WHERE'S FAT FACE? FREEHOLD RETAIL INVESTMENT IN NORWICH - Bidwells
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WHERE'S FAT FACE? FREEHOLD RETAIL INVESTMENT IN NORWICH
INVESTMENT SUMMARY 3/4 HAYMARKET, NORWICH NR2 1QD
N O RW I C H
Norwich is a dominant,
prosperous regional city
100% prime unit on Haymarket
adjacent to newly extended
Primark store and opposite
Topshop/Topman
Let to Fat Face Ltd (D&B 5A1)
Unexpired term of over 5.5 years
Offers in excess of £5,160,000
subject to contract and exclusive
of VAT for the freehold interest,
reflecting a net initial yield of
6.00%, assuming purchaser’s
costs of 6.60%.
2
A1067 A140 Norwich Based on the volume and quality of its retailing offer, Norwich is
King’s Lynn A1042
categorised by PMA as a Regional Centre and has an above average
A47 NORWICH
A17 A47 primary catchment of 894,000 people, ranking it 13th out of the UK
A47
A1 A47 city centres by PROMIS. The City’s estimated shopping population of
Peterborough
A10
521,000 ranks it 9th of the PROMIS Centres whilst by floor space,
A11
A140
its 2.93 million sq ft ranks it 10th. Norwich is the fourth most densely
A12 populated Local Authority District within the Eastern Region with
A14 Bury St. Edmunds
33.9 people per hectare (Source: Norwich City Council).
A11
Cambridge Newmarket A14
Ipswich
A1 RETAILING IN NORWICH
Luton Norwich provides an attractive shopping experience, combining
Felixstowe
Stansted
modern architecture with older traditional buildings within an
A1M
M11 A12 attractive pedestrianized environment. The city benefits from the
Harwich
M1
largest open air market in the UK, which trades 6 days a week.
M25 Shopping in Norwich is spread between its two main shopping centres
LONDON
Heathrow M25 and the pedestrianised pitches of Gentlemen’s Walk, Haymarket,
Market Place, Guildhall Hill, London Street and Castle Street.
LOCATION
The city has seen significant development in recent years
The historic city of Norwich is the commercial and retail The City’s principal shopping centres are intu Chapelfield and
with major projects that include the regeneration of the
centre for East Anglia, located approximately 63 miles Castle Mall. Castle Mall shopping centre is anchored by Boots
Riverside Area, completion of the new Forum Library.
northeast of Cambridge, 41 miles north of Ipswich, and Chemist, with other key tenants including New Look, Argos and
Norwich is one of the most vibrant and attractive cities in
110 miles northeast of London. Peacocks. intu Chapelfield is anchored by House of Fraser with other
Europe. It is ranked in the Top 10 shopping cities in the UK
key tenants including Apple, H&M, Zara, River Island and Hollister.
The city is served by the recently upgraded A11 trunk road, and as well as being a hotbed for the arts, culture, music,
which links to the M11, giving access to the M25 and the The City boasts a strong department store line up including nightlife, and tourism. The City offers historical architecture,
national motorway network. The A47 links Norwich to Kings Debenhams, House of Fraser, Marks & Spencer, John Lewis and the a Norman Cathedral and a 12th Century Castle, as well as an
Lynn and Great Yarmouth. In addition, there are regular train independent department store, Jarrolds Norwich is dominant in its open-air market, quirky independent shops, restaurants,
services to London Liverpool Street, with a fastest journey catchment with little competition from other centres. This is unlikely cinemas, galleries, theatres, cafés, bars, pubs and clubs
time of just under 2 hours. Norwich International Airport to change with more Park & Ride schemes than any other city (Source: University of East Anglia). Tourism is the largest
offers regular flights throughout mainland UK and Europe (Source: Norwich Research Park) and high growth projections with an sector industry in the county, supporting more than 59,000
with destinations that include Amsterdam, Aberdeen, additional 33,000 homes and 35,000 jobs by 2021 (Source: Norwich people and contributing £2.96 billion to the local economy
Edinburgh and Manchester. Research Park). (Source: Visit Norwich).
