FRESHNEY PLACE, 65 VICTORIA STREET WEST GRIMSBY, DN31 1BW - 100% PRIME RE-BASED INVESTMENT OPPOSITE FLAGSHIP PRIMARK - GCW
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FRESHNEY PLACE, 65 VICTORIA STREET WEST GRIMSBY, DN31 1BW 100% PRIME RE-BASED INVESTMENT OPPOSITE FLAGSHIP PRIMARK
KEY INVESTMENT CRITERIA LOCATION Grimsby is located in the north east, 18 miles south east of Hull, 30 miles north east of Lincoln and Opposite new flagship Primark 58 miles east of Sheffield. New 5 year lease to New Look Retailers Limited The town benefits from excellent road communications, with motorway access Rebased rent from £350,000 to £200,000 per annum via the M180, 14 miles to the west. Freehold Direct trains run to Lincoln, Doncaster and Sheffield with a fastest journey time of 54, New Look do not contribute to Freshney Place’s 64 and 88 minutes respectively. service charge Humberside Airport is the nearest international airport and located approximately In close proximity to footfall generators, including 11 miles to the west of the town centre, providing both domestic and international routes. Grimsby’s main car park and bus station Seeking offers in excess of SHIRE LES AL PARK £1,345,000 Subject to contract and exclusive of VAT. NIDDERDALE AREA OF OUTSTANDING Reflecting an attractive net A1(M) initial yield of 14.00%* NATURAL BEAUTY A19 A64 A166 HARROGATE YORK *after allowing for purchaser’s costs A614 5.97%. A165 A64 BEVERLEY LEEDS BRADFORD A19 BRADFORD LEEDS A614 RNLEY HULL 646 HALIFAX CASTLEFORD M62 M62 A19 M18 HUDDERSFIELD SCUNTHORPE GRIMSBY BARNSLEY M62 DONCASTER M180 HUMBERSIDE DHAM A16 M1 A46 STER A628 A159 A18 A15 ROTHERHAM M18 56 PEAK DISTRICT SHEFFIELD LINCOLNSHIRE NATIONAL PARK WOLDS AONB SHEFFIELD A15 A156 A16 A623 A61 LINCOLN A158 M1 A614 LINCOLN A1 HORNCASTLE A523 SKEGNESS
RETAILING IN GRIMSBY The prime retail area in Grimsby is focussed on Friargate in the Freshney Place Shopping Centre. The centre links with the pedestrianised Victoria Street West, which provides a busy thoroughfare between the commercial district to the east and the rest of the town centre. Footfall generators RIVERHEAD include Primark, Marks and Spencer, Next, Boots, SQUARE LEISURE River Island and JD Sports. DEVELOPMENT ANCHORED BY CINEWORLD Grimsby Council are proactively investing through the Greater Grimsby Town deal. A total of £67m is designated for Stage 1, providing investment to establish enterprise zones to attract and support businesses. A further £4.1 million is being invested to improve public realm. SITUATION The subject property is located in a 100% prime area within the Freshney Place Shopping Centre. It also benefits from good levels of footfall driven by its close proximity to Grimsby’s main car park and bus station. The property benefits from dual frontage onto Victoria Street West. Primark have recently upsized into a flagship store opposite to the subject property, demonstrating a commitment to the location. Other retailers in close proximity include River Island, Marks & Spencer, EE, Next, HSBC, Boots Opticians, Superdrug and Deichmann. The subject property will benefit from the Riverhead Square development, where Capreon have gained planning consent for a £20 million Cineworld anchored leisure complex.
DESCRIPTION & ACCOMMODATION COVENANT The building is not listed. Part of the property facing Victoria Street New Look Retailers Limited (company number 05810406) is a wholly owned subsidiary of New Look Group Limited, owned by Brait West falls within the Central Grimsby Conservation Area. SE Plc. For the year ending 31st March 2019, Brait SE Plc’s portfolio Net Asset Value (NAV) exceeded £968.82m. Other ownerships include Iceland Foods and Virgin Active. The property has been measured in accordance with the RICS Property Measurement, 2nd Edition (2018) and has the following Following New Looks 2018 CVA, the business shut 60 stores and secured rent reductions of between 15% and 55% on another 393 Gross Internal Floor Areas: until 2021. The company reduced its debt from £1.35bn to a manageable £350m, releasing £150m to invest in stores. The business has returned to underlying operating profit, generating £33.2m profit in the year to March 2019. Sq ft Sq m Ground Floor Sales 14,158 1,315.32 Customer conversion improved both in-store and online; its ecommerce strategy resulted in a 78% rise in underlying operating profit and increased market share in womenswear. First Floor Ancillary 14,131 1,312.81 Total 28,289 2,628.13 TENURE Freehold. TENANCY The subject property is let to New Look Retailers Limited (company number 01618428) for a term of 5 years from 3rd September 2019, expiring 2nd September 2024 at a rent of £200,000 per annum. There is no option to determine. The lease is subject to a schedule of condition. A building survey is available upon request. The rent was reduced from £350,000 pa to £227,500 pa following New Look’s CVA approval in 2018. Due to the profitability of the store, New Look have subsequently committed to a new 5 year lease at the current rent passing of £200,000 per annum. New Look also benefit from being within Freshney Place but do not contribute towards the shopping centre service charge. This represents lower occupational costs compared to other units within the scheme paying approximately £10.00 psf.
EPC The property has an EPC score of C (70). Further information is available upon request. VAT The property is elected for VAT and it is proposed that the sale will be treated as a ‘TOGC’. PROPOSAL We are instructed to seek offers in excess of £1,345,000 (One Million, Three Hundred and Forty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would equate to an attractive net initial yield of 14.00%, allowing for purchaser’s costs at 5.97%. FURTHER INFORMATION For further information please contact: Jack Firminger T: 020 7647 4827 M: 07964 866 964 jack.firminger@gcw.co.uk 7-10 Chandos Street Oil Horton London W1G 9DQ T: 020 7467 4806 T: 020 7408 0030 M: 07788 695 859 F: 020 7495 4248 oliver.horton@gcw.co.uk www.gcw.co.uk Disclaimer - Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No responsibility or warranty whatever is made or given either during negotiations or in particulars by vendor, lessor or the agent Gooch Cunliffe Whale LLP. Registered in England No. OC376010. Registered office: 30 City Road, London EC1Y 2AB. September 2019 © Produced by Barbican Studio T: 020 7634 9573
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