English 
Arabic 
Chinese 
French 
German 
Hebrew 
Spanish 
Accommodation
The property has been measured by BKR Floor Plans and provides the following net internal floor areas:
| Net Frontage | 7.01 m | 23’0” |
| Gross Frontage | 7.52 m | 24’8” |
| Zone A | 42.55 sq m | 458 sq ft |
| Zone B | 40.32 sq m | 434 sq ft |
| Zone C | 33.54 sq m | 361 sq ft |
| Remainder | 30.94 sq m | 333 sq ft |
| ITZA | 807 | |
| Total Ground Floor | 147.34 sq m | 1,586 sq ft |
| First Floor | 89.65 sq m | 965 sq ft |
| Total | 236.99 sq m | 2,551 sq ft |
A set floor plan is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £690 + VAT.
Tenure
Freehold.
Tenancy
The property is entirely let to Greggs PLC on a full repairing and insuring lease for a term of 10 years from 22nd October 2019, expiring on 21st October 2029 at a current passing rent of £42,500 per annum. The lease benefits from an upwards only rent review on 22nd October 2024.
There is a tenant’s break option on 22nd October 2024 which has not been exercised, demonstrating the tenant’s commitment to this location.
The tenant has held a presence in the town centre for a number of years and upsized into the subject property from a smaller store at 6 Castle Walk in 2019 due to overtrading.
Covenant
Greggs PLC has reported the following figures:
| 30th December 2023 | 30th December 2022 | |
| Revenue | £1,809,600,000 | £1,512,800,000 |
| Pre-Tax Profits | £188,000,000 | £148,300,000 |
| Net Assets | £529,400,000 | £445,000,000 |
With 2,500 shops nationwide serving over six million customers a week and 32,000 employees, Greggs is the UK’s leading bakery food-on-the-go retailer. Established in 1939, the company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. For more information visit www.greggs.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).
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 7.72% assuming purchaser’s costs of 4.8%.
Please note that a purchaser will be re-charged the costs of the measured survey (£690 +VAT) and searches (£1,891.48) 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
An opportunity to acquire a freehold retail investment;
Let to the highly secure covenant of Greggs PLC (Pre-Tax Profits £188m);
In excess of 5 years unexpired lease term;
The tenant has not exercised their October 2024 break option, demonstrating their commitment to this location;
The tenant has held a presence in the town centre for several years and upsized to the subject property in 2019;
The property occupies a prime retailing pitch in the heart of the town centre;
Attractive lot size for an investor;
Attractive net initial yield.
