91-93 HIGH STREET & 5 COPENHAGEN STREET - Mixed-use Investment in Historic Cathedral City with Development Opportunities - KLM Retail
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MARMION 91-93 HIGH STREET & 5 COPENHAGEN STREET
HOUSE MARMION
HOUSE
01
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
Mixed-use Investment in Historic Cathedral City
with Development Opportunities
MARMION
HOUSE
02
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
PROPOSAL
Net Income:
INVESTMENT CONSIDERATIONS £268,268 per annum
• Worcester is an historic Cathedral City
• Located in 100% prime pitch on the pedestrianised section of High Street, opposite Cathedral Offers in the region of:
Square, adjacent to the Guildhall and the former Fire Station (planning for 31 apartments). £3,075,000 (Subject to Contract)
• Mixed-use income with a number of tenants not exercising breaks.
• Triple aspect building providing 16,500 sq ft Net Initial Yield:
• Future development potential 8.2%
• Freehold
MARMION
HOUSE
03
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
28
27
Newark-on-Trent
A15
Stoke-on-Trent
6
A4
A17
26
15
Derby Nottingham A1
A52
25 A52
Uttoxeter Grantham
A607
A15
24
14
EAST MIDLANDS
Stafford
Burton Upon Loughborough
Trent 23
Melton Mowbray
13
7
M1 A60
LOCATION & COMMUNICATION
M6 A6
Telford Lichfield
06
A1
22
M54 12 11 A16
11 M6(T) A606
2
Sutton M42 Leicester
A6003
The cathedral city of Worcester is a well-established retail centre and is the administrative
A44
Coldfield
2
21
A4
A47
7
10
M69
hub for the County of Worcestershire. Worcester lies approximately 129 miles north
A43
Peterborough
A4
Wolverhampton
58
8 7 Nuneaton
A6
9 2
Bridgnorth 2
1 6 5 8
1
M1
Market
Harborough
Corby
A6
05 west of London, 29 miles south west Birmingham and 28 miles north of Cheltenham.
Birmingham
3
A61
20
3
The city benefits from excellent road communications, being situated
6
16
2
M6 Kettering
M42
A1
Kidderminster M5 Solihull Coventry
1 19
approximately 3 miles to the west of Junctions 6 and 7 of the M5 motorway which
5
A50
3
4
Rugby
A4
4
8
2 18 A14
6
A45 1
in turn links to the M4, M6 and the wider UK road network.
3 5
A4
16 17
A4
48
A449
5
M40 Leamington Spa
Redditch M1 Northampton
Worcester is serviced by a mainline railway station, Worcester Foregate Street, with
A6
15 14
M5 13
16
A428
Stratford
a fastest journey time of just over 2 hours and 20 minutes to London Paddington
6 A422
A4
4
Upon Avon
WORCESTER 12 15
A43
28
as well as regular services to local destinations with the quickest journey time to
A4
7
A429
A509
A4103 Bedford
Birmingham New Street being 45 minutes.
A4
4 A5
Evesham M40
Hereford M5
8 Milton Keyes
Birmingham International Airport is located approximately 37 miles to the north
6
A4
9
M1
Cheltenham east of the city offering scheduled and chartered flights world-wide.
Gloucester
6
A43
MARMION
HOUSE
04
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
DEMOGRAPHICS RETAILING IN WORCESTER
Worcester has a primary catchment population of 298,000 persons Worcester is an attractive retailing destination with a loyal and affluent catchment
and a retail catchment of 191,000 persons (Source: Promis). This is population, benefiting from its distance from other competing major retail centres and large
further boosted by the tourist economy which Visit Britain estimates wealthy rural surrounding area.
approximately 500,000 visitors each year, spending in excess of £160
million per annum with Heritage attractions including Worcester The City Centre provides approximately 1,070,000 sq ft of retail floor space (Source:
Cathedral, The Commandery, Museum of Royal Worcester, the Guildhall, PROMIS) with the vast majority focused on High Street where national retailers include:
Worcester City Museum and Art gallery. This is further supported by the
city’s sporting venues including Worcestershire County Cricket Ground,
and Worcester Warriors Rugby Club. Worcester University also attracts in
excess of 10,000 students.
The principal shopping centre in the City is CrownGate which provides approximately
The Worcester area contains a high proportion of adults of working age 300,000 sq ft of retail space anchored by House of Fraser, Primark and a 750 space
categorised within the most affluent AB social group (which includes multi-storey carpark.
those in managerial and professional occupations). In contrast, the
least affluent D and E social groups (which includes those in skilled Cathedral Plaza which fronts the southern end of High Street and Pump Street was
and unskilled manual employment, the unemployed and those on state successfully refurbished and reconfigured in 2017. The scheme is mixed use comprising an
benefits) are particularly under-represented within the Worcester area 86-bedroom Travelodge, 7 screen Vue Cinema, a gym, flagship retail including Wilko and
and social group C1 (which includes junior non manual employees) is H&M and restaurants with Cosy Club, Miller & Carter and Pizza Express all present with a
moderately under-represented (Source: Promis). 360 space multi-storey carpark.