3
4
NAT WES T
FIRST
TRAVEL
ARCADIA LADY
JEWELLERS B
LOVES
LITTL E
LANG LEYS
UND ER MARMALADES NATURAL
EAST
ALTE RATI ON
TIGER
TO BE PRI MAR K
NANA
MEXICO
Y
RO UG E
G AL LE RY
E AWA
FRESHAPE
SHAK
178 179 186 187
14
177 176
SITUATION 169 168
Old Post Office Court
4d
158 167
Castle Street
157 148
PH
The property is situated in a 100% prime retailing 138 147
18.0m
16
137 128
Bank
Davey
location on the east side of pedestrianised 118 127
House
8
117 108
21
4 10
12to14
Haymarket, which is Norwich’s principal retail 98
97
99
96
106 107
89 88
Davey
Davey Place
Market Place
20
1
thoroughfare, opposite Topshop and Next. Other
21
58 PO
23
Castle
nearby retailers include Primark (store extension
21
57
Castle
St
38
House
25
UPPER
22
under construction). Debenhams and Accessorize.
reet
37
El
Gentleman's Walk
23
KING
Sub 18 27
27to29
GENTLMESN Sta
17 8
3 4 5 1
WALK 6
The city centre benefits from an abundance of
ST
7 8 to 10
11
Royal Arcade Arcade Street
GENTLEMENS
39a
25
parking all close by including St Giles Street PC
39
14
WALK 15 24
13
6
PH
36
37
to
HAYMARKET 12
12
Pudding Lane
(330 spaces), Castle Mall (800 spaces) and
35
5
CASTLE MEADOW
34
9
Chapelfield (1,000 spaces). In addition to access TCB
3a
Back of The Inns
31
CHAPELFIELD
31
7
by car, the city benefits from regular bus services
3b
30
24
6
terminating adjacent to the Chapelfield
4
8
23
Weavers Lane
12
SU
Castle
2
RR
22a
EY
Mall
Shopping Centre. 1 3 White
1
Lion
ST
7 Stree
.
22
t
St Peter Mancroft 11
13
Church 13a
2
21
18
DESCRIPTION
20
3
17
4
The building has substantial glass retail frontage
20
19
19
2
5
to Haymarket. The property comprises a retail unit York
All
23
ey
HAYMAR KET
22
6
Statue
with sales area and ancillary stockrooms on ground, 22a
1
24
Hay
previously used sales area and ancillary staff and Hill
7
stockrooms at first floor, ancillary storage at Bell Hotel
basement and second floor.
10
18
LB
Lamb Inn Hotel on
33 st e
Bo ous
(PH)
E ET
It is a substantial building that has a long history, 29 31 H
17
TR
11
HS
LB
16
having been developed over the last five centuries. 17
T
to 2 Orford Hill
OO
1 7
ET
15
MB
3
There are four sections which are built around a
RE
LIA
ta
14
5
ub S
WIL
23.2m
ST
7 to 13 15
central courtyard which has now been covered in
El S
ION
2
11 10 9 8 7
1
4
DL
3
2
1
at ground floor to form a large open plan retail area. 2
RE
6
25
23
8
ET
7
The building is Grade II* listed and at least part is a
T RE
3
10
GS
scheduled ancient monument. The property is in a
21
19
12
RA Club
B RIG
MP
14
AN
conservation area. It has been used as a retail shop T
HO
RS
17
15
E
ST Bank
for many years with recent occupiers including 21.3m
RE
ET
First floor excluded from title
Next (who also used part of the first floor for sales),
13
11
First and second floors excluded from title
11
JD Sports and now Fat Face. 19
7
5
ACCOMMODATION TENURE
The property provides the following net internal area: The property is freehold. For the area shaded blue on the OS Plan,
the first floor is excluded from the title. For the area shaded yellow,
Floor Use Sq m Sq ft
the first and second floors are excluded from the title.
