FREEHOLD INVESTMENT OPPORTUNITY - 62-68 Bridge Street, Peterborough, PE1 1DX - NovaLoca
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FREEHOLD INVESTMENT OPPORTUNITY
62-68 Bridge Street, Peterborough, PE1 1DX
ENTER 
INVESTMENT SUMMARY LOCATION SITUATION
Prime freehold retail investment in the The Cathedral city of Peterborough is a major commercial centre 62-68 Bridge Street is situated in a prominent position at the end of
attractive cathedral city of Peterborough. located 135 km (84 miles) north of London, 61 km (38 miles) north-west the pedestrianised Bridge Street adjacent to Marks & Spencer. Nearby
of Cambridge and 132 km (82 miles) east of Birmingham. Peterborough operators include Mothercare, Bon Marché and Poundland.
Securely let to TK Maxx and New Look for has a district population of 163,000 persons and approximately 300,000
an unexpired term of 10 years. persons within 20 km (12 miles).
Freehold. Peterborough remains a growth city fuelled by the local council’s 20 year
Master Plan to regenerate the city centre. By 2021, Peterborough City
Current income of £625,000 per annum. Council anticipates the population will increase by over 25% from the
current levels and also create over 15,000 new jobs within the town.
We are instructed to seek offers in excess of
£9,850,000 (Nine Million, Eight Hundred Road communications are excellent via the A1(M), which is 4.8 km (3
and Fifty Thousand Pounds), subject miles) to the west, and the M1 and the M11 motorways that are reached
to contract and exclusive of VAT for the via the A14, 29 km (18 miles) to the south.
freehold interest equating to a net initial
yield of 6%. Peterborough is well served by both air and rail being on the East Coast
Main Line linking London Kings Cross with a fastest journey time of only
50 minutes as well as direct rail access to Stansted International Airport.
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A5 (follow sign for ramp access).
0 Please ring switchboard for any assistance
23 Ashbourne Sleaford
A4
required. A1
A1121
A6
26
Boston
A5
2
A38
N
A1
Nottingham
Nottingham A52
7
DESCRIPTION Derby
A52
6
A515
A52 25 Grantham
6
A1
A4
A50
53
A50 07
A6 48
A4
24a
A6
Burton 06 A1
The properties comprise two large ‘big box’ retail units forming the end of terrace retail parade fronting Spalding
A15
24
upon Trent Nottingham 23a
A1
East Midlands
Loughborough
A151 Kings Lynn
Bridge Street. The units provide accommodation arranged over basement, ground, first, second and
7
Airport A42 M1 Melton
A46
third floors. While both units front Bridge Street, the TK Maxx unit benefits from additional frontage to A38 Mowbray
065
23
A1101
A A6
07 6 A47 A47
A1
A6
51
A1 A1
the busy Bourges Boulevard and rear window frontage on Wentworth Street.
