City Centre Retail Investment - Bristol - 7.5% NIY

44-46 The Horsefair | Bristol | BS1 3JE


subject to contract



  • City centre retail opportunity

  • Busy retail thoroughfare 

  • Opposite Debenhams & Primark

  • Close to Broadmead & Cabot Circus

  • Immediately adjacent to proposed regeneration project (Cabot Circus 2)

  • Significant development set to enhance the area

  • £990,000, subject to contract

  • 7.50% Net Initial Yield

  • 8.36% Guaranteed Reversionary Yield

44-46 The Horsefair | |  |  | Bristol | | BS1 3JE


The city of Bristol is the regional capital of the South West and is located approximately 192 km (120 miles) west of London, 136 km (85 miles) south of Birmingham and 64 km (40 miles) east of Cardiff.

The city benefits from first class road communication being situated at the intersection of the M4 and M5 Motorways providing direct links to London, Birmingham and Cardiff as well as various destinations throughout the South West.

Bristol has two main railway stations located in the city centre and in the north of the city which are Bristol Temple Meads and Bristol Parkway respectively. Both stations provide regular daily services to major cities throughout the country; Cardiff Central can be reached in under 1 hour, Birmingham New Street within approximately 1 hour 25 minutes, London Paddington within approximately 1 hour 45 minutes and Manchester Piccadilly within approximately 3 hours

Bristol was recently voted the best city to live in Britain 2017 by the Sunday Times based upon data combining crime rates, house prices and school performance. The city has benefitted significantly from retaining and attracting businesses creating a diverse employment base for the banking, finance and insurance sectors. Bristol also has growing professional sector and in recent years has seen notable companies relocate operations to the city including the Ministry of Defence Equipment & Support, Hewlett Packard National Research Laboratories, Friends Life, Lloyds Bank National Debt Recovery, Rolls Royce, Airbus and the BBC.


The property is situated in a prominent position on The Horsefair in between Starbucks and Burger King close to the junction of Merchant Street which leads directly onto Broadmead. The units are within close proximity to major retailers including Debenhams, Marks & Spencer and Primark. In addition, TK Maxx and Metro Bank are both set to move into the former BHS unit on Merchant Street which will improve footfall around the subject property still further.

The Horsefair runs parallel to Broadmead which provides access to Cabot Circus; Bristol’s premier shopping centre. Developed in 2009 Cabot Circus comprises approximately 111,484 sq m (1.2m sq ft) of retail and leisure accommodation plus a 2,500 space car park. The scheme is anchored by House of Fraser and Harvey Nichols as well as benefitting from a Cinema de Lux, a restaurant quarter and residential apartments. Cabot Circus has also attracted brands includings Apple, Hugo Boss, Hollister, Michael Kors, Pull & Bear, Victoria’s Secret, Urban Outfitters and Zara.

A second shopping centre known as The Galleries is also close by and comprises circa 30,658 sq m (300,000 sq ft) of accommodation home to retailers including Argos, Boots, Jack Wills, Laura Ashley, Waterstones and WH Smith. The Galleries also provides a 1,000 space car park.

44-46 The Horsefair | |  |  | Bristol | | BS1 3JE
44-46 The Horsefair | |  |  | Bristol | | BS1 3JE

Broadmead / Callowhill Court Regeneration & Cabot Circus Expansion

An outline planning application has been submitted to Bristol City Council which proposes the comprehensive redevelopment of land and buildings at Callowhill Court, Broadmead and The Horsefair. The proposals include approximately 9,522 sq m (102,500 sq ft) of mixed use commercial, retail, leisure and hospitality accommodation plus up to 150 residential apartments, additional car parking, public realm and landscaping works. Bristol City Council granted approval to the plans “in principle” in September 2017 subject to amendments regarding car parking and transportation infrastructure.

Please refer to the Downloads section where there are two plans of the proposed street layout and pedestrian access to the area which the proposals relate to. The subject property is highlighted in red.


The property was constructed during the 1960’s and forms part of a three storey purpose built retail block. The interest for sale comprises of two retail units arranged over ground, mezzanine, first and second floors.

No 44 The Horsefair has recently benefitted from a comprehensive refurbishment by the tenant and comprises a premium hair dressing salon and training academy trading as The Hair and Beauty Bank. This property is an expansion for the tenant who has sucessfully traded nearby on The Horsefair for some 6 years. 

