33-39 GALLOWTREE GATE & 63 MARKET PLACE LEICESTER LE1 5GD - HIGH YIELDING CITY CENTRE RETAIL INVESTMENT - Allsop
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33-39 GALLOWTREE GATE & 63 MARKET PLACE LEICESTER LE1 5GD HIGH YIELDING CITY CENTRE RETAIL INVESTMENT
33-39 GALLOWTREE GATE HIGH YIELDING CITY CENTRE
& 63 MARKET PLACE RETAIL INVESTMENT
LEICESTER LE1 5GD
Site outline for identification purposes only.
33-39 GALLOWTREE GATE HIGH YIELDING CITY CENTRE
& 63 MARKET PLACE RETAIL INVESTMENT
LEICESTER LE1 5GD
INVESTMENT CONSIDERATIONS
■ Leicester is the second largest City in the East
Midlands and a vibrant commercial centre
■ Highly prominent retail parade with excellent
frontage to the pedestrianised Gallowtree Gate,
the principal shopping street in Leicester
■ The property comprises a fully let retail parade
of five well configured retail units, four of
which front Gallowtree Gate and one fronting
Market Place
■ Three of the units benefit from dual frontages
to Market Place, directly opposite Leicester Market
■ Total area of approximately 34,150 sq ft arranged
HI
GH
ST
over basement, ground and two upper floors
RE
ET
■ Total rental income of £390,001 per annum
■ 77% of the income secured to Experian Rated
HAYMARKET
BUS STATION 100, very low risk occupiers of WH Smith,
Leicester City Council, C.E.X Limited
O N E G AT E
HUMBERST
■ WH Smith has been in occupation since 2008 and is
HAYMARKET
THEATRE complemented with the Post Office in the basement
■ WAULT of 5.57 years to expiry, 4.65 years to break
■ The upper parts are largely underutilised and
present an opportunity for redevelopment, subject
to vacant possession and the necessary consents
E
LAC
■ Freehold
T P
LEICESTER
RKE
MARKET
TE
LEICESTER CORN
A
EXCHANGE
MA
E G
TRE
LOW
GAL
PROPOSAL
Offers sought in excess of £3,250,000
(Three Million Two Hundred and Fifty
Thousand Pounds) reflecting an attractive
net initial yield of 11.27% assuming standard
purchaser’s costs and a low capital value of £95 psf.
10 MINUTE WALK TO
TOWN HALL LEICESTER TRAIN STATION
SQUARE
Site outline for identification purposes only.
33-39 GALLOWTREE GATE HIGH YIELDING CITY CENTRE
& 63 MARKET PLACE RETAIL INVESTMENT
LEICESTER LE1 5GD
RETAILING
IN LEICESTER Substantial catchment Retail comparison Prime rents currently stand
of approximately spend of in the region of £90 Zone A
on Gallowtree Gate, down
962,000 c.£870 million from c.£200 in 2008
(CACI)
GALLOWTREE GATE
• Core pedestrianised retailing location linking the train station with
Highcross and Haymarket Shopping Centre
• Occupiers include M&S, Boots, Poundland and HSBC
HIGHCROSS SHOPPING CENTRE
Owned by Hammerson
• 1.15m sq ft of retail and leisure accommodation anchored by
John Lewis
• The centre comprises over 100 retailers including Apple, Jo Malone,
Disney Store, Next, Zara, H&M and Levi’s.
• Leisure operators include a 12 screen Showcase, Treetop Adventure
Golf, Social Climbing and a gym
• Plans have been drawn up to replace the former Debenhams
department store with more than 300 flats rising to 15 storeys high.