1
mford Wisbech
Peterborough
Lichfield 11
22
A46 A606
M42 Leicester Swaffham
T5
Tamworth Oakham Peterborough A1
In addition, both units benefit from a shared dock level loading bay to the rear of the New Look unit on T4 21a
12 2
GU
A47
GVA Grimley CHURC
10 2/8/2010 A4 Downham
A444
Wentworth Street. Both units have goods lifts which provide access to the upper floors. The TK Maxx M6 8Toll 7 H REET ST
21 7 A47 A1139 March Market A134
REBA
GIFTS
Hinckley Wigston
A 60 0 3
A10
DV
1
6
OFF ES
T3
A
A43
ICE
5 (ACCESS
unit also benefits from an escalator serving the sales accommodation on both ground and first floors,
ONLY)
6
GOO D
DS
K
A38 T2 9 Nuneaton
LAN
4
VERVE
17
BET LADBRO
BAR
2
ROCK
BANK
LAKE
T1
A5 3
R
with stock and staff rooms on the remaining upper parts. Market
A446
05
BANK
TING
1 16
ESTE
41
5 4a 8 1-2
A6
HOLD
A427
ERN
S
M69
A1
CY
Harborough
8
ANGEL
7 6A
YS
6 5
+ LEIC
4
Corby
BANK
74 3
T AGEN
Thetford
NORTH
M6
HOUSE
NAT WEST
BARCLA
Coventry
GREGGS
PIZZA RESTAURANT
PIZZA EXPRESS
SHOE ZONE
SHOES
BAKER
BRANDED CLEARANCE
NORWICH & PETERBOROUGH
CLOTHING
BUILDING SOCIETY
3-5
3
HMV
RECORDINGS
15
HSBC
BANK
5
20
NCE
ACCOMMODATION
06
OFFICE
6
A6
A45 2
M1
BANK
OYMEN
M6
A1
ALLIA
16
BIRMINGHAM 1
A1
A14 A1(M) 4 1
A1
1
Rugby 19
A1
A4
5
Kettering Ely
4
14
2
EMPL
52
4
A134
SAMUELLH DOULTON HOME
A14 JEWEL
4-6
A508
7
A43
5
A1
LER CHINA & GLASSWARE
The property provides approximately 8,457.92 sq m (91,041 sq ft) of net internal accommodation.
18
3a A46 A4
A4 1
M45 A11
Huntingdon
42
16
Royal 17
ST PETERS ARC
0
77 Wellingborough PHONE
ADE
A1
S
Leamington 4U
TELEPHONES A14 VACANT Newmarket
8
TENURE Warwick 15 SpaSERVICA4
E AR2
5 A1 OUTLET
Bury
A435
A
9
COUNCIL OFFIC
14 EA A45 MOSS A428
ES A14
10 - 12
14
THOMAS COO St Edmunds
Northampton
13
A6
16 13 K
11
MENS WEAR
15a Cambridge TRAVEL AGEN
T
A4 THE COR
Cambridge
A42
12 NISH
A46 28 Bedford
13
12 PASTY CO
The property is held Freehold.
15 CLINTON CARDS
14 - 18
BAKER 11 1
Stratford- A1
3
A509
A46 CARDS & GIFTS
4
M40 VACANT
A13
15
upon-Avon TIMPSON
OUTLET
A5
TENANCY
TON 5 10
20
SHOE REP
BRADFORD50
17 - 21
K
RESTAU USE &
08
A A
Y CLUB
5
21
NTR G M TO & BINGLEY
& PART WNS LINENS DIR
RANT
Sudbury
29
9
A4
NE ECT BANK
22 - 24
INS OF RS 11
A43
HO
OFFICE 14 HOUSEHO
ONLY)
A4
F
Banbury LD TEXTILE A1
STORE
THE CIT
S
A6
PUBLIC
31 A505
Milton ENTRANCE
23
13
25
62/64 Bridge Street will be let to TJX UK, trading as TK Maxx, who have recently signed an Agreement
10
A10
(PEDESTRIANS
P
26 A44 Keynes
OFFICE
M1
NEW HORIZ
ON
31
VACANT OUTLET
25
AMUSEME (35) (ACTUAL)
26
to Lease for a new 10 year FRI letting expected to complete in February 2011, to produce an income
NTS
A1
(EXCEP A421 M11
CE Stow-on-
MCP 16 T CYCLES
) 18 - 19 12
9
1
8 - 14 10 A Bishop
BishopÕ DEAVESONS
42
of £400,000 per annum and reflect a rent of £6.38 per sq ft. TK Maxx are currently on site and have the-Wold THE WORKS
Luton
27
SOLICITO OFFICE 8
R
PRIES A5 JEWELLER
28 - 30
A4
A4 LAMB
2-6
TGATE BOOKS Stevenage Stortford
s
8a Stansted
commenced their extensive refurbishment/fit-out works. A60
SMITH ERT 11 COSTA COFFEE
4 OFFICE
HA
SURV MPTON
7 A
COFFEE SHOP120
8
29
2 A120
TH
EYOR
18
Dunstable 10a
CLOSED
9
A1(M)
A4
Easton House
ENTRANCE
WHSMITH 10
Hertford A12
31
A34 A41
NEWSAGEN 6 A1
A1
GOVERNMENT BUILDING
GOVERNMENT
Aylesbury T & BOOKS 9 BUILDING 30
66/68 Bridge Street is let to New Look Retailers Limited, trading as New Look by virtue of a reversionary A40 Hemel
Oxford &
St Albans
5
Harlow
32 - 36
COSTA COFFE Hempstead A414
29
4
E
FRI lease expiring on 24th December 2020. The current income is £225,000 per annum, reflecting a Chelmsford
A4
COFFEE SH 8 M10 T MOBILE
A4 8a OP 3
Hatfield 7
4
31
7
A41 A41
BRIDGE STREET
2 TELEPHONES
0ENT 1
rent of £7.80 per sq ft.
