B&M 47-57 CARR STREET, IPSWICH, IP4 2HB - HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT OPPORTUNITY - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
B&M
47-57 CARR STREET, IPSWICH, IP4 2HB
HIGH YIELDING TOWN CENTRE
RETAIL INVESTMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS PROPOSAL
■ Located in the heart of Ipswich Town Centre ■ Passing rent of £197,000 per annum, reflecting ■ We are seeking offers in excess of £2,060,000
■ Prominent retail unit let to B&M Retail Limited until £6.00 per sq ft (Two Million and Sixty Thousand Pounds) subject to
October 2028 ■ Upwards only rent review in October 2021 contract and exclusive of VAT. This shows a net initial
yield of 9% after allowing for standard purchaser’s costs.
■ Comprising ground and basement retail accommodation, ■ No breaks
totalling 32,896 sq ft ■ High yielding
■ Virtual Freehold
A607 King’s Lynn A140
A16
A1101
A606
Norwich
Stamford Wisbech
LEICESTER A15 Swaffham Great
Downham NORWICH
B&M
A47 Yarmouth
Wigston A47 Market A1065
PETERBOROUGH A146
A6
47-57 CARR STREET, IPSWICH, IP4 2HB A605 Munford Lowestoft
HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT OPPORTUNITY
M1 A1(M)
Thetford A143
A14 Kettering A141 Ely
A1066
A11
A45
A508 Huntington A12
A10
A45 A14 Bury
A1 Newmarket St Edmunds
NORTHAMPTON A140
A5
A428
CAMBRIDGE A14
Cambridge
Towcester Bedford
A43 Milton A421 Haverhill A134 IPSWICH
Keynes
M11
A421 A12 Felixstowe
M1
Stevenage Bishop’s Stansted Harwich
Luton Stortford Colchester
A41
A418 Luton A120
Aylesbury A130
Hemel A1(M)
Harlow Clacton-on-Sea
Hempstead
A413 Chelmsford
M40 A414
High
Wycombe M1 M25
M25
Basildon
Maidenhead
M4
LONDON London
Southend-on-Sea
Reading Airport
Heathrow
LOCATION
ROAD RAIL
Ipswich is the largest town in the county of Suffolk and the county’s principal administrative centre, located 19 miles
A12 3.1 miles London Liverpool Street 70 mins
north east of Colchester, 27 miles south east of Bury St Edmunds and 53 miles east of Cambridge.
A14 3.1 miles Cambridge 82 mins
Ipswich benefits from excellent road communications, located 3 miles from the intersection of J55 of the A14
and A12. The A14 acts as a major trunk road that runs north west from Felixstowe to J14 of the A1 (M) and the M25 54.6 miles Norwich 43 mins
intersection of the M6 and M1 Motorways at J19, providing access to the rest of the UK. The A12 links directly to M11 50.7 miles Felixstowe 26 mins
J28 of the M25, London’s Orbital Motorway. Ipswich Railway Station, which operates along the Great Eastern Main
Line, provides regular direct services to London Liverpool Street (70 minutes), Cambridge (82 minutes), Norwich
(43 minutes) and Felixstowe (26 minutes). AIRPORTS
Stansted Airport is located 48 miles south west of Ipswich, accessed via the A12 (1 hour), with domestic and Norwich International Airport 46.6 miles Southend Airport 55.7 miles
international flight services. Stansted Airport 48.2 miles London City Airport 68.9 miles
B&M
47-57 CARR STREET, IPSWICH, IP4 2HB
HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT OPPORTUNITY
SITUATION DESCRIPTION TENANCY
The property prominently is situated within the main retail thoroughfare of The property forms part of the Eastgate Shopping Centre and comprises a The property is entirely let to B&M Retail Limited for a term of 12-year from
Ipswich, on Carr Street. The pedestrianised Carr Street runs through the heart retail unit over basement and ground floors. 7th October 2016, expiring on 9th October 2028. The current passing rent is
of Ipswich Town Centre, connecting Bond Street to the east and Civic Drive to £197,000 per annum, subject to an upwards only, rent review on 10th October 2021.
Sq ft Sq m
the west. The location is popular with national occupiers such as Sports Direct, The passing rent equates to an overall rate of £6.00 psf.
Specsavers, Superdrug, Peacocks and Poundland. Ground 31,023 2,882.13
Basement 1,873 174.01 TENURE
Both of the town’s shopping centres, Sailmakers and Buttermarket, are in close
proximity naturally resulting in high footfall in the vicinity of the property. Total 32,896 3,056.14 Virtual freehold. The property will be held on an effective 999 year lease
from the date of completion.
B&M
47-57 CARR STREET, IPSWICH, IP4 2HB
HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT OPPORTUNITY
COVENANT
B&M Retail Ltd (5A1) is a FTSE 250 company Please find below B & M Retail Limited’s previous 3 years accounts:
founded in 1978 and is now one of the
leading variety retailers in the UK. From its 30 March 2019 31 March 2018 25 March 2017
first store in Blackpool, B&M has grown to
Turnover £2,801,499,000 £2,629,145,000 £2,252,265,000
over 600 stores located throughout England,
Scotland, Wales and Northern Ireland. Pre-Tax Profit £273,406,000 £236,006,000 £198,006,000
In 2014, B&M was floated on the London Net Worth £754,389,000 £600,542,000 £498,412,000
Stock Exchange raising over £1 bn.
© Crown Copyright, ES 100004106. For identification purposes only.
SERVICE CHARGE
The subject property contributes a small service charge to the security and maintenance of the wider site.
As per the occupational lease, this service charge is fully recoverable from the Tenant. It is anticipated the subject property’s
contribution for this unit for 2019/2020 is estimated at £11,178 (£0.34 per sq ft).
EPC
Available upon request.
VAT
The property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern.
AML
A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.
DATAROOM
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/carrstreetipswich
PROPOSAL
We are seeking offers in excess of £2,060,000 (Two Million and Sixty Thousand Pounds)
subject to contract and exclusive of VAT. This shows a net initial yield of 9%
after allowing for standard purchaser’s costs.
For further information or to make arrangements for viewing please contact:
Ronnie Morgan Gergo Petrovics
020 7543 6808 020 7543 6847
ronnie.morgan@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 01.20
You can also read
