The property comprises an attractive landmark building, of concrete frame construction with block in-fill and attractive façade under a flat roof.
The building is arranged over two basement levels, ground and three upper floors.
The ground floor offers 520 sq m (5,600 sq ft) of retail accommodation, comprising 3 retail units which have been combined to provide one larger unit with frontage to St Ann Street (Ernest Jones), together with two units which have been combined to form a corner retail unit with return frontage to St Ann Street and St Ann's Square (David M Robinson), and finally a retail unit fronting St Ann's Square (Three mobile).
The three upper floors historically provided office accommodation, until Habitat converted the upper floors to retail use in 1995. The upper floors are now vacant, with the 1st floor stripped back to a shell finish and the top two floors still comprising Habitats fit out. The upper floors offer great potential for a variety of uses including office, residential or hotel, with an entrance to be provided through the vacant corner retail unit at the junction of St Ann Street and Barton Square.
The basement provides an additional 551 sq m (5,500 sq ft) accommodation, of which 321 sq m (3,458 sq ft) is let to the existing retailers and 190 sq m (2,042 sq ft) is vacant.
To the rear of the building, is a gated courtyard, providing loading/escape access for the building.
The property is let to three tenants on FR&I terms, with the upper floors remaining vacant.
Over 50% of the current income is secured against Signet Trading Ltd, who trade as Ernest Jones jewellers, for 10 years, and represent a 5A1 D&B rating. The property currently produces £722,500 per annum, with potential to substantially increase this by letting the upper floors.
3UK Retail Ltd (Company no. 06014452) Guaranteed by Superdrug Stores Plc (Company no. 008070403)
Three mobile is part of the CK Hutchison Holdings Ltd group of companies which has mobile operations in 11 countries. Three employs more than 4,400 people across its offices in Maidenhead, Glasgow and Reading and its 324 retail stores.
The lease is guaranteed by Superdrug Stores Plc, who have a Dun & Bradstreet rating of 5A1. This represents a minimum risk of business failure based on the following accounts available in the link below.
David M Robinson Ltd (Company no. 00958819)
David M Robinson is one of the UK's leading jewellers with 6 stores across the UK, and winner of the prestigious de Beers Diamonds International Award on two separate occasions. The David M Robinson store at the unit in St Ann's Square is a Rolex accredited watchmaker, and the store is undergoing extensive refurbishment of their Rolex accredited workshop and goldsmith workshop.
David M Robinson have a Dun & Bradstreet rating of 2A1, which represents a minimum risk of business failure, based on the following accounts available in the link below.
Signet Trading Ltd (Company no. 03768979)
Signet Trading Ltd are a subsidiary of Signet Jewellers Ltd, who are the worlds largest retailer of diamond jewellery. Signet operate approximately 3,600 stores worldwide, primarily under the name brands of Ernest Jones (trading in the subject property), Kay Jewellers, Zales, Jared the Galleria of Jewellery, H. Samuel, Peoples and Piercing Pagoda.
Signet Trading Ltd have a Dun & Bradstreet rating of 5A1 which represents a minimum risk of business failure, based on the following accounts available in the link below.
We understand the properties are elected for VAT purposes, and therefore would anticipate the sale to be treated as a Transfer of Going Concern.
We are instructed to seek offers in excess of £12,500,000 (Twelve Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level represents a net initial yield of 5.42%, taking into account acquisition costs of 6.72%.