A4
8 A10
ST PETERS RO
7 2121a
WATERSTONES 22 M25 EMAGEN
PHOTO GOODS
RESTAURANT
13
33 - 35
RECRUITMENT
38
Amersham
WORKSHOP
6
20BOOKS
TOYS & GM
23 1
High (2 RETAIL FLOORS) 24 25 WEAR
LADIES 27 6 A130
CAMERAS
26
VACANT
OUTLET
EMP AGY
YOUNGS
A12 Billericay
19
MEYER-
5
GAMES
MISAKI
SCOTT
6
A1
Wycombe
40 - 42
LE
18PETIT FOUR M1
5 HAWKINS BAZAAR
Brentwood
LONDON
CAFE 5
37
11
A355
9 7 5 3
17 4
Watford TOYS & GAMES
Rayleigh
20 WENTWORTM40
H STR4 M25
28
A127
A4 EET3 2 ENTRANCE 4
39
2 Ilford 29
Beaconsfield 1 JULIAN GRAVES
A12 Basildon
Dagenham
41
16 1a 1 HEALTH FOOD
A10
A41
Swindon Maidenhead Slough
MOUNTAIN WAREHOUSE
AD
44 - 46
16 A34 A40 PAST TIMES M25
43
GIFTS
WENTWORTH STREET
15 9b
OUTDOOR
7 M4 WEAR
30
A13
6 GAME STATION
A346
15 4b 4 2 1
Tilbury
45
89 5 ANN 4a 3
SUMMERS COMP GAME
Dartford
48
LINGERIE
M4 A205
MILLETS
16Richmond OUT WR&
47
14 M4 13 13 YOURS
A3 A2
50
CAMPG GDS A20 2
C GBMaps.com. Custom Business Location Map Designers. OS Licence number:BRITISH
PU HEART
100038745
N
LADIES WEAR
49
FOUNDATIO
4
BON MARCHE CHARITY SHOP
A2
52
LADIES WEAR OXFAM
51
CHARITY SHOP
SPECSAVERS OPTICIANS
53
OPTICIAN
MARKS & SPENCER
54 - 60
MOTHERCARE
VARIETY STORE
55
CHILDRENS WEAR
(2 RETAIL FLOORS) (3 RETAIL FLOORS)
ENT
S KING
BETFRED THE BONU
59
NEW LOOK BETTING OFFICE
62
JANSON HONG
LADIES WEAR
59A
SUPERMARKET
SKETCHLEY
DRY CLEANING
59
POUNDLAND
68
S
61
TK MAXX HOUSEHOLD GOOD
D
BOURGES BOULEVAR
Artists Impression
K
MULTIYOR
10
FURNITURE
BRID
PHOTOGRAP
PAWN
VENTURE
GOVERN
GENER OKER
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MUSCLE FINE
EMAIL PRINT QUIT PINK & WHITE
TELEPHONES
PHONE PLUS
FITNESS EQUIP
WHISTLERS
BEAU SAL
BR
GE S
BARBERS
VACANT
OUTLET
ATOR
CASH
HER
HAIR
MENT B
SSE
7 12 11
6A 8 9
R CA
IC
T
13
O
K
S
COVENANT INFORMATION VAT
TK Maxx is a discount retailer with over 212 stores throughout the United We understand the property has been elected for VAT purposes.
