• Located in a market town in the heart of Norfolk

• Highly secure income from Superdrug Stores Plc (Net Assets £319m) and Poundland Ltd (Net Assets £129.4m)

• Future development potential, subject to planning

• Long standing tenants

• 100% prime retailing position

• Capital value of £61.22 per square foot

• £1,375,000, subject to contract

• 11.7% net initial yield

The Poundland is situated in a 100% prime position on Market place with a 50 foot frontage. Nearby occupiers include Lloyds Bank (adjacent) The Co-operative Food, Prezzo, Greggs, Boots, Specsavers and subway.

The Superdrug is located on the pedestrianised Nelson Place and is adjacent to New Look and Nationwide Building Society.

The property benefits from pedestrian flow from Cowper Street car park which is located to the rear of the property.

The property was initially let to Woolworths in its entirety with Superdrug being its sub tenant of the property at 4a Nelson Way. In 2009, Poundland took occupation and Superdrug remained in situ under its own occupational lease.

The Poundland comprises a retail shop arranged over ground, first and second floors. Poundland currently use the ground and first floors as sales accommodation. The second floor is not demised to Poundland, thought under the terms of the lease they are responsible for the repair and maintance of the second floor (including the roof). Poundland have incorporated their successful value fashion brand Pep&Co into the property with a dedicated frontage and sales area.
The Poundland store benefits from a rear customer entrance leading to the Cowper Street car park. The store also benefits from two goods lifts.

There is a yard and delivery bay to the rear with staff car parking.

The Superdrug Store benefits from a return frontage to the main square of Nelson Place and is arranged over ground and first floor. The first floor is accessed via the public car park to the rear and is currently used as the plant room. The roof above the Superdrug unit is not included in the title.

The property is not listed and benefits from A1 planning consent.

As of 1st September 2020, new planning regulations will allow significantly greater flexibility to change uses within towns across England without the need to obtain planning permission.

Therefore, the property will benefit from a range of permitted uses, including office, restaurant, retail, financial and professional services, research and development, light industrial, clinic, health centre, nursery and indoor sports and recreation.

Freehold.

Poundland Limited has reported the following figures:

Poundland is a British variety store chain that is established as one of the UK’s leading High Street names. The chain was founded in 1990 and has grown to operate from 875 stores employing over 10,000 members of staff. The company have recently announced further expansion plans for their value focused fashion brand Pep&Co.

Superdrug Stores Plc Limited has reported the following figures:

Superdrug is the second largest beauty and health retailer in the UK, operating in approximately 800 stores throughout the UK and the Republic of Ireland. The chain was founded in 1964 and has demonstrated improving profits in recent years, with the opening of 23 new stores and the investment of £33 million into store refurbishments and expansion.

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

1. A purchase at the asking price reflects a net initial yield of 11.7%;

2. Let to the highly secure covenants of Poundland Ltd and Superdrug Stores Plc;

3. Long standing tenants 

4. The property occupies a prime retailing pitch in the heart of the town centre;

5. Opportunities for asset management including converting the upper floors to residential, subject to planning;

6. The property may offer redevelopment potential, subject to planning;

7. A purchase at the asking price reflects a capital value of £61.22 psf

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