Well Secured, High Yielding Retail Investment

2-4 North Street | Taunton | TA1 1LH


subject to contract



  • Freehold retail investment

  • Located in a central retailing pitch

  • Let to Lush Retail Limited & British Heart Foundation

  • New lettings

  • Secure income

  • Offers in excess of £850,000, subject to contract

  • 9.0% net initial yield



Taunton is the County town of Somerset, located approximately 55 km (34 miles) north-east of Exeter, 79 km (49 miles) south-west of Bristol and 45 km (28 miles) west of Yeovil.

The town benefits from good road communications, being located 2.5 miles west of Junction 25 of the M5 Motorway and connected via the A38 and A358. Taunton Railway Station provides a direct and regular service to Exeter, Bristol, Cardiff and London with a
fastest journey time to London Paddington of approximately 1 hour 40 minutes.

Bristol International Airport is 58 km (36 miles) to the north east and Exeter International Airport 48 km (30 miles) to the south-west.

With a National Park and two Areas of Outstanding Natural Beauty, pretty market towns and a dramatic coastline, Somerset West and Taunton offers visitors some of the finest landscapes in South West England to explore and enjoy. In 2017 Taunton was awarded Garden Town status from the Government.


The property occupies a central retailing pitch on North Street, close to its junction with Fore Street, in the heart of the town centre. Nearby occupiers include Mountain Warehouse, Greggs, Fat Face, Nando’s, Topshop, Next and River Island.

The Orchard Shopping Centre is a short distance to the south of the subject property. Comprising 140,000 sq ft, the centre has nearly 60 stores including a variety of shops and eateries. Occupiers include Superdrug, Vision Express, Ernest Jones, Game, Jack Wills, Anytime Fitness, Starbucks and Bill’s.

Work is underway for a multi-million pound development at Taunton Railway Station which is situated 0.8 km (0.5 miles) to the north of the property. Planned improvements to the station include a new multi-storey car park, a new ticket office and entrance, improved bus and taxi interchange and easier access to the town centre.



2 North Street comprises a ground floor retail unit with ancillary accommodation on first floor. The unit has been fitted out by the tenant in their usual corporate style.

3-4 North Street comprises a newly refurbished ground floor retail unit with ancillary accommodation on first and second floors. The accommodation at second floor level extends over both 2 North Street and 3-4 North Street. The unit has been fitted out by the tenant in their usual corporate style.


We have been advised that the property provides the following Net Internal Areas:

2 North Street - Lush
ITZA   447
Total Ground Floor  52.40 sq m 564 sq ft
First Floor Store 20.72 sq m 223 sq ft
First Floor Store/Office 25.55 sq m 275 sq ft
Total 98.66 sq m 1,062 sq ft


3-4 North Street - BHF
ITZA   718
Total Ground Floor  110.65 sq m 1,191 sq ft
First Floor 66.33 sq m 714 sq ft
Second Floor 118.27 sq m 1,273 sq ft
Total 295.25 sq m 3,178 sq ft

A set of floor plans are available to download.


Rateable Value

According to the Valuation Office website the rateable value for the property is as follows:

Address Description Rateable Value
2-4 North Street Shop and premises £53,000
2nd Floor, 2-4 North Street Offices and premises £6,800
2 North Street Shop and premises £32,500

The business rate multiplier is 49.1 pence for rateable values below £51,000 and 50.4 pence per pound for rateable values of £51,000 or more.





2 North Street

The ground floor and first floor is let on a Full Repairing and Insuring lease to Lush Retail Limited for a term of 5 years from 3rd October 2019, expiring on 2nd October 2024.

The current passing rent is £31,000 per annum which, based on our analysis, equates to £63.78 Zone A. The lease benefits from a fixed increase to £32,500 per annum in years 4 and 5 of the term.

The tenant recently extended their occupation and has been in occupation since March 2006.

3-4 North Street

The ground, first and second floors are let on a Full Repairing and Insuring lease to British Heart Foundation for a term of 10 years from 28th August 2019, expiring on 27th August 2029. There is an upwards only rent review and a tenant’s break option on 28th August 2024, subject to six months’ prior written notice.

The rent in accordance with the lease is £50,000 per annum which, based on our analysis, equates to £59.34 Zone A. The tenant benefits from a reduced rent of £25,000 per annum for the first year of the term. The vendor will ‘top-up’ the income by an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.

Therefore, an investor will benefit from a total income of £81,000 per annum.


For the year ending 31st March 2019, British Heart Foundation (Co. No. 699547) has reported the following figures:

Net income available for charitable purposes £120.4 million
Total Funds £56.2 million

The British Heart Foundation is a registered charity whose vision is a world free from the fear of heart and circulatory disease. The charity raises money to research cures and treatments. For further information visit www.bhf.org.uk.

For the year ending 30th June 2018, Lush Retail Limited (Co. No 03084750) has reported the following figures:

Turnover £151,525,000
Pre-Tax Profits £1,825,000
Net Assets £25,071,000

Established in Poole, Dorset in 1994 Lush is a manufacturer and retailer of beauty products with an emphasis on ethically sourced ingredients. The ultimate parent undertaking is Lush Cosmetics Limited which reported in its most recent financial results the company is present in 49 countries with manufacturing facilities in 6 countries. For further information visit www.uk.lush.com.



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


Our client is seeking offers in excess of £850,000 (Eight Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 9.0%, after allowing for standard purchaser’s costs of 5.56%.

Please note that a purchaser will be re-charged the cost of the searches which are provided in the data room.

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


Investment Considerations

  1. An opportunity to acquire a freehold town centre retail investment;

  2. Let to the secure covenants of British Heart Foundation and Lush Retail Limited;

  3. New lettings;

  4. Lush has been in occupation since 2006 and extended their lease in 2019, demonstrating their commitment to the property;

  5. The property occupies a strong retailing pitch in the heart of the town centre;

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

  7. Attractive lot size for an investor.

Data Room and clicktopurchase®

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.


We have partnered with a leading finance adviser to provide loan services. To learn more, please visit our “Finance” section.


Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120

Vendors Solicitor

DJM Solicitors +44 (0) 179 265 6503
Michael Snowdon mjs@djm.law.co.uk

Joint Agent

Timothy Smith TimSmith@johnryde.co.uk +44 (0) 1242 576 276