Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
SOUTHEND ON SEAV I C T O R I A S H O P P I N G C E N T R E
FREEHOLD SHOPPING CENTRE INVESTMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS
l Southend is one of Essex’s principal retailing and commercial centres, strategically located 45 miles east of Central London.
l The town is a renowned and popular tourist destination attracting in excess of 6.4m visitors annually generating estimated revenues of £200 million a year.
l Southend boasts excellent transport links served by the A127/A13, two principal rail stations and an international airport.
l Southend is the seventh most densely populated area in the UK (outside of the London Boroughs) and has a primary catchment of 336,000 persons.
l Victoria is Southend’s principal covered shopping centre occupying a prominent and extensive site which links into Southend Victoria Rail Station and is opposite Odeon, the town’s only cinema.
l Comprising approximately 25,611 sq m (275,681 sq ft) of retail accommodation arranged within four anchor stores and circa 100 unit shops along with a gym and a 590 space multi-storey car park.
l The Victoria underwent a comprehensive refurbishment and upgrade in late 2008 costing circa £25m.
l Freehold.
l Anchored by Next, New Look, Wilko and Argos with other national multiple retailers including Boots, Poundland, H Samuel, Starbucks, Deichmann and Peacocks, with Metro Bank the latest tenant arrival.
l 78% of the income secured to national multiple retailers.
l AWULT to expiry of 5.5 years and 4.88 years to break option.
l Low prevailing rental tone providing excellent opportunities for future rental growth.
l Asset management opportunities.
l Low capital value of circa £90 psf.
l Offersinexcessof£24,300,000 (Subject to Contract and Exclusive of VAT) reflectinganattractivenetinitialyield8.25% allowing for purchasers costs of 5.8%.
VICTORIA SHOPPING CENTRE
SOUTHEND ON SEA
Luton
Stansted
Heathrow
Gatwick
Shoreham
City
Bristol
Gloucestershire
7
10
6
1
3 5
73
6
30
4
5
8
9
11
1
4
3
10 9
14 1312 10
65
7
12
1110
9
8
7
8
5
1314
44
12
1
2 3
91110
12
1817
1615
2
1
21
17
19
16
18
21
3
19
20
27
25
24
23
22
26
31
30
29
28
30 29
2728
252623
2439
4140
3736
35 34 3332
4443
46 4547
48
49
4
2
18
9
10
11
12
13
14
3
7
11
78
9
10
1
32
4
56
2
1
25
8
7
429
28
8
73
4
9
10
914
13
11
10
11
2
5
3
1
38
42
22 21
M23
M1
M2
M27
M26
M25
M20
A3(M)
M40
M4
M3
M25
M25
M25
M25
M20
M1 A1(M)
M11
M4
M4
M4
M4
M40
M3
M1 M11
M5
M5
M5
M5
M5
M32
M50
M11
M49
M48
M4
A465
A40
A449
A4042
A479
A470
A470
A4112
A438
A438
A40
A49
A4103
A40
A438
A40
A407
6
A477
A477
A478
A40A40A48
A487
A361
A30
A376
A39
A386 A377
A30
A30
A380
A390
A391
A395
A39
A30
A388
A30
A394
A39
A392
A38
A386
A385
A361A39
A37
A303
A3088
A37
A30
A303
A358
A35
A36
A31
A354
A35
A350
A303
A361
A36
A37A38
A36
A338
A346
A303
A354
A338
A361
A350
A46
A4
A338
A419
A31
A31
A433
A470
A483
A40
A465
A40
A483
A465
A48
A436
A417
A44
A40
A429
A40
A44
A44
A40
A46
A46
A348 A3
38
A303
A31
A350
A38
A26
A23
A232
A4
A40A406
A41
A406
A10
A12
A13
A2A20
A205
A24
A34
A27
A3
A34
A5 A10
A505
A508
A421
A13
A40A418
A41
A4010
A413
A41
A43
A5
A509
A6
A602
A10
A414
A12
A12
A120
A130 A131
A131
A130
A120
A133
A120
A14
A420
A34
A43
A422
A419
A256
A299
A28
A28
A2
A2
A2
A28
A20
A259
A259
A21
A229
A249
A228
A21
A26
A22
A22
A22
A259A27
A26
A27
A23
A283
A24
A272
A24
A22
A22
A2
A31
A33
A339
A34
A253
A27
A470
A429
A127
A13
A127
Langport
Lynmouth
Lynton
Holsworthy
Tintagel
St David's
Lizard
Sennen
Stow-on- the-Wold
Llandeilo
St Clears
PembrokeDock
PortEinon
WelwynGarden
City
Hoddesdon
Royston
Biggleswade
Felixstowe
Sudbury
Haverhill
Harwich
NewportPagnell
Canvey Island
Canterbury
Rayleigh
Maldon
Witham
Braintree
Bishop's Stortford
Sittingbourne
Ashford
Tonbridge
Uckfield
Crowborough
Bexhill-on-Sea
Seaford
Newhaven
HaywardsHeath
LewesHailsham
Sevenoaks
OxtedRedhill
ReigateDorking
Horsham
Chichester
Haslemere
Littlehampton
Petersfield
Sandown
Shanklin
Ryde
Newport
FawleyHythe
LymingtonNew MiltonCowes
Alton
Winchester
Romsey
Farnham
Aldershot
Leatherhead
Bracknell
Windsor
Croydon
Andover
Ringwood
Salisbury
Dorchester
Weymouth
Bridport
Sidmouth
Christchurch
Chippenham
Melksham Newbury
Frome
Clevedon
Burnham-on-Sea
Taunton
Bridgwater
Warminster
Trowbridge
Devizes
Cirencester
Didcot
Dartford
Yeovil
Minehead
Tiverton
Barnstaple
Ilfracombe
Bideford
Bodmin
St Ives
Camborne
HelstonPenzance
Falmouth
Truro
Redruth
Newquay
St Austell
Fowey
SaltashPlympton
Torpoint Brixham
Paignton
ExmouthDawlish
TeignmouthNewton Abbot
Stroud
Witney Kidlington
Chigwell
Epsom
Sutton
Kingston upon Thames
RichmondWoolwich
BarnetEnfield
Maidenhead
Beaconsfield
HarrowUxbridgeHenley-
on-Thames
Barry
Porthcawl
PortTalbot
Pontypridd
Bridgend
Caerphilly
Cwmbran
Pontypool
Letchworth
St Albans
Hitchin
Berkhamsted
Tring
Marlow
LeightonBuzzard
Thame
Abingdon
Bicester
Aylesbury
BanburyEvesham
Stratfordupon Avon
GreatMalvern
Tewkesbury
Carmarthen
Ammanford
Chepstow
Abergavenny
MerthyrTydfil
Hereford
Pembroke
MilfordHaven
LlanelliNeath
Aberdare
Stevenage
Ipswich
Margate
Brentwood
Colchester
Clacton-on-Sea
Basildon
Gravesend
Dover
Folkestone
Tunbridge Wells
Maidstone
Hastings
Eastbourne
RochesterGillingham
Crawley
Brighton
HoveWorthing
BognorRegis
Portsmouth
Havant
Eastleigh
Basingstoke
Camberley
StainesReading
PooleBournemouth
BathWeston-super-Mare
Swindon
Exeter
Torquay
Cheltenham
Harlow
Slough
Watford
Newport
Luton
Bedford
Amersham
HighWycombe
Oxford
Milton Keynes
Gloucester
Swansea
Fareham
Gosport
Chelmsford
SOUTHAMPTON
BRISTOL
CARDIFF
PLYMOUTH
LONDON
SOUTHEND ON SEA
VICTORIA SHOPPING CENTRE
SOUTHEND ON SEA
LOCATION & COMMUNICATIONS
Southend on Sea is strategically located on the Thames Estuary and is one of Essex’s principal commercial centres as well as being an important commuter town. A renowned and popular seaside resort, Southend attracts over 6.4 million tourists per year and is located approximately 45 miles (72km) east of London, 20 miles (32km) south east of Chelmsford, 41 miles (66km) south of Colchester and 15 miles (24km) east of Billericay.
ROADSouthend has excellent road communications served by the A127 (Southend Arterial Road)
andA13,bothofwhichafforddirectaccesstotheM25(30minutesdrivetime),whichinturnprovidesaccess to the national motorway network.
RAILSouthendbenefitsfromtwonationalRailStations,Southend(Victoria)andSouthend(Central).
The former provides regular services to London (Liverpool Street) and the latter frequent services to London (Fenchurch Street) both with journey times of approximately 55–60 minutes.
AIRLondon Southend Airport is a successful expanding commercial passenger airport with
increasedscheduledflightstomanyEuropeandestinations.RecentdevelopmentsincludeanewATCControl Tower, a new rail station (with access to London Liverpool Street in 53 minutes), a new terminal building and an extended runway. Airlines operating from the airport include Easyjet, Flybe, Skywork andStobartAir,thelatterhavinginvestedover£100mflyingto17Europeandestinations.
BUSThere is good local public transport run by two bus companies, Arriva Southend and First Essex
Buses. Arriva Southend are based within Southend on Short Street and provide services to Basildon and Rayleigh. First Essex Buses provide services from Southend to Southend Airport, Chelmsford and Canvey Island.
LOCAL ECONOMY
Southend is a renowned and popular seaside resort attracting in excess of 6.4m visitors per annum (circa 5.5m day trippers) which contributes over £200m to the local economy. The town is one of the major economies of the Thames Gateway, with total GVA exceeding £2.5billion annually. In the recent past Southend’s employment base has become increasingly diverse evidenced by the Borough’s key employment sectors: tourism, retail, the public sector,backofficeservices,creativeandculturalsectors,aviationand medical technologies. Global businesses such as Olympus Keymed,MedicalInnovationsandSurgicalHoldingsarelocatedontheAngliaRuskinMedTechCampusadjacenttoLondonSouthendAirport and customer contact centres for Royal Bank of Scotland, Insure-and-Go and Converso also add to the diversity of the local economy.
