Prime High Street Retail Investment

LOCATION

Located in the centre of the County Town and commercial and administrative centre of the Island, Newport is able to draw from the total population of circa 140,000, considerably boosted by large numbers of visitors estimated at around 2.3 million per year. There is a weekly Farmer's market in St Thomas Square around the corner from the property, home to many eateries with outdoor seating attracting large numbers of Islanders and visitors alike to enjoy the cosmopolitan atmosphere it creates. The town also boasts a cinema complex on Coppins Bridge and has excellent road and transport links to the rest of the Island with the main bus interchange located in the heart of the South Street Retail Park a few minutes away. This provides excellent links to the passenger ferries from Southampton and Portsmouth bringing thousands of day trippers over to the Island each year.

DESCRIPTION

The property benefits from a large frontage of circa 8.6 metres (28 feet) to the prime area of Newport High Street and the accommodation is arranged over 4 floors with the retail area being on the Ground Floor. The upper 3 floors provide staff accommodation/facilities, office and storage with access off the High Street.

GROUND FLOOR

The Ground Floor area runs to a total of 269.5m² (2,901ft²), with the main retail area equating to 106m² (1,140ft²) in terms of Zone A

UPPER FLOORS

The upper floors provide plenty of storage, together with staff accommodation/facilities and office space. The first floor runs to a total of circa 50.5m² (544ft²), the second floor to circa 60.5m² (651ft²) and the third floor circa 24.5m² (264ft²).

COVENANT STRENGTH

Founded in 1968 Clinton Card's 397 stores were purchased by American Greetings in June 2012, with 360 stores trading in the UK. Turnover to 28 January 2017 is reported as £201,222,000 and at £188,791,000 to 27 January 2018 with pre-tax profits for 2017 at (£19,442,000) and (14,270,000) for 2018.

TENANCY

Let to A G Retail Cards Limited, trading as Clintons, on a 5 year reversionary FR&I lease from 22nd December 2018. Current passing rent £75,000 per annum

TERMS

The entire property is offered for sale as a Freehold Investment at offers "in the region of" £875,000 subject to contract and exclusive of VAT. This reflects a net initial yield of 8.12%

VAT

The property is registered for VAT and therefore VAT will be charged on the overall sale price. A sale by way of TOGC will be considered subject to purchasers supplying the necessary clearances.

UNIFORM BUSINESS RATE

Rateable Value: £51,500

2023/2024: £0.512p without small business relief. Interested parties should make their own enquiries of the Isle of Wight Council to confirm any rate liability or rate concession that may be applicable by telephoning Business Rates on 01983 821000

VIEWING

Strictly by appointment with sole agents Gully Howard Commercial Property, Suite 11 Salisbury Gardens, Dudley Road, Ventnor PO38 1EJ. Call Gavin Chambers or Morgan Williams on 01983 301434. E: gchambers@gullyhoward.com or mwilliams@gullyhoward.com