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Accommodation
The property has been measured by BKR Floor Plans and provides the following accommodation:
| Peacocks | ||
| Ground Floor | 517.36 sq m | 5,569 sq ft |
| Basement 1 | 268.20 sq m | 2,887 sq ft |
| Basement 2 | 99.22 sq m | 1,068 sq ft |
| Sub-Total | 884.78 sq m | 9,524 sq ft |
| Offices | ||
| First Floor | 140.84 sq m | 1,516 sq ft |
| Second Floor | 69.68 sq m | 750 sq ft |
| Sub- Total | 210.52 sq m | 2,266 sq ft |
| Total | 1,095.30 sq m | 11,790 sq ft |
A set floor plans is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £1,070 + VAT.
EPC
The property has the following EPC ratings:
| 31-32 High Street (Peacocks) | D |
| 1st & 2nd Floor Offices | D |
Rateable Value
According to the valuation office website the rateable value for the property is as follows:
| Unit | Description | Rateable Value |
| 31-32 High Street | Shop & Premises | £44,250 |
| 31 High Street, 1st & 2nd Floor | Offices & Premises | £9,800 |
The business rates multiplier is 49.9 pence.
Tenure
Freehold
Tenancy
31-32 High Street is let to Peacock Stores Properties Limited for a term of 5 years from 1st November 2021, expiring on 31st October 2026. The lease states that the tenant’s repairing obligation is on the basis of a full repairing and insuring lease subject to a schedule of condition – but a schedule of condition was never agreed.
The current rent is £50,000 per annum. The tenant had a break option on 1st November 2024 which was not exercised, demonstrating their commitment to this location.
The part ground floor, first floor and second floor of 31-32 High Street is let to The Woodland Davies Partnership LLP (t/a Woodland Davies) on a full repairing and insuring lease (subject to a Schedule of Condition) for a term of 15 years from 13th September 2013, expiring on 12th September 2028. The current passing rent is £10,000 per annum.
Therefore, an investor will benefit from a total income of £60,000 per annum.
Covenant
The primary activity of Peacocks Stores Properties Limited is that of letting and operating of real estate. The company’s parent company is Anglo Global Property Limited which trades as Peacocks.
Established in 1884, Peacocks is a national value-for-money clothing retailer with 335 stores throughout the UK and the Republic of Ireland.
For the year ending 25th February 2023 Anglo Global Property Limited reported a Turnover of £238 million and an operating profit of £14.65 million which the retailer attributed to investment in its store estate and a 40% increase in website transaction numbers following the launch of a new website.
For more information visit www.peacocks.co.uk/
The Woodland Davies Partnership LLP (t/a Woodland Davies) offers a comprehensive range of private and commercial legal services. The company’s founders brought their fledgling firm, Woodland & Co. to Brecon in 2005 when they absorbed Howard Llewelyn & Company (Est. 1949). Woodland & Co. merged with the well-known Hay on Wye firm of E. Ann Davies & Davies in 2006 to form The Woodland Davies Partnership LLP. In 2009, Woodland Davies absorbed the long-established Hereford firm, Watkins & Weston. For further information visit www.woodlanddavies.com/.
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).
Proposal
We are instructed to seek a figure of £525,000 (Five Hundred and Twenty-Five Thousand Pounds) subject to contract, reflecting a net initial yield of 10.91% assuming purchaser’s costs of 4.8% and a capital value of £44 per sq ft.
Please note that a purchaser will be re-charged the costs of the measured survey (£1,070 +VAT) and searches 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
Prominent town centre retail location;
Adjacent to a new college campus which is set to enhance the surrounding area;
Retail unit let to national retailer Peacocks;
Self-contained upper parts let to an established legal firm;
Future opportunity to reconfigure into separate retail units and repurpose the upper floors;
Freehold;
A purchase at the asking price will provide an investor with an attractive net initial yield;
An attractive lot size for an investor.
