Ockleston bailey 53 NEW STREET, WELLINGTON, SHROPSHIRE TF1 1LU - PRIME FREEHOLD RETAIL INVESTMENT LET TO SPECSAVERS OPTICAL SUPERSTORES LIMITED
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53 NEW STREET, WELLINGTON,
ockleston bailey SHROPSHIRE TF1 1LU
retail leisure investment PRIME FREEHOLD RETAIL INVESTMENT
LET TO SPECSAVERS OPTICAL SUPERSTORES LIMITED
Location
Investment Summary Wellington is a town in the unitary authority of Telford & Wrekin
n Prime trading location on the pedestrianised New Street. approximately 5 miles (8km) west of Telford, 13 miles (21km) east
n Well configured retail and ancillary accommodation with the of Shrewsbury and 35 miles (56.3km) northwest of Birmingham.
benefit of an extensive rear yard capable of accommodating 9 It is the principal market town of Telford New Town being its largest
cars. district and has a resident population of approximately 25,554
(in 2011). The town centre serves a greater area of approximately
n The property is let to Specsavers Optical Superstores Limited
(Company No.01721624) by way of a 5 year FR&I reversionary 60,000 people.
lease from 25 November 2021 to expire on 24 November 2026
The town benefits from excellent road communications with Junctions
without a rent review at a current rental of £16,500 p.a.x. The
unexpired term is 8 Years. 6 and 7 of the M54 motorway being within 1 mile (1.6km). The A442
leading to Whitchurch, A5 leading to Shrewsbury and A518 leading
n The passing rental of £16,500 p.a.x. offers excellent growth
to Stafford are all within 2 miles (3.2km) of the town centre.
prospects with a devaluation to £19.35 Zone A after allowing
£2.00 psf at first floor level. The train station is located immediately adjacent to the town centre
n The property has been elected for VAT purposes and it is with regular services to Birmingham New Street (2hr 11 mins),
assumed the transaction will be dealt with as a TOGC. Chester (1hr 5 mins) and Shrewsbury (12 mins).
n The tenant relocated to the subject property from the adjacent Birmingham International Airport is 48 miles (77.2km) southeast
left hand facing property in 2011.
of the town centre.
n Freehold.
n We are instructed to seek offers for our clients freehold interest Situation
in excess of £267,000 subject to contract and exclusive of VAT. The property occupies a prime trading location on the pedestrianised
A purchase at this level would show a net initial yield of 6% after New Street being adjacent to Bon Marche. Nearby multiple
deducting purchasers costs of 2.87%.
retailers include B&M Bargains, Savers, Nationwide, Iceland,
McColls, British Heart Foundation, Heron Frozen Food, Boots,
Card Factory, Clarks and JD Wetherspoon.
Description The property is arranged on ground and first floors and is of brick construction under a flat roof. There is a substantial single storey outrigger at ground floor level. The unit offers well configured ground floor sales accommodation with ancillary storage at first floor level. The unit has been fitted out in the standard Specsavers corporate style and provides 4 test rooms and an on- site laboratory. Staff/storage facilities are at first floor level. Accommodation The accommodation is arranged on ground and first floors with the following approximate areas and dimensions:- Description ft/sq ft m/sq m Window frontage 13’9” 4.2m Internalwidth (average) 16’10” 5.1m Widening to 23’0” 7.0m At a depth of 43’0” 13.1m Built depth 124’10” 38m Ground floor sales 2,519 sq ft 234 sq m First floor storage 596 sq ft 55.3 sq m First floor kitchen 87 sq ft 8 sq m ITZA 782 units
Tenure
The property is held freehold, subject to the tenancy listed below.
Tenancy
The property is let to Specsavers Optical Superstores Limited
(Company No. 01721624) by way of a 5 year FR&I reversionary lease
from 25 November 2021 without a rent review to expire on 24 November
2026 at a commencing rental of £16,500 p.a.x.
The tenant occupies the premises by way of the current 10 year FR&I lease
from 25 November 2011, subject to an upward only rent review in 5th year
at a current rental of £16,500 p.a.x.
Rental Analysis
The current passing rental reflects £19.35 Zone A after allowing £2.00 psf
at first floor level for both the storage and kitchen areas.
This modest Zone A offers good growth prospects.
Covenant Information
Founded in 1984 by Mary and Doug Perkin, Specsavers trades from over
1,650 branches in the United Kingdom, Guernsey, Jersey, Ireland, Norway,
Sweden, Finland, Denmark, The Netherlands, Spain, Australia and New
Zealand.
The chain offers optician services for eyesight testing and sells glasses,
sunglasses and contact lenses. It also sells hearing aids. In the United
Kingdom in 2012 it had the largest single market share of the 4 major
opticians with 42% of the market.
We set out below the most recent financial information available for
the tenant:-
YearEnd YearEnd YearEnd
28/02/2018 28/02/2017 28/02/2016
£000’s £000’s £000’s
Turnover 622,473 716,509 673,564
Pre-Tax Profit 20,860 32,772 28,777
Shareholders Funds 78,058 57,226 57,815
The tenant has a Creditsafe rating of 78 out of 100 representing
a very low risk.
(Source: Creditsafe)
Anti Money Laundering
In accordance with Anti-Money Laundering Regulations,
two forms of identification and confirmation of the source of
funding will be required from the successful purchaser.
EPC
The property has a rating of C62. A Certificate and
Recommendations are available upon request.
VAT
The property has been elected for VAT purposes and it is
assumed the transaction will be dealt with as a TOGC.
Proposal
We are instructed to seek offers in excess of £267,000
subject to contract and exclusive of VAT. A purchase at this
level would show a net initial yield of 6% after deducting
purchasers costs of 2.87%.
Further Information
For further information, or to arrange an inspection of the
property, please contact Hugh Ockleston, Ockleston Bailey
01244 403445 Email: hugh@ocklestonbailey.co.uk
SUBJECT TO CONTRACT
Misrepresentation Act 1967 Ockleston Bailey Ltd (and their joint agents where applicable) for themselves and for the vendors or lessors of this property for whom they act, give notice
that : (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Ockleston
Bailey Ltd cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein
and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) no employee of Ockleston
Bailey Ltd (and their joint agents where applicable) has any authority to make any representations or warranty or enter into contract whatever in relation to the property; (iv) prices/rents
quoted in these particulars may be subject to VAT in addition, (v) Ockleston Bailey Ltd will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.
Date of Publication : November 2018
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