Thetownalsobenefitsfromthepresenceofnumerouseducationfacilities particularly The University of Essex, whose Southend Campus, within the town centre, is home to over 1,000 students. FurthermorethedraftEastofEnglandplansetsatargetof6,500 new homes and 13,000 jobs within Southend’s catchment capitalising on the improving infrastructure links.
Southend Victoria StationSainsburys
Odeon
The Range
Travelodge
South Essex College University of Essex
Southend Central Station
VICTORIA CENTRE
CATCHMENT & DEMOGRAPHICS
Withfewcompetingtowns,Southendbenefitsfromasizeable,loyal, primary catchment population estimated to be circa 336,000 personswhichisinlinewiththesub-regionalPROMISaverage.The catchment within a 10 minute drive time is 150,000 persons and 308,000 within 20 minutes. Analysing this catchment reveals amoderatelyaffluentpopulationwiththetopthreeMosaicSocialGroupingssupportingthis;SuburbanMindsets(19.48%),SmalltownDiversity(17.93%)andProfessionalRewards(11.56%).
Reflectingthedemographicprofileandspendinghabitsofthecatchment population, per capita retail spending levels are comparablewiththePROMISaverage(Source:CACI).
A127
A12
A13
A130
A130
A127
Wickford
Rayleigh
Eastwood
Hockley
Rochford
Canvey Island
Benfleet Leigh-on-Sea Westcliff-on-Sea
SOUTHEND ON SEA
20 mins drivetime
10 mins drivetime
HIG
H STREET
GE NESTA RD
KINGS ROAD
VALK
YR
IE R
OA
D
FIRST AVE STATION ROAD
MIT
TON
RO
AD
HAM
LET COURT R
OAD
EAST STREET
WEST ST
W
EST ROAD
SUTTO
N R
OA
D
SUTTO
N ROAD
PRITT LEWELL CHASE
RO
CH
FOR
D R
D
HIG
HFI
ELD
GRD
S
CARLTON AVENUE
SUT
TON
RO
AD
FAIRFAX DRIVEFAIRFAX DRIVE
PRIORY CRES
WOODGRANGE DRIVE
WOODGRANGE DRIVE
WOODGRANGE DRIVE
THO
RPE
HA
LL A
VEN
UE
EASTERN ESPLANA D E THORPE ESPLANADE
HA
MSTEL R
OA
DH
AM
STEL RO
AD
LIFSTAN W
AY
LIFS
TAN
WAY
WES
TBO
UR
NE
GR
OV
E
SO
UTH
BO
UR
NE
GR
OV
E
A
1158
A13 LONDON ROAD
A13 LONDON ROAD
QU
EENSW
AY
A13 SOUTHCHURCH BOULEVARD
A13 SOUTHCHURCH ROAD
ROYAL ARTILLERY WAY
EASTERN AVENUE
A1159
PRIORY CRESCENT
A1159 M
AN
NE
RS
WAY
A 1160
THE LEASWESTERN ESPLANAD E
WE STERN ESPLANADE MARINE PARADE
A1160
CHAL
KWE
LL
AV
ENU
E
A127 PRINCE AVENUE
A127 VICTORIA
AVENUE
A13 Q U E ENSWAY
SOUTHENDEASTSOUTHEND
CENTRAL
WESTCLIFF
CHALKWELL
SOUTHENDVICTORIA
PRITTLEWELL
ODEONCINEMA
ADVENTUREISLAND
SOUTHEND PIER
SOUTHENDHOSPITAL
WELLESLEYHOSPITAL
TESCOEXTRA
SOUTHEND LESIURE & TENNIS CLUB
GARON PARKGOLF COMPLEX
SOUTHCHURCH
SOUTHCHURCHPARK
BOURNESGREEN PARK
PRIORYPARK
WAITROSE
B&Q
THE ROYALSSHOPPING CENTRE
GREYHOUND RETAIL PARK
FOSSETTS RETAIL PARK
LONDON RD RETAIL PARK
VICTORIA SHOPPING CENTRE
VICTORIA SHOPPING CENTRE
SOUTHEND ON SEA
SITUATION
Victoria Shopping Centre occupies a prominent sloping site at the northernendoftheHighStreetoppositeSouthend’sonlycinema,the 8 screen Odeon and the town’s restaurant conglomeration where the likes of Nando’s, Bella Italia and Ask are represented. Victoria Rail Station is also adjacent which is reached via escalator access and a covered foot bridge spanning the busy A13
(Queensway)whichformsalinkthroughtheCentretotheHighStreet.
The property is bounded by Southchurch Street to the south, ChichesterRoadtotheeast,thestationtothenorthandtheHighStreet to the south.
RETAILING IN SOUTHEND
Southendprovidesanimpressiveretailofferestimatedat1.18m sqftwhichencompassestwocoveredmanagedshoppingcentresin Victoria Shopping Centre and The Royals at opposing ends of thepredominantlypedestrianisedelongatedHighStreet.Majornational multiples represented in the town include Debenhams, Primark,H&M,Marks&SpencerandTKMaxx.ManyoftheUK’sretailers have dual representation within the town.
Southend’s estimated shopping population is 187,000 persons whichissupplementedbytheinfluxoftouristsaswellasthegrowing student population.
The town centre, including the Victoria Centre, lies within a Business Improvement District (BID). The Southend BID has been successful in securing funding from over 300 local businesses providing an additional £200,000 of council spending for town centre projects such as street furniture and signs. It has also been working with the council who have secured £5m of central funding to be used to improve the Town over the next 5 years. The Victoria Centre is heavily involved with the BID, including holding one of the 3 director positions. The current project being pushed is the resurfacingofChichesterRoadwhichwillbenefittheVictoria.
VICTORIA SHOPPING CENTRE
TheVictoriaShoppingCentrewasoriginallyconstructedin1967byHammerson.Theproperty consists of a covered schemed comprising circa 100 retail units, including 8 MSUunitsarrangedoverground,lowergroundandfirstfloors.ThereareentrancesfromHighStreet,SouthchurchRoad,ChichesterRoadandSouthendVictoriaStationviaanescalatorandfootbridge.Thereisalsoaccessfromthecarparkvia2liftsandastaircase.TheHighStreetentranceisconsideredtheprincipalentrypointbutthereisalsosignificantpedestrianflowfromthestationandthecarpark.Publictoiletsandcentremanagementareprovidedonthefirstflooraccessedvialift,escalatororstairs.
The scheme underwent a substantial £25m refurbishment in 2008. This principally comprised covering what was an open-air scheme but also included new entrance features,additionalretailspace,relocationofWC’sandreplacingtheliftsandescalators, as well as improving the accessibility from the car park and the train station.
CHARTWELL HOUSE
ChartwellHouseisan11-storey(circa44,000sqft),vacantofficetower,formerlylettoHSBC.ThelongleaseholdwasrecentlysoldtoPriestgateEstatesforatermof125yearsataground rent of £50 per unit, (£3,550 pax). The residential scheme will comprise 71 one and twobedroomflats.ConstructionisduetocommenceinSeptember2015underPermittedDevelopment rights. Under the terms of the sale, the developer has agreed to contribute to the service charge, as stated in the tenancy schedule. The sale also comprised Unit G18 (formerGNC)foragroundfloorentrancetothedevelopmentaswellasstoragespaceandakioskonthefirstfloor.Moredetailsareavailableuponrequest.
VICTORIA SHOPPING CENTRE
SOUTHEND ON SEA
Artist impression of the residential development of Chartwell House.
ACCOMMODATION
Thepropertyprovidesatotalapproximatenetinternalfloorareaofcirca25,611sqm(275,681sqft)assetoutintheseparateScheduleofTenancies&Accommodation.
VICTORIA SHOPPING CENTRE
SOUTHEND ON SEA
G50
G49
G48
G47
G27 - 28
G26
G24 - 25
G23
G22
G29
G46G40 - 45 G39B
G37G36
G35
G13G6 - 8 G5 G4 G3 G2 G1
G14G15G16G17G18G19 - 21
G34G33G32G31
G39
G38
G10
G9
G11
G12
THE SCOOTER
CLUB
snappysnaps
Fitness4Less
F8F7
F6F5
F4F3
F2
F9F10 - 11
F12F13 - 14
F15F1
F15
F21 - 26F27
F42 - 45 F41
F40 F39 F38 F37
F35
F34
F33
F32
F16 - 20
B7 - 9
B6B3 - 5
B11 - 12
B2 B1
B10
B13 - 16
B17
B18
B19
B20
< GROUND FLOOR
FIRST FLOOR
LOWER GROUND FLOOR
TENURE
Freehold.
CAR PARKING
TheVictoriaShoppingCentrebenefitsfroma590spacemultistoreycarparkaccessedoffChichesterRoadwhichopens5:30amMonday–Saturdayand6:30amSunday.
ParkingTariffs MondaytoSaturdayUp to 1 hour 80pUp to 2 hours £1.50Up to 3 hours £2.30Up to 4 hours £3.50Up to 5 hours £4.50Up to 6 hours £6.00Over 6 hours £10.00
Car parking is free on Sundays as well as a car parking licenceonofferallowingcustomerstoparkfor£2.05perdaywhen purchasing a one, three or six month licence.
CURRENT INCOME
• The current gross contracted income is £2,779,804 per annum.• Thetotalnetincome,afterlandlord’sshortfallsis£2,122,171 per annum.• The estimated gross rental value is £3,544,470 per annum.
RENTAL COMMENTARY & INCOME ANALYSIS
RentspeakedinSouthendonSeaatcirca£135psfZoneAontheHighStreet but have since declined to circa £55–£60 psf Zone A. Based on the most recent lettings, we have analysed the tone for the scheme as follows:
HighStreet £55–£60psf Zone ASouthchurch Road £35–£40psf Zone AGround Floor (Churchill Square) £25–£30psf Zone AGround Floor (Churchill West) £10–£15psf (overall)Ground Floor (Churchill South) £25–£30psf Zone ALower Ground £15–£20psf Zone AFirst Floor (Chartwell Square) £15–£20psf Zone AFirst Floor (Chartwell North) £10–£15psf Zone A
The AWULT to lease expiry is 5.5 years and 4.88 years to break options.
