34-36 & 38 MONTAGUE STREET, WORTHING BN11 3HB - PRIME SOUTH EAST RETAIL INVESTMENT LET TO STRONG NATIONAL COVENANTS - Allsop
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34-36 & 38 MONTAGUE STREET, WORTHING BN11 3HB PRIME SOUTH EAST RETAIL INVESTMENT LET TO STRONG NATIONAL COVENANTS
34-36 & 38 MONTAGUE STREET,
WORTHING BN11 3HB
INVESTMENT
CONSIDERATIONS
Attractive three storey retail building
•
Located in the affluent seaside town of Worthing
•
Prime pitch on Montague Street
•
Freehold
•
Prominent corner position with return frontage
onto Liverpool Terrace
•
Let to the strong national covenants
of Monsoon Accessorize Limited and
Hutchinson 3G t/a Three.
•
AWULT to lease expiry of 7.8 years
(AWULT to break of 4.9 years)
•
Total passing rent of £152,500 per annum
•
Significant future development potential
of upper parts (subject to planning)
•
Monsoon Accessorize and Hutchinson 3G have
both regeared their leases within the last 18 months,
showing their commitment to the building
•
Offers sought in excess of £2,050,000
(Two Million and Fifty Thousand Pounds), subject
to contract and exclusive of VAT. A purchase
at this level reflects a net initial yield of 7.00%
assuming purchaser’s cost of 6.29%.
34-36 & 38 MONTAGUE STREET, PRIME SOUTH EAST RETAIL INVESTMENT LET TO STRONG NATIONAL COVENANTS
WORTHING BN11 3HB
A10
M1
A44 LUTON A1(M)
A41
M11
A40
LOCATION
OXFORD Worthing is an affluent seaside town in West Sussex,
located on the south coast 11 miles (18 km) west
M40 of Brighton, 20 miles (32 km) east of Chichester and
60 miles (96.5 km) south of London.
A34
M25 M1 M11 The town benefits from excellent road communications
M25 being served by the A27 and A24. The A27 links
DIDCOT Chichester to the west and Brighton to the east. The
A24 runs north to south linking Worthing with Leatherhead
and in turn the M25 at junction 9.
Regular train services operate from London Victoria
and London Bridge to Worthing on both Thameslink
M4 and Southern Rail with approximate journey times
READING of 1 hour and 20 minutes. There are also multiple trains
LONDON every hour running between Brighton and Worthing,
with an approximate journey time of 20 minutes.
A33 Gatwick International Airport is situated approximately
M25 A3 M25 M20
31 miles (50 km) to the north, and Southampton airport
is situated approximately 50 miles (80.5 km) to the west.
GUILDFORD DEMOGRAPHICS
A21
M3
A22 The total population within the Worthing Primary
A31 Catchment Area is 180,000 with an estimated shopping
GATWICK M23 ROYAL population of 159,000. Worthing is projected to see above
TUNBRIDGE WELLS average growth in population over the period 2017-22.
CRAWLEY The Worthing Primary Retail Market Area is moderately
HORSHAM affluent, ranking 76 of the PROMIS centres on the PMA
A3 Affluence Indicator at 2011.
A23 HAYWARDS
HEATH SITUATION
A272
SOUTH DOWNS The property is situated on the pedestrianised Montague
A24
NATIONAL PARK Street at its junction with Montague Place. Montague
HASSOCKS Street is designated as part of the Primary Zone A of the
A26
SOUTHAMPTON A3(M) A283 LEWES Central Shopping Area and draws in a large number of
M27 national retailers.
A27 WORTHING A27 The property is situated adjacent to Superdrug, nearby
HOVE
LITTLEHAMPTON occupiers include M&S, Specsavers, Costa, Boots, H&M
PORTSMOUTH BOGNOR
BRIGHTON EASTBOURNE
and River Island.
