Barrow-in-Furness, 5A-8 & 26-31 Portland Walk Shopping Centre High Yielding Freehold Town Centre Retail Parade Investments - HRH Retail
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Barrow-in-Furness, 5A-8 & 26-31 Portland Walk Shopping Centre High Yielding Freehold Town Centre Retail Parade Investments IMAGES THROUGHOUT ARE HISTORIC
Barrow-in-Furness, 5A-8 & 26-31 Portland Walk Shopping Centre
High Yielding Freehold Town Centre Retail Parade Investments
INVESTMENT
CONSIDERATIONS
■ Barrow-in-Furness
is the dominant retailing
centre for the southern Lake District area
■ 100%
Prime retailing location
■ Modern
purpose built shops
■ Generally
well secured to a range of multiple
retailers
■ Offers
in excess of £1,500,000
■ Net
initial yield of approximately 23.89%
assuming normal purchaser’s costs
BARROW-IN-FURNESS RETAILING IN
The Cumbrian town of Barrow-in-Furness is one of the Lake
District’s most important administrative and commercial centres.
Barrow-in-Furness has a local population of around 57,000
and is situated approximately 85 miles south of Carlisle, 55 miles west
BARROW-IN-FURNESS
The town dominates the southern and western fringes of the Lake of Lancaster and 70 miles north west of Manchester. The nearest Barrow-in-Furness dominates shopping in the southern Lake
District and provides the core shopping offer for its extensive competing centre of Kendal is approximately an hour’s drive away. District catering for a significant catchment area.
demographic hinterland. The town boasts a wide range of shops, cafes and restaurants with
The town has direct access with the M6 (Junction 36) via the
The town blossomed in the late 1800’s with the growth of both A590 trunk road, with the motor-way located approximately the 1996 developed Portland Walk Shopping Centre providing the
the iron and slate industries aided by the famous Furness 35 miles to the north east of the town. prime multiple shopping offer supported by a 500-space car park.
Railway which provided a vital link from the fells to Barrow and Pedestrianised Dalton Road further enhances the shopping
Tourism already plays a major role in the local economy,
the coast. Barrow itself became a centre for steel production and landscape and provides a natural secondary extension to the centre.
being located only 20 minutes from the Lake District, and is
consequently a significant producer of naval vessels and during
expected to flourish further post COVID.
the Second World War, submarines.
Today BAE Systems still run the largest shipyard in the UK here
which is now undergoing major expansion associated with the
Dreadnought-class submarine programme, the first of which is due
for completion in 2030. Barrow is also a major hub for wind energy
generation, and handling, having one of the highest concentrations
of offshore turbines in the world.
Barrow-in-Furness, 5A-8 & 26-31 Portland Walk Shopping Centre
High Yielding Freehold Town Centre Retail Parade Investments
LOCATION TENURE
The two parades sit opposite one another on Portland Walk, The property is held freehold with the walkway adopted by the
providing arguably the best retailing thoroughfare in the town. Local Authority.
Nearby retailers include WH Smith, Goldsmith’s, Body Shop,
Waterstones, Poundland, Superdrug, SportsDirect, Shoe
Zone and Greggs.
RENTAL VALUE
Barrow-in-Furness has seen a consolidation in the extent of its
shopping offer in recent years allowing many established retailers
DESCRIPTION to benefit more freely from reduced competition and enabling
The two parades form part of the modern Portland Walk open air them to capitalise on the town’s extensive local and loyal customer
shopping centre. Each block is of frame construction with brick catchment. Indeed, rents have fallen back to levels that now allow
elevations under slate roofs. retailers to trade profitably.
5A-8 Portland Walk comprises four standard size shops and This has also meant that multiple occupier focus is now
one large store all arranged on ground with first floor ancillary concentrated on only the very best prime locations. These two
accommodation. parades arguably make up the town’s very best shopping and
once rents have rebased and stabilised this will allow the current
26-31 Portland Walk comprises four shops of various sizes occupiers to continue to trade profitably.
arranged on ground with ancillary first floor accommodation.
Both parades enjoy the benefit of rear servicing.