INCOME £ BY COVENANT
INCOME £ TO LEASE EXPIRY
78%4%
18%
National
Regional
Local
6+ years46% 12%
5%
30%
7%
4-6 years
2-4 years
1-2 years
<1 year
FREEHOLD SOUTH EAST SHOPPING CENTREINVESTMENT OPPORTUNITY
SCHEDULE OF TENANCY AND ACCOMMODATION
Unit No: Tenant Name Term (Years)
Expiry Date Next Review Unexp Term Breaks Current Rent pa Rental Value pa Areas (sq ft) Occupational Costs 2013/2014 Comments
ITZA (sq ft) Sales Anc Total Area (sq ft)
Service Charge pa % App RV 2010 Estimate Rates Payable pa
(Incl. BID levy)
Ins Shortfall
B1 Prathvinath Shetty t/a Arcadia News 5 02/11/2017 2.40 £4,000.00 £5,840.00 292 315 – 315 £1,873.00 0.129% £4,500 £2,160.00 £100.84 Rentincreasesto£3,750paon03/11/2013;£4,000pa03/11/2014;£4,500paon03/11/2015&£5,000paon13/11/2016. Rent deposit of £3,734.40.
B2 WaynePaulSmith&KostadinNikolov t/a Couture Cakes
3 26/11/2016 1.47 27/05/2015 £4,500.00 £4,270.00 209 251 60 311 £1,493.00 0.103% £2,650 £1,272.00 £84.70 £1,577.70 Rent inc service charge and ins. Tenant break on 3 months notice.
B3–B5 Cd'Agostinot/aHeadhunters 10 24/03/2011 -4.22 £7,500.00 £13,000.00 651 786 – 786 £4,722.00 0.326% £8,200 £3,936.00 £252.46 Tenant holding over. Tenant has just installed £1,500 new boiler.B6 Vacant £0.00 £8,780.00 439 531 – 531 £2,599.00 0.179% £- £154.98 £2,753.98 Not ratedB7–B9 Wilkinson Stores 15 18/11/2022 19/11/2012 7.45 £257,000.00 £289,000.00 – 37,240 1,287 38,527 £141,536.00 9.773% £187,000 £93,678.00 £12,160.32 £36,609.00 Service charge Cap £100k pa + rpi annually from 01/01/2014.B10 Vacant £0.00 £37,100.00 1,840 4,370 174 4,544 £29,093.00 2.009% £36,500 £- £857.12 £29,950.12 FormerJMurray,Cork&Cheesepub.RemovedfromtheRatingList.B11/B12 Vacant £0.00 £19,800.00 991 1,363 – 1,363 £8,088.00 0.558% £- £459.38 £8,547.38 Not rated.
B13–B15 Vacant £0.00 £14,100.00 706 837 – 837 £1,879.00 0.130% £- £515.00 £2,394.00 Not rated.
B17 JACockbillt/aKidzClobber 3 09/11/2017 n/a 2.42 £12,000.00 £10,500.00 524 1,031 – 1,031 £5,953.00 0.411% £6,500 £3,120.00 £314.37 Rent commencement date 01/12/2014. Tenant received 6 months half rent.B18 Vacant £0.00 £11,100.00 556 819 – 819 £5,572.00 0.385% £6,200 £2,976.00 £258.33 £8,806.33B19 Raheel Yasir t/a Big 5 News 15 20/12/2025 21/12/2015 10.54 £15,000.00 £11,000.00 552 851 – 851 £5,278.00 0.364% £5,600 £2,688.00 £268.67B20 C A Robinson t/a Presto Shoe Repair 10 06/11/2015 07/11/2014 0.41 £3,500.00 £4,460.00 223 288 – 288 £1,725.00 0.119% £8,700 £4,176.00 £92.06G1 MiddasLimitedt/aCornerhouseCoffee 5 23/06/2014 -0.96 £29,000.00 £25,400.00 634 1,150 – 1,150 £6,839.00 0.472% £24,750 £12,399.00 £378.49 Holdingover.GuarantorMrCCrancher.
Lease inside the act. Terms agreed on a new 5 year lease at £21,000, subject to landlord approval.G2 Oxfam 25 19/05/2015 -0.06 £19,000.00 £24,800.00 619 1,148 1,148 £6,827.00 0.471% £23,000 £11,522.00 £386.34 Terms agreed and sols instructed on a 5 year lease from 24/06/2015 at £15,500.G3 Games Workshop Limited 10 17/07/2024 18/07/2019 9.11 18/07/2019 £15,500.00 £24,800.00 621 1,151 – 1,151 £6,845.00 0.473% £22,750 £11,937.00 £404.42G4 Subway Realty Limited 15 22/11/2021 23/11/2011 6.54 £20,000.00 £24,800.00 621 1,151 – 1,151 £6,845.00 0.473% £23,000 £11,522.00 £385.49 New franchisee now trading the unit.G5 LynFrazert/aMixtures 15 24/06/2014 -0.96 £20,500.00 £22,300.00 558 865 1,114 1,979 £11,769.00 0.813% £23,250 £11,647.00 £639.26 £11,769.00 HoldingOver.Rentinclusiveofservicecharge.LLquoted£16konleaserenewal.G6/G7&G8 CityShoes(Halstead)Ltd
t/a Victoria Shoes15 15/06/2023 16/06/2013 8.02 £34,000.00 £40,000.00 953 1,194 1,267 2,461 £14,350.00 0.991% £31,000 £15,529.00 £782.09 Rentdeposit£19,750heldbyL/L.
RR outstanding.G9 MrsLMStedmant/aRebelShoes 2 10/07/2015 0.08 £0.00 £14,000.00 450 560 327 887 £5,275.00 0.364% £11,250 £5,400.00 £284.70 £5,559.70 Tenant pays rates only. LL can break at any time on 3 months notice.G10 Vacant £0.00 £14,300.00 461 577 328 905 £5,382.00 0.372% £11,500 £5,520.00 £305.66 £11,207.66 Tenant relocated to G23.G11 Gralmina Ltd t/a Shakeaway 5 24/03/2019 3.79 £6,000.00 £14,300.00 443 589 704 1,293 £7,689.00 0.531% £11,500 £5,520.00 £419.32 Tenant received 6 months rent free. End of yr 1 tenant will pay an additional 15% of turnover above £120k. 2nd year and
future rent to be based on 15% turnover of previous year. Tenant pays an additional 15% over and above base rent paid in the year. Guaranteed by G Brignull. Rent deposit of £10k. New lease currently being negotiated.
G12 Paul Fowler t/a Paul's Studio 5 24/06/2016 1.04 £15,000.00 £14,300.00 443 588 684 1,272 £7,565.00 0.522% £11,750 £5,640.00 £411.09
G13 MartonImagingLimitedt/aSnappySnaps
10 24/12/2013 25/12/2008 -1.46 £19,500.00 £22,000.00 477 602 769 1,371 £7,559.00 0.522% £20,500 £10,629.00 £212.54 Terms agreed, subject to costs being agreed, on a new lease until 24/12/2023 at a rent of £17,500. No rent free. New lease to be guaranteed by Anthony Belyavin. Tenant break/review at mid point of lease.
G14 MahmutGuler–t/aCellysHair 10 10/06/2025 25/12/2019 9.55 £16,667.00 £19,500.00 449 569 1,031 1,600 £9,515.00 0.657% £19,000 £9,518.00 £531.03 £10,046.03 Inclusive rent of service charge and insurance until 25/12/2018. Rising rent. Tenant pays VAT. Until 24/12/2015 – £16,667; 25/12/2015-24/12/2016 – £25,500; 25/12/2016-24/12/2017 – £25,833k; 25/12/2017–24/12/2018 – £23,667k; 25/12/2018–24/12/2019-£27,500k.Leasereturnstonon-inclusiverenton25/12/2019at£18,005.83,whichisthenreviewedtoopenmarket rent. Rent deposit of £10k.
G15 Aras Omer Ali – t/a Cut U Up 10 25/09/2021 26/09/2016 6.30 £16,000.00 £20,500.00 473 600 1,069 1,669 £9,926.00 0.685% £21,500 £10,770.00 £530.96 Tenantbreakon3monthsnotice.Nextbreak26/09/2017.G16 MaronmarchLtdt/aBrothertoBrother 1 06/04/2016 0.82 £25,000.00 £25,800.00 566 1,096 2,130 3,226 £18,620.00 1.286% £27,750 £13,901.00 £962.65 £521.00 Servicechargecappedat£18,099.G17 Games Retail Limited 5 28/09/2016 1.30 £21,000.00 £26,100.00 593 1,135 1,618 2,753 £15,801.00 1.091% £19,000 £9,518.00 £852.02G18 Health&DietCentresLimitedt/aGNC 3 26/03/2017 1.79 27/03/2016 £0.00 £0.00 £12,150.00 0.839% £- ThisunitissubjecttotheagreementwithVictoriaEstatesLtd(dated13/05/2015)andwillbesoldoffaspartofthe
ChartwellHousedevelopment.IndiscussiontorelocatetoWarrenJames(unitG23).G19–G21 MetroBankPlc 25 28/09/2039 29/09/2019 24.32 29/09/2029 £115,000.00 £188,400.00 3,067 4,772 2,944 7,716 £41,239.00 2.848% £141,000 £70,634.00 £3,055.36 £16,239.00 Theservicechargeiscappedat£25,000paforthefirst5yearsoftheleaseandthenincreasedannuallyinlinewiththe
RPI Index, collar of 1% and a cap of 3%. Tenant has removed FF however demised in the lease and area assumed from agreedHOT's.
G22 Vacant £0.00 £38,300.00 620 1,641 753 2,394 £18,120.00 1.251% £0 £- £900 Vision Express have expressed an interest. To be entrance to Real China (Units F46–52).G23 Warren James (Jewellers) Ltd 15 31/03/2012 -3.19 £25,500.00 £32,600.00 538 882 224 1,106 £6,583.00 0.455% £38,500 £19,287.00 £370.30 HoldingOver.S25noticehasbeenservedquotingarentof£35k.IndiscussionstorelocateGNCtotheunit.
WarrenJamesisunderofferonanotherunitonHighStreet.
