Unit 1–5
Spurriergate
York
& Units 1–3 High Ousegate
Prime FREEHOLD RETAIL OPPORTUNITY
Unit 1–5
Spurriergate
York
& Units 1–3 High Ousegate
A prime, dominant high street investment in York, excellent well configured units to premium high street brands.
“Flagship” retail development completed in 2005 consisting of 36,813 sq ft of well configured retail space together with 14 modern apartments situated above. The property provides one of the few opportunities to acquire MSU units in York on prime pitch.
Postcode
YO1 9NJ
Executive Summary
■■ Located on the prime pitch of the pedestrianised Spurriergate linking Coney Street to the north and Coppergate to the south. ■■ Fully let to quality national multiples with an average unexpired lease term in excess of 12 years. ■■ Freehold. ■■ Total passing rent of £1,543,200 pa, with 94% consisting of prime retail and the remainder let on residential AST’s, giving the purchaser the option to sell or retain control.
■■ The property is reversionary with an ERV of £1,682,200 pa. ■■ Historic Cathedral City of York is a major tourist destination attracting over four million visitors each year generating a spend of over £360 million. ■■ York has a catchment population of 5,987,971, ranking it 16th out of more than 2,000 UK locations, with an estimated retail spend of £922.54 million per annum.
York
■■ Affluent resident population reflected in the AB social group being over-represented in the York area. ■■ Offers are sought in the region of £28,000,000, exclusive of VAT and subject to contract. A purchase at this level would reflect an attractive initial yield of 5.25% assuming full costs.
03 unit 1–5 spurriergate york
■■ “Flagship” retail development completed in 2005 consisting of 36,813 sq ft of well configured retail space together with 14 modern apartments situated above.
YORK
Demographics
York is an attractive and historic Cathedral City, the commercial
The City benefits from a prosperous resident population
and administrative centre for North Yorkshire, and a major
with an above average proportion of the most affluent AB
tourist destination attracting around 4 million tourists a year.
social group. In contrast, the least affluent D and E social
York is located approximately 45 km (28 miles) northeast of Leeds, 35 km (23 miles) east of Harrogate and 338 km (210 miles) north of London. The City benefits from
groups are particularly under-represented in the area. The level of car ownership is significantly above average with a very high number of 2 car households (Source: Promis).
an excellent communications infrastructure. By road, the
The catchment of York contains a population of 5,987,971,
A64 dual carriageway provides direct access to the A1 (M),
ranking the town 16th nationally out of more than 2,000
approximately 24 km (15 miles) to the west, and the national
comparison locations, and attracts a regular comparison
motorway network via the M62 and the M18 motorways.
goods shopping population of 289,191 (Source: NSLSP).
York is a national rail hub on the East Coast main line with direct services including Leeds, Edinburgh and London King’s Cross, with a fastest journey time to King’s Cross of 1 hour 45 minutes. Leeds/Bradford International Airport is located approximately 38 miles to the south west of York.
The town’s shopping population is forecast to grow by 8.01% over the 2008-2018 period, a total estimated increase of 23,164 people. The overall annual comparison goods spending potential of the York catchment is £17,951,60 million with an estimated current spend of £922.54 million (Source: NSLSP). The City boasts some of the UK’s top tourist attractions, including York Minster, The Castle Museum, The Jorvik Museum and The National Railway Museum, and tourism plays a major role in the City’s economy with over four million visitors each year. It is estimated that tourism generates in excess of £360 million per annum, of which £126 million is attributable to retail spend in the City Centre, and has created close to 10,000 jobs (Source: York City Council).
Newcastle Upon Tyne M194
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RETAILING York City Centre provides an attractive shopping environment with approximately 1.5 million sq ft of retail floorspace. The retail core in the City is concentrated around the historic centre in a network of narrow, pedestrianised streets, many with historic frontages. The prime retail pitch is focused on Spurriergate and Coney Street, which accommodates an extensive retail offer and a wealth of national multiples including River Island, Monsoon, Dorothy Perkins, WH Smith, Bhs, Mango, HMV, O’Neill and Boots the Chemist. York boasts a particularly strong quality fashion offer with a variety and range of fashion multiples but, due to York’s heritage, many retailers are accommodated in small, ill-configured units not ideally suited to modern retailing.
York boasts a particularly strong quality fashion offer
Situation
description
The property occupies a prime position in the City fronting the
Completed in 2005, the property provides modern well configured
pedestrianised Spurriergate running from the junction of York’s
retail units with large floorplates in a City where retail provision has
three main shopping streets, Spurriergate, Coney Street and
historically been poorly configured, limited and ill-suited to modern
Market Street, to the southern intersection with High Ousegate.
retailing. The Property consists of a retail parade accommodating
include Boots the Chemist, Monsoon, Next, La Senza and
five units each let to national multiple retailers including Zara, Game, William Hill, Phones 4U and H&M (Hennes) for in excess of 10 years.