REGIS
34-36 & 38 MONTAGUE STREET, PRIME SOUTH EAST RETAIL INVESTMENT LET TO STRONG NATIONAL COVENANTS
WORTHING BN11 3HB
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RETAILING IN WORTHING DESCRIPTION ASSET MANAGEMENT POTENTIAL
Town centre retail floor space in Worthing is estimated at 1.11 million The property was constructed in 1924 and is arranged over ground, The property offers significant asset management and future
sq ft located within a concentrated area. The main retail pitch is the first, second and third floors. Both retail units are well configured and development potential (subject to planning). There may be an
pedestrianised Montague Street, which has many national retailers have been fitted out in the tenants’ corporate style. opportunity to take back the upper parts as they are underutilised by
including Boots, M&S, Superdrug, Pandora, Vision Express and H&M. 34-36 MONTAGUE STREET is arranged to provide a sales area at ground the tenants. The properties are situated within a conservation area
The Montague Centre is the main shopping centre in the town totalling and first floor. The second and third floors are currently being used as however this would not prevent conversion to residential. During the
54,000 sq ft with occupiers including TK Maxx, HMV and Game. ancillary accommodation by the occupier. last year residential sold prices in Worthing were up on average 8%
There is a weekly market every Wednesday along the pedestrianised on the previous year and 16% up on 2015.
38 MONTAGUE STREET is arranged to provide a sales area at ground
Montague Street offering a range of fresh food, clothing, accessories and floor level with ancillary accommodation at first floor level. The second
homeware goods which increases the footfall in this part of the town centre. and third floors are not currently being used by the occupier.
34-36 & 38 MONTAGUE STREET, PRIME SOUTH EAST RETAIL INVESTMENT LET TO STRONG NATIONAL COVENANTS
WORTHING BN11 3HB
TENANCY AND ACCOMMODATION
Address Tenant Floor Floor Floor Lease Lease Expiry Next Rent Zone A Comments
Area Area Start (Break Option) Review (pa) (psf)
(Sq ft) (Sq M)
34-36 Monsoon Ground Floor 1,729 160.6 29/09/2017 28/9/2027 29/09/2022 £110,000 £85 Tenant has
Montague Accessorize (29/9/2023) been in
Street Limited ITZA 1,143 106.2 occupation
since
First Floor 1,425 132.38 December
Second Floor 1,300 120.8 2003.
Third Floor 1,207 112.1
Sub Total 5,661 525.9
38 Hutchison Ground Floor 719 67.9 29/11/2016 28/11/2021 £42,500 £72.24 Tenant has
Montague 3G UK been in
Street Limited ITZA 520 48.3 occupation
t/a Three since
First Floor 506 47.0 November
Second Floor 493 45.8 2005.
Third Floor 332 30.8
Sub Total 2,050 186.5
TOTAL 7,681 712.4 £152,500
COVENANT
Monsoon Accessorize Limited Hutchinson 3G UK Limited
Dun & Bradstreet Rated 3A3 Dun & Bradstreet Rated 5A1
Monsoon Accessorize Limited was founded in 1973 Hutchinson 3G UK Limited was founded in Hong Kong
by Peter Simon, opening its first Monsoon store on in 2002 and has since expanded to a global brand
Beauchamp Place. The first Accessorize store opened in serving 9 countries with over 130 million customers
Covent Garden in 1984. The company has expanded worldwide.
significantly internationally since then and as of 2014
the company had over 1,400 Monsoon Accessorize stores
in 74 different countries.
27 August 27 August 27 August 31 December 31 December 31 December
2017 2016 2015 2017 2016 2015
Turnover (000’s) £310,904 £392,299 £434,187 Turnover (000’s) £2,357,044 £2,203,170 £2,153,401
Pre-Tax Profit (000’s) (£3,097) (£3,368) £847 Pre-Tax Profit (000’s) £356,573 £304,149 (£778,132)
Tangible Net Worth (000’s) £13,165 £16,332 £33,143 Tangible Net Worth (000’s) £3,390,087 £3,047,968 £2,782,900
TENURE VAT PROPOSAL
Freehold. The property is elected for
VAT and we would expect Offers sought in excess of £2,050,000 (Two Million and Fifty Thousand Pounds),
the transaction to be treated
EPC
as a Transfer of a Going
subject to contract and exclusive of VAT. A purchase at this level reflects a net
34-36 Montague Street has an EPC rating of D79. Concern (TOGC). initial yield of 7.00% assuming purchaser’s cost of 6.29%.
38 Montague Street has an EPC rating of E107.
For further information or to make arrangements for viewing please contact:
NATIONAL INVESTMENT PRIVATE CLIENT TEAM
Lottie Hayward Alex Butler Ronnie Morgan
020 7543 6750 020 7543 6722 020 7543 6808
lottie.hayward@allsop.co.uk alex.butler@allsop.co.uk ronnie.morgan@allsop.co.uk www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied
on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and
contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of
each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop
is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.18You can also read