VICTORIA SHOPPING CENTRE
SOUTHEND ON SEAUnit No: Tenant Name Term
(Years) Expiry Date Next Review Unexp Term Breaks Current Rent pa Rental Value pa Areas (sq ft) Occupational Costs 2013/2014 Comments
ITZA (sq ft) Sales Anc Total Area (sq ft)
Service Charge pa % App RV 2010 Estimate Rates Payable pa
(Incl. BID levy)
Ins Shortfall
B1 Prathvinath Shetty t/a Arcadia News 5 02/11/2017 2.40 £4,000.00 £5,840.00 292 315 – 315 £1,873.00 0.129% £4,500 £2,160.00 £100.84 Rentincreasesto£3,750paon03/11/2013;£4,000pa03/11/2014;£4,500paon03/11/2015&£5,000paon13/11/2016. Rent deposit of £3,734.40.
B2 WaynePaulSmith&KostadinNikolov t/a Couture Cakes
3 26/11/2016 1.47 27/05/2015 £4,500.00 £4,270.00 209 251 60 311 £1,493.00 0.103% £2,650 £1,272.00 £84.70 £1,577.70 Rent inc service charge and ins. Tenant break on 3 months notice.
B3–B5 Cd'Agostinot/aHeadhunters 10 24/03/2011 -4.22 £7,500.00 £13,000.00 651 786 – 786 £4,722.00 0.326% £8,200 £3,936.00 £252.46 Tenant holding over. Tenant has just installed £1,500 new boiler.B6 Vacant £0.00 £8,780.00 439 531 – 531 £2,599.00 0.179% £- £154.98 £2,753.98 Not ratedB7–B9 Wilkinson Stores 15 18/11/2022 19/11/2012 7.45 £257,000.00 £289,000.00 – 37,240 1,287 38,527 £141,536.00 9.773% £187,000 £93,678.00 £12,160.32 £36,609.00 Service charge Cap £100k pa + rpi annually from 01/01/2014.B10 Vacant £0.00 £37,100.00 1,840 4,370 174 4,544 £29,093.00 2.009% £36,500 £- £857.12 £29,950.12 FormerJMurray,Cork&Cheesepub.RemovedfromtheRatingList.B11/B12 Vacant £0.00 £19,800.00 991 1,363 – 1,363 £8,088.00 0.558% £- £459.38 £8,547.38 Not rated.
B13–B15 Vacant £0.00 £14,100.00 706 837 – 837 £1,879.00 0.130% £- £515.00 £2,394.00 Not rated.
B17 JACockbillt/aKidzClobber 3 09/11/2017 n/a 2.42 £12,000.00 £10,500.00 524 1,031 – 1,031 £5,953.00 0.411% £6,500 £3,120.00 £314.37 Rent commencement date 01/12/2014. Tenant received 6 months half rent.B18 Vacant £0.00 £11,100.00 556 819 – 819 £5,572.00 0.385% £6,200 £2,976.00 £258.33 £8,806.33B19 Raheel Yasir t/a Big 5 News 15 20/12/2025 21/12/2015 10.54 £15,000.00 £11,000.00 552 851 – 851 £5,278.00 0.364% £5,600 £2,688.00 £268.67B20 C A Robinson t/a Presto Shoe Repair 10 06/11/2015 07/11/2014 0.41 £3,500.00 £4,460.00 223 288 – 288 £1,725.00 0.119% £8,700 £4,176.00 £92.06G1 MiddasLimitedt/aCornerhouseCoffee 5 23/06/2014 -0.96 £29,000.00 £25,400.00 634 1,150 – 1,150 £6,839.00 0.472% £24,750 £12,399.00 £378.49 Holdingover.GuarantorMrCCrancher.
Lease inside the act. Terms agreed on a new 5 year lease at £21,000, subject to landlord approval.G2 Oxfam 25 19/05/2015 -0.06 £19,000.00 £24,800.00 619 1,148 1,148 £6,827.00 0.471% £23,000 £11,522.00 £386.34 Terms agreed and sols instructed on a 5 year lease from 24/06/2015 at £15,500.G3 Games Workshop Limited 10 17/07/2024 18/07/2019 9.11 18/07/2019 £15,500.00 £24,800.00 621 1,151 – 1,151 £6,845.00 0.473% £22,750 £11,937.00 £404.42G4 Subway Realty Limited 15 22/11/2021 23/11/2011 6.54 £20,000.00 £24,800.00 621 1,151 – 1,151 £6,845.00 0.473% £23,000 £11,522.00 £385.49 New franchisee now trading the unit.G5 LynFrazert/aMixtures 15 24/06/2014 -0.96 £20,500.00 £22,300.00 558 865 1,114 1,979 £11,769.00 0.813% £23,250 £11,647.00 £639.26 £11,769.00 HoldingOver.Rentinclusiveofservicecharge.LLquoted£16konleaserenewal.G6/G7&G8 CityShoes(Halstead)Ltd
t/a Victoria Shoes15 15/06/2023 16/06/2013 8.02 £34,000.00 £40,000.00 953 1,194 1,267 2,461 £14,350.00 0.991% £31,000 £15,529.00 £782.09 Rentdeposit£19,750heldbyL/L.
RR outstanding.G9 MrsLMStedmant/aRebelShoes 2 10/07/2015 0.08 £0.00 £14,000.00 450 560 327 887 £5,275.00 0.364% £11,250 £5,400.00 £284.70 £5,559.70 Tenant pays rates only. LL can break at any time on 3 months notice.G10 Vacant £0.00 £14,300.00 461 577 328 905 £5,382.00 0.372% £11,500 £5,520.00 £305.66 £11,207.66 Tenant relocated to G23.G11 Gralmina Ltd t/a Shakeaway 5 24/03/2019 3.79 £6,000.00 £14,300.00 443 589 704 1,293 £7,689.00 0.531% £11,500 £5,520.00 £419.32 Tenant received 6 months rent free. End of yr 1 tenant will pay an additional 15% of turnover above £120k. 2nd year and
future rent to be based on 15% turnover of previous year. Tenant pays an additional 15% over and above base rent paid in the year. Guaranteed by G Brignull. Rent deposit of £10k. New lease currently being negotiated.
G12 Paul Fowler t/a Paul's Studio 5 24/06/2016 1.04 £15,000.00 £14,300.00 443 588 684 1,272 £7,565.00 0.522% £11,750 £5,640.00 £411.09
G13 MartonImagingLimitedt/aSnappySnaps
10 24/12/2013 25/12/2008 -1.46 £19,500.00 £22,000.00 477 602 769 1,371 £7,559.00 0.522% £20,500 £10,629.00 £212.54 Terms agreed, subject to costs being agreed, on a new lease until 24/12/2023 at a rent of £17,500. No rent free. New lease to be guaranteed by Anthony Belyavin. Tenant break/review at mid point of lease.
G14 MahmutGuler–t/aCellysHair 10 10/06/2025 25/12/2019 9.55 £16,667.00 £19,500.00 449 569 1,031 1,600 £9,515.00 0.657% £19,000 £9,518.00 £531.03 £10,046.03 Inclusive rent of service charge and insurance until 25/12/2018. Rising rent. Tenant pays VAT. Until 24/12/2015 – £16,667; 25/12/2015-24/12/2016 – £25,500; 25/12/2016-24/12/2017 – £25,833k; 25/12/2017–24/12/2018 – £23,667k; 25/12/2018–24/12/2019-£27,500k.Leasereturnstonon-inclusiverenton25/12/2019at£18,005.83,whichisthenreviewedtoopenmarket rent. Rent deposit of £10k.
G15 Aras Omer Ali – t/a Cut U Up 10 25/09/2021 26/09/2016 6.30 £16,000.00 £20,500.00 473 600 1,069 1,669 £9,926.00 0.685% £21,500 £10,770.00 £530.96 Tenantbreakon3monthsnotice.Nextbreak26/09/2017.G16 MaronmarchLtdt/aBrothertoBrother 1 06/04/2016 0.82 £25,000.00 £25,800.00 566 1,096 2,130 3,226 £18,620.00 1.286% £27,750 £13,901.00 £962.65 £521.00 Servicechargecappedat£18,099.G17 Games Retail Limited 5 28/09/2016 1.30 £21,000.00 £26,100.00 593 1,135 1,618 2,753 £15,801.00 1.091% £19,000 £9,518.00 £852.02G18 Health&DietCentresLimitedt/aGNC 3 26/03/2017 1.79 27/03/2016 £0.00 £0.00 £12,150.00 0.839% £- ThisunitissubjecttotheagreementwithVictoriaEstatesLtd(dated13/05/2015)andwillbesoldoffaspartofthe
ChartwellHousedevelopment.IndiscussiontorelocatetoWarrenJames(unitG23).G19–G21 MetroBankPlc 25 28/09/2039 29/09/2019 24.32 29/09/2029 £115,000.00 £188,400.00 3,067 4,772 2,944 7,716 £41,239.00 2.848% £141,000 £70,634.00 £3,055.36 £16,239.00 Theservicechargeiscappedat£25,000paforthefirst5yearsoftheleaseandthenincreasedannuallyinlinewiththe
RPI Index, collar of 1% and a cap of 3%. Tenant has removed FF however demised in the lease and area assumed from agreedHOT's.
G22 Vacant £0.00 £38,300.00 620 1,641 753 2,394 £18,120.00 1.251% £0 £- £900 Vision Express have expressed an interest. To be entrance to Real China (Units F46–52).G23 Warren James (Jewellers) Ltd 15 31/03/2012 -3.19 £25,500.00 £32,600.00 538 882 224 1,106 £6,583.00 0.455% £38,500 £19,287.00 £370.30 HoldingOver.S25noticehasbeenservedquotingarentof£35k.IndiscussionstorelocateGNCtotheunit.
WarrenJamesisunderofferonanotherunitonHighStreet.
