TRINITY GATE UNITS 1-5B EPSOM ROAD, GUILDFORD, GU1 3JQ - Allsop
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UNITS 1-5B
T R I N I T Y G AT E
EPSOM ROAD, GUILDFORD, GU1 3JQ
HIGH STREET RETAIL INVESTMENT
IN GUILDFORD’S CORE
LEISURE DISTRICT
UNITS 1-5B UNITS 1-5B
T R I N I T Y G AT E T R I N I T Y G AT E
EPSOM ROAD, GUILDFORD, GU1 3JQ EPSOM ROAD, GUILDFORD, GU1 3JQ
INVESTMENT
CONSIDERATIONS
• Guildford is a historic, affluent town
and the principal administrative and
commercial centre for Surrey
• Primary retail catchment of
approximately 507,000
• Prominent position situated within
the estate agency cluster pitch
• Parade of six units totalling
approximately 6,311 sq ft (586.3 sq m)
• Fully occupied providing on average
5.7 years unexpired (3.1 to breaks)
• 90% of the income is let to Experian
Low Risk tenants
• National brands including Foxtons,
Haart and Hidden Hearing
• Passing rent of £280,000 per annum
• Immediate asset management potential
to increase the unexpired term
• Virtual Freehold. Residential upper
floors not included.
PROPOSAL
We are instructed to seek offers in excess
of £2,630,000 (Two Million, Six Hundred
and Thirty Thousand Pounds) subject to
contract and exclusive of VAT. This equates
to an attractive Net Initial Yield of 10.0%,
allowing for standard purchasers’ costs.
DATA ROOM
For access to the Allsop Marketing Data
Room please use the following link:
https://datarooms.allsop.co.uk/register/
trinitygate
––––––– Ground floor retail unit demise, Outline for indicative purposes only.
L O C AT I O N D E M O G R A P H I C S & R E TA I L I N G
UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ
Guildford is the principal administrative and commercial centre for
Surrey and one of the premier retailing locations in the U.K.
A10 507,000
In excess of
241,000 Over 7.5 million
Watford Primary catchment 15,000 students Primary catchment
people used the station in 2018/19
making it the busiest in Surrey
M40
Wembley Guildford is an attractive and popular tourist and commuter town
LONDON CITY
Maidenhead Slough AIRPORT and includes a large student population.
Town centre retail floorspace in Guildford is estimated at 1.03 million sq ft including
A4
LONDON 80,000 sq ft within the Tunsgate Square shopping centre. The prime pitch within
Guildford is located on the pedestrianised section of the High Street where key retailers
Reading HEATHROW include Marks and Spencer, House of Fraser, Boots, H&M and Russell and Bromley.
M4 AIRPORT
Due to the affluence within the Guildford area, a number of high end retailers choose
the town as their first choice out of central London. Recent arrivals in the town include
11 10 Massimo Dutti, Zara, Joules and Sweaty Betty. There are three shopping centres within
the town, Tunsgate Square, The Friary Centre and White Lion Walk. Tunsgate Square
Kingston recently reopened having undergone a 5 year redevelopment at a cost of £30 million,
A332 upon Thames 85% of the units were pre let demonstrating the occupational demand from retailers.
M3 Croydon
A33 M25
A232
3
Farnborough
A3
A331
A24
GUILDFORD M23
A22
GATWICK
AIRPORT
For illustrative purposes only.
Journey Times
London Waterloo 37 mins
London Victoria 47 mins
Reading 34 mins
London Gatwick Airport 29 mins
London Heathrow Airport 29 mins
High Steet
S I T UAT I O N S I T UAT I O N
UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ
Trinity Gate fronts the North East gateway to Guildford Town Centre
and retailing core, adjacent to the junction of London Road, Epsom Road
and High Street, the main arterial northern roads linking to London Road
Rail Station, the A3 and A25.
85
The property sits within the main leisure pitch for Guildford Town Centre which is spaces
also popular with the vast majority of Guildford’s estate agency practices. The area has
benefitted from very recent development with the construction of G-Live (Guildford Arts
& Events Centre) and the Beltane Asset Management mixed use scheme providing hotel,
120
luxury residential, office and supermarket accommodation. spaces
Nearby national occupiers include Co-Op Foodstores, Pizza Express, Zizzi, KFC and
The Harbour Hotels Group.
