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EPC
The property has an EPC rating of ‘B’, valid until August 2035.
Accommodation
The property provides the following Net Internal Floor Areas:
| Net Frontage | 17m | 56 ft |
| Gross Frontage | 18m | 59 ft |
| Zone A | 143.55 sq m | 1,545 sq ft |
| Zone B | 144.51 sq m | 1,555 sq ft |
| Zone C | 120.26 sq m | 1,295 sq ft |
| Ground Floor Total | 408.32 sq m | 4,395 sq ft |
| First Floor | 88.35 sq m | 951 sq ft |
| Total | 496.70 sq m | 5,346 sq ft |
A set of floor plans is available to download.
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 Specsavers Optical Superstores Limited on a full repairing and insuring lease for a term of 10 years from 26th September 2025, expiring on 25th September 2035. There is a tenant break option on 25th September 2031, subject to six months’ notice.
The rent payable is £70,000 per annum. The lease benefits from an upwards only open market rent review on 26th September 2030.
The tenant has been granted a 12-month rent free period, expiring on 25th September 2026. The vendor will top-up the income by way of an appropriate adjustment on the completion sum, in order than an investor does not suffer an income shortfall.
The tenant has had a presence in the shopping centre since 2004 (21 years) and recently relocated from 18 Commerce Way.
Service Charge
The service charge payable by the tenant is £14,557 per annum. Copies of the service charge accounts and budget are provided in the data room.
Covenant
Specsavers Optical Superstores Limited (Company Number 01721624) has reported the following figures:
| 28th February 2025 | 28th February 2024 | |
| Turnover | £3,984,625,000 | £3,741,687,000 |
| Pre-Tax Profits | £339,356,000 | £323,660,000 |
| Net Assets | £422,147,000 | £432,860,000 |
Established in 1983, Specsavers is a multinational optical retail chain offering optometry and optician services for eyesight testing as well as selling glasses, sunglasses, contact lenses and hearing aids.
The company has a presence in the UK, Ireland, Netherlands, Norway, Sweden, Denmark, Finland, Australia, New Zealand and Canada, employing more than 40,000 people who work across over 2,800 Specsavers stores and businesses, as well as in support offices and throughout the supply chain. For further information visit www.specsavers.co.uk/about.
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 £740,000, (Seven Hundred and Forty Thousand Pounds) subject to contract, reflecting a net initial yield of 9.0%.
Please note that a purchaser will be re-charged the costs of the searches (£1,262.76) 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
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;
Undoubted income, being let to Specsavers Optical Superstores Limited (Pre-Tax Profits £339 million);
New letting from September 2025;
The tenant has had a presence in the shopping centre since 2004 (21 years);
Attractive lot size for an investor;
Attractive net initial yield.
