NEWPORT ISLE OF WIGHT - PO30 1JB - Allsop
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PRIVATECLIENT
49/52 PYLE STREET
& 22 SOUTH STREET
NEWPORT
ISLE OF WIGHT
PO30 1JB
PRIME RETAIL INVESTMENT OPPORTUNITY
WITH 19 YEARS UNEXPIRED
49/52 PYLE STREET & 22 SOUTH STREET, NEWPORT, ISLE OF WIGHT, PO30 1JB PRIME RETAIL INVESTMENT OPPORTUNITY WITH 19 YEARS UNEXPIRED
SUBJECT PROPERTY
ST THOMAS SQUARE
SOUTH STREET
AND CHURCH
RETAIL BUILDING
ST JAMES STREET
NEWPORT
BUS STATION
APOLLO THEATRE
ATS
EUROMASTER
COPPINS BRIDGE
RETAIL PARK
Site outline for identification purposes only.
49/52 PYLE STREET & 22 SOUTH STREET, NEWPORT, ISLE OF WIGHT, PO30 1JB PRIME RETAIL INVESTMENT OPPORTUNITY WITH 19 YEARS UNEXPIRED
Site outline for identification purposes only.
INVESTMENT CONSIDERATIONS
■■ The property is situated in the heart of Newport, ■■ The property comprises an extensive ■■ Offers sought in excess of £7,820,000
the principal town in the Isle of Wight. building incorporating a supermarket, (Seven Million, Eight Hundred and Twenty
■■ Let to Co-Operative Group Food Ltd with a large retail unit and a car park with Thousand Pounds) subject to contract and
a guarantee from Co-operative Group Ltd. 207 spaces. The whole property exclusive of VAT. A purchase at this level
extends to c. 59,000 sq ft. reflects a Net Initial Yield of 6% assuming
■■ Lease expires in May 2037 thus providing purchaser’s costs of 6.67%.
19 years unexpired with NO BREAKS. ■■ Part of the property is sub-let to TJX
UK (t/a TK Maxx) until 1st March 2021
■■ Current rent passing of £500,000pa. at a current rent of £350,000pa.
49/52 PYLE STREET & 22 SOUTH STREET, NEWPORT, ISLE OF WIGHT, PO30 1JB PRIME RETAIL INVESTMENT OPPORTUNITY WITH 19 YEARS UNEXPIRED
SOUTHAMPTON
LYNDHURST
A3(M)
FAREHAM
NEW FOREST
LOCATION
SITUATION
NATIONAL PARK
BROCKENHURST M27
PORTSMOUTH
GOSPORT
Newport is the administrative and commercial centre Southsea (10 minutes crossing time) or two hi-speed
Cowes to Southampton
SOUTHSEA
of the Isle of Wight. It is located in the centre of the catamaran services; the Fast Cat from Ryde Pier Head The subject property occupies a prominent position in
COWES
Ryde to
Southsea
Hovercraft island, approximately 9 miles south west of Ryde and to Portsmouth Harbour (18 minutes crossing time) between two of the main town centre streets, South Street
NEW MILTON
LYMINGTON
EAST COWES
Fishbourne to
Portsmouth
approximately 5 miles south of Cowes. The Solent or the Red Jet from West Cowes to Southampton and Pyle Street. Cockrams Yard is a footpath that links both
Osborne Ryde to
NORTHWOOD
House
FISHBOURNE
Portsmouth
Catamaran
divides the Isle of Wight from mainland England. (23 minutes crossing time). streets and runs past the side of the property
MILFORD RYDE
ON SEA
OAKFIELD
SEAVIEW
The closest large towns to Newport are Portsmouth Being in the centre of the island, Newport is very well The surrounding area has many national occupiers
YARMOUTH
NEWPORT ST. HELENS
approximately 15 miles to the north east and connected to all the surrounding towns. The two main including, Iceland (adjacent), H & M (opposite), Game,
NORTON
FRESHWATER BRADING
BEMBRIDGE Bournemouth, which is approximately 30 miles west. dual carriageways converge in Newport with the A3020 Next, McDonalds, Age UK, Pizza Express, Ladbrokes
Bembridge
TOTLAND
NEWCHURCH
Airport
The Isle of Wight as a whole is well connected to running north and south and the A3054 running east and Lloyds Pharmacy amongst many others.
