129 stoke road, gosport, po12 1sd · passing rent of £220,000 per annum (£9.19) with a fixed...

129 Stoke Road, Gosport, PO12 1SD


Gosport is an established coastal town situated on a peninsular to the west of Portsmouth Harbour and the city of Portsmouth.

Located 0.5 miles west of Gosport town centre and 6.3 miles south of junction 11 of the M27.

Let to the substantial 5A 1 Dun & Bradstreet covenant of Waitrose Limited until 16th July 2025 (5.83 years unexpired). Waitrose have been in occupation since 1973.

Passing rent of £220,000 per annum (£9.19) with a fixed uplift to £250,000 (£10.44) in July 2020.

Large site area of 0.88 acres.

Potential to consider long term redevelopment of the site, subject to necessary planning consent. The adjoining building 133 Stoke Road has permission under permitted development to be converted to 18 one-bedroom residential flats.

We are instructed to seek offers in excess of £2,500,000 (Two Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 8.27%, a reversionary yield of 9.40% (July 2020) and after purchaser costs of 6.38%.

Investment Summary


Gosport is a coastal town in South Hampshire, situated on a peninsular to the west of Portsmouth Harbour and the city of Portsmouth to which it is linked by the Gosport Ferry.

The town is located approximately 13 miles south west of Portsmouth, 19 miles south east of Southampton and 6 miles south east of Fareham.

The property benefits from good road communications with the Stoke Road linking north via the A32 Forton Road to junctions 10 and 11 of the M27. The M27 in turn provides access west to the M3 at Southampton and east to the A3(M) at Havant.

Portsmouth Harbour railway station, accessed via the Gosport Ferry, provides a fastest journey time to London Waterloo in 1hr 36 mins.

Southampton International Airport is 20 miles to the north west, providing domestic, european and international flights.

The subject property is situated 0.5 miles west of Gosport town centre and the pedestrianised High Street. Bus services are immediately outside the property providing access east to Gosport town centre and north towards Fareham.

Adjoining the property is 131 and 133 Stoke Road comprising Anytime Fitness, Rowans Furniture Shop and Gosport chiropractic clinic. The upper parts to 133 have permission under permitted development to be converted to 18 one-bedroom residential flats.

The area around the subject property is predominately residential, leisure and retail. At the 2011 Census the population of Gosport stood at 82,600, approximately an 8.1% increase since 2001.

Location

SituationA32

FORT ON ROAD

A32

M U MBY ROAD

A3 2

B3 3 33

SOUT H ROAD

B33 3 3

SOUT H ROAD

BURY ROAD B3333

STOKE ROAD

SPRIN

G G

ARD

EN LAN

E

GO

RDO

N R

OAD

W

HIT

WO

RT

H R

OAD

ANN

’ S H

ILL

RO

AD

ANGLE

SEY R

OAD

THE

AVE N

UE

PAR

K R

OAD

HASLAR ROAD

HAS

LAR

BRID

GE

GU

NW

HA

RF RD

QUEEN ST

B21 54

BRO

AD STREET

HIGH STREET

Gosport Marina

Royal Clarence Marina

HaslarMarina

HaslarLake

GosportPark

National Museumof the Royal Navy

The Royal NavySubmarine Museum

Royal HaslarLuxury WaterfrontResidential Village

Gosport WarMemorial Hospital

Town CentreGUN WHARF

QUAYS

GosportFerry Terminal

Portsmouth-Gosport

Ferry Terminal

PortsmouthIOW Car

Ferry Terminal

ALVERSTOKE

Lee-on-the-Solent

Alverstoke

Hayling Island

Waterlooville

Havant

ChichesterHarbourAONB

North SolentNational

Nature Reserve

South DownsNational Park

CoshamPortchester

FarehamTitchfield

Cowes

Wickham

Hedge End

Hythe

Blackfield

Droxford

Petersfield

Eastleigh

PORTSMOUTH

SOUTHAMPTON

ISLE OF WIGHT

The Solent

The Solent

M27

M275

M27

M3

M271

A3(M)

A3

A32

A32

A326

A32

A27

A27

B2150

B3354

A3057

A334

SOUTHAMPTONAIRPORT

GOSPORT

HIGH STREET

133 STOKE ROAD – PDR for 18 one bedroom flats

GOSPORT MARINA HASLAR MARINAGOSPORT FERRY

PORTSMOUTH


The property comprises a two-storey semi-detached retail unit of concrete frame construction under a flat roof.

The supermarket has customer entrances to the front and rear. Internally the unit is fitted out to the corporate trading specification of Waitrose including a large sales area, meat counter, four main checkouts, eight self-service checkouts, two basket checkouts and a click & collect service.

At first floor level there are staff offices, a staff room with canteen and ancillary storage space including chillers. Loading is to the rear of the store where a goods lift provides access to the first floor.

The property provides car parking to the rear. The site area is approximately 0.88 acres.

