129/132 North Street and 133 Queens Road



  • Brighton is one of the largest retail centres in the UK, with a primary catchment of 515,000 persons' and boasts an eclectic and vibrant mix of high-end, mass market and boutique retailers
  • Brighton ranks 9th on the PMA Retail Score and Fashion Score - evidencing the strength of the retail offer
  • The subject property is situated in a dominant city centre location at the busy junction of North Street and Queens Road
  • Flagship store of 71,935 sq ft, with three adjoining retail units
  • Long WAULT of 14.3 years to expiry and 9.6 years to break
  • 85% of the total income is secured against Boots UK Ltd for a further 16 years (11 years to break)
  • Remaining income secured against major UK retailers Krispy Kreme and TUI
  • Freehold
  • Obvious asset management opportunities to extend the WAULT and significant long term development potential (STPP)
  • Current total rental income of £1,523,000 pa
We are instructed to seek offers in excess of £31,000,000 (Thirty-One Million Pounds), subject to contract, for the freehold interest in this property.

This reflects an attractive Net Initial Yield (NIY) of 4.60%, assuming purchaser's costs of 6.77%.


Brighton is one of the largest commercial centres in the South East of England, located 46 miles (74 km) south of London, 19 miles (30 km) west of Eastbourne and 55 miles (88 km) east of Southampton. The city enjoys excellent road communications with the A23 dual carriageway providing access to the M23 which leads to London, the M25 and the national motorway network beyond. In addition, the A27 skirts the north of the city and runs east/west from Portsmouth to Eastbourne. In the year to 31st March 2016, Brighton railway station was the seventh busiest station outside of London with 17.3m entries/exits (ORR). The station offers fast and regular services to London Victoria and London Bridge, with a fastest journey time of approximately 50 minutes, as well as local services to Portsmouth, Seaford and Lewes. Gatwick Airport is located 23 miles (37 km) to the north and Heathrow Airport is located 48 miles (77 km) to the north west; both airports provide domestic and international services and are ranked the first and second largest in the UK respectively. Brighton is further served by Southampton International Airport located 54 miles (86 km) to the west.

Economic & Demographic Profile

Brighton boasts a primary catchment of 515,000 persons and an estimated shopping population of 329,000, evidencing its dominant retail environment. The catchment area encompasses the built-up areas of Brighton, Hove, Shoreham-by-Sea and extends north to include affluent locations in the South Downs as well as Lewes, Haywards Heath and Burgess Hill.

54% of the catchment is classed as being within the most affluent ABC1 social groups; this is largely due to the city's well established position as a business hub and its excellent connectivity with London, and subsequent commuting population (PMA).

Spending in Brighton is boosted by leisure and business tourism and the city ranks in the UK's Top Ten tourist locations (VisitBritain.org). According to Brighton & Hove City Council, some 8.5 million tourists visit the city each year, bringing around £780 million to the local economy (2014). The city also has a significant student population of over 30,000, bringing additional spend to the catchment during term time and adding to the already relatively young population, which includes a high proportion of 15-44 year olds.

Retailing in Brighton

Brighton has an estimated 1.58m sq ft of in-town retail floorspace, ranking 27th of the PMA centres on this measure; however, it ranks 9th on its PMA Retail Score and Fashion Score, making the retail provision tight and in high demand. There is a particular undersupply of large format stores within the city.

Retail demand for Brighton is exceptionally high with it being one of the key locations within which both UK and European retailers seek representation, having first established in London. The citys retail offer is extensive and continues to provide one of the most exciting UK shopping experiences outside Central London.

The retail core is principally linear, running in an east/west direction along Western Road and North Street. These prominent high streets form part of the prime retail pitch, along with Churchill Square Shopping Centre, Brighton's primary covered shopping centre. The Lanes and East Street merge to create a unique shopping experience of historic passageways and streets occupied by aspirational and independent retailers. The Lanes link directly with the city's retail core via North Street and combine to create one of the UK's top retailing destinations.

