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Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal floor areas:
| Net Frontage | 6.17 m | 20’3” |
| Gross Frontage | 6.63 m | 21’9” |
| Zone A | 37.62 sq m | 405 sq ft |
| Zone B | 32.05 sq m | 345 sq ft |
| Zone C | 18.86 sq m | 203 sq ft |
| ITZA | 628 | |
| Ground Floor Total | 88.53 sq m | 953 sq ft |
| First Floor | 72.18 sq m | 777 sq ft |
| Total | 160.72 sq m | 1,730 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 £288.33 + VAT.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| Unit 23 | £25,500 |
The business rates multiplier is 49.9 pence. The seller has appealed the valuations and expects tenants to benefit from lower rates going forward.
Tenure
Long leasehold interest until 22 July 2146 at a peppercorn rent (approximately 122 years remaining).
Tenancy
Unit 23 is let to Costa Limited on a full repairing and insuring lease for a term of 5 years from 29th September 2023, expiring 28th September 2028. The current passing rent is £22,500 per annum. The tenant pays the rent monthly. The lease contains a tenant break option on 29th September 2026.
In the event of a Government enforced lockdown as a result of a health emergency event, the rent payable will be reduced by 50% during this period.
The tenant has been in occupation since 2012 and renewed their lease in 2023, demonstrating their commitment to this location.
The rent was rebased at renewal from £42,291 pa (inclusive of a turnover top-up).
Service Charge
The service charge for 2024-2025 for Unit 23 is £10,329.30, reflecting £5.97 per sq ft / £64.27 per sq m. Please note that the service charge is fully paid for by the tenant. Please refer to the service charge information in the data room.
Covenant
Costa Limited (Co. No. 1270695) has reported the following figures
| Year Ending | 31st December 2023 | 31st December 2022 |
| Revenue | £1,222,856,000 | £ £1,117,450,000 |
| Pre-Tax Profits (Loss) | -£9,632,000 | £245,950,000 |
| Net Assets | £276,518,000 | £374,260,000 |
VAT
The property has been opted for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Market Evidence
The adjoining property at 27-29 Market Hall Street was sold by Singer Vielle in October 2024. The property is let at £60,000 per annum and was sold for £602,500 reflecting a net initial yield of 9.48%.
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 10.0%, assuming purchasers’ costs of 2.44%.
Please note that a purchaser will be re-charged the costs of the measured survey (£288.33+ VAT) and searches (£115.49+VAT) 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
An opportunity to acquire a high yielding retail investment;
The property occupies a prime retailing pitch, forming the entrance to the Cannock Shopping Centre;
Highly secure income from Costa Limited (Net Assets £277 million);
Tenant has been in occupation since 2012 and renewed their lease in 2023, demonstrating their commitment to this location;
Attractive net initial yield;
Attractive lot size to an investor.