Description

The property is entirely let on a full repairing and insuring lease to Waitrose Limited (company reg: 00099405) at a rent of £220,000 per annum (£9.19 per sq. ft.), for a term of 10 years from 17th July 2015 expiring on 16th July 2025 (5.83 years unexpired). The lease is subject to a fixed rental uplift on the 17th July 2020 to £250,000 per annum (£10.44 per sq. ft.). Waitrose have been in occupation since the original lease that dates back to 1973.

Tenancy


Unit Area sq m sq ft

Ground Floor Retail 1,120.5 12,062

First Floor Ancillary 1,104.6 11,889

Total 2,225.1 23,951

28 Jan 2017 000’s

27 Jan 2018 000’s

26 Jan 2019 000’s

Turnover £6,121,300 £6,226,100 £6,296,700

Pre-tax Profit £150,500 £100,500 £84,800

Net Worth (exc intangible fixed assets) £695,500 £718,000 £763,800

Shareholder Funds £806,700 £841,500 £906,100

Accommodation

Covenant

The property has been measured on a Gross Internal Area (GIA) basis in accordance with the Royal Institution of Chartered Surveyors Code of Measuring Practice (6th Edition) and we set out the approximate areas below:

This plan is for indicative purposes only

XX

Waitrose Limited is one of the UK’s largest supermarket chains and forms the food retail division of the John Lewis Partnership.

Waitrose Limited (00099405) has a Dun and Bradstreet rating of 5A 1.

Ordnance Survey © Crown Copyright 2019. All Rights Reserved.Licence number 100022432Plotted Scale - 1:1250. Paper Size - A4

Car park

Coombe Villa, Knaphill, Woking

Address Sale Date Size (sq ft) Price Yield Rent psf Tenant Comments

Ham Rd, Shoreham by Sea, BN43 6PA Mar-19 35,648 GIA £3.85m 6.75% £7.29 (Mar-17) Co-op

Foodstores Ltd

Let for 5 years from March 2017. Tenant break in 2020. Redevelopment potential.

The Furlong, Ringwood BH24 1AT Jan-18 44,102 GIA £17.25m 4.99% £20 Waitrose Let for 7.25 years to break.

Ampthill, Bedfordshire MK45 2LU Nov-18 31,298 GIA £12.31m 4.95% £21.66 (Jan-17) Waitrose Let for a term expiring Jan 2031

(12 years unexpired).

Yorktown Road, Sandhurst GU47 OPU Apr-17 28,523 GIA £7.75m 4.35% £12.62

(rebased 2017) Waitrose Let for a term expiring Mar 2030. Providing 13 years unexpired.

Coombe Villa, Knaphill, Woking

Address Transaction Transaction Date Rent PA Headline Rate

psf

Lidl Supermarket, Hambledon Road, Waterlooville, Hampshire PO7 7XW Letting May-18 £328,500 £16.11

Aldi Foodstore Ltd, Barnfield Drive, Chichester, West Sussex PO19 7AG Letting Jul-17 £290,000 £15.76

AsdaUnit 1 Wave, Approach Selsey, West Sussex PO20 0FR

Letting Jun-17 £360,000 £17.92

Lidl, 61/69 London Road, North End, Portsmouth, Hampshire PO2 0BH Letting Apr-17 £280,000 £11.36

Investment Market

Occupational Comparables


Local comparable evidence are set out below:

The market remains strong for supermarket investments that offer a secure income stream. Recent comparables are set out below:

We are instructed to seek offers in excess of £2,500,000 (Two Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 8.27%, a reversionary yield of 9.40% (July 2020) and after purchaser costs of 6.38%.

Misrepresentation Act 1967 – Vail Williams 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 intended purchasers or lessees and do not constitute nor constitute part of an offer or contract. 2. All descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants 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 Vail Williams has any authority to make any representation or warranty whatsoever in relation to this property. Finance Act 1989 – Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (V.A.T.). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of V.A.T. in respect of any transaction.

Birmingham Surrey Gatwick Heathrow London Solent Thames Valley Vail Williams LLP, a Limited Liability Partnership, registered in England (number OC319702). Registered Office: 550 Thames Valley Park Drive, Reading, Berkshire RG6 1PT. Any reference to a Partner means a Member of Vail Williams LLP or an employee or consultant with equivalent standing and qualifications. A full list of Members is open for inspection at the registered office. Regulated by RICS. October 2019

Our Services: Acquisition & Disposal, Building Consultancy, Corporate Real Estate, Development Consultancy, Investment and Funding, Leasing Advisory, LPA Receivership, Planning Consultancy, Property Asset Management, Rating, Valuation

London

Toby Yates [email protected] 07881 500 995

Richard Dawtrey [email protected] 07881 588 526

Proposal

Further Information

EPC: D - 82

Tenure: Freehold.

VAT: We understand the property has been VAT elected and therefore anticipate the sale will be treated as a Transfer of Going Concern (TOGC).

Data Room: Leases and other supporting documentation relating to the properties are available in the data room – for access please contact Nicole Evans on [email protected].

Southampton

Marcus Chuter [email protected] 07557 504 952

Russell Miller [email protected] 07760 171 443

129 stoke road, gosport, po12 1sd · passing rent of £220,000 per annum (£9.19) with a fixed...

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