The property has been measured by BKR Floor Plans and provides the following floor Net Internal floor areas:
|Net Frontage||10.77 m||35‘4”|
|Gross Frontage||11.53 m||37’10”|
|Zone A||48.12 sq m||518 sq ft|
|Zone B||64.66 sq m||696 sq ft|
|Zone C||67.17 sq m||723 sq ft|
|Remainder||121.33 sq m||1,306 sq ft|
|Total Ground Floor||301.27 sq m||3,243 sq ft|
|Basement||28.24 sq m||304 sq ft|
|First Floor||268.20 sq m||2,887 sq ft|
|Second Floor||204.38 sq m||2,200 sq ft|
|Total||802.10 sq m||8,634 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 £790 + VAT.
The property is Grade II listed (hence no empty rates payable) and is located within a Conservation Area.
The property is let to WH Smith Retail Holdings Limited on a full repairing and insuring lease for a term of 15 years from 29th September 2017, expiring on 28th September 2032 at a passing rent of £160,750 per annum. There is a tenant break clause on 29th September 2027, subject to six months’ notice.
The Post Office moved from the adjoining property (17-18 Cornhill) to the subject property in 2017. The Post Office would seem to compliment the wide range of WH Smith products and visa versa.
WH Smith Retail Holdings Limited (Co. No. 471941) has reported the following figures:
|31st August 2022||31st August 2021|
|Pre-Tax Profits (Loss)||-£40,783,000||-£12,511,000|
The ultimate parent company is WH Smith Plc, a leading global retailer for news, books and convenience made up of two core business – Travel and High Street. WHSmith Travel operates over 580 stores in a wide range of locations including airports, hospitals, train stations and motorway service areas. WHSmith High Street has an extensive reach with over 520 stores across the UK, and a presence on nearly every significant UK high street, mainly in prime locations. Their retail offering includes a wide range of products in the following categories: Stationery (including greeting cards, general stationery, art and craft, and gifting), News and Impulse (including newspapers, magazines, confectionery and drinks) and Books. For further information see www.whsmithplc.co.uk.
The property has been registered for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC).
A purchase at the asking price reflects a capital value of £2,244 per sq m (£208 per sq ft).
The freehold interest of the adjacent property (14 Cornhill, let to The Works) was sold in March 2023 at a figure of £850,000 equating to a capital value of £2,263 per sq m (£210 per sq ft).
We are instructed to seek offers of £1,800,000 (One Million, Eight Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 8.41%, assuming purchasers’ costs of 6.22%.
Please note that a purchaser will be re-charged the costs of the measured survey (£790 + VAT) and searches (£1,072.56) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
An opportunity to acquire a freehold retail investment in an affluent market town;
Highly secure income – let to WH Smith (Net Assets £849m);
The property houses the only Post Office for the town;
The property occupies a prominent pitch in the heart of the town centre;
A very attractive, Grade II listed building (no empty rates payable);
The purchase at the asking price reflects an attractive net initial yield;