• Retail & Dental Surgery Investment

• Located in an historic Cathedral City and popular tourist destination

• Prominent retailing position in the heart of the city centre

• Established tenants

• Ground floor retail unit – new letting from August 2020

• Dental surgery above let until March 2028; 2023 break option removed, demonstrating the tenant’s commitment to the property

• Freehold

• £480,000, subject to contract

• 10.0% net initial yield

• Yield in August 2023 – 11.0%

• Minimum yield in August 2025 – 12.0%

The property is situated within the heart of the city centre fronting New Canal. Nearby occupiers include Mountain Warehouse (adjacent), Odeon Cinema (adjacent), Clarks, Blacks, White Stuff, L’Occitane and Jaeger.

The property benefits from being in very close proximity to the entrance to the Old George Mall Shopping Centre, the main shopping precinct in Salisbury. Occupiers include Marks & Spencer, WH Smith, H&M, Fat Face, EE, Superdrug, Lakeland, Pret A Manger and Costa Coffee.

Salisbury Market Place is immediately to the north and Salisbury Cathedral is a few minutes’ walk to the south.

The property is constructed over ground, first and second floor with the ground floor comprising a retail unit (trading as an ice cream parlour) with the two upper floors used as a dentists’ practice. There is self-contained access to the upper floors via New Canal and to the rear of the property is a small yard accessed from New Canal over a pedestrian right of way.

As of 1st September 2020, new planning regulations allow for significantly greater flexibility to changes uses within towns across England without the need to obtain planning permission.
Therefore, the property will benefit from a range of permitted uses, including restaurant, retail, office, financial and professional services, clinic, health centre amongst others.

Freehold.

IDH Limited (Co. No. 00243708), formerly known as ADP Dental Company Limited, has reported the following figures:

According to its published accounts the group is organised into two distinct business units and provides a range of NHS and private dental services from practices throughout the United Kingdom along with support services to other third party dental practices and the wider healthcare sector.

The majority of the company’s revenue was derived from fixed income contracts with the NHS Region. The fixed income nature of the contracts provides the company with stability and visibility over its revenue and profit streams.

IDH Group is the largest provider of NHS dentistry in the UK, offering treatments to more than five million patients every year through its network of almost 600 dental practices operating under the {my}dentist brand. IDH also owns Dental Directory (now branded DD), one of the UK’s largest suppliers of dental and beauty products, which services more than 12,000 dental practices and 6,000 beauty clinics. For further information visit www.mydentist.co.uk.

In May 2021 the management team of IDH Group announced that it has partnered with Palamon Capital Partners to enter into a binding share purchase agreement to acquire The Carlyle Group’s majority shareholding and the shares held by the other minority shareholders in IDH Group. The Palamon-backed buy-out, in partnership with management, is expected to complete in the third quarter of 2021 following receipt of the necessary regulatory approvals and will result in a full refinancing of the company’s third-party borrowings. New funding arrangements will be put in place on completion of the transaction through a combination of debt finance and an injection of fresh equity from the Palamon Funds. The existing executive management team will remain in place, led by Tom Riall, CEO, and Nilesh Pandya, CFO, who will both continue in their existing roles and as members of the new Board.

Sprinkles Gelato is a desert parlour established in 2012 when it opened its first store in Portswood, Southampton. There are now 12 stores throughout the United Kingdom serving up handmade, Italian recipe gelato and a whole range of desserts. For further information see www.sprinklesgelato.co.uk.

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).

1. An opportunity to acquire a freehold retail / dental surgery investment;

2. The property occupies a prominent position within the city centre;

3. Located in an historic Cathedral City and popular tourist destination;

4. Ground floor retail unit let on a new lease from August 2020;

5. Dental surgery let until March 2028. The 2023 break option has been removed, demonstrating the tenant’s commitment to the property;

6. Freehold;

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

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