SANDOWN
mainland. There is a car ferry from Fishbourne to and west. Newport Bus station is situated approximately 25 metres
Isle of Wight
Airport
BRIGHTSTONE GODSHILL SHANKLIN
Portsmouth (40 minutes crossing time), East Cowes Furthermore, Newport bus station offers regular buses opposite the subject property, set back behind a small
to Southampton (55 minutes crossing time) and to Ryde, Cowes, East Cowes, Allum Bay, Carisbrooke, parade of shops. Access to the bus station is through
VENTNO Yarmouth to Lymington (30 minutes crossing time). In Yarmouth and Totland amongst others. Orchard Street which is situated just off South Street
Blackgang
Chine NITON addition, foot passengers also have the choice of using
the Hovercraft Service between Ryde Esplande and
49/52 PYLE STREET & 22 SOUTH STREET, NEWPORT, ISLE OF WIGHT, PO30 1JB PRIME RETAIL INVESTMENT OPPORTUNITY WITH 19 YEARS UNEXPIRED
DEMOGRAPHIC
As of 2015, Isle of Wight has an estimated population of 140,000 (Isle
of Wight Council), with the average age of the population being 44.
More specifically, Newport itself is estimated to have a population
approximately 25,500. However, even more impressive is that according
to ‘Visit Isle of Wight’ data, the yearly amount of visitors to the island
stands at 2.36 million. This doesn’t include those arriving by private yacht
or boat which is approximately a supplementary 300,000.
RETAILING IN NEWPORT
Being the premier retailing location in the Isle of Wight, Newport is very
popular with national retailers. These retailers are primarily situated along
three parallel roads, South Street, Pyle Street and High Street. These
include retailers such as McDonalds, Next, Clinton Cards, Waterstones,
Claire’s Accessories, Betfred, Iceland, H&M, Game, Age UK, Pizza Express,
Ladbrokes and Lloyds Pharmacy amongst many others.
Furthermore, in the town centre, there is a popular traditional Farmers’
Market on Fridays, as well as a multi-screen cinema, two theatres in the
Quay Arts Centre.
The vast amount of tourists that visit the Isle of Wight has had a
significant impact on the Island’s economy. Spending has increased by
17 per cent on last year and this upward surge doesn’t look like stopping
as first time visitors to the Island have also gone up 16 per cent.
© Crown Copyright, ES 100004106. For identification purposes only.
49/52 PYLE STREET & 22 SOUTH STREET, NEWPORT, ISLE OF WIGHT, PO30 1JB PRIME RETAIL INVESTMENT OPPORTUNITY WITH 19 YEARS UNEXPIRED
DESCRIPTION TENANCIES
The property was constructed as a supermarket arranged over ground and first floor, 49-52 Pyle Street is entirely let to Co-Operative Group Foods Ltd for a term
which has been split in to a supermarket, a large retail unit which both have frontages of 35 years from 6th May 2002 (expiring 2037) at a current rent of £500,000 pa.
to Pyle Street and South Street, together with a car park on the upper levels. There are currently approximately 19 years unexpired with no breaks.
The car park is accessed from Pyle Street and provides approximately 207 spaces. Rent reviews are upwards only every 5 years and the May 2016 review is
The car park serves the Co-Op Supermarket and is run on a pay and display basis. still outstanding. The lease is guaranteed by Co-operative Group Limited.
In addition, there is a small unit above the Co-op with separate access from South The Co-op have sublet 31,587 sq ft to TJX UK (t/a TK Maxx) on a 15 year FRI lease
Street which was recently trading as a tattoo parlour though it is understood they expiring March 2026 at a rent of £350,000 pa. The sub-tenant has an option to
have recently vacated. break in March 2021.
22 South Street is currently vacant, however, it was trading as a tattoo parlour
ACCOMMODATION at a rent of £4,950 per annum until recently.
Address Tenant Floor Sq m Sq ft Use COVENANT
49-52 Pyle Street The Co-Operative Total 5,481 59,000 Sales/
& TK Maxx Ancillary Guarantor:
22 South Street Vacant First 61.62 663 Sales 02 Jan 2016 31 Dec 2016 06 Jan 2018
Total 5,542.62 59,663 Turnover £9,301,000,000 £9,472,000,000 £9,470,000,000
Pre Tax Profit £23,000,000 -£132,000,000 £72,000,000
TENURE Total Net Worth £2,006,000,000 £2,298,000,000 £2,191,000,000
Freehold.
EPC SPV
The EPCs are available within the dataroom. There is the opportunity to purchase the single asset
owning company by way of a UK registered Special-Purpose
Vehicle (SPV).
VAT
We understand the property has been elected for VAT.
DATAROOM
It is anticipated that the sale will be treated as a Transfer
of Going Concern (TOGC). For access to the Allsop dataroom please use the following link:
http://datarooms.allsop.co.uk/register/iownewport
PROPOSAL
Offers sought in excess of £7,820,000 (Seven Million, Eight Hundred and
Twenty Thousand Pounds), subject to contract and exclusive of VAT. A purchase
at this level reflects a Net Initial Yield of 6% assuming purchaser’s costs of 6.67%.
For further information or to make arrangements for viewing please contact:
PRIVATE CLIENT TEAM
Liam Stray Alex Butler
020 7543 6769 020 7543 6722
liam stray@allsop.co.uk alex.butler@allsop.co.uk
www.allsop.co.uk
PRIVATECLIENT
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 05.18
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