Unit No: Tenant Name Term (Years)
Expiry Date Next Review Unexp Term Breaks Current Rent pa Rental Value pa Areas (sq ft) Occupational Costs 2013/2014 Comments
ITZA (sq ft) Sales Anc Total Area (sq ft)
Service Charge pa % App RV 2010 Estimate Rates Payable pa
(Incl. BID levy)
Ins Shortfall
G24&G25 StarbucksCoffeeCompany(UK)Limited 10 22/07/2017 22/07/2012 2.12 £90,000.00 £71,600.00 1,181 1,977 489 2,466 £14,683.00 1.014% £84,000 £42,080.00 £869.01 HeadsofTermsagreedforanew10yearleaseat£70kpax.G26 H.SamuelLtd 5 24/03/2014 -1.21 £43,000.00 £37,600.00 614 991 482 1,473 £8,772.00 0.606% £42,750 £21,416.00 £503.28 In negotiation with tenant on lease renewal.G27&G28 Gossip (London) Ltd 6 months 30/04/2015 -0.11 £36,000.00 £37,600.00 1,212 2,309 801 3,110 £18,085.00 1.249% £33,250 £16,657.00 £998.90 £19,083.90 Licencefeeinclusiveofservicechargeandinsurance.Mutualbreakon4weeksnoticerollingfrom31/01/2015.
Tenant has served notice to break. Will vacate at the end of June.G29 MarkThompsont/aDeemarkJewellery 3 24/06/2015 0.04 £10,000.00 £13,700.00 438 555 394 949 £5,644.00 0.390% £11,750 £5,640.00 £319.60 Mutualrollingbreakon3monthsnotice.Leaseex-Act.G30 Vacant £4,549.00 0.314% FormerHSBCunit.SoldoffwithChartwellHouse.G31 NaveedHamedt/aVictoriaNews 6 months 17/08/2014 18/03/2015 -0.81 £14,300.00 £16,500.00 549 819 50 869 £4,865.00 0.336% £12,000 £6,011.00 £272.20 £11,148.20 Rent fully inclusive. 1 month notice at any time. G32 MayfairOutletLimited 5 28/04/2018 2.88 £20,000.00 £15,600.00 521 726 – 726 £4,318.00 0.298% £10,500 £5,040.00 £246.96 £9,604.96 Inclusive rent. Tenant break option on 3 months notice.G33 MrsKemp 6 months 01/09/2015 0.23 £10,000.00 £15,400.00 512 689 – 689 £4,097.00 0.283% £10,500 £5,040.00 £221.32 6monthtempLicence.Hasexercisedbreakoption.
G34 Lucy's Boutique Limited 5 15/08/2018 3.19 16/08/2016 £10,000.00 £15,300.00 509 689 39 728 £5,367.00 0.371% £12,875 £6,450.00 £300.42 £12,117.42 Rentincreasesto£20,000pawef16/08/2015.GuarantorsPaul&LucyMecklenburgh.Tenantbreak6monthspriornotice. Incl. of service charge, insurance, rates.
G35 X-Isle 12 months 31/01/2016 0.64 £12,000.00 £26,800.00 575 892 – 892 £5,367.00 0.371% £12,875 £6,450.00 £303.63 £12,120.63 Newdealagreed.Incservicecharge,insandrates.Mutualbreakanytimeafter3monthson1monthsnotice.G36 Roy P Gill Opticians Ltd 10 26/10/2019 27/10/2014 4.38 £22,500.00 £23,600.00 763 1,227 452 1,679 £9,842.00 0.680% £16,000 £8,015.00 £544.29 Rent increased to £45k on 27/04/2012. Concessionary rent agreed at £22.5k. G37 Andreas Stamatopolous t/a Wimpy 20 28/09/2013 29/09/2008 -1.70 £20,000.00 £28,100.00 907 1,469 610 2,079 £12,257.00 0.846% £19,750 £9,894.00 £659.31 Terms agreed for a new 10 year lease at £22,500, subject to a few outstanding points.G38&B16 Argos Distributors Ltd 25 24/04/2019 28/10/2011 3.87 £112,500.00 £157,500.00 – 14,462 16,994 31,499 £113,287.00 7.823% £110,000 £55,105.00 £9,225.85G39 The Scooter Club (UK) Ltd 10 29/04/2025 29/04/2020 9.90 30/04/2015 £20,000.00 £22,800.00 1,522 2,962 – 2,962 £17,609.00 1.216% £29,500 £14,778.00 £979.07 Newlease.9monthsrentfree,rentcommencement30/01/2016.Vendortodeductoutstandingrentfreefrom
purchase price.G39B Vacant £0.00 £29,400.00 1,959 3,006 – 3,006 £17,859.00 1.233% £30,500 £15,265.25 £950.45 £34,074.70G40–G45&F22 Peacocks Stores Limited 10 02/03/2018 2.65 £150,000.00 £135,100.00 2,297 6,359 2,649 9,008 £50,088.00 3.459% £86,500 £43,332.00 £2,160.21G46&F21/F26 NEXT PLC 10 30/11/2018 3.48 £185,939.13 £291,500.00 5,120 19,432 – 19,432 £89,455.00 6.177% £179,000 £89,670.00 6319.47 £48,070.00 T/Orentto£300k.Servicechargecapfor5yrsthenrpi.T/O5%,£3.767Mt/ofor2012year.£3.722for2013.Y/E8March.
Rent paid monthly.G47 Poundland Ltd 10 03/08/2024 04/08/2019 9.16 04/08/2019 £90,000.00 £124,500.00 2,262 8,297 – 8,297 £46,044.00 3.179% £93,000 £46,588.00 £2,670.21 £2,316.00 Servicechargecappedat£43,728.Halfrentfrom04/11/2014–03/05/2015.Baserentat£90,000pa+7%turnover,
cappedat£120,000inlinewithRPI.Therewillbenonewlettingsto99pStoresLimited,PoundworldRetailLimited,PoundstretcherLimited,FamilyBargainsLimited,DiscountUKLimited,Sam99pLimited,PoundEmpireLimited,99pShop (UK) Limited and Bargain Buys.
G48 Boots UK Limited 15 05/07/2025 06/07/2015 10.08 06/07/2020 £95,000.00 £82,300.00 1,705 5,487 – 5,487 £32,009.00 2.210% £68,000 £34,065.00 £1,721.93 Rent paid monthly.MallCafé Strong Bakery Limited 10 30/11/2021 n/a 6.48 30/11/2016 £25,000.00 £32,300.00 1,448 1,448 706 2,154 £12,798.00 0.884% £22,500 £11,271.00 £894.27 Base rent £25,000 pa t/o rent 10% above £250k.G49 Deichmann-Shoes UK Limited 10 24/10/2020 02/10/2015 5.38 24/10/2016 £120,000.00 £115,300.00 1,997 5,689 – 5,689 £33,341.00 2.302% £78,000 £39,074.00 £1,859.47 Rent increases to £120k on 25/10/12. Tenant Break on 6 months notice.G50 Grnd and F1, 1st
New Look Retailers Limited 15 10/06/2022 11/06/2012 7.01 £330,000.00 £263,200.00 6,656 17,547 – 17,547 £86,129.00 5.947% £224,000 £112,213.00 £9,710.57
F2 Vacant £0.00 £7,770.00 518 650 – 650 £3,913.00 0.270% £4,450 £2,136.00 £200.64 £6,249.64F3 Vacant £0.00 £7,100.00 473 599 – 599 £3,598.00 0.248% £3,950 £1,896.00 £191.57 £5,685.57F4 Vacant £0.00 £7,100.00 473 599 – 599 £3,598.00 0.248% £4,100 £1,968.00 £191.21 £5,757.21F5 Vacant £0.00 £7,080.00 472 598 – 598 £3,598.00 0.248% £4,050 £1,944.00 £191.28 £5,733.28F6 Vacant £0.00 £7,080.00 472 598 – 598 £3,598.00 0.248% £4,100 £1,968.00 £191.43 £5,757.43F7 Vacant £0.00 £7,110.00 474 600 – 600 £3,610.00 0.249% £4,150 £1,992.00 £191.73 £5,793.73F8 Cong Ngo Van t/a Beautiful Nailbar 10 25/04/2020 26/04/2015 4.88 £12,000.00 £7,140.00 476 604 – 604 £3,610.00 0.249% £4,100 £1,968.00 £199.11 Rent deposit held £1600. Tenant break option on 6 months notice.F9 MKaragulle&RDurus 15 24/12/2015 25/12/2010 0.54 £5,750.00 £7,260.00 484 621 – 621 £3,753.00 0.259% £4,100 £1,968.00 £196.83F10&F11 Vacant £0.00 £14,300.00 951 1,206 – 1,206 £7,267.00 0.502% £8,000 £3,840.00 £415.72 £11,522.72F12 Vacant £0.00 £7,170.00 478 610 – 610 £3,598.00 0.248% £4,100 £1,968.00 £216.10 £5,782.10F13–F14 Vacant £0.00 £14,300.00 954 1,208 – 1,208 £7,226.00 0.499% £8,200 £3,936.00 £201.66 £11,363.66 F13/F14 rated as one.
F15 Vacant £0.00 £7,640.00 509 647 – 647 £4,092.00 0.283% £0 £- £197.09 £4,289.09 Units F15–F20 rated as one unit.F16–F20 Vacant £0.00 £53,300.00 3,555 8,058 – 8,058 £47,742.00 3.297% £75,000 £36,975.00 £2,608.09 £87,325.09 Units F15–F20 rated as one unit.F27 Vacant £0.00 £15,700.00 974 1,318 – 1,318 £7,136.00 0.493% £8,400 £4,032.00 £409.87 £11,577.87F28–F31 Vacant £0.00 £58,700.00 3,910 5,722 – 5,722 £33,432.00 2.309% £19,000 £9,518.00 £1,799.70 £44,749.70 FormerArmyCareersOffice.F32 R.D.Wilson&Others–HiggsLeather 10 23/10/2016 1.37 £7,250.00 £12,500.00 627 1,083 – 1,083 £6,494.00 0.448% £3,600 £1,728.00 £338.27
Unit No: Tenant Name Term (Years)
Expiry Date Next Review Unexp Term Breaks Current Rent pa Rental Value pa Areas (sq ft) Occupational Costs 2013/2014 Comments
ITZA (sq ft) Sales Anc Total Area (sq ft)
Service Charge pa % App RV 2010 Estimate Rates Payable pa
(Incl. BID levy)
Ins Shortfall
G24&G25 StarbucksCoffeeCompany(UK)Limited 10 22/07/2017 22/07/2012 2.12 £90,000.00 £71,600.00 1,181 1,977 489 2,466 £14,683.00 1.014% £84,000 £42,080.00 £869.01 HeadsofTermsagreedforanew10yearleaseat£70kpax.G26 H.SamuelLtd 5 24/03/2014 -1.21 £43,000.00 £37,600.00 614 991 482 1,473 £8,772.00 0.606% £42,750 £21,416.00 £503.28 In negotiation with tenant on lease renewal.G27&G28 Gossip (London) Ltd 6 months 30/04/2015 -0.11 £36,000.00 £37,600.00 1,212 2,309 801 3,110 £18,085.00 1.249% £33,250 £16,657.00 £998.90 £19,083.90 Licencefeeinclusiveofservicechargeandinsurance.Mutualbreakon4weeksnoticerollingfrom31/01/2015.