Kingdom. The company is part of the TJX Companies which also owns other
discount retail chains such as TJ Maxx and Marshalls in the United States. It
offers brand name clothing, footwear, bedding, furniture, beauty products, and
PROPOSAL
house wares at significant discounts to their recommended retail price.
We are instructed to seek offers in excess of £9,850,000 (Nine Million, Eight Hundred and Fifty
Thousand Pounds), subject to contract and exclusive of VAT for the freehold interest equating to
For the year ending 31st January 2010, the company reported a turnover of
a net initial yield of 6%.
£1.194Bn with pre-tax profit of £78.3M. For the same period the company
reported a net worth of £250.6M.
New Look is one of the strongest UK high street brands in unisex fashion retail,
with over 660 stores in the UK and Ireland.
For the year ending 28th March 2009, the company reported a turnover of
£1.104Bn with pre-tax profit of £180.6M. For the same period the company
reported a net worth of £637.6M
Tenant Description Area (Sq m) Area (Sq ft) Lease Expiry Rent Review Rent £ pa Comments
TK Maxx Ground Floor 1,486.44 16,000 02/2021 02/2016 £400,000 New 10 year FRI lease expected to
First Floor 1,485.60 15,991 complete February 2011.
Scond Floor 1,492.10 16,061
3 month rent free from completion. Vendor
Third Floor 1,169.08 12,584
will guarantee rent free period.
Loading Bay 73.58 792
Ancillary 101.73 1,095 Rent Review at year 5 to OMV subject to a
TOTAL 5,808.53 62,523 cap of 15%. Service charge cap at £5,000 pa.
New Look Ground Floor 716.50 7,712 23/12/2020 24/06/2013 £225,000 Tenant recently signed a reversionary
First Floor 672.80 7,242 lease to commence upon expiry of the
Scond Floor 745.83 8,028 existing lease (23/06/13), which will run from
Third Floor 471.30 5,073 24/06/13 to 23/12/2020.
Ancillary 30.47 328
TOTAL 2,636.90 28,384 There will be a further rent review on
23/06/2015.
Total 8,445.43 90,907 £625,000
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FURTHER INFORMATION
For further information contact joint agents:
Philip Colman Matthew Clarke
philip.colman@gva.co.uk matthewclarke@lewisandpartners.com
Stephen Gevertz
stephengevertz@lewisandpartners.com
10 Stratton Street, London W1J 8JR
Tel: 020 7911 2353
15/19 Cavendish Place, London W1G 0QE
Tel: 020 7580 4333
Fax: 020 7580 5111
SUBJECT TO CONTRACT & EXCLUSIVE OF VAT
LEWIS & PARTNERS LLP & GVA GRIMLEY LTD FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-
1. These particulars do not constitute any part of the offer for sale or contract for sale.
2. All statements contained in these particulars as to this property are made without responsibility on the part of Lewis & Partners LLP & GVA Grimley Ltd or the vendors or lessors.
3. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.
4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars.
5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the property. The plans are photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings are for identification purposes only.
6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale.
7. Any properties or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the neighbouring areas at the date a prospective purchaser or tenant inspects the property. Prospective purchasers are strongly advised to inspect the property and neighbouring areas.
8. Lewis & Partners LLP & GVA Grimley Ltd have not measured the property and have relied upon clients information. Therefore Lewis & Partners LLP & GVA Grimley Ltd give no warranty as to their correctness or otherwise and the purchasers must rely on their own measurements.
9. All terms quoted are exclusive of value added tax unless otherwise stated.
10. The vendors do not make nor do Lewis & Partners LLP & GVA Grimley Ltd any person(s) in their employment give any warranty whatsoever in relation to this property.
11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.
12. These details were prepared as of FEBRUARY 2011.
Adrian Gates Photography & Design 07710 316 991
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