Post on 29-Jan-2020
republic - 3 cornmarket street, oxford
100% Prime, Well Secured, Retai l Investment
100% Prime, Well Secured, Retail Investment
REPUBLIC - 3 CORNMARKET STREET, OXFORD OX1 3EX
Demographic ProfileOxford has an expanding resident
population of circa 154,000 persons
(2010 ONS) but draws on a significantly
larger primary catchment area comprising
circa 515,000 persons (PROMIS) which
stretches beyond Aylesbury, Banbury,
Abingdon and Witney.
This catchment is particularly affluent
evidenced by the sizeable over-
representation of the AB social grouping (33%) and the C1 (Junior Managerial)
grouping (31%) and the under-representation of the least affluent D and E
social grouping. This demonstrates a wealthy, mobile and economically active
population with employment levels, house and car ownership well above or at
the national average.
The tourist industry further enhances the city’s retail spend. Oxford is the sixth
most visited destination in the UK by international visitors and is the tourism
gateway to the rest of Oxfordshire. The city attracts approximately 9.5 million
visitors per year, generating circa £603 million of income for local businesses.
INVESTMENT SUMMARY■ Oxford is one of the most popular retail, tourist and
student destinations in the UK serving a substantial
and affluent catchment.
■ The city is the most sought after PMA retail centre in the UK in terms of tenant demand.
■ Occupying a prominent, 100% prime, pedestrianised
position on Cornmarket Street, Oxford’s main retailing
thoroughfare and opposite the Clarendon Centre.
Neighbouring retailers include Prêt a Manger, Boots, McDonalds, Lloyds TSB, Moss, Phones 4U and Gap.
■ Well secured to the popular and long established covenant
of Republic (Retail) Limited (5A1 D&B Rating).
■ Unexpired lease term of circa 7 years with a further rent
review in October 2014.
■ Offers in excess of £5,900,000 (Subject to Contract
& Exclusive of VAT) reflecting a net initial yield of 5%
allowing for purchaser’s costs of 5.8%.
LocationOxford is a historic, internationally renowned university city and the premier
retail, tourist and administrative centre in Oxfordshire. The city is located
circa 90 km (56 miles) north-west of central London, 42km (26 miles) north
of Reading and 74km (46 miles) south-west of Milton Keynes.
Road and public transport communications are excellent. The town is
situated close to the A40 (Dual Carriageway) which affords direct access to
the M40 (J8) some 8 km (5 miles) to the east and the A34 (Dual Carriageway)
connects with J13 of the M4 at Chieveley some 39 km (24.5miles) to the
south. The city also benefits from regular rail services to London (Paddington)
with a fastest journey time of approximately 55 minutes and by coach the
popular ‘Oxford Tube’ provides a 24 hour bus service to London (Victoria
coach station) with a journey time of circa100 minutes.
OXFORD
100% Prime, Well Secured, Retail Investment
Retailing in OxfordOxford is one of the premier retailing locations within the UK and has an estimated
shopping population of 252,000 persons. The city’s retail dominates its affluent
catchment and it is significant that this shopping population continues to grow
with a 11% increase forecast between 2008 and 2018. In 2011 total in-store
comparison retail expenditure was £1,276m which was materially higher than
the Retail PROMIS 200 Centre average, ranking the city 28th out of 200.
The prime retail offer is focused on the vibrant and historic pedestrianised
Cornmarket Street where there is a high concentration of major UK multiples
including Next, Boots, WH Smith, Gap, HMV, River Island and
Waterstones.
Cornmarket Street’s prime retailing is further complimented by the semi-
pedestrianised Queen Street and High Street where retailers include Bhs, M&S, Top Shop, Jack Wills, LK Bennett, Crew, Karen Millen, White Stuff and Reiss. Oxford also benefits from two managed shopping centres;
the Westgate Centre which is anchored by Primark and Sports Direct and the smaller Clarendon Centre anchored by Zara and H&M . The former
is subject to a proposed extension and re-development by JV partners, The
Crown Estate and Land Securities where a new John Lewis store is the
potential preferred anchor.
REPUBLIC - 3 CORNMARKET STREET, OXFORD OX1 3EX
Retailer DemandOxford is a highly sought after shopping destination and is ranked first in terms
of retailer demand out of all of the PMA centres due to its excellent comparison
goods offer and the limited supply of available prime retail units. In recent years
there has been very little retailer movement and vacancies in the prime pitch of
Cornmarket Street. Consequently there are a significant number of of current
requirements with the likes of Hollister, Apple, White Company, Joules, Anthropologie, Urban Outfitters, Warren James and Card Factory actively seeking floor space in the city as well as number of existing tenants
looking to up-size. If the subject unit became available we are confident that
there would be strong retailer demand for the premises.
SituationThe property occupies a prominent 100% prime trading position on the eastern
side of the pedestrianised Cornmarket Street close to its junction with Carfax
and Queen Street. Neighbouring retailers include Prêt a Manger, David Clulow, Boots, McDonalds, Lloyds TSb, Moss, Phones 4U and Gap.
DescriptionThe attractive premises comprise a substantial Grade II* listed period
building arranged over ground, basement (un-used with limited access)
and three upper floors. The ground, part 1st and 2nd floors are utilised
by Republic predominantly for retail with ancillary storage The remaining
and front section of the first floor is used as a bookmaker (Betfred) and
the second and third floors are fitted out as office accommodation.
These areas have a separate ground floor entrance from Cornmarket
Street.
