• Freehold retail investment/part vacant

• Stockport town centre undergoing £1bn programme of investment

• Situated within the heart of the town centre

• 48 Prince’s Street – trading as Creams, the UK’s biggest desert brand

• 46 Prince’s Street – vacant, providing an opportunity to re-let and enhance the income

• £425,000, subject to contract

• 9.0% Net Initial Yield

• 12.4% Estimated Reversionary Yield

The property is located on Prince’s Street in the heart of Stockport town centre.

To the immediate north of the property is the Redrock retail and leisure complex, which runs adjacent to Prince’s Street. The complex features a 12-screen cinema and bowling, The Gym Stockport and a range of eateries including Zizzi, Pizza Express, Berretto Lounge and Afiyet. Redrock has its own 350 space on site car park.

The property also benefits from being in very close proximity to the Merseyway Shopping Centre, Stockport’s prime retail destination. Totalling approximately 308,000 sq ft, the centre is home to over 90 stores along with 1,175 car parking spaces. Retailers include Primark, Ikea, JD Sports, River Island, H Samuel, Waterstones, WHSmith, Pandora, McDonald’s and Greggs.

Stockport train station is located approximately 0.8 km (0.5 miles) to the south of the property.

48 Prince’s Street comprises a retail unit arranged over ground and first floor, trading as an ice cream parlour (Creams) which has been fitted out by the tenant to a high standard in their usual trademark branding. The ground floor provides a dining area along with staff office, staff & customer toilets. On the first floor is additional dining space along with a children’s play area, staff kitchen and staff office.

46 Prince’s Street is a vacant retail unit, previously occupied by The Money Shop, arranged over ground and first floor.

Freehold.

48 Prince’s Street is let to Ras Creams Limited (t/a Creams Gelato) on a full repairing and insuring lease for a term expiring on 7th December 2033, with a mutual break option on 7th December 2028. The current passing rent is £40,000 per annum and is subject to an upwards only rent review on 8th December 2028. A £10,000 rent deposit is held by the Landlord.

46 Prince’s Street is currently vacant. The unit is on the market to let at a quoting rent of £15,000 per annum.

Therefore, assuming the vacant unit is re-let at £15,000 per annum, an investor will benefit from a total income of £55,000 per annum.

For the year ending 28th February 2022, Ras Creams Limited reported Shareholders’ Funds of £45,929. We understand Ras Creams Limited is a franchisee of Creams. A rent deposit of £10,000 is held by the Landlord.

Founded in 2008, Creams is the UK’s biggest desert brand with circa 100 stores across the UK. The company’s focus on quality and innovation has been recognised with several awards including ‘Best Brand Partner’ at the Menu Innovation and Development Awards 2022 (Midas), ‘Best Innovation’ at the Best Business Awards 2021, and ‘Best Family Restaurant’ at the Deliveroo Restaurant Awards 2021. They have also been recognised as one of the top ten most loved Eating Out brands in the UK in 2019, 2020 and 2021 by Savanta Research. For further information visit www.creamscafe.com.

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

1. An opportunity to acquire a freehold retail investment;

2. The property is situated within the heart of Stockport town centre;

3. Stockport town centre is currently undergoing a £1bn programme of investment;

4. 48 Prince’s Street – trading as Creams, the UK’s biggest desert brand;

5. 46 Prince’s Street – current vacant, providing an investor with an opportunity to re-let and enhance the income;

6. A purchase at the asking price reflects an attractive yield profile;

7. Attractive lot size to an investor.

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