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Lot 3

Retail Investment with 14 years unexpired term to Specsavers (break clause Sept. 2029)

7 Week Completion

Situation

Located in this prime position directly within the town's pedestrianised shopping centre amongst such multiple retailers as Greggs, EE, HSBC, B&M Express, Vodafone, Betfred and many others. In addition, the property is directly opposite an entrance to the St Tydfil Shopping Centre on one side and opposite Beacons Place Shopping Centre on the other which leads to the Tesco Extra supermarket and the rail station ensuring a flow of footfall.
Merthyr Tydfil lies approx. 20 miles north-west of Cardiff with good road access via A470 to the M4 (Junction 32).

Property

Forming an entire island site with four frontages comprising a Large Ground Floor Retail Unit together with Offices/Ancillary on the first floor.

Note: Specsavers have recently moved into the Market Square unit following a £900,000 investment in the property. Specsavers were previously operating from No. 126 High Street for more than 28 years. The Market Square unit provides Specsavers with a new centre that includes two hospital grade OCT machines that allow for more detailed scans than regular eye tests.

Click here to view Specsavers' Press release.

ACCOMMODATION¹

Ground Floor Retail Unit
Gross Frontage 69'0”
Built Depth 94'0”
Area Approx. 5,784 sq ft
First Floor
Offices/Ancillary Area Approx. 5,406 sq ft

Total Area Approx. 11,190 sq ft

¹Not inspected by Barnett Ross. Areas taken from VOA.

VAT is applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease (subject to a schedule of condition) to Specsavers Optical Superstores Limited (see Tenant Profile) for a term of 15 years from 16th September 2019 at a current rent of £50,000 per annum exclusive.

Fixed Rent Increases to £55,000 p.a. in 2024 and to £60,000 p.a. in 2029.

Tenant's Break September 2029

Tenant Profile

Specsavers are based in the UK, Ireland, Netherlands, Norway, Sweden, Denmark, Finland, Spain, Australia and New Zealand, employing over 32,500 people who work across 1,978 stores, as well as in support offices and throughout the supply chain (Source: www.specsavers.co.uk)
T/O for Y/E 28.02.19 £667.2m, Pre-Tax Profit £14.1m and Shareholders' Funds £69.1m.

Enquire about this lot:

JOINT AUCTIONEER:
Paul Fosh Auctions
Tel: 01633 254 044 Ref: Ryan Saunders
ryan@paulfoshauctions.co.uk

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

Specsavers, Market Square, Merthyr Tydfil, Mid Glamorgan CF47 8BY