28 high street, winchester so23 9bl

PRIME RETAIL HIGH STREET INVESTMENT WITH RESIDENTIAL DEVELOPMENT POTENTIAL

28 HIGH STREET, WINCHESTER SO23 9BL

INVESTMENT CONSIDERATIONS• Winchester is a picturesque, historic and affluent Cathedral City in the South of England

• The City is regarded as one of the most affluent Promis centres in the UK

• The property occupies a prime position on the High Street and benefits from high footfall

• Attractive Grade II Listed Georgian building

• The property comprises a ground floor retail unit with basement and two upper floors

• Total existing floor area of 4,822 sq ft

• The ground floor, basement and part first are let to Fat Face Limited on a lease expiring in March 2028 thus having 6.52 years to expiry (2.52 years to break)• Current rent of £182,000 per annum• The first and second floor are vacant and benefit from separate access from the High Street

• Planning permission was granted in June 2017 (subsequently expired) for conversion to one 2 bed flat at first floor and one 3 bed flat at second floor

• Residential values in the area are achieving capital values of c.£500psf

• Freehold

• Tenant is up to date with rental payments

PROPOSALOffers sought in excess of £2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.56% assuming standard purchaser’s costs.



LONDON

M5

M5

M4

M4

M3

M1

M32

M27

M40A1(M)

A3(M)

M40

M25

M25

M23

M11M48

Southampton

Gatwick

Heathrow

LondonCity

LutonOxford

Bournemouth

Bristol

SOUTHAMPTON

PORTSMOUTH

Salisbury

Newbury

BasingstokeGuildford

Woking

ChichesterWorthing

Brighton

Swindon

GloucesterCHELTENHAM

BATH

OXFORD

READINGBRISTOL

Dorchester

Yeovil

Weymouth

Bournemouth

WINCHESTER

LOCATIONThe historic Cathedral City of Winchester is the county town of Hampshire and is located at the western end of the South Downs National Park. The City is situated 98 km (61 miles) south west of London, 20 km (12.5 miles) north east of Southampton and 43 km (27 miles) south of Newbury.

The town benefits from good road communications providing direct access to the M3 at Junctions 9 and 10 providing access to Southampton to the south and Basingstoke and the M25 to the north.

Rail links are excellent with regular services from Winchester railway station to London Waterloo with a fastest journey time of 62 minutes. Direct services also operate to Southampton Central (20 minutes) and Basingstoke (19 minutes).

London’s Heathrow International Airport is located approximately 50 miles to the north east providing both long and short haul flights.



© Crown Copyright, ES 100004106. For identification purposes only.

ST P

ETER

STR

EET

SITUATIONThe property is situated in a prime position on the pedestrianised High Street benefitting from high footfall.

Nearby multiple retailers include Boots, Santander, Tesco Express, Costa and Space NK.



RANKED 1ST in the Royal Mail UK HAPPINESS INDEX 2019

£360M REGENERATION PROGRAMME underway to develop the retail offering, provide more space for business and provide better residential and leisure space

57% OF WINCHESTER’S POPULATION POSSESS A DEGREE or equivalent qualification which has created a highly skilled workforce

THE CATHEDRAL CITY attracts an estimated 5.6 MILLION VISITORS each year

The city benefits from VERY LOW LEVELS OF UNEMPLOYMENT at 3%

Winchester has a POPULATION OF 124,900

The city benefits from a BUSY CENTRE of professional services, retailers and public sector organisations

A Vibrant Cathedral CityDEMOGRAPHICSThe total population within the Winchester primary catchment area is approximately 124,000, with an estimated shopping population of approximately 71,000.

The Winchester population is one of the most affluent of the PROMIS catchments with per capita retail spending levels being

significantly above the PROMIS average. According to Tourism South East, annual tourism expenditure in Winchester is over £230 million with the number of visits made to Winchester now over 4.9m. The town provides a good restaurant offering attracting both the local population and tourist trade.

RETAILING IN WINCHESTERWinchester is an attractive retailing centre providing approximately 570,000 sq ft of retail floor space.

The historic nature of the city creates a beautiful and desirable retailing environment boasting an eclectic mix of major national multiples and boutique/upmarket retailers.