DESCRIPTION MARMION
HOUSE
Marmion House comprises a relatively modern concrete framed, 5 storey, end of
terrace building of brick elevations under a flat roof. The ground floor frontages 05
comprise two prime retail units (Joules being double fascia) facing High Street
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
(one with return frontage to Copenhagen Street) plus one smaller unit fronting
Copenhagen Street. The High Street units trade at ground floor with first floor
ancillary and sales. The unit on Copenhagen Street is ground floor only.
The entrance to the cocktail bar and upper floors is located on Copenhagen Street.
Given the triple aspect nature of the property, the upper floors which have been
sub-divided into a number of self-contained offices provide excellent natural light.
There is a lift which provides access to the three upper floors.
The property is not Listed but is located in a Conservation Area.
SITUATION
The property is prominently situated on the southern section of High Street at
the junction of Copenhagen Street opposite Cathedral Quarter and adjacent to
Guildhall and therefore benefits from a strong footfall.
Nearby retailers include:
MARMION
HOUSE
06
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
ACCOMMODATION
The net internal areas are as follows:
Ground Floor ITZA Basement First Floor Second Floor Third Floor Total
Unit Tenant (sq ft) (units) (sq ft) (sq ft) (sq ft) (sq ft) (sq ft)
91-92 High Street (plus 1st Floor Suite 1) Joules 2,192 1,383 - 835 - - 3,027
93 High Street (plus 1st Floor Suite 3) Moss Bros 577 445 - 1,445 - - 2,022
1 Copenhagen Street Sub Studio Photography 351 351 - - - - 351
1 Copenhagen Street Keystones Cocktail Bar - - 2,564 - - - 2,564
1st Floor Suite 2 Priority Security - - - 1,160 - - 1,160
1st Floor Suite 4 Vacant - - - 538 - - 538
2 Floor Suite 1
nd
Fancy Dress Worldwide - - - - 1,184 - 1,184
2nd Floor Suite 2 Big Helping - - - - 1,148 - 1,148
2 Floor Suite 3 & 4
nd
Thomas Guise LLP - - - - 1,120 - 1,120
3rd Floor Suite 1 Kevin Probert Wealth Management - - - - - 1,220 1,220
3rd Floor Suite 2 GMP Recruitment - - - - - 1,144 1,144
3 Floor Suite 3
rd
Worcester Family Mediation Practice - - - - - 585 585
3rd Floor Suite 4 Worcester Web Studio - - - - - 529 529
Total 3,120 2,564 3,978 3,452 3,478 16,592
MARMION
HOUSE
07
TENURE
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
The property is held Freehold.
TENANCIES
The property is multi-let on effective full repairing and
insuring leases, by way of a service charge, providing a net
income of £268,268 per annum. Further information with
regards to the service charge upon request.
RENTAL COMMENTARY/
ASSET MANAGEMENT
JOULES The retail passing rents range from £87.50 ZA (Joules)
and £94.50 ZA (Moss Bros).
MOSS BROS.
The office rents are affordable equating to £6-£7 psf and
this is reflected in the number of tenants having renewed
their leases and not exercised their break options.
Given the triple aspect nature of the building we are of
the opinion that there is the ability to construct further
floors. We also believe the property would suit a number
of alternative uses including residential, hotel, student
accommodation and leisure uses, subject to gaining the
necessary consents.
For indicative purpose only.
TENANCY SCHEDULE
MARMION
HOUSE
Tenant Unit Area Term Lease Start Lease Expiry Rent Review Passing Rent Rent Deposit Comment
(sq ft) (years) (Break) £ pa £ psf/£ ZA (Y/N)
08 Ground floor shop -
Joules expanded into the adjacent unit and
Joules Limited 91 & 92 High Street 3,027 10 22/07/2016 21/07/2026 22/07/2021 £125,000 £87.50 ZA
re-geared on a new 10 year lease.
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
+ 1st Floor Suite 1
Ground floor shop -
01/08/2021
Moss Bros PLC 93 High Street 2,022 10 01/08/2016 31/07/2026 £50,000 £94.50 ZA
(31/07/2021)
+ 1st Floor Suite 3
Tenant did not exercise break effective
Subtone Ltd 1 Copenhagen Street 351 3 23/09/2018 22/09/2021 £10,000 28.49 £6,061
23/03/2020.
Basement Landlord rolling breaks upon giving 6
JJPB Limited 2,564 20 24/08/2001 23/08/2021 £18,500 7.22 £4,648
Premises months notice.
