Acting on behalf of a private investor landlord, FHP Property Consultants have secured a 14% increase in the rental of 2 Firs Parade, Matlock at the rent review effective from August 2018.
The premises are let to the Co-op on a 10 year lease from August 2013 subject to an upwards only rent review and tenant only break option at the end of the fifth year. The rent was agreed at £45,000 per annum with the previous rent of £39,500 per annum being set on lease renewal in 2013.
Mark Bradley of FHP Property Consultants who acted for the landlord, commented:-
“Matlock remains a strong town with good levels of demand for retail units if they become available. The retail pitch is relatively condensed with properties rarely coming to the market. The limited supply relative to the levels of demand and requirements for the town has resulted in rental growth occurring within the prime pitch.”
If your property is subject to a forthcoming rent review or lease renewal and you would like further advice, please contact Mark Bradley on 0115 9507577 or mobile 07887 787884.
I am delighted with the result of this rent review Mark.
Acting on behalf of a private investor client, FHP Property Consultants have sold the freehold interest of 22-26 Low Street, Sutton in Ashfield to the Mansfield Building Society as a relocation for their existing branch in the town centre.
The premises were formerly occupied by Dorothy Perkins who vacated upon lease expiry with the premises containing a ground floor sales area of 1,317ft² together with first floor ancillary accommodation of 978ft².
Mark Bradley of FHP Property Consultants who acted on behalf of the owners commented:-
“We were pleased to be able to dispose of the freehold to Mansfield Building Society fairly swiftly after Dorothy Perkins vacated. There was other interest for these premises from potential tenants but ultimately our client decided he wished to dispose of the freehold and due to the GDO provisions relating to planning rules allowing A2 financial services businesses to occupy former A1 retail units without the need for a change of use consent, the deal was able to proceed smoothly and quickly to completion.”
FHP Property Consultants retained clients, Cardzone Limited, have continued to pursue their expansion programme through the acquisition of an independent Hallmark Cards business located in King Street, Belper.
Cardzone purchased the business subject to a simultaneous completion of a new 5 year lease from the landlord at a rent of £13,000 per annum. FHP Property Consultants provided rental valuation advice and a condition survey for the premises.
Mark Bradley of FHP Property Consultants commented:-
“Cardzone’s policy is to concentrate their expansion strategy on the acquisition of existing independent businesses where they can benefit from the established goodwill and known turnover levels. In the last 12 months they have acquired Occasions Greetings, a 7 store business trading throughout the south and south west, a business in Bristol with two stores and an independent based in Buckley, North Wales. They have also acquired a four shop business in Scotland. They have not ruled out new sites if the deal is absolutely right but these are very carefully scrutinised and will definitely need to have flexibility in the lease terms.”
Cardzone now trade from 110 units, including 20 Hallmark stores located in Outlet Centres throughout the country and are continuing to seek similar opportunities to purchase existing businesses or administration situations in their sector.
FHP Property Consultants have been instrumental in helping Skipton Building Society relocate to larger premises in Newark town centre.
The new branch is at 37 Stodman Street, previously occupied by Co-operative Bank which closed as part of their nationwide downsizing strategy, with Skipton taking a new 10 year lease at a net rent equating to approximately £40 Zone A.
Their former branch at 20 Market Place, which is freehold owned, was subsequently sold by FHP Property Consultants to a local mortgage broker BB Properties (Newark) Ltd who was able to benefit from the existing A2 planning consent.
Mark Bradley who acted for Skipton on the acquisition of their new branch commented:-
“My clients Skipton had been looking to relocate to larger premises in Newark for some time and once I became aware that Co-operative Bank were closing, an off market deal was brokered with the owners of 37 Stodman Street, whom I knew well and had acted for in the past, to enable Skipton to secure the property on a new lease rather than by way of an assignment of the unexpired residue of the Co-op Bank lease. I was pleased to be able to put together this transaction to the benefit of both our client for their relocation and also for the landlord who had the certainty of a new tenant from an early date once Co-op Bank had announced their closure”.
Nottinghamshire based card and gift retailer, Cardzone Ltd, continue their expansion programme with the acquisition of the business of Occasions Retailing Limited from the Administrator.
Mark Bradley of FHP Property Consultants who acts for the retailer commented:-
“Six shops have been acquired in the south west in towns including Didcot, Plymouth, Fareham, Warminster and Royal Wootton Bassett.
In addition, two shops were acquired from the administrator representing ICandy, the chain established by the former chairman of Clinton Cards. The two stores are in Witham and Epping.
A further two stores were acquired from a local independent trading in Gloucester and Bristol and most recently a single shop business acquired in Buckley, North Wales.”
With the acquisition of the Hallmark UK retail business in 2016 trading from some 20 factory outlet centres throughout the UK, Cardzone now operate from some 115 branches and are currently pursing further opportunities to expand through the acquisition of independent businesses, relocations and new sites.
Rental growth is occurring once again in Clumber Street following a number of recent transactions achieved by FHP on behalf of landlord clients.
Prior to the economic downturn, Clumber Street rents were at levels of around £250 Zone A but fell to lows of around £150 during the recession and have stagnated at those levels for a number of years.
However, two recent lettings from 2017 to Vodafone and Holland & Barrett show net Zone A levels of between £208 and £238 per sq ft and in addition the rent review on the Lush unit effective from March 2016 has been settled at £200 Zone A.
In our view, the refurbishment of the Victoria Centre together with the continuing delays on the Broadmarsh development have prompted retailers to consider Clumber Street once again and market demand is pushing rents upwards which is good news for landlords with forthcoming rent reviews where the passing rents are still below £200 Zone A.
It also provides a stimulus to the investment market where potential rental growth can be expected in the future.
For further advice in respect of lease renewals and rent reviews in Nottingham city centre, please contact Mark Bradley.
Well done Mark. You did a great job.
Nottinghamshire based Cardzone have now hit the 100 store mark following the recent acquisition of the Hallmark Retail business which trades from 14 Outlet Centres including McArthur Glen East Midlands near Mansfield and the Springfields Outlet Centre at Spalding.
In addition, other “high street” acquisitions of the core Cardzone business in the last quarter of 2016 include new branches in Ludlow, Beeston, Melton Mowbray and Ashton Under Lyne. A number of these new stores will trade under the combined Cardzone/Home & Fragrance fascia offering greeting cards/novelty gifts and the branded candle and accessories range.
Mark Bradley of FHP Property Consultants who acts for Cardzone in connection with their property matters commented:-
“It has been an extremely successful year for Cardzone with the acquisition of the Hallmark Retail business in the UK. This has opened up substantial opportunities to further grow the business in outlet centres, shopping centres and high street locations. The improved strength of the Cardzone covenant will also benefit new and existing landlords and help to re-position the company profile and secure new stores in major centres.”
Mark added “In addition to the acquisitions, I have also been instrumental in achieving a number of lease re-gearing opportunities on the existing branch portfolio resulting in reduced rents or rent free incentives for an extended lease term, all of which produce immediate savings directly to the bottom line of the business.”
Cardzone will be looking to acquire further units in 2017 in major towns and cities within the geographical area bounded by the M62 and M4 Corridors and will also be looking to expand by the acquisition of independent card and gift businesses.
Seems like a good result to me, it took a long time getting there but it is a pleasing outcome. Well done!
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