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.
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.
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.
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%.