103/104 HIGH ST REET, SO23 9AH - PRIME LEISURE INVESTMENT LET TO THE IVY FOR A FURTHER 21.3 YEARS, GUARANTEED BY CAPRICE HOLDINGS LIMITED - Allsop
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WINCHESTER
103/104 HIGH ST REET, SO23 9AH
PRIME LEISURE INVESTMENT
LET TO THE IVY FOR A FURTHER 21.3 YEARS,
GUARANTEED BY CAPRICE HOLDINGS LIMITED
WINCHESTER
103/104 HIGH STREET, SO23 9AH
INVESTMENT CONSIDERATIONS PROPOSAL
■ Winchester is a highly desirable and attractive Cathedral ■ Let on a 25 year lease to Troia (UK) Restaurants Limited ■ Offers sought in excess of £6,750,000
City in the South of England with a guarantee from Caprice Holdings Limited (Six Million Seven Hundred and Fifty
■ The City is regarded as one of the most affluent Promis ■ Long unexpired lease term of 21.3 years Thousand Pounds) subject to contract
Centres in the UK ■ Rent of £320,000 per annum reflecting a low £24.31 psf and exclusive of VAT. A purchase at this
Freehold level reflects a net initial yield of 4.45%
■ The property occupies prime position on the High Street ■
assuming purchaser’s costs of 6.64%
benefiting from high footfall ■ The upper parts are sub let to The University of Winchester
■ The property comprises a ground floor restaurant with until the 15th July 2023 at £150,000 per annum
basement and first to third floor office accommodation ■ Long term opportunity to develop the upper parts to residential,
■ Total floor area of 13,161 sq ft subject to vacant possession and the necessary consents
WINCHESTER
103/104 HIGH STREET, SO23 9AH
CHELTENHAM Oxford
Luton
Gloucester
M1
M40
A1(M)
OXFORD
M5
M25
M11
M48
M40
London
Swindon City
LONDON
M32 M4
M4
BRISTOL READING
Heathrow
Newbury
Bristol BATH
Woking
M5
M25
Basingstoke M3
Guildford
M23
Gatwick
WINCHESTER
Salisbury
Southampton
Yeovil
SOUTHAMPTON A3(M)
M27
Chichester Brighton
Bournemouth Worthing
PORTSMOUTH
Bournemouth
Dorchester
Weymouth
LOCATION
The 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.
WINCHESTER
103/104 HIGH STREET, SO23 9AH
ET
TRE
RS
ETE
ST P
SITUATION RETAILING IN WINCHESTER
The property is situated in Winchester is an attractive retailing centre providing The prime retailing on the High Street is complemented
prime position on the High approximately 570,000 sq ft of retail floor space. by the 113,000 sq ft Primark anchored Brooks Shopping
Street benefiting from a The historic nature of the city creates a beautiful and Centre off St Georges Street.
prominent frontage and desirable retailing environment boasting an eclectic mix of Winchester also has a prosperous and thriving restaurant,
high footfall. major national multiples and boutique/upmarket retailers. bar and café scene boasting national occupiers such as
Nearby multiple retailers The city’s prime shopping is focused along the busy, Rick Stein, The Ivy, Zizzi, Cote Brasserie and Wagamama.
include Natwest, Russell pedestrianised High Street. Major national retailers The city has a local street market four days a week,
& Bromley, SeaSalt, Ask represented in the city include Marks & Spencer, Boots, offering a range of products from hot food to antiques
Italian and White Stuff. Debenhams, Primark and TK Maxx, who are supported by and vintage goods. The market creates increased
a strong upmarket fashion offer including retailers such as shopper footfall, and helps attract both local shoppers
Fat Face, The White Company, Cath Kidston and Jigsaw. and tourists.
WINCHESTER
103/104 HIGH STREET, SO23 9AH
DESCRIPTION ACCOMMODATION & TENANCY
The property comprises an attractive Grade II Both the interior and exterior of the property Tenant Floor Area Area Lease Lease Rent Rent Rent Comments
listed building arranged over ground, basement has recently been extensively refurbished (sq ft) (sq m) Start Expiry Review (£ pa) (£ psf)
and three upper floors fronting the High and redecorated by the tenant. The critically Ground 3,897 362.0
Troia (UK)
Street. The property benefits from a return acclaimed Martin Brudnizki Design Studio Restaurants Full repairing
Basement 2,821 262.1
frontage to St Peter Street providing access to consulted on the brasserie’s interior, notable Limited with and insuring
St Georges Street to the rear, where there is a features include an onyx bar, pendant lighting, Guarantee First 3,720 345.6 13/10/2017 12/10/2042 13/10/2022 £320,000 £24.31 lease, upwards
from Caprice only rent
separate access to the upper parts. marble floor tiles, polished parquet panel Holdings Second 2,061 191.5
reviews.
