1-2 union street bath ba1 1rp - greenandpartners.co.uk
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1-2 UNION STREET BATH BA1 1RP
PRIME, ATTRACTIVE RETAIL INVESTMENT WITH DEVELOPMENT POTENTIAL
Investment Summary› Attractive buildinginaprominent corner
positiononthejunctionofUnionStreetandWestgateStreet
› 5,934 sq ft arranged over ground, basement and four upper floors
› Bathisadominant retail centrewithoneoftheUK’s most affluent catchments
› 100% primeretailinglocationonUnionStreetwithnearbyoccupiersincludeCOS,NationwideBuilding Society,WH Smith,Pret a MangerandCosta.
› LettoStonemanor Limited t/a Apricot until November 2027
› TenanthasrecentlyhadaCVAapproved.Rentnowlinkedtoturnoverandbothlandlordandtenantbenefitfromflexibleleaseterms.
› Opportunity to obtain vacant possessionandconvertbuildingintoamixedusescheme
› Freehold
Weareinstructedtoseekoffersinexcessof£1,300,000 (One Million, Three Hundred Thousand Pounds)subjecttocontractandexclusiveofVAT.
LocationBathisanaffluentspacitylocatedintheSouthWestofEngland.ThecityisfamousforitsarchitectureandattractionssuchastheRomanBaths,BathAbbeyandthePumpRoomsandthecityisadesignatedUNESCOWorldHeritageSite.Asaresult,thecityisoneoftheUK’stoptouristdestinationsandattracts6.25millionvisitorsperannum.
Thecityiswellconnectedandislocatedapproximately100milesfromLondon,13milesfromBristoland50milesfromCardiff.Bathhasexcellentroadlinksandissituated8milessouthoftheM4and20milessoutheastoftheM5.
BathSparailwaystationprovidesregulardirectrailservicestoLondonPaddingtonwithajourneytimeof1hour21minutes.DirecttrainsalsorunregularlytoBristolTempleMeadswithajourneytimeof18minutes.
BristolAirportislocated20milestothewestofBathwithanexpandingnumberofdomestic,continentalandintercontinentalroutesservingtravel,commerceandtourism.
SWANSEA
LLANELLI
CARMARTHEN
A470
A465
A470
A470
A483
M3
M4
M4
M40
M40
M40
M42
M42
M45
M25
M25M1
M1
M1
M1M6
M6
M6
M5
M42
M54
M69
A1(M)
M1
M1
M20
M20
M2M25
M25
M11
M23
M3
M27
A1 (M)
GUILDFORD
BASINGSTOKE
SOUTHAMPTON
PORTSMOUTH
SWINDON
WESTON-SUPER-MARE
BRIDGEWATER
TAUNTON
WEYMOUTHEXMOUTH
DORCHESTER
YEOVIL
POOLE
GLASTONBURY
GLOUCESTER
PONYTPOOL
CHELTENHAM
BANBURY
RUGBY
STRATFORD-UPON-AVON
CIRENCESTER
CHIPPENHAM
OXFORD
BIRMINGHAM
NOTTINGHAM
SHREWSBURY
WOLVERHAMTON
KIDDERMINSTERCOVENTRY
LEICESTER
MANSFIELD
NORWICH
LOWESTOFT
THETFORD
BOSTON
PETERBOROUGH
KING’S LYNN
LINCOLN
MANCHESTER
WARRINGTON
BLACKPOOL
SOUTHPORT
LIVERPOOL
PRESTON
WIGANBOLTON
BURNLEY
BLACKBURN
KETTERING
CORBY
DERBY
WORCESTER
HEREFORD
CARDIFF
NEWPORT
BARNSTAPLE
WELLINGTON
MINEHEAD
PLYMOUTH
NEWQUAY
FALMOUTH
DARTMOUTH
LAUNCESTON
TORQUAY
EXETER
SALISBURY
NEWBURY
BRISTOL
WINCHESTER
FISHBOURNEBOURNEMOUTH
ISLE OF WIGHT
READING
BRACKNELL
SLOUGH
WATFORD
HATFIELDHARLOW
WAREHERTFORD
ROYALTUNBRIDGE
WELLS
STALBANS
HEMELHEMPSTEAD
BISHOP’SSTORTFORD
AYLESBURY
DUNSTABLE
