28 HIGH STREET, WINCHESTER SO23 9BL - PRIME RETAIL HIGH STREET INVESTMENT WITH RESIDENTIAL DEVELOPMENT POTENTIAL - Allsop
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28 HIGH STREET, WINCHESTER SO23 9BL
PRIME RETAIL HIGH STREET INVESTMENT
WITH RESIDENTIAL DEVELOPMENT POTENTIAL
28 HIGH STREET, WINCHESTER SO23 9BL
INVESTMENT CONSIDERATIONS
• Winchester is a picturesque, historic and
affluent Cathedral City in the South of England
• The City is regarded as one of the most
affluent Promis centres in the UK
• The property occupies a prime position on
the High Street and benefits from high footfall
• Attractive Grade II Listed Georgian building
• The property comprises a ground floor retail
unit with basement and two upper floors
• Total existing floor area of 4,822 sq ft
• The ground floor, basement and part
first are let to Fat Face Limited on a lease
expiring in March 2028 thus having
6.52 years to expiry (2.52 years to break)
• Current rent of £182,000 per annum
• The first and second floor are vacant
and benefit from separate access from
the High Street
• Planning permission was granted
in June 2017 (subsequently expired) for
conversion to one 2 bed flat at first floor
and one 3 bed flat at second floor
• Residential values in the area are
achieving capital values of c.£500psf
• Freehold
• Tenant is up to date with rental
payments
PROPOSAL
Offers sought in excess of £2,000,000
(Two Million Pounds) subject
to contract and exclusive of VAT.
A purchase at this level reflects a
net initial yield of 8.56% assuming
standard purchaser’s costs.
PRIME RETAIL HIGH STREET INVESTMENT WITH RESIDENTIAL DEVELOPMENT POTENTIAL
28 HIGH STREET, WINCHESTER SO23 9BL
Luton
CHELTENHAM Oxford
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.
PRIME RETAIL HIGH STREET INVESTMENT WITH RESIDENTIAL DEVELOPMENT POTENTIAL
28 HIGH STREET, WINCHESTER SO23 9BL
ET
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SITUATION
The property is situated in a prime position on the pedestrianised High Street benefitting from high footfall.
Nearby multiple retailers include Boots, Santander, Tesco Express, Costa and Space NK.
© Crown Copyright, ES 100004106. For identification purposes only.
PRIME RETAIL HIGH STREET INVESTMENT WITH RESIDENTIAL DEVELOPMENT POTENTIAL
28 HIGH STREET, WINCHESTER SO23 9BL
DEMOGRAPHICS
A Vibrant Cathedral City
The total population within the Winchester primary significantly above the PROMIS average. According to Tourism
catchment area is approximately 124,000, with an South East, annual tourism expenditure in Winchester is over
estimated shopping population of approximately 71,000. £230 million with the number of visits made to Winchester
The Winchester population is one of the most affluent of the now over 4.9m. The town provides a good restaurant offering
attracting both the local population and tourist trade.
RANKED 1ST in the Royal Mail UK
PROMIS catchments with per capita retail spending levels being
HAPPINESS INDEX 2019
THE CATHEDRAL CITY attracts an estimated
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 VERY LOW
LEVELS OF UNEMPLOYMENT at 3%
RETAILING IN WINCHESTER
Winchester is an attractive retailing centre providing approximately 570,000 sq The prime retailing on the High Street is complemented by the 113,000
ft of retail floor space. sq ft Primark anchored Brooks Shopping Centre off St Georges Street. Winchester has a POPULATION
The historic nature of the city creates a beautiful and desirable retailing Winchester also has a prosperous and thriving restaurant, bar and café OF 124,900
environment boasting an eclectic mix of major national multiples and boutique/ scene boasting national occupiers such as Rick Stein, The Ivy, Zizzi,
upmarket retailers. Cote Brasserie and Wagamama.
