• 100% prime retailing pitch

• Let to Signet Trading Ltd (Net Worth £275m)

• In excess of 5 years unexpired – no breaks

• Tenant did not exercise June 2022 break option

• Passing rent £100,000 per annum

• Freehold

• Return frontage into Fishergate Shopping Centre

• £1,110,000, subject to contract

• 8.5% net initial yield

The project presents an opportunity to deliver approximately 300,000 sq ft of grade A office accommodation, commercial space, education, new housing and public realm. The project would be built on the surrounding land by the station and on the car park of the Fishergate shopping centre.

Preston station has been identified as having significant potential for new employment opportunities in the future and this would capitalise on the potential for Preston to be established as an HS2 station.

This would also reinforce the eastern end of Fishergate as the Prime Retailing pitch in Preston.

For further details, visit www.investprestoncity.com/stationgateway.

Preston is the retail centre within the county of Lancashire with a primary catchment population of approximately 510,000 residents, increasing to 1,260,000 within a 30-minute drive time.

Preston benefits from an affluent catchment population with a high representation of the most affluent AB social group and a below average representation of the least affluent C2 and DE social groups.

There is limited surrounding retail competition, so the local economy benefits from a high retention of the catchment retail spend and attracts consumers from Blackpool, Chorley, Leyland and Blackburn.

Preston benefits from a large student population being the third largest university city in the north west of England behind Manchester and Liverpool.

The University of Central Lancashire currently has approximately 36,000 students. The University is the 12th largest and fastest growing in the UK. The Preston campus of the university is within walking distance of the city’s retail provision and subject property.

(Sources, www.preston.gov.uk, www.citypopulation.de, www.uclan.ac.uk).

The property comprises a two storey double fronted retail premises with a full height glazed return frontage leading into the main entrance of the Fishergate Shopping Centre.

The ground floor provides open plan sales space and the first floor provides ancillary accommodation and staff rooms.

There is a corridor to the rear of the property leading to a fire escape.

The property has been fitted out by the tenant in their usual corporate style.

The property has been measured by BKR Floor Plans and provides the following floor areas:

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £590 + VAT.

The property is let to Signet Trading Limited (trading as H. Samuel), on a full repairing and insuring lease for a term of 10 years from 23rd June 2017, expiring on 22nd June 2027.

The lease incorporates a tenant only break option in June 2022, however the tenant did not exercise the break option. This demonstrates the tenant’s commitment to the location.

Therefore, there are in excess of 5 years unexpired with no breaks.

The current passing rent is £100,000 per annum.

The property forms part of the Fishergate Shopping Centre for which it has a share of communal charges. The 2021-2022 service charge apportionment for the property is £10,985.

The service charge is fully recoverable from the tenant. 

The property has been opted for tax and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers of £1,110,000 (One Million One Hundred and Ten Thousand Pounds), subject to contract. This price reflects a net initial yield of 8.5%, assuming purchasers’ costs of 5.85%.

Please note that a purchaser will be re-charged the costs of the measured survey (£590 + VAT) which is available to download. 

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

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