68 North Street, Chichester, PO19 1LP – Chichester
Shop, retail unit for sale
£1,185,000 2,108 sq ft
- Contact name
- Andrew King
- Full address
- 68 North Street, Chichester, West Sussex PO19 1LP – Chichester
- Contact details
-
020 *** ****
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- Property type
- Shop, retail unit for sale
- Asking price
- £1,185,000
- Features
- Courtyard, Grade II, Telephone system, Train transport
- Size
- 2,108 sq ft
- Tenure
- Freehold
- NIY (%)
- 6.27
The ground floor provides a retail unit and the two upper floors are let separately to a hair and beauty salon and benefits from a separate access at the front of the property.
The property is a Grade II listed, three-storey, Georgian building with a two-storey extension to the rear.
At first floor above to the rear is a single bed flat which is accessed via a separate entrance from the cul-de-sac and has been sold off on a long lease.
The buildings to the rear of the property have been converted to provide residential accommodation.
- North Street is one of Chichester’s two prime retail pitches.
- Affluent, historic Cathedral City and popular retail and tourist destination.
- Strong trading position within the pedestrianised section of North Street.
This shop, retail unit for sale is located in Chichester.
Search for all available commercial properties for sale in Chichester
P R I M E R E TA I L I N V E S T M E N T OPPORTUNIT Y CHICHESTER 6 8 N O R T H S T R E E T, P O 1 9 1 L P P R I M E R E TA I L I N V E S T M E N T O P P O R T U N I T Y CHICHESTER 6 8 N O R T H S T R E E T, P O 1 9 1 L P INVESTMENT SUMMARY • North Street is one of Chichester’s two prime retail pitches • Attractive Grade II listed period property with upper parts • Affluent, historic Cathedral City and popular retail and tourist destination • Strong trading position within the pedestrianised section of North Street • 80% of the income secured against the covenant of Coral Racing Limited • Total income of £78,500 per annum • Low passing rent reflecting £109.50 per sq ft Zone A • Freehold • Potential for residential conversion of upper parts subject to planning • Offers in excess of £1,185,000 which reflects an attractive net initial yield of 6.27% after the deduction of usual purchasers costs of 5.61% The property comprises a three-storey Georgian building with a two-storey later extension to the rear CHICHESTER P R I M E R E TA I L A404(M) I N V Slough EST M E N T A40 O P P A13 ORTUNITY M25Hayes A33 A34 M4 M4 Windsor M4 Reading A322 A33 A24 Farnborough A331 Aldershot Farnham Alton A34 A24 Petersfield A272 A272 CHICHESTER Southampton A272 A21 A264 Gosport A27 A27 A23 A22 A259 Bognor Regis A26 Lewes Worthing A21 Crowborough A26 Haywards Heath A272 A27 A27 A26 East Grinstead A23 A24 Kings Hill A22 M27 Fareham Portsmouth M26 A25 Sevenoaks M23 A264 A24 A3 Gravesend M20 A22 A24 Horsham Eastleigh M27 M25 A20 A232 Redhill Gatwick Airport A31 A2 Caterham Dorking Haslemere Winchester A23 A3 A31 M3 A3 Croydon Dartford 6 8 N O R T H S T R E E T, P O 1 9 1 L P A217 M25 Leatherhead Guildford A31 A303 A243 A102 A20 A23 Bromley Epsom A3 Woking Basingstoke A3 M3 Camberley M3 A203 Egham A339 A34 LONDON Heathrow Airport Bracknell M4 Wokingham Newbury A4 Brighton A26 A22 A27 LOCATION Eastbourne The Cathedral City of Chichester is the administrative centre for West Sussex and a popular retailing and tourist destination. It is located 65 miles south west of London, 15 miles east of Portsmouth and 30 miles west of Brighton. The City lies on the A27 which connects with the A3(M), M27 and M3 motorways. There is a regular 90 minute direct rail service to London Victoria. Gatwick airport is located approximately 50 miles to the north east. 252,000 catchment population DEMOGRAPHICS Chichester has a primary catchment population of approximately 252,000 with 25% of residents categorised as social group AB, reflecting the affluence of the town. Unemployment is approximately half the UK average. The city is a popular tourist destination with approximately 1.5 million visitors per annum. 