32-36 ST ANN'S ROAD HARROW HA1 1LA - PRIME GREATER LONDON RETAIL INVESTMENT OPPORTUNITY - Capita Real Estate and Infrastructure
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PRIME GREATER LONDON RETAIL INVESTMENT OPPORTUNITY
32-36 ST ANN’S ROAD
HARROW HA1 1LA
INVESTMENT SUMMARY n Harrow is an affluent north-west London suburb and one of Greater London’s major commercial centres. n Excellent road and rail connections into central London, via mainline and underground stations. n Prime freehold retail parade, opposite Marks & Spencer. n A strong tenant line-up of Card Factory, Foot Locker and Sports Direct.com (all in occupation since 1995). n Re-based rents reflecting low Zone A rates of £89.50 psf to £94.25 psf. n Total accommodation of 986.63 sq m (10,620 sq ft), with well configured ground floor retail space. n Total current rent of £225,000 per annum exclusive, with an AWULT of 4.25 years to expiry (no breaks). Seeking offers in excess of £3,675,000 (Three Million, Six Hundred and Seventy Five Thousand Pounds), subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 5.75%, allowing for purchaser’s costs of 6.51%.
HARROW RETAILING
Harrow is an established residential and commercial centre located in the north west IN HARROW
of Greater London. The town is approximately 12 miles north west of Central London,
11 miles north of Heathrow Airport and 4 miles north west of Wembley Stadium. The retailing provision in Harrow is relatively
confined being bounded by a railway to
Harrow benefits from excellent communications with the M1 motorway (Junction 1) the south, Greenhill Way to the north, St
approximately 6 miles to the east. In addition, the town is located 4 miles to the north George’s Shopping Centre to the west and
of the A40, which provides direct access to the M25 motorway (Junction 16) and the Station Road to the east.
M40 motorway (Junction 1).
St Ann’s Road, the pedestrianised precinct,
Harrow is also served by Harrow-on-the-Hill Mainline and Underground Railway forms the heart of the shopping area in
Stations which provide direct access to Central London (Kings Cross St. Pancras) via Harrow. This links Station Road to St George’s
the Metropolitan Line with a journey time of approximately 32 minutes. Shopping Centre, with an entrance to St
Ann’s Shopping Centre in the centre. The
In February 2015, the Greater London Authority (GLA) awarded Harrow Council £31.3m two shopping centres accommodate many
of investment as a designated ‘Opportunity Area’ for ambitious house building plans of the main UK fashion multiples including;
(1,679 homes). As part of the £1.75bn ‘Heart of Harrow’ regeneration programme, the Primark, H&M, Monsoon, Accessorize, as well
council plans to deliver over 5,500 new homes, as well as improve the town centre, as Boots, Holland & Barrett and WH Smith.
public realm, transport, access points and evening economy.
St Ann’s Road benefits from very low
vacancy rates, with only one vacant unit
(48 St Ann’s Road) noted at the time of our
A1 SUDBURY
A505 inspection. Key retailers on St Ann’s Road
MILTON
KEYNES A6 include, Next, Marks & Spencer, JD Sports,
M1
Waterstone’s and Vodafone, as well as many
A5
LUTON STEVENAGE STANSTED UK high street banks.
LUTON A120
DUNSTABLE A1 (M) BISHOP’S
A41
HERTFORD STORTFORD A12
HEMEL ST
HEMPSTEAD ALBANS
AYLESBURY A414 CHELMSFORD
M1 HARLOW
HATFIELD A414
AMERSHAM M25
M40 A12
HIGH M25
WYCOMBE M25
WATFORD M1
HARROW BASILDON
SLOUGH A13
LONDON CITY
M4
READING HEATHROW
LONDON
A2 ROCHESTER
M4 BRACKNELL
M20
SITUATION
The subject property is a mid-terrace parade at the western end of St Ann’s Road,
on the north side of the pedestrianised thoroughfare. It is well located, in prime pitch N
opposite the Marks & Spencer store.
VACANT
ST ANN’S ROAD
SECOND CUP
COFFEE SHOP
CHOPSTIX
ST ANN’S SHOPPING
CENTRE
ST ANN’S SHOPPING CENTRE
Copyright and confidentiality Experian, 2016 © Crown copyright and database rights 2016. OS 100019885
Experian Goad Plan Created: 25/04/20
etres
DESCRIPTION PLANNING
The subject property was built in 1994, and is of red brick construction, The property is not listed, nor does it lie within a Conservation Area.
with a canopy covering the shop fronts on the façade.
The property comprises three, regular-shaped, retail units on ground, first
and second floors (the latter being accessed via an external walkway running ACCOMMODATION & TENANCIES
along the back of the property).
The property provides total accommodation of approximately 986.63 sq m
(10,620 sq ft) net internal area (NIA), as set out in the table below.
The units are serviced for loading and unloading at the rear, via a lay-by on
Greenhill Way.
