The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
|Zone A||60.76 sq m||654 sq ft|
|Zone B||62.43 sq m||672 sq ft|
|Zone C||48.87 sq m||526 sq ft|
|Remainder||87.51 sq m||942 sq ft|
|Ground Floor Total||259.56 sq m||2,794 sq ft|
|Ground Floor Total||239.50 sq m||2,578 sq ft|
|Second Floor||107.67 sq m||1,159 sq ft|
|Total NIA||606.73 sq m||6,531 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 £770 + VAT.
The property is let to Blacks Outdoor Retail Limited (t/a Go Outdoors) on a full repairing and insuring lease, subject to a Schedule of Condition, for a term of 10 years from 6th March 2023, expiring on 5th March 2033. There is a tenant’s break option on 5th March 2028, subject to six months’ notice.
The current passing rent is £37,000 per annum. The lease benefits from an open market rent review on 6th March 2028.
The lease is subject to a 15 month rent free period expiring on 5th June 2024. 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.
The property was previously occupied by Outdoor and Cycle Concepts Limited (t/a Cotswold Outdoor) at a rent of £115,000 per annum. Hence, the rent has been significantly re-based (a 68% reduction).
Blacks Outdoor Retail Limited (Co. No. 07795258) has reported the following figures:
|Year Ending||29th January 2022||30th January 2021|
|Pre-Tax Profits (Loss)||£6,344,000||(£1,423,000)|
Established in 1863, Blacks is a retailer of specialist outdoor footwear, apparel and equipment.
The company is a wholly owned subsidiary of JD Sports Fashion Plc. The Group operates across multiple outdoor brands including Blacks, Go Outdoors, Millets, Naylors, Tiso, Wheelbase and more.
Go Outdoors mission is to inspire and equip everyone for life outdoors. Go Outdoors is the UK’s leading outdoor specialist retailer, having the widest in-store range of outdoor clothing, footwear and equipment while serving a broad range of outdoor activities including walking, camping, caravanning, cycling, fishing, running and equestrian. For further information see www.gooutdoors.co.uk.
Established in 1981, the JD Group is a leading global omnichannel retailer of Sports, Fashion and Outdoor brands. The Group now has approximately 3,400 stores across 32 territories, with a strong presence in the UK, Europe, North America and Asia Pacific. For the year ending 29th January 2022, JD Sports Fashion Plc reported a Revenue of £8.6 billion, Pre-Tax Profits of £654.7 million and Total Equity of £2.4 billion.
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek offers in the region of £442,000 (Four Hundred & Forty Two Thousand Pounds), subject to contract, reflecting a net initial yield of 8.0%, assuming standard purchaser’s costs of 4.42%.
Please note that a purchaser will be re-charged the costs of the measured survey (£770 + VAT) and searches (£707.35) 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.
An opportunity to acquire a freehold retail investment;
The property occupies a prime retailing pitch within the heart of the city centre;
Let to Blacks Outdoor Retail Ltd, wholly owned by JD Sports (Market Cap £8.69 billion);
New lease from 6th March 2023;
Rent significantly rebased from £115,000 per annum to £37,000 per annum thereby offering good prospects for future rental growth;
New rent is 68% less than previous rent;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size to an investor.