Property Information
Address:
64 New George Street, Plymouth
, PL1 1RR
Price: Property no longer available.
Size: 16 to 201 sqm
Primary Category: Shop
All Categories:
Investment, Shop,
Property Ref/Movehut: MH456086
Property Ref/Agent: 64 New George Street, Plymouth, PL1 1RR
*Please use the agent ref when calling the agent directly.
Property description
Investment Summary
??Ä? Plymouth is a major regional retail centre ranked in the top 20 UK cities.
??Ä?Well configured modern retail unit extending to approximately 2,365 sq ft (NIA) on ground floor plus upper floor.
??Ä?Recently re-geared 125 year lease expiring July 2139.
??Ä?Property entirely let to TUI UK Retail Limited on new 10 year FRI lease from completion.
??Ä?Tenant covenant D&B rating 3A1. Part of TUI Group Plc a FTSE 100 company.
??Ä?Gross annual rental of ?119,500 per annum with ground rent of 10% of rents received i.e. net rent ?107,550 per annum.
??Ä?We are seeking offers in the region of ?1,000,000 (one million pounds), a net initial yield of 10%
Location
Plymouth is the largest city in the south west of England and is located 220 miles south west of London, 112 miles south west of Bristol, 44 miles
south west of Exeter and 56 miles east of Truro. The city is located on the A38 dual carriage way which connects with the M5 (Jc 31) at Exeter.
Plymouth airport is located 3 miles north of the city centre with regular flights throughout the UK and continental Europe. In addition, the city is an
important continental and international seaport. The city has a mainline railway station with a journey time to London of just over three hours
and to Bristol (Temple Meads) of approximately 2 hours.
Retailing in Plymouth
Plymouth is the largest regional shopping centre west of Bristol providing retail floor space of 1.55 million sq ft and is ranked 28th in the UK by size
of the PROMIS centres on this measure. Retail in Plymouth is principally confined to New George Street, Cornwall Street, Armada Way,
Royal Parade and the 560,000 sq ft Drake Circus Shopping Centre which opened in 2006. This is anchored by Marks and Spencer, Primark and Next
and includes such other retailers as H&M, Superdry, Boots the Chemist, Apple and Top Shop/Top Man.
Demographic and Economic Profile
Plymouth is the largest urban centre (population and employment) in Devon and Cornwall with a population of approximately 462,000 within the primary catchment area and an estimated shopping population of 354,000, which ranks the city 19th of the 200 PROMIS centres on this measure. Consumer spending in Plymouth is boosted significantly by tourism and the student population and Plymouth University is home to 30,000 students and 3,000 staff with the main campus situated adjacent to the city centre.
This city has a diverse economy and is home to the largest naval base in Western Europe with a world renowned marine research centre led by the Plymouth Marine Science Partnership.
Situation
The property is situated in a prominent position of the north side of New George Street adjacent to Phones 4 U and Poundland and close to H Samuel, Vodafone, JD Sports, Waterstones and WH Smith.
Description
The property comprises a modern purpose built three storey building providing well configured sales and ancillary storage on ground floor with first floor staff/storage accommodation. The first and second floors have been sublet on a long lease to New George Street Development Corporation with a subsequent sub-under lease of
the first floor to the shop tenant.64 New George Street, Plymouth
Accommodation
The property comprises the following approximately floor areas:
Ground Floor Sales 2,186 sq ft 203 sq m
Ground Floor Ancillary 179 sq ft 17 sq m
ITZA 967 sq ft
First Floor Staff/Storage 853 sq ft 79 sq m
Second Floor 226 sq ft 21 sq m
Total 4,411 sq ft
Tenure
In common with Plymouth's entire central shopping area this property is held Long Leasehold from Plymouth City Council for a period of 125 years from July 2014 (expires July 2139).
The head lease is on full repairing and insuring terms, at a rent of 10% of the annual rent received. The current head rent payable is therefore ?11,950 per annum. We understand there is no head rent payable if the unit is vacant.
Tenancies
The entire property is let to TUI UK Retail Limited for a term of 10 years from completion on full repairing and insuring terms at a rental of ?119,500 per annum. The lease is subject to an upward only rent review to open market rental value at the end of the fifth year. The first and second floors of the property have been sub-underlet to New George Street Development Company from 24th June 1951 for 97 years, expiring 23rd June 2048.
Covenant
TUI UK Retail Ltd. (Company No 1456086) is a wholly owned subsidiary of Tui Travel Plc which is an international leisure travel group listed on the London
Stock Exchange and a constituent of the FTSE 100 Index. TUI Travel PLC was formed on 3rd September 2007 by the merger of First Choice Holidays PLC and the tourism division of Tui AG which owns 55.74% of the company and operates in 180 countries with circa 30 million customers. TUI UK Retail Ltd. (D&B Rating 3A1) have the following results:
30/09/2013
Turnover ?206.66m
Net Loss (?5.38m)
Number of Employees 93,664
30/09/2012
Turnover ?197.25m
Net Loss n/a
Number of Employees 5,360
30/09/2011
Turnover ?207.43m
Net Loss (?87.45m)
Number of Employees 5,738
EPC
The property has an EPC rating of E105.
VAT
The property is elected for VAT purposes.
Price
We are seeking offers in the region of ?1,000,000 (one million pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 10%
after allowance for purchase costs of 5.8%.
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