Prominent Retail Investment – let on new 15 and 10 year leases

  • Ref: GHAFS03
  • Availability: To Let
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Features

  • Secure income from two national occupiers; Poundworld Retail Limited t/a Poundworld Plus and Pure Gym Limited
  • Excellent Location in one of Exeter’s busiest pitches

Description

The property is located on the west side of Fore Street, one of the prime retail locations within Exeter, leading into Exeter High Street. The property has been split to comprise two well configured retail units. Poundworld Retail Limited (t/a Poundworld Plus) at ground floor and Pure Gym over part ground, first and second floor. The property comprises glazed retail frontage at ground floor with a dedicated entrance for each unit.

Location
Exeter is a prominent university city in the south west of England. The city is situated in the county of Devon,
approximately 34 miles south west of Taunton and 44 miles north east of Plymouth. Exeter benefits from excellent communications, with the M5 connecting the city to the UK’s wider road network and Exeter St Davids train providing a link to London with an approximate journey time of 2 hours and 10 minutes.

Exeter is the dominant city catchment area with a primary population of 508,000 people and a shopping population of 337,000 (Source:PROMIS). This population is estimated based on the number of people that use the city as their primary shopping destination. Exeter also benefits from a large tourism industry with an estimated 1.5 million day visitors a year (source: PROMIS).

Situation
The property occupies a prime location on Fore Street, formerly occupied by BHS in close proximity to The Guildhall Shopping Centre. Retailers in the surrounding area include Holland and Barrett, Rymans and McDonalds.

Retailing In Exeter
The retail offer in Exeter amounts to approximately 1.39 million sq ft, with the prime retail pitches including Fore Street, High Street, The Guildhall Shopping Centre and The Princesshay Centre. Anchor occupiers in Exeter include: John Lewis, Marks and Spencer’s and Debenhams, all in close proximity to the subject property.

Tenure
The property is offered on the basis of a new 125 year Long Leasehold. The property is subject to a ground rent payment to the freeholder (Exeter City Council) of 12.5% of the gross rental income. The current payable ground rent is £35,312.50 pa based on a gross rental income of £282,500 pa. Continue reading