49
spaces
U RT
Y CO
TR INIT
© Crown Copyright, ES 100004106. For identification purposes only.
_____ Leasehold title demise. n Units 1-5B included in sale only. n Guildford estate agent critical mass
DESCR I P T ION DESCR I P T ION
UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ
UNIT UNIT UNIT UNIT UNIT UNIT
1 2 3 4 5A 5B
The property comprises part of the Trinity Gate development, constructed in 2004,
providing some of the most sought-after apartments in Guildford Town Centre, given
exceptional access to the pedestrianised High Street and London Road (Guildford) Rail Station.
Units 1-5B comprise the ground floor of the development fronting on to Epsom Road of steel portal frame
construction with red brick elevations. The ground floor retail benefits from attractive stone cladding facades
with high quality tenant signage.
All retail units benefit from rear access via a gated service yard entrance, directly from the High Street (adjacent
to Units 1-2). The service yard is included within the leasehold title and managed by the Freeholder (Trinity Gate
Freeholders Limited), with rights of way provided to the leaseholder.
––––––– Ground floor retail unit demise. ––––––– Rear service yard. Outline for indicative purposes only.
T E N A N C I E S & AC C O M M O DA T I O N T E N A N C I E S & AC C O M M O DA T I O N
UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ
TENURE
Virtual Freehold. 999 years commencing on 29/09/2004,
thus having 982.3 years unexpired at a peppercorn rent.
Demise Tenant D&B Area Area ITZA Lease Lease Break Rent WAULT WAULT Passing Passing Passing LTA Comments
Rating (sq m) (sq ft) Start Expiry Review (Expiry) (Break) Rent Rent Rent 1954
(£ p.a.) Zone A (£ psf)
Units 1 & 2 Foxtons Limited 3A1 232.0 2,497 1,708 1/8/2005 31/7/2030 31/7/2025 1/8/2020 9.2 4.2 £122,000 £71.43 £48.86 Y Tenant break option, subject to 6 month notice period. Rent
concession agreed to pay monthly. Rent Review Outstanding.
Unit 3 Spicerhaart Residential Lettings Limited 3A1 98.4 1,059 706 2/12/2019 1/12/2024 2/12/2022 3.5 1.5 £35,000 £49.58 £33.05 Y Lease renewal agreed for 5 year term commencing on 02/12/2019
at rebased rent of £35,000 p.a. (Original Rent: £56,000 p.a., 37.5%
deduction) TBO on 02/12/2022, subject to 6 month notice period.
Rent free period of 6 months, to be topped up by the vendor.
Unit 4 Hidden Hearing Limited 3A1 82.0 883 578 2/12/2016 1/12/2026 2/12/2021 5.5 5.5 £40,500 £70.07 £45.87 Y Rent deferment for Q2 2020 granted to be paid over 12 months
following June quarter date.
Unit 5A Bourne Estate Agents Limited D2 70.1 755 546 29/9/2015 28/9/2023 29/9/2022 2.4 1.4 £31,500 £57.69 £41.72 Y Lease renewal agreed for 3 year term commencing on 29/09/2020
at rebased rent of £31,500 p.a. (Original Rent: £37,500 p.a., 16%
reduction). TBO on 29/09/2022, subject to 6 month notice period.
Rent free period of 6 months, to be topped up by the vendor.
Unit 5B Roundhouse Design Limited 2A2 103.8 1,117 730 27/2/2017 26/2/2022 0.8 0.8 £51,000 £69.86 £45.66 N Rent concession agreed to pay monthly.
Headlease Vinemead Limited 24/9/2004 23/9/3003 983.0 983.0
586.3 6,311 4,268 5.70 3.1 £280,000 £65.60 £44.37
C OV E N A N T C OV E N A N T
UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ UNITS 1-5B, TRINITY GATE, EPSOM ROAD, GUILDFORD, GU1 3JQ
Foxtons Limited Foxtons opened its first branch in 1981 and now The Group’s net cash position, excluding lease Hidden Hearing Limited
covers over 80% of Greater London with over liabilities, at 31 March 2021 was £22.3m after
44%
50 branches.