The subject unit rentals have been re-based through recent asset
management and lease renewals, at headline rents of between £89.52 psf
Zone A and £94.27 psf Zone A. Due to the recent deals on the subject units,
TENURE we consider them to be rack-rented.
Freehold.
Area Rent per annum
Address Tenant Floor (sq ft) Lease Start Lease Expiry (£psf Zone A) Comments
Ground 1,641
ITZA 770
Sportswift Limited £75,000
32 St Ann’s Road First (storage a/20) 931 4/10/2014 3/10/2019 Previous rent of £70,000 pa.
(t/a Card Factory) (£89.52)
Second (storage a/50) 1,040
Total 3,612
Ground 1,692
ITZA 730 Previous rent of £101,000 pa. Rent free
Freedom Sportsline Ltd £75,000
34 St Ann’s Road First (storage a/20) 893 23/10/2015 22/10/2020 period to 22/07/2016 – remaining rent
(t/a Foot Locker) (£94.27)
Second (storage a/50) 1,050 free to be topped-up by the vendor.
Total 3,635
Deed of Variation (27/07/2015), removed
Ground 1,746 a break option in return for a rent
Sportsdirect.com Retail
ITZA 719 £75,000 reduction from £90,000 pa to £75,000
36 St Ann’s Road Ltd (t/a Sports Direct. 30/01/2011 29/01/2021
First (sales a/12) 733 (£93.45) pa, with rent free from 30/01/2016 to
com)
Second (storage a/40) 894 29/10/2016 – remaining rent free to be
topped-up by the vendor.
Total 3,373
Overall Total 10,620 £225,000 AWULT of 4.25 years
COVENANT INFORMATION
Below is a summary of the last reported financial accounts for each tenant, which illustrates the
excellent strength of the tenant line-up within the parade.
Sales Pre-Tax Tangible
Turnover Profit/(Loss) Net Worth
Tenant Date (£000’s) (£000’s) (£000’s) D&B Rating
Sportswift Ltd 5A1 ‘minimum risk
31/01/2015 336,676 62,320 58,862
(t/a Card Factory) of business failure’
Freedom
4A1 ‘minimum risk
Sportsline Ltd 31/12/2014 101,816 2,821 22,957
of business failure’
(t/a Foot Locker)
Sportsdirect.com
Retail Limited 5A1 ‘minimum risk
26/04/2015 2,074,126 262,929 872,400
(t/a Sports Direct. of business failure’
com)
VAT
We understand the property is currently elected for VAT and therefore VAT will be payable on
the purchase price. It is envisaged the sale will be dealt with as a Transfer of a Going Concern.
ASSET MANAGEMENT There is potential to secure vacant possession of the second floor above Card Factory and Foot Locker and change the use to residential subject to planning consent. A larger residential scheme to extend the first and second floors at the rear could also be considered, subject to planning consent. PROPOSAL We are instructed to seek offers in excess of £3,675,000 (Three Million, Six Hundred and Seventy Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 5.75%, allowing for purchaser’s costs of 6.51% FURTHER INFORMATION A copy of this brochure and additional supporting information, including EPC ratings, is available to view at: www.thinkcapitarealestate.uk/harrow Ross Hewes John Burnside +44 (0)20 7544 2198 +44 (0)20 7544 2041 +44 (0)7887 853 191 +44 (0)7730 817 046 ross.hewes@capita.co.uk john.burnside@capita.co.uk 65 Gresham Street London EC2V 7NQ +44 (0)20 7709 4500 www.thinkcapitarealestate.uk Subject to Contract Capita Property & infrastructure Ltd (“CPI”), trading as Capita, for itself and as agent for the vendors or lessors (the “Seller”) of this property, gives notice that (1) These particulars do not constitute any part of an offer or a contract (2) Whilst every attempt has been made to ensure accuracy, this cannot be guaranteed and, therefore (save as set out at (6) below), (a) all statements and descriptions in these particulars as to this property are made without responsibility or liability on the part of CPI or the Seller, (b) no such statements or descriptions are to be relied on as statements or representations of fact (c) all measurements are approximate and no responsibility is taken for any error, omission or misstatement and (d) any intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements, particulars (3) The Seller does not make or give, and neither CPI nor any of its employees or agents makes or gives nor has any authority to make or give, any representation or warranty whatsoever in relation to this property. (4) Unless otherwise stated, all prices and rents are quoted exclusive of VAT and no statement is made as to the incidence of VAT. (5) No liability is accepted and no representation is made by either CPI or the Seller in respect of the presence, condition, adequacy or usability of any telecommunications or computer systems or equipment at the property, any software loaded thereon, or any related cabling or infrastructure. (6) Nothing herein shall exclude any liability which either the Seller or CPI would otherwise have for any fraudulent concealment or for any statements made fraudulently by it, its employees or agents. Capita l Real Estate: May 2016 © Produced by Barbican Studio: +44(0) 207 634 9573
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