HAYMARKET SHOPPING CENTRE
Owned by ING Group
• Approximately 333,000 sq ft of retail and leisure accommodation LEICESTER MARKET
and a 900 seat Haymarket Theatre
• A 67 bedroom Travelodge is currently under construction in the • The largest outdoor covered market in Europe
former office accommodation at part ground, first and second floor • Over 270 stalls
levels • Plans outlined to redevelop the outdoor market which
• Over 60 stores including Primark, Matalan, TK Maxx and B&M. are due to start later in 2021
33-39 GALLOWTREE GATE HIGH YIELDING CITY CENTRE
& 63 MARKET PLACE RETAIL INVESTMENT
LEICESTER LE1 5GD
LEICESTER IN FIGURES A563
A563
A46
A50
Major international occupiers Economy worth £23.5 bn a year and central to Home to Leicester City Football Leicester Tigers hold
2nd largest City GROBY
including Next, Walkers, BT, the prosperity of the Midlands providing nearly Club, 2015/2016 English Football the record for the
in East Midlands
British Gas and National Grid 500,000 jobs and over 42,400 businesses Premier League Champions most Premiership Titles
A6
A50
LeicesterA46has 2 world renowned universities, The University of Leicester Nearly 35 million people visited Leicester
and De Monfort University home to approximately 40,000 students B5327
and Leicestershire in 2019
A607
GLENFIELD
A50
NOTTINGHAM Abbey
LOCATION
A563
DERBY A52
Park
A52
A516
A453
Leicester is a commercial and cosmopolitan city in the A50 A50
A47
heart of England and is the county town of Leicestershire. Western Park A515 A42
M1 A46
A607
A15
LEICESTER
Golf Club A594
The City is strategically located 43 miles north east of Birmingham, 31 miles A51
A38
A511
A6
A606
NO
A1
south of Nottingham and 100 miles northwest of London. A50
Western EVIN
J21a Park A563
Leicester benefits from excellent road communications with the A50, A406 and the LEICESTER
M42 A444 A6030
A563 providing access to the City Centre via junctions 21 and 22 of the M1 motorway M6 Toll A47
A47
B6416
PETERBOROUGH A594
which runs adjacent to the City. The A6 runs through the City and provides access to M6
A5 A6
A6003
M69
Loughborough to the north and Market Harborough to the southeast. B5380 M1
A43
De Montfort
BIRMINGHAM M6
University
Leicester Railway Station is served by CrossCountry and East Midlands Railway M42
A1(M) A6
M6 A594
services and is a major stop on train services to and from London. A456
COVENTRY A14
A47 A14
The Haymarket Bus Station underwent a £13.5m redevelopment in 2016 and M42
A4177
A46 A45 Leicester University
M40
M45
Braunstone RFC of Leicester
was a key part of the Connecting Leicester vision. M1
Park
A435
A423
A45 Victoria
East Midlands Airport serves 4.2 million passengers per year and is located 20
M1
NORTHHAMPTON A1 Park
miles northwest of the City.
LEICESTER Leicester
A426
THORPE
A46 A429 M40
City FC
FOREST EAST A428
ASTLEY A563 BRAUNSTONE
TOWN
BRAUNSTONE A5460
STONEYGATE
A5199
BIRMINGHAM LONDON KINGS CROSS
NOTTINGHAM NEW STREET
Leicestershire ST PANCRAS
County Cricket
A426
Ground
LUBBESTHORPE 20 mins 50 mins B5366
1 hr 6 mins
KNIGHTON
J3 Knighton
Park Le
J21 AYLESTONE Rac
A563 A563
GROVE
33-39 GALLOWTREE GATE HIGH YIELDING CITY CENTRE
& 63 MARKET PLACE RETAIL INVESTMENT
LEICESTER LE1 5GD
VACANT
OP
SH ET
PE TL
VA OU
LD
HO
ER IL USE
ST NC HO
ICE OU O
Z
LE Y C AT
C I T
© Crown Copyright, ES 100004106. For identification purposes only. © Crown Copyright, ES 100004106. For identification purposes only.
33-39 GALLOWTREE GATE HIGH YIELDING CITY CENTRE
& 63 MARKET PLACE RETAIL INVESTMENT
LEICESTER LE1 5GD
SITUATION DESCRIPTION TENURE
The property is situated fronting the pedestrianised Gallowtree The property comprises a parade of 5 retail units, four fronting Gallowtree Gate and one Freehold.
Gate with a secondary frontage to Market Place. fronting Market Place.
Gallowtree Gate forms the main thoroughfare from the railway 35, 37 and 39 benefit from dual access from Gallowtree Gate and Market Place, at present SERVICE CHARGE
station to the Highcross and Haymarket Shopping Centre. only 37 uses the entrance from Market Place for customers.
Neighbouring occupiers on Gallowtree Gate include M&S, The units are arranged as retail accommodation on the ground floor with ancillary upper The service charge budget for the
Boots, Poundland, HSBC. parts on first and second floors. 39 Gallowtree Gate benefits from a large basement which year ended 30.06.21 was £37,103.
is used as part sales space with a Post Office and ancillary accommodation.
The rear of Unit 37 is partially Grade II listed.
33-39 GALLOWTREE GATE HIGH YIELDING CITY CENTRE
& 63 MARKET PLACE RETAIL INVESTMENT
LEICESTER LE1 5GD
TENANCY SCHEDULE
Address Tenant (t/a) Description Area Area Lease Lease Break Next Rent Current Comments
(sq ft) (sq m) Start Expiry Date Review Date Rent (£ pa)
Ground 795 73.9
ITZA 557 51.7
Electronic Cigarettes Ltd Tenant has recently refurbished the
33 Gallowtree Gate First Floor 937 87.1 08/11/17 07/11/27 07/11/22 07/11/22 £35,001
t/a Vape Shop Outlet ground floor.