Waterstones. Spurriergate leads south to Nessgate and on to
In addition the property comprises a residential element consisting
The Coppergate Centre, the City’s only managed shopping centre,
of 14 modern apartments situated on the upper floors, directly
which is home to Marks & Spencer, TopShop and Fenwicks.
above the retail units, and accessed via an entrance to the rear of the property.
07 unit 1–5 spurriergate york
Occupiers in the immediate vicinity of the subject property
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Tenancy The property is let in accordance with the tenancy schedule below. Unit No Tenant Name Term Term Next Review Term End Passing Rent ERV Per ERV ITZA NIA Service Charge Comments (Years) Start Date Per Annum Annum Tone (sq ft) (sq ft) Per Annum Unit 1 Zara UK Limited 20 Years 26/09/05 26/09/10 25/09/25 £480,000 £480,000 £37.50 psf N/A 12,861 £8,563 Unit 2
15 Years
18/11/05
18/11/10
17/11/20
£495,000
£620,000
£200 Zone A
2,251
18,126
£9,488
Unit 3 Game Stores Group Limited
H & M (Hennes) Limited
15 Years
15/01/06
15/01/11
14/01/21
£235,000
£240,000
£200 Zone A
1,173
2,762
£1,496
Units 4 & 5 Phones 4U Limited
15 Years
22/12/05
22/12/10
21/12/20
£181,000
£190,000
£200 Zone A
1,219
1,549
£865
Unit 6
15 Years
29/09/05
29/09/10
28/09/20
£55,000
£55,000
£37.50 psf N/A
1,515
£837
William Hill Organisation Limited
26 Sept 2020. Tenant only break. Detailed breakdown of floor areas to be confirmed.
Residential 14 modern residential units fully let Up to Various N/A Various £97,200 £97,200 Various N/A N/A £16,845 Service charge non recoverable to individual tenants on ASTs 12 months Residential income of £97,200 pa includes Flat 6 which is under offer at £550 pcm. £1,543,200
£1,682,200
36,813
09 unit 1–5 spurriergate york
Total
TenanT’s covenant
VAT
Spurriergate House is fully-let to a variety of national multiple retailers
The purchase of the property will be subject to VAT and we
with an average weighted unexpired term in excess of 12 years.
understand that the sale can be treated as a ‘Transfer of Going Concern’ (TOGC) for VAT purposes.
Set out below are the latest published accounts and covenant status of the property’s tenants according to Experian.
Tenant Passing Rent Latest Sales Profit (loss) Tangible Net Current Experian Risk of Experian D&B per annum Accounts Turnover before Taxes Net Worth Assets Delphi Score Business Failure Rating Dated (Liabilities) (out of 100) Failure Odds
Zara UK Limited
£480,000 31/01/2009 £27,5099,148 (£2,0043,186) £89,630,409 £47,500,843 60 Below Average Risk 24:1 5A2
Comments
Loss incurred as a result of 7 new UK store openings including Westfield London and London Oxford Street. Sales rose 16% over the period.
H&M (Hennes) Limited
£495,000 30/11/2008 £524,530,788 £10,564,741 £104,220,335 £43,647,015 84 Low Risk 51:1 5A1 Report for H&M Hennes & Mauritz UK Limited
Game Stores Group Limited
£235,000
31/01/2009
£896,708
£79,397
£88,597
£305,486
95
Very Low Risk
101:1
5A1
Phones 4U Limited
£181,000
31/12/2008
£668,441
£12,867
£64,303
£128,650
100
Very Low Risk
176:1
5A2
William Hill Organisation Limited
£55,000
30/12/2008
£13,337,137
£189,669
(£646,515)
£1,375,715
78
Below Average Risk
41:1
N1
fully-let… an average weighted unexpired term in excess of 12 years.
PROPOSiTiON Offers are sought in the region of ÂŁ28,000,000, exclusive of VAT and subject to contract. A purchase at this level would reflect an attractive initial yield of 5.25% assuming full costs.
unit 1–5 Spurriergate york
11
Contacts For further information or to arrange an inspection, please contact: Mark Smith
Bruce Nutman
Tel: 020 7182 2140
Tel: 020 7182 2408
Fax: 020 7491 4921
Fax: 020 7491 4921
mark.j.smith@cbre.co.uk
bruce.nutman@cbre.co.uk
Hugo Prince
CB Richard Ellis Limited
Tel: 020 7182 2794
Kingsley House
Fax: 020 7491 4921
Wimpole Street
hugo.prince@cbre.co.uk
London W1G 0RE T: 020 7182 2000 F: 020 7182 2001
www.cbre.co.uk Disclaimer: CB Richard Ellis 2009 CB Richard Ellis on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of CB Richard Ellis has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all priced and rents are quoted exclusive of VAT.
York | Unit 1-5 Spurriergate | October 09 | Ref: 106060