The city’s prime shopping is focused along the busy, pedestrianised High Street. Major national retailers represented in the city include Marks & Spencer, Boots, Primark and TK Maxx, who are supported by a strong upmarket fashion offer including retailers such as Fat Face, The White Company, Cath Kidston and Jigsaw.

The prime retailing on the High Street is complemented by the 113,000 sq ft Primark anchored Brooks Shopping Centre off St Georges Street.

Winchester also has a prosperous and thriving restaurant, bar and café scene boasting national occupiers such as Rick Stein, The Ivy, Zizzi, Cote Brasserie and Wagamama.

The city has a local street market four days a week, offering a range of products from hot food to antiques and vintage goods. The market creates increased shopper footfall, and helps attract both local shoppers and tourists.



DESCRIPTIONThe property comprises an attractive Grade II listed building arranged over ground, basement and two upper floors fronting the High Street.

The ground floor, basement and part first floors are occupied by Fat Face and comprise sales space at ground floor level with ancillary accommodation in the basement and first floor. The tenant undertook a refurbishment and upgrade of the property in April 2019.

The upper parts are self contained and accessed from the High Street, to the left of the retail shop frontage and are currently vacant. Planning permission was granted in June 2017 and has subsequently expired for one 2 bedroom flat at first floor and a three bedroom flat at second floor level.

The property is located within a Conservation Area.

ACCOMMODATION

Tenant Floor Area (sq ft) Area (sq m) Lease Start Lease Expiry Break Date Rent Review Rent £ pa Comments

Fat Face Limited

Ground 2,471 229.6

25/03/08 24/03/28 24/03/24 24/03/24 £182,000 Tenant renewed their lease in 2018.

ITZA 892.8 82.9

Basement 92 8.5

Part First 695 64.6

Total 3,258 302.7

VacantPart First / Second Ancillary 1,564 145.3

Total 1,564 145.3

Total 4,822 448.0 £182,000

TENUREFreehold.



COVENANTFAT FACE LIMITED (02954734) www.fatface.com

Fat Face is a British retail founded in 1998 and now operate from over 200 stores across the UK, Ireland and America. The company sell a range of womenswear, menswear, kidswear, footwear and accessories.

02 June 2018 01 June 2019 30 May 2020

Turnover £224,695,000 £236,419,000 £198,238,000

Pre-Tax Profit £22,458,000 £-268,404,000 £-28,549,000

Total Net Worth £153,234,000 £-120,134,000 £155,310,000

PROPOSED FLOOR PLANS

FIRST FLOOR

RESIDENTIAL DEVELOPMENT OPPORTUNITYPlanning permission was granted in March 2017 (expired) for change of use of part first floor and all of the second floor to form two self contained flats.

The front first floor would be converted into a 4 person, 2 bedroom self-contained flat of 74 m2.

The second floor would be converted to a 5 person, 3 bedroom flat of 100 m2.

The full planning application can be viewed at: CLICK HERE

A prime city centre location would attract demand from both students and young professionals providing a strong catchment.

Residential values in the area are currently achieving capital values of c.£500 psf.

Rental values for a 2 bedroom flat in the city centre are achieving in the region of £1,250 pcm with 3 bedroom flats achieving in the region of £1,600 pcm.

SECOND FLOOR



https://planningapps.winchester.gov.uk/online-applications/applicationDetails.do?keyVal=ON9WUTBPI7Y00&activeTab=summary

https://planningapps.winchester.gov.uk/online-applications/applicationDetails.do?keyVal=ON9WUTBPI7Y00&activeTab=summary

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 09.21

For further information or to make arrangements for viewing please contact:

allsop.co.uk

PROPOSALOffers sought in excess of £2,000,000 (Two Million Pounds)

subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.56% assuming standard purchaser’s costs.

EPCAvailable upon request.

VATThe property has been elected for VAT, it is anticipated that

the sale will be treated as a Transfer of a Going Concern.

ANTI-MONEY-LAUNDERINGA successful bidder will be required to provide information to satisfy

the AML requirements when Heads of Terms are agreed.

The property is due to be offered at out 2nd November Commercial Auction, unless sold prior or withdrawn.

Lottie Hayward07817 549 237

[email protected]

Chris Childs0207 543 [email protected]

28 high street, winchester so23 9bl

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