LUTON STEVENAGE
NORTHAMPTON
WELLINGBOROUGH
CAMBRIDGE
NEWMARKET
AMERSHAM
CROYDON
SOUTHAMPTON
HEATHROW
STANSTED
LUTON
CHELMSFORD
BASILDON
MARGATEROCHESTER
MAIDSTONE
NEWHAVENBRIGHTON EASTBOURNE
FOLKESTONE
DOVER
SOUTHEND-ON-SEA
CLACTON-ON-SEA
COLCHESTER
FELIXSTOWE
HARWICH
IPSWICH
SUDBURY
SEVENOAKS
A22
A22 A26
A23
A3A31
A33
A41
A14A14
A14
A141
A5
A5
A44
A40
A420
A429
A423A508
A429
A46
A6
A6
A1
A1
A11
A14 A14
A12
A12
A414
A414
A120
A505
A13
A2
A10
A36
A36
A36A37
A46
A3A24
A272
A338
A350
A354
A354
A303
A350
A346
A433
A343
A303
A338
A338
BEDFORD
MILTONKEYNES
GATWICK
S TR A I T O F D O V ER
ENGLISH CHANNEL
ENGLISH CHANNEL
NORTHSEA
LONDON
LONDON CITY
BRISTOL
A38M5
M5
M5
M5
M48
M50
M4
M4
A39
CARDIFF
SWANSEA
A37
A361
A361
A449
A48
A40
A40
A388
A386
A30
BURTONUPON TRENT MELTON
MOWBRAY
DOWNHAMMARKET
GREATYARMOUTHM6 Toll
A515
A515
A515
A623
A523
A423
A550
A534
A628
A585
A583A646
A570
A5758
A666
A59
A53
A34
A56
A59
A385
A453
A6
A52
A38A41
A49
A49
A46
A53
A50
A46
A46
A444
A458
A456
A442
A458
A449
M66M61
M62M60
M58
M56
M57
M53
M65
M62
M62
M62
M65M55
M6
M6
M6
M1
SUNDERLAND
DARLINGTON
HARTLEPOOL
DURHAM
HEXHAM
BARNARD CASTLE
MIDDLESBROUGH
A694A68
A68
A68
A19A66A66
A69
A19
A690
A693
A689
A1(M)
NEWCASTLEUPON TYNE
BISHOPSAUCKLAND
A386
A377
A380
A385
A38
M5
EXETER
PLYMOUTH
BRISTOL CHANNEL
ST GEORGE’S CHANNEL
MACCLESFIELD
ROTHERHAM
CHESTERFIELD
PEAK DISTRICTNATIONAL PARK
BRECON BEACONSNATIONAL PARK
DARTMOORNATIONAL PARK
STOKE-ON-TRENT
NORTHWICH
CHESTER
BRADFORD
HALIFAX
LEEDS
HUDDERSFIELD
CASTLEFORD
SHEFFIELD
WINCHESTER
BATH
DemographicsBathhasaprimarycatchmentareaof370,000peoplewithanestimatedshoppingpopulationof297,000people.BathhasoneofthemostaffluentcatchmentsintheUKwithanaboveaveragerepresentationofthemostaffluentABsocialgroup,with22%ofhouseholdsearningover£70,000perannumcomparedtothe13.5%UKaverage.
Thepopulationissupportedbyavaststudentpopulationofaround22,000peopleattendingthecity’stwouniversities–UniversityofBathandBathSpaUniversity.
BathisoneofthemostvisiteddestinationsintheUKwith6.25millionvisitorsperannum.Tourismcontributes£470mtothelocaleconomyeachyear.
Retailing in BathBathisoneoftheUK’sleadingretailingdestinationsanditsconsumerbaseisranked26ofthePROMIScentres.Thecityranks29intermsofthevolumeoftotalretailspendavailablewithinthePrimaryRetailMarketAreaandisforecasttoseesignificantlyaboveaveragegrowthinretailspendingoverthenext5years.
BathisrankedninthonthebasisofitsPMANon-FoodRetailScoreandninthonthePMAFashionScore.Inadditionthecityrankshighlyintermsofcateringprovision,ranking5thofthe200PROMISCentresonPMA’sCafé/RestaurantScore.
TheprincipalshoppingstreetsofMilsomStreet,UnionStreet,StallStreetandSouthgateformanorth-southaxisrunningparalleltotheRiverAvon.UnionStreetisahighfootfalllocationintheprimepitchandislocatedneartothekeytouristattractionsofthePumpRooms,theRomanBathsandBathAbbey.