Tenant has served notice to break. Will vacate at the end of June.G29 MarkThompsont/aDeemarkJewellery 3 24/06/2015 0.04 £10,000.00 £13,700.00 438 555 394 949 £5,644.00 0.390% £11,750 £5,640.00 £319.60 Mutualrollingbreakon3monthsnotice.Leaseex-Act.G30 Vacant £4,549.00 0.314% FormerHSBCunit.SoldoffwithChartwellHouse.G31 NaveedHamedt/aVictoriaNews 6 months 17/08/2014 18/03/2015 -0.81 £14,300.00 £16,500.00 549 819 50 869 £4,865.00 0.336% £12,000 £6,011.00 £272.20 £11,148.20 Rent fully inclusive. 1 month notice at any time. G32 MayfairOutletLimited 5 28/04/2018 2.88 £20,000.00 £15,600.00 521 726 – 726 £4,318.00 0.298% £10,500 £5,040.00 £246.96 £9,604.96 Inclusive rent. Tenant break option on 3 months notice.G33 MrsKemp 6 months 01/09/2015 0.23 £10,000.00 £15,400.00 512 689 – 689 £4,097.00 0.283% £10,500 £5,040.00 £221.32 6monthtempLicence.Hasexercisedbreakoption.
G34 Lucy's Boutique Limited 5 15/08/2018 3.19 16/08/2016 £10,000.00 £15,300.00 509 689 39 728 £5,367.00 0.371% £12,875 £6,450.00 £300.42 £12,117.42 Rentincreasesto£20,000pawef16/08/2015.GuarantorsPaul&LucyMecklenburgh.Tenantbreak6monthspriornotice. Incl. of service charge, insurance, rates.
G35 X-Isle 12 months 31/01/2016 0.64 £12,000.00 £26,800.00 575 892 – 892 £5,367.00 0.371% £12,875 £6,450.00 £303.63 £12,120.63 Newdealagreed.Incservicecharge,insandrates.Mutualbreakanytimeafter3monthson1monthsnotice.G36 Roy P Gill Opticians Ltd 10 26/10/2019 27/10/2014 4.38 £22,500.00 £23,600.00 763 1,227 452 1,679 £9,842.00 0.680% £16,000 £8,015.00 £544.29 Rent increased to £45k on 27/04/2012. Concessionary rent agreed at £22.5k. G37 Andreas Stamatopolous t/a Wimpy 20 28/09/2013 29/09/2008 -1.70 £20,000.00 £28,100.00 907 1,469 610 2,079 £12,257.00 0.846% £19,750 £9,894.00 £659.31 Terms agreed for a new 10 year lease at £22,500, subject to a few outstanding points.G38&B16 Argos Distributors Ltd 25 24/04/2019 28/10/2011 3.87 £112,500.00 £157,500.00 – 14,462 16,994 31,499 £113,287.00 7.823% £110,000 £55,105.00 £9,225.85G39 The Scooter Club (UK) Ltd 10 29/04/2025 29/04/2020 9.90 30/04/2015 £20,000.00 £22,800.00 1,522 2,962 – 2,962 £17,609.00 1.216% £29,500 £14,778.00 £979.07 Newlease.9monthsrentfree,rentcommencement30/01/2016.Vendortodeductoutstandingrentfreefrom
purchase price.G39B Vacant £0.00 £29,400.00 1,959 3,006 – 3,006 £17,859.00 1.233% £30,500 £15,265.25 £950.45 £34,074.70G40–G45&F22 Peacocks Stores Limited 10 02/03/2018 2.65 £150,000.00 £135,100.00 2,297 6,359 2,649 9,008 £50,088.00 3.459% £86,500 £43,332.00 £2,160.21G46&F21/F26 NEXT PLC 10 30/11/2018 3.48 £185,939.13 £291,500.00 5,120 19,432 – 19,432 £89,455.00 6.177% £179,000 £89,670.00 6319.47 £48,070.00 T/Orentto£300k.Servicechargecapfor5yrsthenrpi.T/O5%,£3.767Mt/ofor2012year.£3.722for2013.Y/E8March.
Rent paid monthly.G47 Poundland Ltd 10 03/08/2024 04/08/2019 9.16 04/08/2019 £90,000.00 £124,500.00 2,262 8,297 – 8,297 £46,044.00 3.179% £93,000 £46,588.00 £2,670.21 £2,316.00 Servicechargecappedat£43,728.Halfrentfrom04/11/2014–03/05/2015.Baserentat£90,000pa+7%turnover,
cappedat£120,000inlinewithRPI.Therewillbenonewlettingsto99pStoresLimited,PoundworldRetailLimited,PoundstretcherLimited,FamilyBargainsLimited,DiscountUKLimited,Sam99pLimited,PoundEmpireLimited,99pShop (UK) Limited and Bargain Buys.
G48 Boots UK Limited 15 05/07/2025 06/07/2015 10.08 06/07/2020 £95,000.00 £82,300.00 1,705 5,487 – 5,487 £32,009.00 2.210% £68,000 £34,065.00 £1,721.93 Rent paid monthly.MallCafé Strong Bakery Limited 10 30/11/2021 n/a 6.48 30/11/2016 £25,000.00 £32,300.00 1,448 1,448 706 2,154 £12,798.00 0.884% £22,500 £11,271.00 £894.27 Base rent £25,000 pa t/o rent 10% above £250k.G49 Deichmann-Shoes UK Limited 10 24/10/2020 02/10/2015 5.38 24/10/2016 £120,000.00 £115,300.00 1,997 5,689 – 5,689 £33,341.00 2.302% £78,000 £39,074.00 £1,859.47 Rent increases to £120k on 25/10/12. Tenant Break on 6 months notice.G50 Grnd and F1, 1st
New Look Retailers Limited 15 10/06/2022 11/06/2012 7.01 £330,000.00 £263,200.00 6,656 17,547 – 17,547 £86,129.00 5.947% £224,000 £112,213.00 £9,710.57
F2 Vacant £0.00 £7,770.00 518 650 – 650 £3,913.00 0.270% £4,450 £2,136.00 £200.64 £6,249.64F3 Vacant £0.00 £7,100.00 473 599 – 599 £3,598.00 0.248% £3,950 £1,896.00 £191.57 £5,685.57F4 Vacant £0.00 £7,100.00 473 599 – 599 £3,598.00 0.248% £4,100 £1,968.00 £191.21 £5,757.21F5 Vacant £0.00 £7,080.00 472 598 – 598 £3,598.00 0.248% £4,050 £1,944.00 £191.28 £5,733.28F6 Vacant £0.00 £7,080.00 472 598 – 598 £3,598.00 0.248% £4,100 £1,968.00 £191.43 £5,757.43F7 Vacant £0.00 £7,110.00 474 600 – 600 £3,610.00 0.249% £4,150 £1,992.00 £191.73 £5,793.73F8 Cong Ngo Van t/a Beautiful Nailbar 10 25/04/2020 26/04/2015 4.88 £12,000.00 £7,140.00 476 604 – 604 £3,610.00 0.249% £4,100 £1,968.00 £199.11 Rent deposit held £1600. Tenant break option on 6 months notice.F9 MKaragulle&RDurus 15 24/12/2015 25/12/2010 0.54 £5,750.00 £7,260.00 484 621 – 621 £3,753.00 0.259% £4,100 £1,968.00 £196.83F10&F11 Vacant £0.00 £14,300.00 951 1,206 – 1,206 £7,267.00 0.502% £8,000 £3,840.00 £415.72 £11,522.72F12 Vacant £0.00 £7,170.00 478 610 – 610 £3,598.00 0.248% £4,100 £1,968.00 £216.10 £5,782.10F13–F14 Vacant £0.00 £14,300.00 954 1,208 – 1,208 £7,226.00 0.499% £8,200 £3,936.00 £201.66 £11,363.66 F13/F14 rated as one.
F15 Vacant £0.00 £7,640.00 509 647 – 647 £4,092.00 0.283% £0 £- £197.09 £4,289.09 Units F15–F20 rated as one unit.F16–F20 Vacant £0.00 £53,300.00 3,555 8,058 – 8,058 £47,742.00 3.297% £75,000 £36,975.00 £2,608.09 £87,325.09 Units F15–F20 rated as one unit.F27 Vacant £0.00 £15,700.00 974 1,318 – 1,318 £7,136.00 0.493% £8,400 £4,032.00 £409.87 £11,577.87F28–F31 Vacant £0.00 £58,700.00 3,910 5,722 – 5,722 £33,432.00 2.309% £19,000 £9,518.00 £1,799.70 £44,749.70 FormerArmyCareersOffice.F32 R.D.Wilson&Others–HiggsLeather 10 23/10/2016 1.37 £7,250.00 £12,500.00 627 1,083 – 1,083 £6,494.00 0.448% £3,600 £1,728.00 £338.27
Unit No: Tenant Name Term (Years)
Expiry Date Next Review Unexp Term Breaks Current Rent pa Rental Value pa Areas (sq ft) Occupational Costs 2013/2014 Comments
ITZA (sq ft) Sales Anc Total Area (sq ft)
Service Charge pa % App RV 2010 Estimate Rates Payable pa
(Incl. BID levy)
Ins Shortfall
F33 Ian Trevor Burns t/a Travel Smart 10 03/07/2017 04/07/2010 2.07 £3,750.00 £11,900.00 595 1,004 – 1,004 £6,006.00 0.415% £3,500 £1,680.00 £307.89 Tenant break on 6 months notice.F34 ShazSetoudeht/aKeisha’sAccessories 3 25/04/2016 0.88 £15,600.00 £11,800.00 588 991 – 991 £5,953.00 0.411% £3,450 £1,656.00 £336.62 £7,945.62 L/L break on 3 months notice only on 26/04/2014 or 2015. Payable monthly. Fully inclusive.F35 ShazSetoudeht/aKeisha’sAccessories 3 25/04/2016 0.88 £15,600.00 £11,900.00 595 1,014 – 1,014 £6,060.00 0.418% £3,500 £1,680.00 331.75 £8,071.75 L/L break on 3 months notice only on 26/04/2014 or 2015. Payable monthly. Fully inclusive.F36 Vacant –Temp Licence to Teddy Station
to display the window. £0.00 £1,640.00 82 82 – 82 £498.00 0.034% £910 £436.80 £27.91 £962.71
F37 MrsBabsKohlert/aTeddyStation 10 30/07/2019 31/07/2014 4.14 £4,500.00 £9,060.00 453 582 – 582 £3,497.00 0.241% £4,250 £2,040.00 £190.86 £2,040.00 Tenantonlypaysservicechargeandins.Mutualbreak6monthsnotice.