The group has reported strong 2021 trading with
the £14.25m acquisition of Douglas & Gordon
(03/2021). Additional post COVID-19 pandemic 14% Income Share
revenue in Q1 of £28.5m, up 24% on the same acquisitions include Pillars Estates (10/2020),
Income Share period last year (Q1 2020: £23.0m). Sales revenue Aston Rowe (11/2020).
Experian - Very Low Risk
Dunn & Bradstreet – 3A1
was up 60% to £11.4m (Q1 2020: £7.1m) reflecting 31 Dec 2017 31 Dec 2018 31 Dec 2019
Experian - Low Risk continued acceleration in volume growth. At
Dunn & Bradstreet – 3A1 the same time as delivering materially higher Turnover 108,897,000 103,236,000 98,362,000
• Top-three UK private hearing healthcare
levels of exchanges during the quarter, the sales Pre-Tax Profit 5,843,000 -7,556,000 -8,461,000
business, first established in 1968
commission pipeline has continued to grow
Net Worth 19,727,000 13,026,000 5,733,000 • Operating from 300 locations across the UK,
through the period.
Hidden Hearing hold an established client
base in excess of 60,000 people
• Pre-COVID (Dec-19) working capital of £11,553,672
31 Dec 2017 31 Dec 2018 31 Dec 2019
Turnover 50,499,554 51,854,626 51,135,814
Pre-Tax Profit 2,317,315 3,870,939 3,489,556
Net Worth 10,468,190 13,595,850 16,289,065
Spicerhaart Residential Lettings Limited
13% Income Share
Experian - Very Low Risk
Dunn & Bradstreet – 3A1
• One of the leading estate agency groups in
the UK, made up of seven established brands
• 175 branches across the UK, employing over
2,000 professionals
• Reported unprecedented demand in volume
of mortgages, due to the extended stamp duty
holiday period
Roundhouse Design Limited 31 Dec 2017 31 Dec 2018 31 Dec 2019
Turnover 27,930,000 28,704,000 29,117,000
18% Pre-Tax Profit 2,790,000 3,011,000 3,281,000
Income Share
Net Worth 4,502,000 7,341,000 11,042,000
Experian - Very Low Risk
Dunn & Bradstreet – 2A2
Bourne Estate Agents Limited
• Founded by architects, Roundhouse is a
multi-award winning British company
11% Income Share
producing bespoke kitchens and furniture Experian - Above Average Risk
• Showrooms in Wigmore Street, London, Dunn & Bradstreet – D2
Clapham, Richmond, Fulham, Cheltenham
and Guildford
• Fully independent business providing sales, lettings,
31 Dec 2017 31 Dec 2018 31 Dec 2019
mortgages, conveyancing, and EPC services
Turnover 16,155,766 - - • Established network of 8 branches across
Pre-Tax Profit 1,070,530 - - Hampshire and Surrey
Net Worth 2,051,775 1,630,032 2,075,606 • Cash in hand of £2.6M in Feb 2020 (Pre-COVID-19)
28 Feb 2018 28 Feb 2019 28 Feb 2020
Shareholder’s £198,947 £188,176 £98,740
Funds
Cash Reserve £2,483,527 £2,793,733 £2,268,687
Net Worth -£75,052 £75,177 £27,740
EPC
Please refer to the Allsop Marketing Data Room for supporting documentation.
VAT
The property has been elected for VAT and we expect the transaction to be
treated as a Transfer of a Going Concern.
ANTI-MONEY-LAUNDERING
A successful bidder will be required to provide information to satisfy AML
requirements when Heads of Terms are agreed.
DATA ROOM
For access to the Allsop Marketing Data Room, please refer to the following link:
https://datarooms.allsop.co.uk/register/trinitygate
PROPOSAL
We are instructed to seek offers in excess of £2,630,000 (Two Million,
Six Hundred and Thirty Thousand Pounds) subject to contract and
exclusive of VAT. This equates to an attractive Net Initial Yield of 10.0%,
allowing for standard purchasers’ costs.
For further information or to make arrangements for viewing please contact:
Tom Dales Freddie Foley
07799 663631 07765 982637
tom.dales@allsop.co.uk freddie.foley@allsop.co.uk
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, undertaking’s 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. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy
cannot be guaranteed. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 05.21
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