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Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal floor areas:
| Net Frontage | 5.31 m | 17’5” |
| Gross Frontage | 6.20 m | 20’4” |
| Ground Floor | 35.67 sq m | 384 sq ft |
A floor plan is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £311.00 + 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 Timpson Limited on a full repairing and insuring lease for a term of 10 years from 29th November 2018, expiring on 28th November 2028 at a current passing rent of £17,250 per annum.
Service Charge
The service charge payable by the tenant is £830.00 per annum. Copies of the service charge accounts and budget are provided in the data room.
Covenant
Timpson Limited (Company Number 00786323) has reported the following figures:
| 28th September 2024 | 30th September 2023 | |
| Turnover | £201,995,000 | £195,203,000 |
| Pre-Tax Profits | £29,777,000 | £24,310,000 |
| Net Assets | £121,833,000 | £107,193,000 |
Established in 1865 and still family-run today, Timpson is a leading British service retailer known for its key cutting, shoe repair, and dry cleaning services. The company operates over 1,300 shops across the UK and Ireland and has expanded its services to include mobile phone repair, watch repair, and passport photos. Timpson’s business model is built on the principles of kindness and “upside-down management,” which prioritizes its employee. It recently won the Family Business of the Year 2025 at the Private Business Awards.
The company employs over 2,600 people and other well-known high street names such as Max Spielmann, Snappy Snaps and Johnsons are part of the Timpson group. For further information visit www.timpson.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 £140,000, (One Hundred and Forty Thousand Pounds) subject to contract, reflecting a net initial yield of 12.0%.
Please note that a purchaser will be re-charged the costs of the measured survey (£311 +VAT) and searches (£xxx) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 2.0% 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;
Highly secure income, let to Timpson Limited (Net Assets £122 million);
Attractive lot size for an investor;
Attractive net initial yield.
