129 Stoke Road, Gosport, PO12 1SD - AWS
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
129 Stoke Road, Gosport, PO12 1SD
Investment Summary
Gosport is an established coastal town situated on
a peninsular to the west of Portsmouth Harbour
and the city of Portsmouth.
Located 0.5 miles west of Gosport town centre and
6.3 miles south of junction 11 of the M27.
Let to the substantial 5A 1 Dun & Bradstreet
covenant of Waitrose Limited until 16th July 2025
(5.83 years unexpired). Waitrose have been in
occupation since 1973.
Passing rent of £220,000 per annum (£9.19) with a
fixed uplift to £250,000 (£10.44) in July 2020.
Large site area of 0.88 acres.
Potential to consider long term redevelopment of
the site, subject to necessary planning consent.
The adjoining building 133 Stoke Road has
permission under permitted development to be
converted to 18 one-bedroom residential flats.
We are instructed to seek offers in excess of
£2,500,000 (Two Million Five Hundred Thousand
Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield
of 8.27%, a reversionary yield of 9.40% (July 2020)
and after purchaser costs of 6.38%.
129 Stoke Road, Gosport, PO12 1SD
3057
Eastleigh A3
M27 B3354
Droxford
SOUTHAMPTON South Downs
Location
AIRPORT
National Park
M271 B2150
A32
A334
SOUTHAMPTON Hedge End
Gosport is a coastal town in South Hampshire, situated on a
A3(M)
Wickham peninsular to the west of Portsmouth Harbour and the city of
Waterlooville
Portsmouth to which it is linked by the Gosport Ferry.
Hythe M27
A326
A27 The town is located approximately 13 miles south west of
Fareham
Havant
A27 Portsmouth, 19 miles south east of Southampton and 6 miles south
Titchfield Portchester
Cosham east of Fareham.
M275
Th
A32 Chichester The property benefits from good road communications with the
Blackfield eS
ole PORTSMOUTH Harbour
nt
AONB Stoke Road linking north via the A32 Forton Road to junctions 10
Lee-on-the-Solent
and 11 of the M27. The M27 in turn provides access west to the M3 at
North Solent Hayling Island
National
Nature Reserve
GOSPORT Alverstoke
Southampton and east to the A3(M) at Havant.
ole
nt Portsmouth Harbour railway station, accessed via the Gosport Ferry,
eS
Th Cowes
provides a fastest journey time to London Waterloo in 1hr 36 mins.
Southampton International Airport is 20 miles to the north west,
ISLE OF WIGHT providing domestic, european and international flights.
Royal Clarence Marina National Museum
Situation
A of the Royal Navy
32
N ST
F O R T O N R O AD QUEE
AD
A3
T H RO
2
Gosport
M U M BY R O
AD Marina Portsmouth
The subject property is situated 0.5 miles west of Gosport town
B2
WHITWOR
SPRING GARDEN LAN
-Gosport
15
Ferry Terminal
4
centre and the pedestrianised High Street. Bus services are
ANN’ S HILL ROAD
A3 2
GUN WHARF
immediately outside the property providing access east to Gosport
Town Centre
HIGH
STREET
QUAYS
town centre and north towards Fareham.
ROAD
E
AD
RO S O U T H R O AD RD
DON
STO
KE Gosport
Adjoining the property is 131 and 133 Stoke Road comprising
GUNWHARF
Gosport War Ferry Terminal
GOR
Memorial 333
B3
Hospital
Portsmouth Anytime Fitness, Rowans Furniture Shop and Gosport chiropractic
IOW Car
B3
333
BURY ROAD B
3333 Ferry Terminal
clinic. The upper parts to 133 have permission under permitted
AD
TH RO
SOU development to be converted to 18 one-bedroom residential flats.
BR
Haslar
E
E
OA
IDG
Lake
ALVERSTOKE
D
BR
ST
Haslar
The area around the subject property is predominately residential,
RE
AR
ET
Marina
SL
leisure and retail. At the 2011 Census the population of Gosport
HA
AD
RO
PARK ROAD
The Royal Navy
stood at 82,600, approximately an 8.1% increase since 2001.
EY
ES
Submarine Museum
GL
AN
Gosport
Park
AD
RO 129 Stoke Road, Gosport, PO12 1SD
R Royal Haslar
LA
AS Luxury Waterfront
H
Residential Village
PORTSMOUTH
GOSPORT FERRY
GOSPORT MARINA HIGH HASLAR MARINA
STREET
133 STOKE ROAD
– PDR for 18 one
bedroom flats
Description
The property comprises a two-storey semi-detached retail unit of
concrete frame construction under a flat roof.
The supermarket has customer entrances to the front and rear.
Internally the unit is fitted out to the corporate trading specification
of Waitrose including a large sales area, meat counter, four main
checkouts, eight self-service checkouts, two basket checkouts and a
click & collect service.
At first floor level there are staff offices, a staff room with canteen
and ancillary storage space including chillers. Loading is to the rear
of the store where a goods lift provides access to the first floor.
The property provides car parking to the rear. The site area is
approximately 0.88 acres.
Tenancy
The property is entirely let on a full repairing and insuring lease to
Waitrose Limited (company reg: 00099405) at a rent of £220,000 per
annum (£9.19 per sq. ft.), for a term of 10 years from 17th July 2015
expiring on 16th July 2025 (5.83 years unexpired). The lease is subject
to a fixed rental uplift on the 17th July 2020 to £250,000 per annum
(£10.44 per sq. ft.). Waitrose have been in occupation since the
original lease that dates back to 1973.
