Accommodation
The property has been measured by BKR Floorplans and provides the following accommodation:
Net Frontage | 11.23m | 36’ 10” ft |
Gross Frontage | 11.66m | 38’ 3” ft |
Ground Floor: | 63.64 sq m | 685 sq ft |
Zone A | ||
Zone B | 63.17 sq m | 680 sq ft |
Zone C | 70.88 sq m | 763 sq ft |
Remainder | 450.29 sq m | 4847 sq ft |
ITZA | 188.59 | 1,821.63 |
Total Ground Floor | 647.98 sq m | 6975 sq ft |
First Floor Ancillary | 211.44 sq m | 2276 sq ft |
Second Floor Ancillary | 24.43 sq m | 263 sq ft |
Total Net Internal Area | 883.85 sq m | 9514 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 £890 + VAT.
EPC
42-44 High Street | Shop | C | Valid until 12 August 2035 |
Rateable Value
According to the valuation office website the rateable value for the property is as follows:
Unit | Description | Rateable Value |
42-44 High Street | Commercial | £53,000 |
The business rates multiplier is 54.6 pence.
Tenure
Freehold.
Tenancy
The property is let to TG Jones Retail Holding Ltd (previously known as WH Smith Retail Holdings Limited) for a term of 5 years from 3rd Jan 2025, expiring 2nd Jan 2030, at a current rent of £70,000 per annum (equating to £371 per sq m / £38.43 Zone A).
The lease is drawn upon full repairing and insuring terms, incorporating a break option January 2028. The lease renewal incorporated a rent free period until 19th September 2025.
We understand that WHSmith have traded from this location since 1926 and entered into a lease renewal in January 2025. The rent increased from £65,000 per annum to £70,000 per annum on renewal.
Covenant
TG Jones Retail Holding Ltd (previously known as WH Smith Retail Holdings Limited (Company Number: 00471941) has reported the following figures:
Year Ending | 31st Aug 2024 | 31st Aug 2023 |
Revenue | £221,457,000 | £218,500,000 |
Pre-Tax Profits | £179,808,000 | -£100,297,000 |
Net Assets | £2,252,907,000 | £752,124,000 |
On 28th March 2025, WH Smith sold its UK High Street business, including its online presence, to investment company Modella Capital, to enable the WH Smith business to focus on its travel retail arm. The deal, agreed for £76m was finalised in June 2025. The High Street business will operate for a short transitional period under the WHSmith brand whilst the business rebrands as TGJones.
Modella Capital is a specialist retail and consumer investment company that focuses on turnaround and growth potential within the retail sector. Their portfolio includes Hobbycraft and The Original Factory Shop.
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 offers in the region of figure of £700,000 (Seven Hundred Thousand Pounds) subject to contract, for the freehold interest.
A purchase at the asking price reflects an attractive net initial yield of 9.5%.
Please note that a purchaser will be re-charged the costs of the measured survey (£890 +VAT) and searches (£1,278.19 inc VAT) which are provided in the data room.
Investment Considerations
An opportunity to acquire a prime retail investment in a popular seaside town;
Let to TG Jones (previously WHSmith Retail Holdings Limited);
Lease renewal from January 2025;
Freehold;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size for an investor.
Disclaimer
Fixed Charge Receivers Philip Reynolds and Steven Williams by the powers given by the Mortgage and all other powers given by statute or otherwise who act as agents for the Company and without personal liability. Both Fixed Charge Receivers are licenced by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
Singer Vielle Finance Services
Finance terms are available, subject to status, for this property investment.
Contact our team if you are seeking senior debt, bridging finance or development finance.
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