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Summary
- Freehold retail investment
- Let to WH Smith
- Highly secure income – Net Assets £849 million
- Prominent town centre retailing pitch
- The subject property houses the town’s Post Office
- Very attractive Grade II listed building (no empty rates payable)
- £1,515,000, subject to contract
- 10.0% Net Initial Yield
Location
Bury St Edmunds is an historic and affluent market town forming the main commercial centre for West Suffolk. The town is located approximately 82 miles (132 km) north east of Central London, 26 miles (42.8 km) east of Cambridge and 42 miles (67.6 km) south west of Norwich.
The town has good road communications being located on the A14 dual carriageway, which in turn provides direct access to the M11 and A1 (M) and to the national motorway network. The town is served by Bury St Edmunds railway station, with the fastest journey time to London Liverpool Street being approximately 1.5 hours.
In addition, Bury St Edmunds is approximately 65 miles (104.6 km) north east of Luton airport and 65 miles (104.6 km) north of Southend airport.
Bury St Edmunds is an affluent sub-regional shopping destination and dominant retail centre for its catchment population.
Situation
The property is situated in the heart of the town centre on the western side of Cornhill, between the arc Shopping Centre and Buttermarket. Nearby occupiers include Boots, Iceland, Mountain Warehouse, The Works and NatWest.
Arc Bury St Edmunds is a modern retail, leisure and residential scheme providing some 37 shops, cafes, restaurants, a multi-purpose cultural venue and high quality residential apartments. In addition, the centre provides more than 850 parking spaces. Retailers include Next, JD Sports, H&M, Waterstones, Wagamama, Vodafone, Nando’s and Burger King.
Cornhill and The Buttermarket benefit from a vibrant market every Wednesday and Saturday, resulting in a high level of footfall.
A multi-million pound redevelopment of the adjoining property (17-18 Cornhill) has recently been completed as part of the Council’s town centre masterplan. The site was previously occupied by the Post Office before they relocated to the subject property in 2017. The £6.72 million scheme now comprises 12 apartments with two ground floor commercial units. The development has widened Market Thoroughfare by more than 50 per cent, further enhancing footfall between the arc and Cornhill.
Description
The property is Grade II listed and comprises a large ground floor shop with further sales accommodation and the town’s Post Office on the first floor and ancillary accommodation on the basement and second floors.
The building was designed in 1910 by Michael Treleaven for Sir Joseph Boot in an exuberant Jacobethan style with ornamentation including life-size figures of a Roman warrior, St Edmund, Edward I and Edward VI.
