House Of Fraser

The property comprises a department store of approximately 183,689 sq ft of retail accommodation arranged over ground and five upper floors and four additional smaller retail units facing onto New George Street.

The additional four retail units are located to the north, east of the store, fronting New George Street arranged over ground and two upper floors, providing approximately 14,398 sq ft. These retail units historically formed part of the department store, but are now self-contained. The property is situated on a corner site bound by Royal Parade to the south, Armada Way to the west and New George Street to the north.

The House of Fraser benefits from well-configured rectangular floorplates offering good levels of natural light owing to the large number of windows on all four elevations of the property. The building benefits from the use of a rear courtyard which can be accessed via New George Street and a goods entrance with a roller shutter door. The rear loading yard is adopted by the Council and does not form part of the sale.

Plymouth is the largest port City on the south coast of England with a current population of 262,000 (ONS2013). In addition to a large commercial and ferry port, Plymouth hosts the largest military naval base in Western Europe, stationing over 2,500 armed forces personnel and significant manufacturing and engineering supporting sectors.

The City has recently been named as one of eight Freeports within the UK, which will operate as a Freezone across three different sites. The City is situated approximately 45 miles south west of Exeter, 121 miles south west of Bristol and 216 miles south west of London. Plymouth City Centre is located 2.8 miles to the south of the A38 Devon Expressway connecting to the M5 at Exeter which leads to Bristol and the wider motorway network. Cornwall can be accessed from the A38 or A30 to the north of Dartmoor which connects Exeter to Cornwall.

Plymouth is situated on the South Devon Main Line, a major route from London Paddington to Penzance, via the Great Western Main Line. Plymouth Railway Station is on the northern edge of the city centre, approximately a 15 minute walk from the property. The station is
the second busiest interchange in Devon providing a wide range of regular regional and Inter-City services operated by Great Western Rail (GWR) and Cross Country. The station is undergoing an extensive £80m refurbishment programme and will be renamed Brunel Plaza.

The property has been measured by Plowman Craven in March 2016 (available in the dataroom). The below floor areas are provided on a GIA basis for the Department Store and on a NIA basis for the individual shops.

Basement - 1,902 sq ft (176.7 sq m)
Ground - 34,551 sq ft (3,209.9 sq m)
First - 35,414 sq ft (3,290.1 sq m)
Second - 36,599 sq ft (3,400.2 sq m)
Third - 30,737 sq ft (2,855.6 sq m)
Fourth - 22,572 sq ft (2,097.0 sq m)
Fifth - 21,914 sq ft (2,035.9 sq m)

Sub total - 183,689 sq ft (17,065.3 sq m)

33 New George Street Vacant - 390 sq ft (36.2 sq m)
35 New George Street Vacant - 2,229 sq ft (207.1 sq m)
35a New George Street Vacant - 517 sq ft (48.0 sq m)
37 New George Street Menkind Limited - 3,012 sq ft (279.8 sq m)
Pt 1st/2nd Floors 33-37 New George Street Vacant - 8,250 sq ft (766.5 sq m)

Sub total - 14,398 sq ft (1,337.6 sq m)

Total 198,087 sq ft (18,402.9 sq m)

Each party to be responsible for their own legal fees in relation to this transaction.

The property is elected for VAT. It is envisaged that the transaction will be treated as a Transfer of a Going Concern.