Priority Security 1st Floor,
1,160 3 06/01/2020 05/01/2023 (06/01/2021) £9,280 8.00 £2,784
Academy Ltd Suite 2
1st Floor,
Vacant 538 £- 0.00
Suite 4
DAPV Limited 2nd Floor,
1,184 5 16/10/2018 15/10/2023 (15/10/2020) £8,800 7.43 £2,640
t/a Fancy Dress Worldwide Suite 1
2nd Floor, 01/12/2019
Big Helping Ltd 1,148 9 01/12/2016 30/11/2025 £8,000 6.97
Suite 2 01/12/2022
Service Charge Cap of £4.50 excludng
2nd Floor,
Thomas Guise Limited 1,120 6 18/11/2014 17/11/2020 £7,280 6.50 utilities. Tenant did not exercise break
Suites 3&4
dated 18/11/2017.
Kevin Probert EM/ 3rd Floor,
1,220 5 13/07/2016 12/07/2021 £8,540 7.00 £2,562
Droitwich Limited Suite 1
3rd Floor,
GMP Recruitment Limited 1,144 5 15/08/2019 14/08/2024 (15/08/2022) £9,152 8.00
Suite 2
Paul Allan Kemp
3rd Floor, 11/08/2018 Tenant not exercised break dated
t/a Worcester Family 585 9 11/08/2015 10/08/2024 £4,000 6.84 £1,440
Suite 3 11/08/2021 11/08/2018. Outstanding rent review
Mediation Practice
3rd Floor,
Worcester Web Studio Ltd 529 5 26/08/2019 25/08/2024 £4,232 8.00
Suite 4
Western Power Distribution
Substation 0 25 07/10/1998 06/10/2023 07/10/2018 £250 Outstanding rent review
(Midlands Electricity) plc
Vodafone Limited Rooftop Mast 0 15 07/05/2008 06/05/2023 07/05/2020 £9,559
Total 16,592 £272,593
MARMION
HOUSE
09
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
COVENANT
Moss Bros was established in 1851 and is the leading formal menswear specialist in Joules is a premium lifestyle brand which designs and sells own branded clothing,
men’s formal wear selling Men’s suits, shirts, coats and accessories. Moss Bros has accessories and homeware. They currently have 143 stores in the UK and Republic
over 150 retail stores nationwide. of Ireland.
The last 3 years accounts are set out below: The last 3 years accounts are set out below:
Date of Accounts 28th January 2017 27th January 2018 26th January 2019 Date of Accounts 28th May 2017 27th May 2018 26th May 2019
Turnover £127,930,000 £131,774,000 £128,987,000 Turnover £148,696,000 £174,660,000 £199,370,000
Pre-tax Profit £7,146,000 £6,713,000 (£415,000) Pre-tax Profit £10,287,000 £11,322,000 £12,626,000
Total Net Worth £36,056,000 £32,244,000 £26,080,000 Total Net Worth £17,069,000 £24,192,000 £36,234,000
The offices tenants are a mixture of wealth managers, media, marketing and solicitors.
MARMION
HOUSE
10
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
PROPOSAL
VAT We are instructed to seek offers for our client’s freehold interest in
The property has been elected for VAT purposes. It is anticipated that the the region of £3,075,000 (Three Million and Seventy Five Thousand
investment sale will be treated as a Transfer of a Going Concern (TOGC). Pounds), subject to contract and exclusive of VAT. A purchase at this
level would reflect a Net Initial Yield of 8.2%, after allowing for
EPC purchaser’s costs of 6.46%.
EPCs for the property can be provided upon request.MARMION
HOUSE
11
WORCESTER
91-93 HIGH STREET & 5 COPENHAGEN STREET
FURTHER INFORMATION
Ed Gambarini Rupert Guy
For further information or to arrange an inspection +44 (0)20 7317 3713 +44 (0)20 7317 3710 Langham House
of the property, please contact: +44 (0)7825 689 037 +44 (0)7768 865 914 302-308 Regent Street
egambarini@klmretail.com rguy@klmretail.com London W1B 3AT
MISREPRESENTATION ACT: KLM Retail, for themselves and for the vendors of this property, whose agents they are, give notice that (i) the particulars and any further information communicated by any means to potential purchasers of the property described in the particulars, or their advisers, in connection
with the possible sale of the property are provided solely for the purpose of assisting potential purchasers in deciding whether they wish to proceed with further investigation of the property and do not constitute either the whole or any part of an invitation, offer or contract for sale of the property; (ii)
all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct as at the date of the particulars (or the date of the relevant information if earlier). However, potential purchasers are not entitled
to rely on them as statements or representations of fact but should satisfy themselves by searches, enquiries, surveys and inspections or otherwise with regard to the accuracy of such details. No responsibility or liability is or will be accepted by KLM Retail, the vendor(s) of the property or any of their
respective subsidiaries, affiliates, directors, officers, representatives, employees, advisors, or agents for any loss or damage suffered by any party, resulting from reliance on the particulars or any other information communicated by any means to that party, or its advisers, in connection with the possible sale of
the property. No person in the employment of KLM Retail or the vendor(s) has authority to make or give any representation or warranty, express or implied, in relation to the property. References to KLM Retail include any joint agents acting with KLM Retail. Designed by BRAND+OUTLINES Ltd. 2020You can also read
