Worthing - M&S
Executive Summary
Landmark investment let to Marks & Spencer with 5.2 years unexpired overlooking the seafront with massing and value add potential.
100% prime location on Montague Street with a unique dual frontage on Marine Parade giving access to car users via pay and display or the interconnecting multi-storey car park next door.
Neighbouring occupiers include Boots, Superdrug, Holland & Barrett, River Island, Costa Coffee, Three and H&M.
A well configured store of 89,086 sq ft.
Single let to Marks & Spencer Plc until 31 March 2027 (approximately 4.9 years unexpired) at a rent of £735,723 per annum reflecting just £8.26 per sq ft (overall).
Rent reviews are fixed annual increases of 1.95% on 29 September each year.
Marks & Spencer Plc has a turnover in excess of £9.1bn and Shareholders Funds in excess of £4.2bn. The Group’s share price has risen by 88% in the last 12 months.
The store trades very well with a turnover understood to be many multiples of the rent.
Significant value add opportunities via any or a combination of lease renewal and/or massing to create additional space with the best views in Worthing.
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Barry Marshall