50 metres
Bath
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601
6011
Experian Goad Plan Created: 09/06/2021 Created By: Green and Partners
Copyright and confidentiality Experian, 2020. © Crowncopyright and database rights 2020. OS 100019885
SituationThepropertyislocatedina100%primepositiononthecornerofUnionStreetandWestgateStreet.NearbyoccupiersincludeCOS,Nationwide Building Society,WH Smith,Pret a MangerandCosta.
DescriptionThesubjectpropertyisanattractiveandprominentcornerretailbuildingarrangedoverground,basement,first,second,thirdandfourthfloors.ThepropertyisGradeIIlisted.
AccommodationThepropertyprovidesthefollowingapproximateaccommodation:
Sq ft Sq m
GroundFloorSales 925 85.94
Basement 1,438 133.59
FirstFloor 784 72.84
SecondFloor 882 81.94
ThirdFloor 844 78.41
FourthFloor 756 70.23
Total 5,629 522.95
TenureFreehold.
TenancyTheentirepropertyislettoStonemanorLimitedt/aApricotonafullrepairingandinsuringleaseforatermof10yearsfrom2ndNovember2027.ThereisanupwardsonlyrentreviewinNovember2022.
ACVAwasapprovedbycreditorson15thJanuary2021.Asaconsequencetherentisnowequivalentto8%ofturnover.Thisequatestoanestimatedrentof£45,000pafor2021and£58,000pafor2022.Thelandlordhasabreakoptionwithin60daysoftheCVAapprovalandthereafteronfirstandsecondanniversariesoftheeffectivedate.
TherentpayablepriortotheCVAapprovalwas£185,000pa.
Asset ManagementThereistheopportunityforapurchasertoconverttheupperpartsintomultipleuses,subjecttoplanningpermission.UnderthetermsoftheCVAthelandlordhasbreakoptionsatthe1stand2ndanniversariesoftheCVAeffectivedate(15thJanuary2021)tofacilitatethisopportunity.
Givenlocationandfootfall,thegroundandbasementfloorsarebestpresentedasretailspace.Atpresenttheupperfloorsareincellularlayout.Thefirst,second,thirdandfourthfloorsbenefitfromaseparateentrancewhichcouldbeutilisedforarangeofalternativeuses,subjecttotherelevantplanningpermissionsandsatisfyingthenecessarybuilding,firesafetyandlistingregulations.
Theupperpartswouldpresentthemselvesforalternativeusessuchasresidential,studentaccommodation,officesandholidaylets,accessedviatheseparateentrance.
Bathhasastrongresidentialmarketthatisdrivenbydomesticandinternationaltravelaswellasthelargestudentpopulation.Residentialcapitalvaluesareknowntoreachover£600persqft.Thecityhasalivelylettingmarketandtheproperty’scentrallocationshouldlenditselftoeitherASTsorservicedflats.
Furthermoregiventhatthecityisastrongtouristdestinationtheupperpartswouldpresenttheopportunitytoprovideholidayletsandshorttermrentals.
Ground FloorGround Floor BasementBasement
Second FloorSecond Floor
A/C
EXTERIORPLATFORM
A/C
EXTERIORRPLATFORRM
First Floor
Third FloorFourth Floor
Floor Plans
EPCThepropertyhasanEPCratingofD87.
VATThepropertyhasbeenelectedforVATandanydisposalwillbebywayofaTransferofaGoingConcern(TOGC).
ProposalWeareinstructedtoseekoffersinexcessof£1,300,000 (One Million, Three Hundred Thousand Pounds) subjecttocontractandexclusiveofVAT.
Further DetailsForfurtherinformationortoarrangeinspectionpleasecontact:
Ed Smith
Patrick Over
Harry Jeffery
MISREPRESENTATION: Green & Partners LLP, these particulars do not constitute an offer orcontract.Theyareintendedasaguidetoprospectivepurchasers.Allreasonablecarehasbeentakeninthepreparationoftheseparticularsbuttheiraccuracyisnotguaranteed.Thepurchasershould satisfy himself and as to the correctness of these details. Neither the agents nor thevendorsorlessorsaretobeorbecomeunderanyliabilityorclaiminrespectoftheseparticulars.Theseparticularsaresuppliedontheunderstandingthatallnegotiationsareconductedthroughthisoffice.
Design:BarbicanStudio:www.barbicanstudio.comI+44(0)2076349573IJuly2021