Sussex House, 25/26 North Street and 9/10/11 Crane Street Chichester,West Sussex PO19 1LB
9
10
11
CRANE STREET ENT
TONI & GUY
GREGGS
Location Estimated District Population: 100,000 Miles: 20 miles north-east of Portsmouth 20 miles west ofWorthing
Roads: A3(M), A27, A259, A286, M27
Position The property is located at the junction of the pedestrianised North Street and Crane Street in the heart of Chichester city centre.
Nearby: Marks & Spencer, Laura Ashley, Jacques Vert, WH Smith, Boots the Chemist and Starbucks.
Present Accommodation (approximate areas) (1) Floor
Accommodation
Ground/First (25 North Street)
Licence No. PU1000017316 from Experian Goad, Hatfield Herts. For identification purposes only – please see title documentation.
Extract reproduced from 1998 Edition of the Goad Plan
Ground (26 North Street)
Ground (9 Crane Street)
Net Rent
£43,850 pa High Yielding Retail and Office Investment in Chichester City Centre
• Let to tenants including Greggs, Toni & Guy andWest Sussex County Council
• New lease to Greggs plc from August 2011. Lease extension recently agreed to Toni & Guy Ltd
• Prominent corner location close to Marks & Spencer
• VAT- free investment 52
Ground (10 Crane Street)
Ground (11 Crane Street)
First/Second Net Internal Areas Sales/Ancillary 150.96 sq m Sales/Ancillary Sales/Ancillary Sales/Ancillary 87.79 sq m 37.62 sq m 55.28 sq m
Description FIVE SHOPS together with SELF-CONTAINED OFFICES arranged on the ground, first and second floors.
Tenure Long Leasehold for a term of 99 years from 25th March 1975 reviewed on an as and when basis to 80% of the total annual gross rent due so that the rent payable to the lessor will not be less than £16,517 per annum. The current head rent is £175,400 per annum. The long leasehold interest has the right to be extended for a further 26 years on expiry, without a premium, thus ensuring a minimum unexpired term of about 88 years.
VAT is not applicable to this lot. Tenant Term
(1,625 ft) GREGGS PLC (2) 10 years from 5th August 2011 with a rent review and tenant break option in 2016
(945 sq ft) TONI & GUY LIMITED (3)
(405 sq ft) K JEFF (5)
(595 sq ft) DISKING INTERNATIONAL LIMITED (6)
Sales/Ancillary Offices Total Commercial Area 53.42 sq m
(575 sq ft) BLINKERS PROPERTY LIMITED (7)
498.87 sq m (5,370 sq ft) WEST SUSSEX COUNTY COUNCIL
883.94 sq m (9,515 sq ft)
20 years from 16th June 1995 (4)
10 years from 20th December 2007 with a rent review in 2012
5 years from 18th November 2011
25 years from 24th June 1987 (8)
10 years from 16th January 2004
Total Rent
Rent £ p.a. £68,000
£62,500 £16,000
£13,000 rising to
£14,000 in May 2013
£18,750 £41,000 £219,250
(1) Areas provided by the Vendor. (2) t/a Greggs, who for the year to 01/11, reported a turnover of £662.3 million, pre-tax profits of £52.5 million and a net worth of £175.8 million. (Source: One Source One-Stop Report)
(3) t/a Toni & Guy, who now trade from about 420 salons in 42 countries worldwide, employing over 5,000 in the UK. For the year to 08/10, Toni & Guy Limited reported a total turnover of £12.6 million, pre-tax profits of £2.4 million and a net worth of £3.7 million. (Source:
www.toniandguy.com and One Source One-Stop Report).
(4) A reversionary lease to Toni & Guy has been agreed for a 5 year lease extension at a rent of £62,500 per annum (without review) in exchange for a four month rent free period from completion of the reversionary lease – please see legal documentation.
(5) t/a One Legged Jockey, who trade from 2 other shops and sell retro, vintage and alternative clothing. The Vendor holds a £4,000 rent deposit. (Source:
www.oneleggedjockey.co.uk)
(6) t/a Disking. Established in 1979, Disking Computers specialise in the provision of IT equipment and servicing through its 6 shops situated in Chichester, Farnham, Godalming, Hindhead, Liphook and Petersfield. (Source:
www.disking.co.uk)
(7) t/a Blinkers, who are a unisex hairdresser and trade from another branch in Winchester. Their ultimate parent company is Regis Corporation. (8) A new 10 year lease to Regis UK Limited (with a tenant only break option in year 5) has been agreed from 24th June 2012 at a rent of £17,750 per annum – please see legal documentation. For the year to 06/11, Regis UK Ltd reported a turnover of £89 million, pre-tax profits of £2.1 million and net assets of £15.8 million. (Source: Company Accounts)
NB: The sale is conditional on the parties receiving the Superior Landlord’s consent and the buyer must promptly provide references and other relevant information to comply with the Superior Landlord’s lawful requirements – please see Special Conditions of Sale.
The Special Conditions of Sale and a legal pack are available from the Seller’s Solicitors and are available online at
www.cbre.co.uk/auctions. Seller’s Solicitor Piper SmithWatton LLP. t: 0207 222 9900. e:
stephen.solomons@
pswlaw.co.uk Ref: S Solomons Esq.
BLINKERS
DISKING ONE
LEGGED JOCKEY
LOT 38
NORTH STREET
25 26
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