The city’s prime shopping is focused along the busy, pedestrianised High Street. The city has a local street market four days a week, offering a range
Major national retailers represented in the city include Marks & Spencer, Boots, of products from hot food to antiques and vintage goods. The market
Primark and TK Maxx, who are supported by a strong upmarket fashion offer creates increased shopper footfall, and helps attract both local The city benefits from a BUSY CENTRE
including retailers such as Fat Face, The White Company, shoppers and tourists. of professional services, retailers and
Cath Kidston and Jigsaw. public sector organisations
PRIME RETAIL HIGH STREET INVESTMENT WITH RESIDENTIAL DEVELOPMENT POTENTIAL
28 HIGH STREET, WINCHESTER SO23 9BL
DESCRIPTION
The property comprises an attractive Grade II listed building arranged over
ground, basement and two upper floors fronting the High Street.
The ground floor, basement and part first floors are occupied by Fat Face and
comprise sales space at ground floor level with ancillary accommodation in the
basement and first floor. The tenant undertook a refurbishment and upgrade
of the property in April 2019.
The upper parts are self contained and accessed from the High Street, to the left
of the retail shop frontage and are currently vacant. Planning permission was
granted in June 2017 and has subsequently expired for one 2 bedroom flat at
TENURE first floor and a three bedroom flat at second floor level.
The property is located within a Conservation Area.
Freehold.
ACCOMMODATION
Tenant Floor Area (sq ft) Area (sq m) Lease Start Lease Expiry Break Date Rent Review Rent £ pa Comments
Ground 2,471 229.6
ITZA 892.8 82.9
Fat Face Limited Basement 92 8.5 25/03/08 24/03/28 24/03/24 24/03/24 £182,000 Tenant renewed their lease in 2018.
Part First 695 64.6
Total 3,258 302.7
Part First / Second Ancillary 1,564 145.3
Vacant
Total 1,564 145.3
Total 4,822 448.0 £182,000
PRIME RETAIL HIGH STREET INVESTMENT WITH RESIDENTIAL DEVELOPMENT POTENTIAL
28 HIGH STREET, WINCHESTER SO23 9BL
PROPOSED FLOOR PLANS
SECOND FLOOR
RESIDENTIAL DEVELOPMENT OPPORTUNITY
Planning permission was granted in March 2017 (expired) for change
of use of part first floor and all of the second floor to form two self
contained flats.
The front first floor would be converted into a 4 person,
2 bedroom self-contained flat of 74 m2.
The second floor would be converted to a 5 person, 3 bedroom flat
of 100 m2.
The full planning application can be viewed at: CLICK HERE
A prime city centre location would attract demand from both students
and young professionals providing a strong catchment.
Residential values in the area are currently achieving capital values
of c.£500 psf.
Rental values for a 2 bedroom flat in the city centre are achieving in
the region of £1,250 pcm with 3 bedroom flats achieving in the region
of £1,600 pcm.
COVENANT
FAT FACE LIMITED (02954734) www.fatface.com
Fat Face is a British retail founded in 1998 and now operate from over
200 stores across the UK, Ireland and America. The company sell a
range of womenswear, menswear, kidswear, footwear and accessories.
02 June 2018 01 June 2019 30 May 2020
Turnover £224,695,000 £236,419,000 £198,238,000
FIRST FLOOR
Pre-Tax Profit £22,458,000 £-268,404,000 £-28,549,000
Total Net Worth £153,234,000 £-120,134,000 £155,310,000
PRIME RETAIL HIGH STREET INVESTMENT WITH RESIDENTIAL DEVELOPMENT POTENTIAL
The property is due to be offered at out 2nd November Commercial Auction, unless sold prior or withdrawn.
EPC
Available upon request.
VAT
The property has been elected for VAT, it is anticipated that
the sale will 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.
PROPOSAL
Offers sought in excess of £2,000,000 (Two Million Pounds)
subject to contract and exclusive of VAT. A purchase at this level
reflects a net initial yield of 8.56% assuming standard purchaser’s costs.
For further information or to make arrangements for viewing please contact:
Lottie Hayward Chris Childs
07817 549 237 0207 543 6817
lottie.hayward@allsop.co.uk chris.childs@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 09.21
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