Second Floor 1,006 93.5
Total 2,738 254.4
Ground 2,445 227.1
ITZA 1,308 122 6 months rent free to be topped up by
Georgian Mall Limited the vendor. Tenant currently fitting out
35 Gallowtree Gate First Floor 2,112 196.2 11/08/21 10/08/31 10/08/26 11/08/26 £55,000
t/a A to Z Household 3 month rent deposit held.
Second Floor 1,900 176.5 Guarantee from Bait 4U Limited.
Total 6,457 599.9
Ground 2,959 274.9
ITZA 1,406 131
37 Gallowtree Gate C.E.X Limited First Floor 2,866 266.3 17/05/19 16/05/29 16/05/24 £60,000
Second Floor 471 43.8
Total 6,296 584.9
Ground 2,846 264.4
ITZA 1,196 111
WH Smith Retail Basement 7,464 693.4 The Post Office operate from the
39 Gallowtree Gate 25/03/16 24/03/26 £225,000
Holdings Ltd First Floor 3,091 287.2 basement.
Second Floor 2,854 265.1
Total 16,255 1,510.1
Ground 802 74.5
ITZA 638 59 3 months rent free to be topped up by
the vendor. Tenant currently fitting out.
63 Market Place Leicester City Council First Floor 986 91.6 13/09/21 12/09/26 12/09/23 £15,000
Additional 3 month rent free if the tenant
Second Floor 616 57.2 does not exercise the break option.
Total 2,404 223.3
Total 34,150 3,172.6 £390,001
33-39 GALLOWTREE GATE HIGH YIELDING CITY CENTRE
& 63 MARKET PLACE RETAIL INVESTMENT
LEICESTER LE1 5GD
COVENANT
WH SMITH RETAIL HOLDINGS LIMITED (00471941) C.E.X. LIMITED (03194152) ELECTRONIC CIGARETTES LTD (07697253)
Experian Rating of 100, very low risk Experian Rating of 100, very low risk T/A VAPE SHOP OUTLET
WH Smith is a 229 year old British retailer operating from 560 CeX was founded in 1992 and operated from stores in the Vape Shop is one of the leading e-cigarette retailers in the UK
high street stores across the UK and over 1,100 travel locations. UK, Spain, Ireland, India, Australia and Portugal amongst others. who provide a range of electronic cigarettes, vape kits and e-liquid.
Earlier this month, Causeway Capital increased their holdings The company buys and sells a range of technology and entertainment
in WH Smith to 9% becoming the retailers largest shareholder. products including, video games, mobile phones, and computers.
31 August 31 August 31 August 31 December 31 December 31 December 31 July 31 July 31 December
2018 2019 2020 2017 2018 2019 2018 2019 2020
Turnover £180,610,000 £187,524,000 £181,561,000 Turnover £81,003,348 £152,140,219 £167,473,666 Total Net Worth £1,296,761 £1,306,311 -£65,627
Pre-Tax Profit £115,766,000 £116,655,000 £-49,224,000 Pre-Tax Profit £5,235,623 £5,741,294 £3,898,481
Total Net Worth £440,313,000 £613,950,000 £890,889,000 Total Net Worth £6,056,167 £10,696,857 £10,885,289
GEORGIAN MALL LIMITED LEICESTER CITY COUNCIL
Tenant is currently fitting out and will operate as A to Z Household. The Council have just signed the lease to occupy 63 Market Place
which will serve as ancillary accommodation to their ownership
of Leicester Market adjacent to the property.
The property is due to be offered at out 2nd November Commercial Auction, unless sold prior or withdrawn.
EPC
Copies are available in the data room.
VAT
The property has been elected for VAT and it is anticipated that
the transaction will be treated as a Transfer of a Going Concern.
ANTI-MONEY-LAUNDERING
A successful bidder will be required to provide information to
satisfy the AML requirements when Heads of Terms are agreed.
DATA ROOM
For access to the Allsop data room please use the following link:
https://datarooms.allsop.co.uk/register/GallowtreeGate
PROPOSAL
Offers sought in excess of £3,250,000 (Three Million Two Hundred and
Fifty Thousand Pounds) reflecting an attractive net initial yield of 11.27%
assuming standard purchaser’s costs and a low capital value of £95 psf.
For further information or to make arrangements for viewing please contact:
Lottie Hayward Chris Childs
07817 549 237 0207 543 6817
lottie.hayward@allsop.co.uk chris.childs@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 09.21You can also read