129 Stoke Road, Gosport, PO12 1SD
Accommodation
The property has been measured on a Gross Internal Area (GIA) XX
basis in accordance with the Royal Institution of Chartered
Surveyors Code of Measuring Practice (6th Edition) and we set
out the approximate areas below:
Unit Area sq m sq ft
Ground Floor Retail 1,120.5 12,062
First Floor Ancillary 1,104.6 11,889
Total 2,225.1 23,951
Covenant
Waitrose Limited is one of the UK’s largest supermarket chains and
forms the food retail division of the John Lewis Partnership. Car park
Waitrose Limited (00099405) has a Dun and Bradstreet rating of 5A 1.
28 Jan 2017 27 Jan 2018 26 Jan 2019
000’s 000’s 000’s
Turnover £6,121,300 £6,226,100 £6,296,700
Pre-tax Profit £150,500 £100,500 £84,800
Net Worth (exc
£695,500 £718,000 £763,800
intangible fixed assets)
Shareholder Funds £806,700 £841,500 £906,100
Ordnance Survey © Crown Copyright 2019. All Rights Reserved.
Licence number 100022432
This plan is for indicative
Plotted Scale - 1:1250. Paper Size - A4 purposes only
129 Stoke Road, Gosport, PO12 1SD
Investment Market
The market remains strong for supermarket investments that offer a secure income stream. Recent comparables are set out below:
Coombe Villa, Knaphill, Woking
Address Sale Date Size (sq ft) Price Yield Rent psf Tenant Comments
Let for 5 years from March
Ham Rd, Shoreham by Sea, Co-op
Mar-19 35,648 GIA £3.85m 6.75% £7.29 (Mar-17) 2017. Tenant break in 2020.
BN43 6PA Foodstores Ltd
Redevelopment potential.
The Furlong, Ringwood
Jan-18 44,102 GIA £17.25m 4.99% £20 Waitrose Let for 7.25 years to break.
BH24 1AT
Ampthill, Bedfordshire Let for a term expiring Jan 2031
Nov-18 31,298 GIA £12.31m 4.95% £21.66 (Jan-17) Waitrose
MK45 2LU (12 years unexpired).
Yorktown Road, Sandhurst £12.62 Let for a term expiring Mar 2030.
Apr-17 28,523 GIA £7.75m 4.35% Waitrose
GU47 OPU (rebased 2017) Providing 13 years unexpired.
Occupational Comparables
Local comparable evidence are set out below:
Coombe Villa, Knaphill, Woking
Transaction Headline Rate
Address Transaction Rent PA
Date psf
Lidl Supermarket, Hambledon Road,
Letting May-18 £328,500 £16.11
Waterlooville, Hampshire PO7 7XW
Aldi Foodstore Ltd, Barnfield Drive,
Letting Jul-17 £290,000 £15.76
Chichester, West Sussex PO19 7AG
Asda
Unit 1 Wave, Approach Selsey, West Sussex Letting Jun-17 £360,000 £17.92
PO20 0FR
Lidl, 61/69 London Road, North End,
Letting Apr-17 £280,000 £11.36
Portsmouth, Hampshire PO2 0BH
129 Stoke Road, Gosport, PO12 1SD
Proposal EPC: D - 82
Tenure: Freehold.
We are instructed to seek offers in excess of £2,500,000
VAT: We understand the property has been VAT elected and
(Two Million Five Hundred Thousand Pounds), subject to
therefore anticipate the sale will be treated as a Transfer of Going
contract and exclusive of VAT.
Concern (TOGC).
A purchase at this level reflects a net initial yield of 8.27%, Data Room: Leases and other supporting documentation
a reversionary yield of 9.40% (July 2020) and after purchaser relating to the properties are available in the data room – for
costs of 6.38%. access please contact Nicole Evans on nevans@vailwilliams.com.
Further Information
London Southampton
Toby Yates Marcus Chuter
tyates@vailwilliams.com mchuter@vailwilliams.com
07881 500 995 07557 504 952
Richard Dawtrey Russell Miller
rdawtrey@vailwilliams.com rmiller@vailwilliams.com
07881 588 526 07760 171 443
Misrepresentation Act 1967 – Vail Williams for themselves and for the vendors or lessors of this property, whose agents they are, give notice that: 1. The particulars are set out as a general outline only for
the guidance of intended purchasers or lessees and do not constitute nor constitute part of an offer or contract. 2. All descriptions, dimensions, reference to condition and necessary permissions for use
and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by
inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Vail Williams has any authority to make any representation or warranty whatsoever in relation to this property.
Finance Act 1989 – Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (V.A.T.). Any intending purchasers or lessees must satisfy themselves independently as to the incidence
of V.A.T. in respect of any transaction.
Birmingham Surrey Gatwick Heathrow London Solent Thames Valley
Vail Williams LLP, a Limited Liability Partnership, registered in England (number OC319702). Registered Office: 550 Thames Valley Park Drive, Reading, Berkshire RG6 1PT. Any reference to a Partner means a
Member of Vail Williams LLP or an employee or consultant with equivalent standing and qualifications. A full list of Members is open for inspection at the registered office. Regulated by RICS. October 2019
Our Services: Acquisition & Disposal, Building Consultancy, Corporate Real Estate, Development Consultancy, Investment and Funding, Leasing Advisory, LPA Receivership, Planning Consultancy,
Property Asset Management, Rating, Valuation
You can also read
