budget are provided in the data room.
Covenant
F Hinds Limited (Company Number 00149328) has reported the following figures for the year ending 26th March 2023:
Revenue £79,199,907
Pre-Tax Profits £11,869,653
Shareholders’ Funds £69,039,688
F.Hinds is a jewellery retailing chain established in 1856 and has been independently run and family owned ever since, with over 115 stores in the UK and approximately 1,000 members of staff. The company was voted Multiple Fashion Jewellery Retailer of the Year in 2019 and 2021, plus received the Outstanding Contribution to the Industry award at the Professional Jeweller awards in 2022.
For more information visit www.fhinds.co.uk.
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) subject to compliance with the provisions in the sale contract.
Proposal
We are instructed to seek a figure of £220,000, (Two Hundred and Twenty Thousand Pounds) subject to contract, reflecting a net initial yield of 8.0% assuming purchaser’s costs of 2.44%.
Please note that a purchaser will be re-charged the costs of the measured survey (£545 +VAT) and searches (£1,189.72) 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 plus VAT.
Investment Considerations
The property is located in an affluent location within the London commuter belt;
The property occupies a prime retailing pitch within the Garden Square Shopping Centre;
Securely let to F.Hinds Limited (Shareholders’ Funds £69 million);
Let until September 2030 (in excess of 6 years unexpired lease term);
The tenant has been in occupation since 1979 and signed a reversionary lease in December 2023, demonstrating their commitment to the property;
Attractive lot size for an investor;
Attractive net initial yield.