George St

Commercial Investment

There is little chance of a quick return to a housing boom despite the possibility of UK prices rising over the course of the year, surveyors say.

NEW George Street

100% prime trading postition on the pedestrianised George Street

Prime Retail Investment

Let to Bhs Properties Ltd until 2066 Luton,

69-75 George Street & 14 King Street

Let to Bhs Properties Ltd until January 2066

Description

The property comprises a retail store with ancillary office and stock room accommodation. The main building was constructed around 1970. There is an older ancillary building to the west constructed around 1900. The main building is of concrete frame construction with brickwork walls surmounted by a concrete roof slat. The ancillary building is of traditional solid brickwork construction with a slate roof. The property provides well configured ground floor sales accommodation with stock and office accommodation on the first floor and plant on second and third floors.

Investment Considerations • Pr ime, pedestrianised trading position on George Street, directly opposite the entrance to the Arndale Centre • Let to Bhs Properties Ltd until 11 January 2066 • T otal current income £182,000 per annum • Off ers in excess of: £2,460,000 (subject to contract) • Net Initial Yield : 7.00% • Net Equivalent Yield : 7.76% • Net Rev ersionary Yield (2038): 13.46%

Location

Luton is a major commercial centre within the County of Bedfordshire and has a population of approximately 184,000. The town lies approximately 30 miles north of Central London and 14 miles south of Milton Keynes. The town is particularly well served by the motorway network with Junctions 10 and 11 of the M1 adjacent to the town and the intersection with the M25 motorway some 10 miles to the south. By rail, Luton is connected to Central London, with a fastest journey time of 25 minutes to Kings Cross Thames Link. London Luton Airport is a short distance east of the town, providing both domestic and international services.

Retailing in Luton

The total population within the Luton primary catchment area is 304,000 (PROMIS).

The city is an established commercial centre with approximately 1 million sq ft of retail floor space. Prime retailing in Luton is focused within the Arndale Centre and is well supported by the pedestrianised George Street.

The Arndale Centre, opened in 1972, provides approximately 750,000 sq ft of retail accommodation, including the anchor stores of Debenhams, Boots and Primark with other retailers with representation including Top Man / Top Shop, River Island, Next and Superdrug. In addition the centre has 2,300 car parking spaces.