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Accommodation
The property provides the following net internal floor areas:
| Ground Floor | 204.86 sq m | 2,205 sq ft |
| First Floor | 91.77 sq m | 987.77 sq ft |
| Total | 296.63 sq m | 3,192.77 sq ft |
A set of floor plans is available to download.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows:
| Units 26-27, Market Hall Street | £51,000 |
The business rates multiplier is 54.6 pence. The seller has appealed the valuation and expects the tenant to benefit from lower rates going forward.
Tenure
Long leasehold interest until 22 July 2146 at a peppercorn rent (approximately 122 years remaining).
Tenancy
The property is let to Savers Health & Beauty Limited on a full repairing and insuring lease (subject to a Schedule of Condition) for a term of 10 years from 3rd February 2025, expiring on 2nd February 2035. There is a tenant’s break option on 2nd February 2030, subject to six months’ notice.
The current passing rent is £27,500 per annum. The tenant benefits from a rent-free period up until 17th September 2025. The vendor will ‘top-up’ the income by way of an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.
Service Charge
The service charge for 2024 is £6,574.27, reflecting only £2.06 per sq ft / £22.16 per sq m.
Please refer to the service charge information in the data room.
Covenants
Savers Health & Beauty Limited has reported the following figures:
| 30th December 2023 | 30th December 2023 | |
| Turnover | £754,828,000 | £672,630,000 |
| Pre-Tax Profits | £61,257,000 | £47,019,000 |
| Net Assets | £142,121,000 | £130,351,000 |
The principal activity of the company is a health, home and beauty retailer, with over 500 stores throughout the United Kingdom.
Savers is part of AS Watson Group, the world’s largest international health and beauty retailer operating over 16,900 stores under 12 retail brands in 30 markets, with over 130,000 employees worldwide. For the fiscal year 2024, AS Watson Group recorded revenue of US$24 billion.
VAT
The property has been opted for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Market Evidence
The adjoining property at 27-29 Market Hall Street was sold by Singer Vielle in October 2024. The property is let at £60,000 per annum and was sold for £602,500 reflecting a net initial yield of 9.48%.
Proposal
We are instructed to seek a figure of £296,000 (Two Hundred and Ninety-Six Thousand Pounds), subject to contract, reflecting a net initial yield of 9.0%, assuming purchasers’ costs of 3.25%.
Please note that a purchaser will be re-charged the costs of the searches (£125.29 + VAT) 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 high yielding high street retail investment;
The property occupies a prime retailing pitch in the heart of the town centre;
Secure income from a leading retailer;
New lease from February 2024;
Attractive net initial yield;
Attractive lot size to an investor;