The ground floor and basement are occupied by flooring and leather banquettes. Limited Third 662 61.5
The Ivy and provide customer seating at ground The restaurant benefits from a licence to Total 13,161 1,222.7
floor with commercial kitchens, WC’s and ancillary operate 11 outside tables accommodating
accommodation in the basement. There is lift approximately 44 covers.
access from the ground floor to the second floor. TENURE SUB LETTING
The University of Winchester occupy the first,
The Ivy Winchester Brasserie offers all day dining second and third floor and benefit from an entrance Freehold. Part of the ground, first, second and third floors have been underlet to the University of
with capacity for approximately 150 covers. from St Georges Street at ground floor level. Winchester on a sub lease which expires on 15th July 2023 at a rent of £150,000 per annum.
Rear of the property and access to the offices
WINCHESTER
103/104 HIGH STREET, SO23 9AH
WINCHESTER – A VIBRANT CATHEDRAL CITY
RANKED 1ST in the THE CATHEDRAL CITY
Royal Mail UK attracts an estimated
HAPPINESS INDEX 2019 5.6 MILLION VISITORS
each year
£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 city benefits from Winchester has a
VERY LOW LEVELS OF POPULATION OF
UNEMPLOYMENT at 3% 124,900 DEMOGRAPHICS
The total population within the spending levels being significantly
Winchester primary catchment area above the PROMIS average. According
is approximately 104,000, with an to Tourism South East, annual tourism
estimated shopping population of expenditure in Winchester is over
approximately 71,000. £230 million with the number of visits
The Winchester population is one made to Winchester now over 4.9m.
The city benefits from a BUSY CENTRE of
of the most affluent of the PROMIS The town provides a good restaurant
professional services, retailers and public sector offering attracting both the local
catchments with per capita retail
organisations population and tourist trade.
WINCHESTER
103/104 HIGH STREET, SO23 9AH
ALTERNATIVE USE POTENTIAL FLOORPLANS
RESIDENTIAL
The property provides an excellent long
term opportunity to deliver mixed use
accommodation in a highly attractive THIRD
and prominent High Street location,
subject to necessary consents. There is
potential to deliver extensive residential
accommodation across the upper floors.
Residential values in the area are currently
achieving a capital rate per sq ft of £500-£550.
An incoming purchaser will benefit from
long term lease security with potential to
plan and implement a phased or wholesale
development strategy in the future.
OFFICE
Winchester benefits from an award winning
Business Improvement District and is one
of the key regional centres on the South
Coast. The city benefits from positive
occupier demand and as part of the wider
regeneration programme, a £130m Grade
A office development at Station Approach
is being considered after outline planning
permission was granted in 2019.
Average asking rents in the city are BASEMENT GROUND FIRST SECOND
achieving c.£17 psf whilst headline
rents are seeking £20-£25 psf.
WINCHESTER
WINCHESTER
103/104 HIGH STREET, SO23 9AH
COVENANT
Troia (UK) Restaurants Limited - 08504201
Troia UK (UK) Restaurants Limited trade as The Ivy Collection, The Ivy Asia,
Harry’s Dolce Vita, Harry’s Bar James Street, Brasserie of Light.
29 Jul 2018 30 Dec 2018 29 Dec 2019
Turnover £98,458,864 £66,338,749 £198,713,000
Pre-Tax Profit £-3,522,370 £1,204,055 £17,230,000
Total Net Worth £-9,536,885 £-7,763,259 £9,985,000
The Guarantor, Caprice Holdings Limited comprises a collection of London’s
high end restaurants with new brands and historic venues including J Sheekey,
Sexy Fish, 34 Mayfair, Balthazar, Daphne & Scott’s and The Ivy Collection.
Caprice Holdings Limited - 01661349 have reported the following accounts
for the previous 3 years:
31 Dec 2017 30 Dec 2018 29 Dec 2019
Turnover £67,652,045 £69,129,172 £64,819,886
Pre-Tax Profit £9,213,479 £5,874,340 £19,115,588
Total Net Worth £47,419,296 £41,840,635 £57,213,543
EPC
A copy is available in the data room.
VAT
The property is elected for VAT and we would expect the
transaction to be treated as a Transfer of a Going Concern.
ANTI-MONEY-LAUNDERING
A successful bidder will be required to provide information to
satisfy the AML requirements when Heads of Terms are agreed.
DATAROOM
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/WinchesterIvy
PROPOSAL
Offers sought in excess of £6,750,000 (Six Million Seven Hundred and Fifty
Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this
level reflects a net initial yield of 4.45% assuming purchaser’s costs of 6.64%
For further information or to make arrangements for viewing please contact:
Jeremy Hodgson Lottie Hayward Freddie Foley
07850 976 116 07817 549 237 07765 982 637
jeremy.hodgson@allsop.co.uk lottie.hayward@allsop.co.uk freddie.foley@allsop.co.uk
allsop.co.uk
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 06.21
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