1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP - FLAGSHIP B&M INVESTMENT OPPORTUNITY - Allsop
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1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP FLAGSHIP B&M INVESTMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS PROPOSAL
■ Flagship B&M store prominently situated in the heart of ■ Let to the excellent covenant of B&M Retail Ltd ■ Offers sought in excess of £2,660,000 (Two Million
the popular seaside town of Cleveleys with an unexpired term of 3.6 years Six Hundred and Sixty Thousand Pounds) subject
■ Attractive building providing 30,007 sq ft (2,787.7 sq m) ■ Passing rent of £255,000 per annum (£8.50 psf) to contract and exclusive of VAT. This reflects an
over ground and first floors attractive Net Initial Yield of 9% after allowing
■ Store remained open and traded well throughout lockdown for standard purchaser’s costs of 6.40%
■ Freehold ■ B&M have been in occupation for over 27 years
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1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP
FLAGSHIP B&M INVESTMENT OPPORTUNITY
Skipton
A588 A629
Fleetwood
A6 A682
CLEVELEYS A585 M6 A6068
A586
A59
B5269
BLACKPOOL
M55
A585 A680 Burnley
Blackpool A583 M65
PRESTON
International
Airport
A584
Warton
Aerodrome BLACKBURN A56
A646
A582
A668
A6033
A565 M6
Southport M66
M62
Rochdale
LOCATION A59
M61
A5209
BOLTON A58
Cleveleys is a popular seaside town on the Fylde Coast of Lancashire, located about 4 miles north of Blackpool, Ormskirk
Formby A668
18 miles north west of Preston and 42 miles north west of Manchester. The town benefits from excellent transport A565 WIGAN Oldham
links with the A585 providing access to M55 to Blackpool and M6 to the south of England. M58 M60
A570
A665
Cleveleys is served by Blackpool Tramway, providing access to Blackpool, Fleetwood and Bipsham. Blackpool International A5207
Airport is 8 miles south of Cleveleys, with regular flights to Spain, Portugal and Ireland, amongst other destinations. A5036 A580
MANCHESTER
A580 M6
ST. HELENS A572 M60 M67
Bootle M62 A560 G
A58
ROAD RAIL / BUS AIRPORT LIVERPOOL A57
Sale
M62
A5058 A56 Stockport
Birkenhead WARRINGTON
Blackpool 13 mins Fleetwood 7 mins Blackpool 25 mins
A561
A562
Widnes M58 Manchester
A6
A41
Preston 34 mins Blackpool 40 mins John Lennon Liverpool 1hr 30 mins International
Airport
Liverpool
John Lennon
A523
Manchester 60 mins Liverpool 1hr 40 mins Airport
A34
M53 A533
Liverpool 1hr 10 mins Manchester 1hr 56 mins A556 A537
A55 M58
A550 Macclesfield A537
A49
A55 A533 M6
CHESTER A51
A523
Hawarden
Airport
A41 A530
A34
1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP
FLAGSHIP B&M INVESTMENT OPPORTUNITY
SITUATION
The property is situated on the western side of Princess Road, close to
its junction with Victoria Road West, the principal retailing thoroughfare
in Cleveleys. The property is situated within 50 metres of the junction
between Cleveleys North and South promenades, which forms a popular
seafront attraction.
Cleveley’s Bus Station, as well as the principal car park for the town centre,
are located directly next to the subject property, ensuring high footfall.
Nearby retailers include Argos, Iceland, Wilko, Costa Coffee, Halifax, Home
Bargains, Poundland and other national and independent retailers.
For identification purposes only.
1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP
FLAGSHIP B&M INVESTMENT OPPORTUNITY
DESCRIPTION SITE
The property comprises an attractive two storey flagship retail unit with The property provides a total site area
a large open plan shop floor at ground floor level and ancillary storage 0.44 acres (0.18 hectares).
accommodation at first floor level, totalling 30,007 sq ft (2,787.7 sq m).
The property benefits from rear servicing, with loading access leading TENURE
to three service lifts. Freehold.
The property also benefits from 25 car parking spaces.
TENANCY
ACCOMMODATION The property is let to B&M Retail Limited on a
SQ FT SQ M
20 year FRI lease from 30th March 2004, providing
an unexpired term of 3.6 years. The passing rent is
Ground Floor 15,269 1,418.5
£255,000 per annum reflecting a low rate of £8.50 psf.
First Floor 14,738 1,369.2
The lease is subject to 5 yearly upward only rent
Total 30,007 2,787.7 reviews to the open market rental value. The March
2019 rent review is outstanding providing an immediate
We are advised that Princess Road, Cleveleys is one of B&M’s flagship stores and opportunity to increase the rent.
that the unit has long been a strong trader and forms a key part of its portfolio,
being located in the town where the company opened its first shop.
We are informed that the unit remained open during lockdown and
continued to trade very well.
COVENANT INFORMATION
B&M Retail Limited is a FTSE 250 company founded in 1978 and B&M Retail Limited’s previous 3 years accounts:
is now one of the leading variety retailers in the UK. From its first
30 March 2019 31 March 2018 25 March 2017
store in Blackpool, B&M has grown to over 650 stores located
Turnover £2,801,499,000 £2,629,145,000 £2,252,265,000
throughout England, Scotland, Wales and Northern Ireland, currently
Pre-Tax Profit £273,406,000 £236,006,000 £198,006,000
employing 29,000 people. In 2014, B&M was floated on the London
Stock Exchange raising over £1bn. Net Worth £754,389,000 £600,542,000 £498,412,000
Dun & Bradstreet Score: 5A2
Experian Credit Rating: 100 (very low risk)
In 2020, B&M Stores…
Reported a
£532.6m cash 5.8% growth
group revenue
growth of 16.5%
£252m generated from
operations, being a
of the number of
B&M stores – 36
Profit Before Tax 25.9% increase net new B&M store
on 2019 figures
on 2019 (£423m) (656 stores in UK)
© Crown Copyright, ES 100004106. For identification purposes only.VAT
The property is elected for VAT and therefore it is assumed the sale will be treated as a TOGC.
DATAROOM
The dataroom can be accessed at:
https://datarooms.allsop.co.uk/register/b&mcleveleys
EPC
Available in the dataroom.
PROPOSAL
Offers sought in excess of £2,660,000 (Two Million Six Hundred and Sixty
Thousand Pounds) subject to contract and exclusive of VAT. This reflects an attractive
Net Initial Yield of 9% after allowing for standard purchaser’s costs of 6.40%
For further information or to make arrangements for viewing please contact:
James Salmon Gergo Petrovics
07720 400 306 07961 234 029
james.salmon@allsop.co.uk gergo.petrovics@allsop.co.uk
allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied
on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and
contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of
each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop
is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 09.20You can also read
