Retail premises for sale in Pioneer Square, Bure Place, Bicester OX26

£1,175,000 (£612.3/sq. ft)
Retail premises for sale From 1,919 - 3,832 sq. ft*
Interested in this property? Call +44 20 8128 4245 * or Request Details

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Property description

Summary
Attractive Leisure Investment

Let to Nando’s Chickenland Limited

Highly Secure Income – Pre-Tax Profits (2020) £70m, Net Assets £155m

Highly affluent South East location

Located within the £70m Pioneer Square development

Opposite a 7-screen vue cinema, hence high level of footfall

£1,175,000, subject to contract

5.0% net initial yield

Opportunity to invest in the re-emerging restaurant sector with a well-known brand

Location
Bicester is a highly affluent town located in the Cherwell district of north eastern Oxfordshire in the South East of England approximately 24 km (15 miles) north of Oxford, 40 km (25 miles) south west of Milton Keynes and 101 km (63 miles) North West of London.

The town benefits from excellent transport links to national and regional road transport networks, being served by Junctions 9 and 10 to the south and north respectively of the M40 Motorway and A41 dual carriageway which links to the M25 and M1 Motorway systems.

Bicester North railway station provides services into London Marylebone station and Birmingham Snow Hill with journey times of approximately 46 minutes and 70 minutes respectively. In addition, the town is within an hour’s drive of three international airports and within 16 km (10 miles) of London Oxford Airport.

Bicester is most well-known because of the Bicester Village outlet shopping centre on the outskirts of the town. Opened in 1995 there are over 160 designer boutiques, cafés and restaurants. International brands present include Armani, Anya Hindmarch, Dior, Dunhill, Jimmy Choo, Lacoste, Michael Kors, Prada and a plethora of other premium brands. It is estimated the Village had 6.6 million visitors in 2018.

Bicester has transformed itself from a quiet market town to being recognised as a town spearheading managed growth, sustainability and innovation. It boasts the UK’s only eco-development (true zero carbon) and the largest self-build scheme (Source: Cherwell District Council). In 2014 the Government announced that Bicester was to become the UK’s first Garden Town, which brings multi-million pound funding.

Situation
The property forms part of the pedestrianised Pioneer Square, a £70 million development which opened in 2013. Accessed via Sheep Street, the scheme is anchored by a 56,000 sq ft Sainsbury’s store with a 526 space car park.

The property benefits a very high level of footfall being located directly opposite a 7-screen Vue cinema, the lease of which expires in January 2039. Other nearby occupiers include Superdrug (adjacent), B&M, Prezzo, Wildwood, jd Weatherspoon, Costa Coffee, Marks & Spencer and Specsavers.

Pioneer Square is immediately adjacent to Crown Walk, a 48,820 sq ft open air retail centre comprising 25 retail units with occupiers including Boots Opticians, wh Smith, H Samuel, Peacocks, Vodafone, tui and Warrens Bakery.

Description
The subject property comprises a restaurant unit providing 40 covers on ground floor, 52 covers on first floor and 24 external covers. Internally, the unit has been fitted out by the tenant to their usual corporate style.

Accommodation
The property has been measured by bkr Floor Plans and provides the following Gross Internal Areas:

Ground Floor 177.72 sq m 1,913 sq ft
First Floor 178.28 sq m 1,919 sq ft
Total 355.99 sq m 3,832 sq ft
A set of floor plans are available to download and the measured survey report will be assigned to a purchaser at a cost of £375 + VAT.

Tenure
Leasehold. Held on a 999 year lease (less 3 days) from and including 13th January 2012 at a peppercorn rent from Town Centre Retail (Bicester) Limited, the head leaseholder.

The freeholder is Cherwell District Council.

Tenancy
The entire property is let to Nando’s Chickenland Limited on a full repairing and insuring lease for a term of 20 years from 7th August 2013, expiring on 6th August 2033 (in excess of 12 years unexpired lease term). There is a tenant’s break option on 6th August 2028, subject to no less than 6 months’ prior notice.

The current passing rent is £62,500 per annum which equates to £175.57 per sq m (£16.31 per sq ft). The lease benefits from an upwards only rent review on every fifth anniversary of the term, next due 7th August 2023.

Service Charge
The headleaseholder has not served any service charge demands on the Seller for the last 2 years. The Seller has collected on account payments from the occupational tenant in respect of the service charge based on the service charge budgets provided to the Seller when the lease from the headleaseholder was granted to them. On completion, the Seller will make available to the buyer the on-account payments received from the occupational tenant in respect of service charge and pay such sum to the buyer on completion.

Covenant
Nando’s Chickenland Limited (Co. No. 02580031) has reported the following figures:

24th February 2020 25th February 2019
Revenue £801,490,000 £779,421,000
Pre-Tax Profits £70,415,000 £96,024,000
Net Assets £155,959,000 £183,292,000
Established in 1987, when the first restaurant opened in Johannesburg, South Africa, Nando’s opened its first UK restaurant in Ealing in 1992. The restaurant chain now operates close to 1,000 outlets worldwide. In the UK and Ireland there were 422 restaurants in operation at 24th February 2019, an increase from 391 in the previous year. Total revenue from across all global markets, excluding South Africa, surpassed £1 billion for the first time.

For further information visit .

There are no rent arrears.


VAT


The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (togc).

Proposal
We are instructed to seek offers of £1,175,000 (One Million, One Hundred and Seventy Five Thousand Pounds) subject to contract, reflecting a net initial yield of 5.0%, assuming purchasers’ costs of 5.91%.

Please note that a purchaser will be re-charged the costs of the surveys and searches which are provided in the data room.

Please note a purchaser will be charged a Transaction Fee of £5,000 plus VAT.

Investment Considerations
An opportunity to acquire an attractive leisure investment in a highly affluent South East town;

Highly secure income - let to Nando’s Chickenland Ltd (Pre-Tax Profits £70m, Net Assets £155m);

The property forms part of the £70m Pioneer Square development and benefits from being directly opposite a 7-screen Vue cinema;

Attractive unexpired lease term of over 12 years (subject to tenant break in 2028);

A purchase at the asking price reflects an attractive net initial yield

Opportunity to invest in the re-emerging restaurant sector with a well-known brand;

For full details please visit our website or view PDF brochure below

* Sizes listed are approximations. Please contact the agent to verify actual sizes.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Singer Vielle, W1C on +44 20 8128 4245 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Singer Vielle, and do not constitute property particulars. Please contact Singer Vielle for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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