F38 RanzellLimitedt/aFastCashCompany 3 28/02/2017 1.72 £7,000.00 £9,360.00 468 568 – 568 £3,461.00 0.239% £3,800 £1,824.00 £189.53 GuarantorNicholasPatrickNeale.Tenantbreakon1monthnotbefore01/09/2014.Mutualbreak3monthsnotice. Rent monthly.
F39 EmilyMacalusot/aFioriFlorist 10 13/07/2019 14/07/2014 4.09 £11,250.00 £6,480.00 324 395 – 395 £2,397.00 0.166% £2,900 £1,392.00 £133.63 Rentreducedbacktooldrateof£11,250from£15,000asof15/07/2011duetofinancialproblems.
F40 DavidMason 6 months 27/04/2015 -0.12 £10,871.00 £5,920.00 296 339 – 339 £2,040.00 0.141% £2,550 £1,224.00 £113.55 £3,377.55 Fully Inclusive. 2nd 6 month temp Licence. Terms agreed and sols instructed on a new 3 year lease at a rent of £6,000. New lease to be exclusive of rates, VAT, insurance and service charge.
F41 BuzzBoxLimited 3 28/09/2015 0.30 mutual from 29/09/2013with 3 months notice
£7,500.00 £12,100.00 537 742 – 742 £4,466.00 0.308% £3,500 £1,680.00 £235.49 Risingrent29/09/2012£5,000;29/09/2013£6,500&29/09/2014£7,500pa.GuarantorLindsayRenton.
F42–F45 Vacant £0.00 £43,700.00 2,183 3,102 – 3,102 £18,567.00 1.282% £14,250 £7,139.00 £976.88 £26,682.88F46–F52 Vacant (to be The Real China) 15 £125,000.00 £125,600.00 3,264 13,953 – 13,953 £67,471.00 4.659% £- £4,061.39 Not rated. Finalising details with The Real China (Franchisee). The deal will be subject to landlord works of circa
£350k.Vendortoproviderentalguaranteewithcostsoflandlordworkstobedeductedfromthepurchaseprice.Moreinformation can be provided upon request.
S1 Vacant £0.00 £10,800.00 2,163 2,163 £12,863.00 0.888% £- £881.64 £13,744.64 Not rated.
F47/S2&pt137 FITNESS4LESS Southend Ltd 25 15/04/2037 16/04/2017 21.86 £74,824.00 £75,000.00 – 19,811 – 19,811 £90,858.00 6.274% £116,000 £58,110.00 £5,880.51 Rentpaidmonthly.Servicechargecapof£89,624+rpi.ChartwellHouse Vacant £0.00 £3,550.00 £52,631.00 3.634% £- £43,686.00 ChartwellHousesoldoffonlongleaseholdforatermof125yearsatagroundrentof£50perunit,(£3,550pax).The
total shortfall is £43,686 pax is assumed. This is calculated on the assumption that the long leaseholder contributes £44k pax (increased with RPI) for years 1–5. This increases to £54k pax (increased with RPI) for years 6–10. There is no cap from years 11 into perpetuity.
MallIncome Asset Space 3 30/09/2017 2.31 £56,000.00 £80,000.00 – £- Asset Space take 30% of income they produce. There are annual breaks if they do not produce £56k net income, (70% of their target of £80k). Assumed £56k for year 1.
Aerial Vodafone Ltd 20 24/03/2012 -3.21 £11,938.43 £14,000.00 – 0.000% £- £18.95 In discussions with Vodafone on renewal. A rent of £14k is being discussed.Aerial Orange Personnel Communications 15 25/06/2018 26/06/2015 3.04 £43,404.94 £43,405.00 – 0.000% £10,750 £5,160.00 £108.70 Contracted out.Aerial Everything Everywhere Limited 15 02/07/2022 03/07/2016 7.07 £15,155.19 £15,155.00 – 0.000% £10,750 £5,160.00 £33.96 R/RtohigherofRPIorOMR.Contractedout.Tenantbreak6monthsnotice.L/Lbreakonredev12months.Annuallyin
advance.MallSpace Sky Retail Stores Limited 5 02/11/2015 0.40 £12,500.00 £12,500.00 – 0.000% £- £17.86 £17.86Car Park National Grid UK Pension Scheme £214,000.00 £214,000.00 – 0.000% £- £8,929.70 2015Budget:Grossincomeof£390,000&Netincomeof£215,426.6carspaces&Store Room
ProMotorcareLimited 3 30/05/2016 0.97 £6,000.00 £6,000.00 0.000% £- CommencedtradingmidMarch2013.Mutualbreakrollingfrom01/04/2014on2monthsnotice.
Sub Stn Eastern Electricity Board 42 12/05/2015 -0.08 £3.00 £0.00 – 0.000% £- £0.00Shopmobility Area in Car Park
Paul Beckers 5 06/05/2019 3.91 £1.00 £0.00 0.000% £- £53.79
Sub Stn EDF Energy Network 99 03/06/2107 92.04 £0.00 £0.00 0.000% £- £0.00ATM HandyCashMachinesLimited 5 15/09/2018 3.27 £2,500.00 £2,500.00 0.000% £- Inclusive £0.00 Tenant to produce t/o within 28 days of each qtr. T/O rent 3p for every transaction over 60,000 a year.Total £2,779,803.69 £3,544,470 275,681 £1,448,208.00 100.00% £612,632.81
Total Contractural Rent £2,779,803.69
Total Estimated Rental Value £3,544,470.00
Total Shortfalls £612,632.81
Marketing Contribution £45,000.00
Total Net Rent £2,122,170.88
Unit No: Tenant Name Term (Years)
Expiry Date Next Review Unexp Term Breaks Current Rent pa Rental Value pa Areas (sq ft) Occupational Costs 2013/2014 Comments
ITZA (sq ft) Sales Anc Total Area (sq ft)
Service Charge pa % App RV 2010 Estimate Rates Payable pa
(Incl. BID levy)
Ins Shortfall
F33 Ian Trevor Burns t/a Travel Smart 10 03/07/2017 04/07/2010 2.07 £3,750.00 £11,900.00 595 1,004 – 1,004 £6,006.00 0.415% £3,500 £1,680.00 £307.89 Tenant break on 6 months notice.F34 ShazSetoudeht/aKeisha’sAccessories 3 25/04/2016 0.88 £15,600.00 £11,800.00 588 991 – 991 £5,953.00 0.411% £3,450 £1,656.00 £336.62 £7,945.62 L/L break on 3 months notice only on 26/04/2014 or 2015. Payable monthly. Fully inclusive.F35 ShazSetoudeht/aKeisha’sAccessories 3 25/04/2016 0.88 £15,600.00 £11,900.00 595 1,014 – 1,014 £6,060.00 0.418% £3,500 £1,680.00 331.75 £8,071.75 L/L break on 3 months notice only on 26/04/2014 or 2015. Payable monthly. Fully inclusive.F36 Vacant –Temp Licence to Teddy Station
to display the window. £0.00 £1,640.00 82 82 – 82 £498.00 0.034% £910 £436.80 £27.91 £962.71
F37 MrsBabsKohlert/aTeddyStation 10 30/07/2019 31/07/2014 4.14 £4,500.00 £9,060.00 453 582 – 582 £3,497.00 0.241% £4,250 £2,040.00 £190.86 £2,040.00 Tenantonlypaysservicechargeandins.Mutualbreak6monthsnotice.
F38 RanzellLimitedt/aFastCashCompany 3 28/02/2017 1.72 £7,000.00 £9,360.00 468 568 – 568 £3,461.00 0.239% £3,800 £1,824.00 £189.53 GuarantorNicholasPatrickNeale.Tenantbreakon1monthnotbefore01/09/2014.Mutualbreak3monthsnotice. Rent monthly.
F39 EmilyMacalusot/aFioriFlorist 10 13/07/2019 14/07/2014 4.09 £11,250.00 £6,480.00 324 395 – 395 £2,397.00 0.166% £2,900 £1,392.00 £133.63 Rentreducedbacktooldrateof£11,250from£15,000asof15/07/2011duetofinancialproblems.
F40 DavidMason 6 months 27/04/2015 -0.12 £10,871.00 £5,920.00 296 339 – 339 £2,040.00 0.141% £2,550 £1,224.00 £113.55 £3,377.55 Fully Inclusive. 2nd 6 month temp Licence. Terms agreed and sols instructed on a new 3 year lease at a rent of £6,000. New lease to be exclusive of rates, VAT, insurance and service charge.
F41 BuzzBoxLimited 3 28/09/2015 0.30 mutual from 29/09/2013with 3 months notice
£7,500.00 £12,100.00 537 742 – 742 £4,466.00 0.308% £3,500 £1,680.00 £235.49 Risingrent29/09/2012£5,000;29/09/2013£6,500&29/09/2014£7,500pa.GuarantorLindsayRenton.
