Substantial Retail Investment FOR SALE in Ferndown
Ferndown is an affluent east Dorset town located approximately 7 miles to the north of Bournemouth and 6 miles to the south west of Ringwood. The property is located in a prominent position fronting Victoria Road which is the main retail thoroughfare in Ferndown. Nearby occupiers include Boots, Iceland, Wilkinson’s, Pets Corner, Holland & Barrett, Nationwide, Barclays and Lloyds Bank.
The property comprises a three storey mixed use building that was subject to a substantial redevelopment in 2014. The redevelopment incorporated the construction of 12 new residential units above the existing commercial accommodation. All of the flats have subsequently been sold off on long leases.
The ground floor is arranged with three separate retail units, each providing a prominent frontage on to Victoria Road.
The property benefits from a large tarmacked car park which is accessed from Library Road to the rear.
We have measured the property from scale plans provided with the following approximate net internal areas:
|Accommodation||Sq M||Sq Ft|
|77-79 Victoria Road (Costa)||178.17||1,918|
|81 Victoria Road (Cedar Vets)||69.92||753|
|83 Victoria Road (Naomi House)||97.97||1,055|
The property is let as follows:
77-79 Victoria Road is let to The Bournemouth Coffee Company Limited t/a Costa on a full repairing and insuring lease from 11th April 2014 for a term of 10 years at a current rent of £32,500 per annum. The lease has the benefit of an open market rent review on 11th April 2019.
81 Victoria Road is let to Cedar Veterinary Services Limited t/a Cedar Veterinary Group on a full repairing and insuring lease from 25th March 2005 for a term of 15 years at a current rent of £16,000 per annum. The lease benefits from additional security in the form of three personal guarantees.
83 Victoria Road is let to Wessex Children’s Hospice Trust t/a Naomi House on a full repairing and insuring lease (limited by way of a photographic schedule of condition & a service charge cap of £500 per annum) from 19th February 2015 for a term of 5 years at a current rent of £16,500 per annum.
The 12 upper floor flats (& associated parking spaces) have been sold off on 125 year leases. The total ground rent income is £2,500 per annum. We understand the residential leases incorporate index linked rent reviews every 25 years.
3 parking spaces have been let on an annual licence to CVS (UK) Limited generating an annual income of £2,500.
The total income currently receivable is £70,000 per annum.
The property is held Freehold
The Bournemouth Coffee Company Limited is an established Costa franchisee with over 12 outlets. For the year ending 30/06/2016 they reported a net worth of £331,005. The company has an Experian Credit Risk Score of ‘Very Low Risk’.
Cedar Veterinary Services Limited is a wholly owned subsidiary of CVS (UK) Limited. For the year ending 30/06/2016 CVS (UK) Limited reported a turnover of £157m and pre-tax profits of £6.6m. The company has an Experian Credit Risk Score of ‘Very Low Risk’. CVS (UK) Limited is a subsidiary of CVS Group plc which is the largest integrated veterinary services provider in the UK.
Wessex Children’s Hospice Trust t/a Naomi House are a well-known and respected charity with an established retail division trading out of 25 shops in the south of England.
We understand the property has not been elected for VAT purposes.
The properties have the following energy ratings:
77-79 Victoria Road – C-56
81 Victoria Road – C-66
83 Victoria Road – B-50
Copies of the full energy performance certificates are available on request.
Offers are invited in excess of £1,000,000 exclusive.