Due to the city's geography and historic nature, substantial in-town retail development is limited and in recent years developers have been forced to reposition existing stock as opposed to build afresh. An obvious example is The Hanningtons Estate, which predominantly fronts North Street. The asset was acquired in June 2015 and is being substantially redeveloped to create a landmark mixed-use scheme, which will significantly enhance the eastern end of North Street.


The subject property occupies a highly prominent corner position, situated at the junction of North Street, West Street and Queens Road. The pitch benefits from significant footfall, being situated equidistant between Churchill Square, Brighton's only shopping centre to the west and the city's famous Lanes to the east. The aforementioned redevelopment of The Hanningtons Estate is anticipated to strengthen the eastern end of North Street and in turn bolster footfall at the subject property.

The property's exceptional position within Brighton's retailing core is further enhanced by the proximity of Brighton Railway Station, which is situated a short distance north, along Queens Road. Also in close proximity are an array of well-known national multiple retailers including Superdry, Holland & Barrett, Sainsbury's Local, ITSU, Metro Bank and TK Maxx.


The property comprises an extremely prominent corner retail building arranged over ground and four upper floors. The building has been split to provide the main modern retail store and a further three well configured shop units, totalling approximately 77,647 sq ft. The building is built around a steel frame with brick walls and highly distinctive glazed curtain walling on the front elevations.

The bulk of the building (129 North Street) has been occupied by Boots since 1979 and was substantially redeveloped in 1998 specifically for them. The improvements included two new escalators and a 20-person passenger lift between the ground and first floors and internal works; these floors provide large open retailing floorplates, whilst the second and third floors are used for storage and staff accommodation.

129 North Street benefits from a double rear docking station on Windsor Street making rear servicing simple. Due to the topography of Brighton, the building is built on a hill and consequently the unit benefits from large entrances for both retail floors. The ground floor is accessed from the primary North Street entrance and the first floor is accessed from Queens Road.

130 North Street comprises an attractive regularly configured shop unit with a prominent frontage to North Street and ancillary accommodation on first floor. 131/132 North Street comprises a double fronted store which benefits from a return frontage and first sales accommodation. 133 Queens Road is arranged over ground and first floor and we understand benefits from an A2 Use Class. All three of the units have rear access and the North Street units have undercover servicing from Windsor Street, which the tenants use for car parking and deliveries.


The property is held Freehold.


The property is let on effective FRI terms to three national retailers, with 133 Queens Road currently vacant. The tenancies produce an attractive WAULT of 14.3 years to expiry, 9.6 years to break and are described further in the tenancy schedule link below.

Further information can be found in the marketing brochure.

Covenant Information

Boots UK Limited (00928555)
Founded in 1849, Boots is the UK's largest pharmacy chain and operates over 2,500 stores throughout the country, employing over 70,000 staff. Their primary business is the sale of medicines, health and beauty products and a range of food and drink. They have an Experian Credit Score of 100/100.

Krispy Kreme UK Limited (04532445)
Krispy Kreme UK Limited is the UK retail arm of the world renowned Krispy Kreme Doughnuts. They opened their first UK store in 2003 and have now grown to over 35 locations. The brand offer 16 different varieties of doughnuts and are considered a market leader. They have an Experian Credit Score of 100/100.

TUI UK Retail Limited (01456086)

TUI UK Retail Limited forms part of the multinational travel company TUI Group, which can date its roots back to 1923. 131-132 North Street was previously occupied by First Choice with whom TUI merged in 2007 to form TUI Group. The store trades as Thomson, the UK brand of TUI, and is expected to be rebranded to the TUI branding by 2018, when the Thomson name is phased out. They have an Experian Credit Score of 85/100.


The property is elected for VAT.


The Energy Performance Certificates and Recommendation Reports for the property are available upon request:
  • 129 North Street - Boots C71
  • 1130 North Street Krispy Kreme E111
  • 1131-132 North Street TUI D81
  • 1133 Queens Road Vacant D77


We are instructed to seek offers in excess of £31,000,000 (Thirty-One Million Pounds), subject to contract, for the freehold interest in this property. This reflects an attractive Net Initial Yield (NIY) of 4.60%, assuming purchaser's costs at 6.77%.

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