Ground Floor Zone A 75.21 810
The property benefits from two rights of access to White Lion
Zone B 64.90 699
Street nearby:
Zone C 57.01 614
Zone D 83.15 895 1961 Deed – This grants a right of access and egress on foot over
Remainder 56.17 605 the passageway to the left-hand side of the premises from an
Total Sales 336.44 3,623 entrance between 1 and 3 White Lion Street. This is a right in
ITZA - 1,462 perpetuity.
Stock 49.46 532
1977 Deed – This grants a right of escape over the passageway on
First Floor Previous Sales 69.37 747
foot only from the rear of the premises to an entrance between 7
Ancillary 172.90 1,861
and 9 White Lion Street. This right may be determined by either
Second Floor Ancillary used 23.55 253
party on giving six months’ prior notice and the doors bricked up at
Ancillary unused 66.20 713
the Grantee's cost.
Basement Vaults 61.83 665
Ancillary 88.94 957
Total 868.69 9,351 TENANCY
The property is let on full repairing and insuring terms to Fat Face
M Ft
Ltd for a term of 15 years from 2 April 2008, expiring 1 April 2023,
Gross Frontage 13.23 43' i.e. c5.5 years unexpired. The current rent is £330,000 per annum
Net Frontage 12.23 40' reflecting £206 zone A. The rent is subject to five yearly, upward
Shop Depth 28.58 94' only, rent reviews with the next being due on 2 April 2018.
6
FURTHER INFORMATION
Should you require any further
information or wish to inspect,
please contact:
Darryl Stevenson
DDI: 020 7297 6277
darryl.stevenson@bidwells.co.uk
Saul Western
DDI: 020 7297 6275
saul.western@bidwells.co.uk
TENANT COVENANT VAT Bidwells
Established in 1988, Fat Face Ltd is a multi-channel retailer in the active lifestyle The property is elected for VAT and therefore VAT is 25 Old Burlington Street
clothing sector that sells clothing for men, women and children as well as footwear, chargeable on the purchase price. It is anticipated that
London W1S 3AN
jewellery and accessories. Revenue grew by 7.4% in the last financial year with the transaction can be structured as a Transfer of a
Tel: 020 7493 3043
ecommerce showing over 20% growth and is now over 18% of the business. Going Concern (TOGC).
It has over 228 stores in the UK, with international stores in the US.
Fat Face Ltd is rated 5A1 by Dun & Bradstreet, indicating minimum risk of business EPC RATING
failure. The company has reported the following recent financial performances: D78
November 2017
28/05/16 30/05/15 31/05/14 PROPOSAL
.... £000s £000s £000s
Offers in excess of £5,160,000, subject to contract and
Turnover 220,195 205,401 200,051
exclusive of VAT for the freehold interest. A purchase at
Profit Before Taxes 24,422 13,473 18,737
this level would show a net initial yield of 6.00%,
Tangible Net Worth 122,753 102,474 87,165
assuming purchaser’s costs at 6.60%.
7
Bidwells 25 Old Burlington Street London W1S 3AN Tel: 020 7493 3043 bidwells.co.uk IMPORTANT NOTICE RELATING TO THE MISREPRESENTATION ACT 1967 AND THE PROPERTY MISDESCRIPTIONS ACT 1991 Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that: These particulars do not form part of any offer or contract and should not be relied upon as statements or representatives of fact. Bidwells LLP has no authority to make or give in writing or verbally any representation or warranties in relation to the property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP have not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. In the interest of Health & Safety, please ensure that you take due care when inspecting the property. Bidwells LLP is a limited liability partnership registered in England & Wales (registered number OC344553). Registered head office is Bidwell House, Trumpington Road, Cambridge CB2 9LD, where a list of members is available for inspection
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