No. 46 The Horsefair trades as Cosmetics Republic who are well established specialising in hair and beauty cosmetics including wigs, hair extensions, make up and a comprehensive range of accessories.

44-46 The Horsefair | |  |  | Bristol | | BS1 3JE
44-46 The Horsefair | |  |  | Bristol | | BS1 3JE


The property has been measured by BKR Floor Plans and provides the following net internal floor areas;

  44 The Horsefair 46 The Horsefair
  Sq M Sq Ft Sq M Sq Ft
Ground Floor 79.24 853 118.26 1,273
Zone A 30.56 329 46.91 505
Zone B 38.55 415 35.67 384
Zone C 10.13 109 35.67 384
Lower Ground Floor - - 126.99 1,367
Mezzanine 22.30 240 - -
First Floor 76.92 828 117.05 1,260
Second Floor 44.03 474 34.28 369
Total 222.50 2,395 396.59 4,269

A set of floor plans is available to download.


The property is held on a long lease from Bristol City Council for 125 years from 2nd August 2016 at a head rent equating to 10% of rents received subject to a minimum of £4,000 per annum.

Note, the head lease permits the upper parts to be used as offices and/or residential, subject to the usual planning consents.

44-46 The Horsefair | |  |  | Bristol | | BS1 3JE
44-46 The Horsefair | |  |  | Bristol | | BS1 3JE


The property is let as follows;

44 The Horsefair is let to HBB Training Academy Limited (Co. No. 10552141) t/a The Hair and Beauty Bank on a Full Repairing and Insuring lease for a term of 5 years from 23rd February 2017 expiring on 22nd February 2022 at a commencing rent of £35,000 per annum. The annual rent over the term of the lease is as follows;

  • Year 1 - £35,000

  • Year 2 - £35,000

  • Year 3 - £37,500

  • Year 4 - £40,000

  • Year 5 - £45,000

The rent commencement date is 23rd November 2017.

46 The Horsefair is let to Mr. A Hussein t/a Cosmetics Republic on a Full Repairing and Insuring lease for a term of 10 years without break options from 3rd September 2013 expiring on 2nd September 2023. The current passing rent is £52,000 per annum and the lease benefits from an upwards only rent review at the expiration of the 5th year.

Therefore, the total current passing rent is £87,000 per annum.

After deduction of the Head Rent and notwithstanding any potential increase at the 2018 rent review regarding No. 46 The Horsefair the property provides a net annual income as follows;

  • Year 1/2  - £78,300

  • Year 3      - £80,550

  • Year 4      - £82,800

  • Year 5      - £87,300


The Seller is registered for VAT and has opted to tax. Therefore, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

44-46 The Horsefair | |  |  | Bristol | | BS1 3JE
44-46 The Horsefair | |  |  | Bristol | | BS1 3JE


We are instructed to seek offers in the region of £990,000 (Nine Hundred and Ninety Thousand Pounds), subject to contract.

A purchase at the asking price would provide an investor with the following running yield assuming standard purchasers’ costs of 5.44%;

  • Year 1/2   - 7.50%

  • Year 3      - 7.72%

  • Year 4      - 7.93%

  • Year 5      - 8.36%

Investment Considerations

  1. An opportunity to acquire a Bristol city centre retail investment;

  2. The property is located on a busy retail thoroughfare providing high pedestrian footfall between The Horsefair and Broadmead in close proximity to Cabot Circus;

  3. The proposed Broadmead / Callowhill Court Regeneration & Cabot Circus Expansion will significantly enhance the area immediately surrounding the property creating a more attractive location for occupiers, shoppers, investors and developers;

  4. Favourable head lease providing for rents received subject to a low minimum pay away and permitted use of the upper parts as office and / or residential;

  5. The tenant of No. 46 The Horsefair has recently begun trading following a comprehensive fit-out programme;

  6. A purchase at the asking price will provide an investor with an attractive net initial yield which increases annually from February 2019;

44-46 The Horsefair | |  |  | Bristol | | BS1 3JE

Contact Us

Singer Vielle   +44 (0) 207 935 7200
Neil Singer +44 (0) 203 478 9120
Dale Henry +44 (0) 203 701 1356
Richard Wolfryd +44 (0) 203 701 1353
Faye Langoulant +44 (0) 203 478 9122
Louanne Malan +44 (0) 203 701 1386

Vendors Solicitor

Osborne Clarke +44 (0) 117 917 3226
David North
Mary Kuek