F42–F45 Vacant £0.00 £43,700.00 2,183 3,102 – 3,102 £18,567.00 1.282% £14,250 £7,139.00 £976.88 £26,682.88F46–F52 Vacant (to be The Real China) 15 £125,000.00 £125,600.00 3,264 13,953 – 13,953 £67,471.00 4.659% £- £4,061.39 Not rated. Finalising details with The Real China (Franchisee). The deal will be subject to landlord works of circa
£350k.Vendortoproviderentalguaranteewithcostsoflandlordworkstobedeductedfromthepurchaseprice.Moreinformation can be provided upon request.
S1 Vacant £0.00 £10,800.00 2,163 2,163 £12,863.00 0.888% £- £881.64 £13,744.64 Not rated.
F47/S2&pt137 FITNESS4LESS Southend Ltd 25 15/04/2037 16/04/2017 21.86 £74,824.00 £75,000.00 – 19,811 – 19,811 £90,858.00 6.274% £116,000 £58,110.00 £5,880.51 Rentpaidmonthly.Servicechargecapof£89,624+rpi.ChartwellHouse Vacant £0.00 £3,550.00 £52,631.00 3.634% £- £43,686.00 ChartwellHousesoldoffonlongleaseholdforatermof125yearsatagroundrentof£50perunit,(£3,550pax).The
total shortfall is £43,686 pax is assumed. This is calculated on the assumption that the long leaseholder contributes £44k pax (increased with RPI) for years 1–5. This increases to £54k pax (increased with RPI) for years 6–10. There is no cap from years 11 into perpetuity.
MallIncome Asset Space 3 30/09/2017 2.31 £56,000.00 £80,000.00 – £- Asset Space take 30% of income they produce. There are annual breaks if they do not produce £56k net income, (70% of their target of £80k). Assumed £56k for year 1.
Aerial Vodafone Ltd 20 24/03/2012 -3.21 £11,938.43 £14,000.00 – 0.000% £- £18.95 In discussions with Vodafone on renewal. A rent of £14k is being discussed.Aerial Orange Personnel Communications 15 25/06/2018 26/06/2015 3.04 £43,404.94 £43,405.00 – 0.000% £10,750 £5,160.00 £108.70 Contracted out.Aerial Everything Everywhere Limited 15 02/07/2022 03/07/2016 7.07 £15,155.19 £15,155.00 – 0.000% £10,750 £5,160.00 £33.96 R/RtohigherofRPIorOMR.Contractedout.Tenantbreak6monthsnotice.L/Lbreakonredev12months.Annuallyin
advance.MallSpace Sky Retail Stores Limited 5 02/11/2015 0.40 £12,500.00 £12,500.00 – 0.000% £- £17.86 £17.86Car Park National Grid UK Pension Scheme £214,000.00 £214,000.00 – 0.000% £- £8,929.70 2015Budget:Grossincomeof£390,000&Netincomeof£215,426.6carspaces&Store Room
ProMotorcareLimited 3 30/05/2016 0.97 £6,000.00 £6,000.00 0.000% £- CommencedtradingmidMarch2013.Mutualbreakrollingfrom01/04/2014on2monthsnotice.
Sub Stn Eastern Electricity Board 42 12/05/2015 -0.08 £3.00 £0.00 – 0.000% £- £0.00Shopmobility Area in Car Park
Paul Beckers 5 06/05/2019 3.91 £1.00 £0.00 0.000% £- £53.79
Sub Stn EDF Energy Network 99 03/06/2107 92.04 £0.00 £0.00 0.000% £- £0.00ATM HandyCashMachinesLimited 5 15/09/2018 3.27 £2,500.00 £2,500.00 0.000% £- Inclusive £0.00 Tenant to produce t/o within 28 days of each qtr. T/O rent 3p for every transaction over 60,000 a year.Total £2,779,803.69 £3,544,470 275,681 £1,448,208.00 100.00% £612,632.81
Total Contractural Rent £2,779,803.69
Total Estimated Rental Value £3,544,470.00
Total Shortfalls £612,632.81
Marketing Contribution £45,000.00
Total Net Rent £2,122,170.88
PROPERTY MANAGEMENT & SERVICE CHARGE
The property is currently managed by Savills. The service charge for the Victoria Shopping Centre is operated under a single schedule with the tenants having apportioned percentage contributionsbasedonweightedgrosslettablefloorareaoccupied.
The current service charge year runs from 1st January 2015 to 31st December 2015 and the present budget amounts to £1,448,207.62 per annum (exc. of VAT) which devalues to approximately£5persqft(£53.82persqm).ThisincludestheservicechargeattributedtoChartwellHouse,(moreinformationcanbeprovideduponrequest).Theservicechargeforthe previous year ending 31st December 2014 amounted to £1,360,528.63.
Thelandlordcurrentlycontributes50%totheannualMarketingBudget,whichamounts to £45,000.
Thereare27membersofonsitestaffwhoareemployedthroughaSavillssubsidiarycompany,SMR.Thisincludesthemanagementteam,contractcleanersandsecuritystaff.It is expected that these employees will be transferred as part of the sale under TUPE regulations. Further details are available on request.
There are irrecoverable shortfalls relating to vacant units and service charge caps we estimate at £612,633 per annum.
ASSET MANAGEMENT OPPORTUNITIES
• Re-gears/Lease Renewals. With Starbucks committing to a new 10 year lease, look to replicate withHSamuel.Othercurrentre-gears/leaserenewalsincludeOxfam,SnappySnaps,CornerhouseCafe,WarrenJames,Wimpy,Vape&JuiceandVodafone(aerial).
• Rent Reviews.WiththerecentMetroBanklettingandre-gearwithStarbucks,looktopursuerentreviews,inparticularunitsontheHighStreetandSouthchurchRoad.
• First Floor. Exploretheoptionsonthevacantfirstfloortoattractalternativeuseoccupiers,e.g.food and cinema. Other alternative uses which could be looked at include crèche, indoor golf, laser gun operator, bowling, art gallery and educational uses such as Explore Learning and working with the local colleges.
• Units G36B and F27–31. Lookatcreatingadoubleheightunitbyremovingfirstfloorslabinordertocreateaunitforachildren’ssoftplayarea.
• Food & Beverage. ImprovethefoodandbeverageofferandcomplementthenewRealChinaletting and so increase dwell time.
• Convenience Shopping. Withtheproximitytothetrainstationandtheadventof71newflats,look to attract a convenience food operator.
• Signage. Improve signage and promotion of the scheme to increase footfall from the station.• Commercialisation. Seek to maximise commercialisation income. The landlord has recently
signed an agreement with Asset Space, who estimate they can increase the gross income from £63,000paxto£150,000pax.ThelandlordisyettoseethebenefitofthisincreasewithAssetSpaceonly taking control in October 2014.
• Car Park. Explore options to promote the car park and increase the income, including a possible increaseinthetariffs.
VICTORIA SHOPPING CENTRE
SOUTHEND ON SEA
SURVEYSA measured survey has been undertaken by Plowman and Craven. In addition, a full structural survey, includinganEnvironmentalPhase1,concretetestingaswellasafullM&Esurvey,whichincludestheliftsandcarpark,hasbeencarriedoutbyMalcolmHollis.Thesesurveysarefullyassignableandwillbemade available to the purchaser.
EPCEnergyPerformanceCertificates(EPCs)areavailableonrequest.
VATWe understand that the property is elected for VAT.
PROPOSALWehavebeeninstructedtoseekoffersof£24,300,000 (Twenty Four Million, Three Hundred Thousand Pounds),subjecttocontractandexclusiveofVATforthefreeholdinterestreflecting a net initial yield of 8.25% allowing for purchaser’s costs of 5.8%.
FURTHER INFORMATIONFor further information, including access to a data room please contact:
David Freeman James Baillie02076594830 [email protected] [email protected]
Ed Smith Patrick Over02076594831 [email protected] [email protected]
www.greenandpartners.co.uk
INVESTMENT RATIONALE
• A dominant and popular scheme in Southend on Sea. • The town has a substantial primary catchment of 336,000 persons.• The centre links with Southend Victoria Railway Station which contributes to increased footfall.• The centre was comprehensively refurbished in 2008 at a cost of circa £25m.• Anchored by Next, New Look, Wilko and Argos.• NationalMultipleRetailersincludingBoots, Poundland, H Samuel, Starbucks, Deichmann and
Peacocks with Metro Bank the latest tenant arrival.• Includesadirectlycontrolled590spacecarpark,whichdirectlylinksintothescheme.• Asset Management opportunities.• 78%lettoNationalMultiples.• 5.5 years AWULT (to expiry)• Lowcapitalvaluereflectingcirca £90 per sq ft.
FREEHOLD SOUTH EAST SHOPPING CENTREINVESTMENT OPPORTUNITY
The agents for themselves and for the vendors or lessors of the property whose agents they are give notice that: (i) these particulars are given without responsibility of The agents or the vendors or lessors as a general outline only for the guidance of prospective purchasers or tenants, and do not constitute the whole or anypartofanofferorcontract;(ii)Theagentscannotguaranteetheaccuracyofanydescriptions,dimensions,referencestocondition,necessarypermissionsforuseandoccupationandotherdetailscontainedhereinandanyprospectivepurchaserortenantshouldnotrelyonthemasstatementsorrepresentationsof fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; (iii) no employee of The agents (and their joint agents where applicable) has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; (iv) VAT may be payableonpurchasepriceand/orrent,allfiguresarequotedexclusiveofVAT,intendingpurchasersorlesseesmustsatisfythemselvesastotheapplicableVATposition,ifnecessarybytakingappropriateprofessionaladvice;(v)exceptinrespectofdeathorpersonalinjurycausedbythenegligenceofTheagents,itsemployees or servants, The agents will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars save to the extent that any statement made in these particulars has been made fraudulently. July 2015. Designed and produced by Creativeworld Tel: 01282 858200.
SOUTHEND ON SEAV I C T O R I A S H O P P I N G C E N T R E
FREEHOLD SHOPPING CENTRE INVESTMENT OPPORTUNITY