1.5m visitors per annum CHICHESTER P R I M E R E TA I L I N V E S T M E N T O P P O R T U N I T Y 6 8 N O R T H S T R E E T, P O 1 9 1 L P SITUATION North Street and East Street form the City’s prime retail core. The property occupies a good trading position on the east side of the pedestrianised section of North Street. Occupiers in this pitch include L’Occitane, Caffe Nero, The White Company, Marks & Spencer, Wallis, WH Smith and Boots Opticians. RETAILING IN CHICHESTER There is an estimated 0.73 million square feet of town-centre retail floor space, well below the centre average of 1.16 million square feet which has led to a very low vacancy rate. Prime rents are currently in the region of £170-200 per sq ft Zone A. Retailer representation dominated by middle and upper middle-end retailers with limited low-end provision. P R I M E R E TA I L I N V E S T M E N T O P P O R T U N I T Y CHICHESTER 6 8 N O R T H S T R E E T, P O 1 9 1 L P DESCRIPTION The ground floor provides a retail unit and the two upper floors are let separately to a hair and beauty salon and benefits from a separate access at the front of the property. The property is a Grade II listed, three-storey, Georgian building with a two-storey extension to the rear. At first floor above to the rear is a single bed flat which is accessed via a separate entrance from the cul-de-sac and has been sold off on a long lease. The buildings to the rear of the property have been converted to provide residential accommodation. ACCOMMODATION The property provides the following net internal areas: DESCRIPTION USE AREA (SQ M) AREA (SQ FT) Ground Floor Retail 106.65 1,148 ITZA 53.05 571 1st Floor Salon 51.47 554 2nd Floor Salon 37.72 406 195.84 2,108 TOTAL CHICHESTER P R I M E R E TA I L I N V E S T M E N T O P P O R T U N I T Y 6 8 N O R T H S T R E E T, P O 1 9 1 L P TENURE The property is held68 freehold. North Street, Chichester, PL19 1LP TENANCY D Fn 17 18 58 NORT H ST REET The ground floor retail unit is let on effective FRI terms to Coral Racing Limited for a term of 15 years from 27 July 2009 (approx. 5 years unexpired) without break. The rent passing is £62,500 per annum, subject to review on 27th July14.9m 2019. 16 40 CHICHESTER RENTAL EVIDENCE 11 PH 63 36 62 The Old Glassworks 12 14 61 Prioryinternal The 1st and 2nd floors are let by way of a single Court El repairing only lease (no service charge payable) to Lisa Sub Sta Dawn Edwards for a term of 15 years from 25th March 2009 (approx. 4.75 years unexpired) without break. The rent passing is £16,000 per annum, subject to 11review on 15 17 1 3 5 LB 25th March 2019. 14.0m Oakhurst 32 TENANT DATE RENT 69 North Street Luckes Dec 2016 £44,600 £120 OML 70 North Street Caffe Nero Dec 2017 £110,000 £113 OML 73 North Street The White Company Jun 2017 £168,880 £145 RR 78 North Street Eat Mar 2017 £44,600 £120 RR 2 S ST CYRIAC 4 64 e t ADDRESS 6 The total current income is therefore £78,500 per annum. 36 5a ST PETER'S St Peters House 5 7 Coral’s rent reflects £109.50 per sq ft Zone A. 8 St Peters House 3 1 to 4 10 5 3 1 Henry House 68 9 71 72 Turnover (£) 6 STREET 2 21 The Council House 14.0m 1 1a 18 Platform 14.6m El Sub Sta TIN AR TM 'S Pre-Tax Profit (£) Net Worth (£) 31/12/2016 26/09/2015 27/09/2014 867,406,000 667,786,000 668,107,000 91,174,000 92,367,000 56,703,000 215,754,000 125,599,000 299,218,000 Lisa Dawn Edwards runs a chain of hair salons and has occupied the property for over 20 years. 20 ED & Ward Bdy S 21 17 LION 73 16 DATE OF ACCOUNTS 1 Post ambers St Martins Mews 3 2c 70 The Courtyard Richard Cobden House SQUARE 12 69 or House 4 80% of the income is secured against the excellent covenant of Coral Racing Limited whose most recent published accounts are as follows:- 4 3 2 68 26 to 2b Cr ane Street COVENANT INFORMATION North Close 4a 14.0m 4 1 North House 2 2a 27 2 3 1 to 3 2a 3a 1b 4 4a 1a 5 6 5 to 8 1 65 PH RENT PSF ZA LEASE EVENT P R I M E R E TA I L I N V E S T M E N T O P P O R T U N I T Y CHICHESTER 6 8 N O R T H S T R E E T, P O 1 9 1 L P VAT We understand that the property is elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged that the sale will be dealt with as a Transfer of a Going Concern (TOGC). PROPOSAL We are instructed to seek offers in excess of £1,185,000 subject to contract and exclusive of VAT which reflects an attractive net initial yield of 6.27% after the deduction of usual purchasers costs of 5.61% FURTHER INFORMATION Andrew King andrew.king@ryden.co.uk T: 020 7323 7959 Edwin Braim edwin.braim@ryden.co.uk T: 020 7323 7954 Ryden 4th Floor, Langham House 302-308 Regent Street London, W1B 3AT MISREPRESENTATION ACT Ryden for themselves and for the vendors or lessors of this property whose agents they are give notice that: (1) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Ryden has any authority to make or give representation or warranty whatever in relation to this property. 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