The property was originally constructed in the 16th century with the current
facade an 18th century addition. The property was substantially reconstructed
and extended in the early 1930’s and is located within the City Centre
Conservation Area.
AccommodationThe property provides an approximate total net floor area of 638.4m2 (6,872 sqft) sub-divided as follows:
Floor Use M/M2 Ft/Sq Ft
Frontage Gross (Retail) 6.76 22’2”
Ground Retail 245.90 2,647
ITZA 960 units
First Ancillary/Stores 155.70 1,676
Second Ancillary/Stores 109.30 1,177
First (sub-let) Betting Office 40.10 432
Second (sub-let) Office 42.60 459
Third (sub-let) Office 44.70 481
100% Prime, Well Secured, Retail Investment
REPUBLIC - 3 CORNMARKET STREET, OXFORD OX1 3EX
ProposalOffers in excess of £5,900,000 (Subject to Contract and exclusive of VAT)
reflecting an attractive net initial yield of 5% allowing for purchaser’s costs
of 5.8%.
TenureLong Leasehold – 150 years (FR&I) from 23rd December 1993 expiring
on 22nd December 2143 at a peppercorn rental (circa 131 years unexpired).
There are no rent review provisions. The freeholder is Oxford City Council.
Tenancy Republic (Retail) Ltd (t/a Republic)15 years FR&I from 11th October 2004 (circa 7 years remaining) expiring on
10th October 2019 at a current passing rental of £312,000 pax with an
upward only rent review on 11th October 2014.
Republic has sub-let the upper part of the front portion of the property to
Oxford City Council with the lease expiring on 22nd December 2013 at a
passing rental of £14,000 pax. Oxford City Council has recently underlet part
of the first floor to Done Brothers (Cash Betting) Ltd for a term expiring on 16th
December 2013 at a passing rental of £11,000 pax.
Tenant Covenant Republic is a popular ‘youth focused’ multi-branded fashion retailer whose
offer consists of aspirational and edgy labels alongside an extensive range
of their own brands. Launched in 1986 in Leeds, the company has steadily
expanded with solid sales growth and currently trades from over 120 stores.
The chain was acquired by TPG (a US based Private Equity Group) in 2010
for circa £300m and they aim to expand the business further targeting 200+
stores. They have recently debuted internationally with four concessions in
German department store Karstadt and are focussing on increasing their
London exposure.
Tenant Republic (Retail) Ltd
D&B Rating 5A1
Date of Accounts 30/01/2011
Turnover £181,187,000
Pre-tax Profit/ Loss £27,302,000
Net Worth £42,543,000
Rental Analysis & ERVWe devalue the current rent of £312,000 per annum to reflect a Zone A rate
of circa £285 psf . This rate was agreed between the parties at the last review
in October 2009 where there was a rental uplift. We have applied A/20 to the
first floor ancillary accommodation and £5 psf to the second floor ancillary
and have accounted for the sub-let income as well. Further information is
available on request.
With strong tenant demand, a restricted supply of sizeable units in Cornmarket
Street and moreover increasing rents in Queen Street and High Street we
believe that the property has excellent prospects for rental growth in the short
to medium term off the well established ZA rate passing of £285 psf
VATThe property has been elected for VAT and therefore VAT will be payable on
the purchase price.
100% Prime, Well Secured, Retail Investment
PRET A
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QUEEN
STREETM
ALL
CARF
AXBONN SQUARE
CORNMARKET MALL
BLUE BOAR STREET
MARKET STREET
QUEEN STREET
GOLDEN CROSS
SHOPPING ARCADE
LINCOLN HOUSE
STALDATES
FREWIN COURT
TURLSTREET
SHOE LANE
ALFREDSTREET
HIGH STREET
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WHEATSHEAF
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NEWINN
HALLSTREET
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MARKET
AVENUENO
1
CARFAX
TOWER
&(2 RETAIL FLOORS)
CLARENDON CENTRE
(2 RETAIL FLOORS)
MARKET
AVENUENO
4
&
MARKET
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3
(2RETAIL
FLOO
RS)
(PEDESTRIANSO
NLY)
(BUSES & TAXIS ONLY 7.30AM - 6.30PM)
MARKET
AVENUENO
2
OVER
(2 RETAIL FLOORS)
FREWIN GATE
OXFORD COVERED
(2 RETAIL FLOORS)
(2RETAIL
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RS)
SERVICE AREA
(2RET
FLRS)
ABBEY HOUSE
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(2 RETAIL FLOORS)(2 RETAIL FLOORS
(3 RETAIL FLOORS)
(2 RETAIL FLOORS)
(2 RETAIL FLOORS)
CLOSED
CLOS
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DWELLING
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DWELLINGS
DWELLINGS ENT
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4
36- 48
11 - 154
1
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15
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29
34
MO
RRELLS
HOBGOBLIN
This Goad Plan is for identification only and not to be scaled as working drawing. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher. © Crown copyright 2011. Licence number PU100017316. For full terms and of copyright conditions visit www.goadplans.co.uk/copyright
REPUBLIC - 3 CORNMARKET STREET, OXFORD OX1 3EX
MISREPRESENTATION These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. October 2012.
Adrian Gates Photography & Design 07710 316991
FURTHER INFORMATION
For further information please contact:
David Freeman James Baillie Ed Smith
020 7659 4830 020 7659 4839 020 7659 4831
david.freeman@greenpartners.co.uk james.baillie@greenpartners.co.uk ed.smith@greenpartners.co.uk