Barrow-in-Furness, 5A-8 & 26-31 Portland Walk Shopping Centre
High Yielding Freehold Town Centre Retail Parade Investments
ACCOMMODATION AND TENANCIES
The property is let as outlined on eight full repairing and insuring leases and has the following dimensions and net internal floor areas:
5A-8 Portland Walk
Accommodation (NIA) Lease Start Rent Review Passing Rent
Units Tenant Comments
ft m Area (sq ft) Area (sq m) (Lease End) (Break) (per annum)
Gross Frontage 22' 7" 6.88 Ground 808 75
Sportswift Ltd 25/12/2015
5A Net Frontage 19' 1" 5.81 ITZA 623 - - £32,000 -
(T/A Card Factory) (24/12/2021)
Shop Depth 51' 1" 15.57 First 926 86
Gross Frontage 16' 8" 5.07 Ground 830 77
Telefonica UK Ltd 14/10/2018
6A Net Frontage 10' 4" 3.14 ITZA 460 - - £13,850 -
(T/A O2) (13/10/2023)
Shop Depth 58' 5" 17.8 First 736 68
Gross Frontage 20' 8" 6.31 Ground 856 80 Lease covers occupational costs.
29/11/2020 -
6B Game Retail Ltd Net Frontage 14' 10" 4.52 ITZA 1,638 - £0 Rolling break on 3 months notice.
(27/11/2023) (28/03/2021)
Shop Depth 64' 5" 19.63 First 921 86 Lease outside Landlord & Tenant Act.
Gross Frontage 91' 11" 28.01 Ground 12,026 1,117
18/11/1996
7 New Look Retailers Ltd Net Frontage 70' 10" 21.6 ITZA 1,638 - - £51,407* CVA rent of 3% turnover
(17/11/2026)
Shop Depth 134' 1" 40.86 First 6,907 642
Gross Frontage 29' 8" 9.04 Ground 2,449 228 Letting agent quoting £32,000pa.
8 Vacant Net Frontage 26' 4" 8.02 ITZA 915 - - - - Rates mitigation scheme until May 2021.
Shop Depth 98' 1" 29.89 First 4,189 389 Rateable Value £50,000. Insurance £776.
Total 30,645 2,847 £97,257
26-31 Portland Walk
Gross Frontage 21' 7" 6.59 Ground 1,441 134
12/11/2018 12/11/2023
26 Ramsdens Financial Ltd Net Frontage 18' 8" 5.69 ITZA 755 - £16,000 Rent rises to £18,000pa wef 12/11/2021
(12/11/2028) (12/11/2023)
Shop Depth 72' 9" 22.17 First 1,419 132
Gross Frontage 44' 5" 13.53 Ground 2,900 269
27- 21/11/2011
JD Sports Fashion PLC Net Frontage 36' 11" 11.24 ITZA 1,540 - - £80,000 -
28 (21/11/2021)
Shop Depth 72' 11" 22.22 First 2,863 266
Gross Frontage 50' 9" 15.48 Ground 4,745 441
05/08/1996
29 Boots The Chemists Ltd Net Frontage 39' 7" 12.06 ITZA 1,983 - - £162,600 -
(04/08/2021)
Shop Depth 96' 7" 29.45 First 4,888 454
Gross Frontage 48' 5" 14.77 Ground 3,095 288
30- 25/04/2020
Esquire Retail Ltd Net Frontage 43' 0" 13.11 ITZA 1,638 - - £50,000 -
31 (25/04/2025)
Shop Depth 75' 2" 22.92 First 3,275 304
Note* - Estimated rent based on turnover from April 2017 to April 2020. Total 24,628 2,288 £308,600
Total Rent £405,857
Barrow-in-Furness, 5A-8 & 26-31 Portland Walk Shopping Centre High Yielding Freehold Town Centre Retail Parade Investments COVENANT INFORMATION Both blocks are majority well let to the following covenants: Covenant Date Reported Turnover Pretax Profit Shareholder's Funds Creditsafe Rating Sportswift Limited (T/A Card Factory) 31/01/2020 £433,400,000 £67,672,000 £53,736,000 99 Telefonica UK Limited (T/A O2) 31/12/2019 £5,976,000,000 £765,000,000 £2,649,000,000 100 Game Retail Limited 27/07/2019 £422,583,000 (£42,707,000) £42,696,000 29 New Look Retailers Limited 28/03/2020 £970,304,000 (£74,214,000) (£53,549,000) CVA Ramsdens Financial Limited 30/09/2020 £76,938,000 £9,179,000 £34,578,000 96 JD Sports Fashion PLC 01/02/2020 £6,110,800,000 £348,500,000 £1,219,200,000 82 Boots UK Limited 31/08/2019 £6,667,000,000 £217,000,000 £2,110,000,000 100 Esquire Retail Limited Company incorporated 28th November 2019. 47 Game – Game is a wholly owned subsidiary of the Frasers Group having been bought by the company in June 2019. New Look – In September 2020 New Look agreed a CVA with its creditors switching more than 400 of its UK stores to a turnover-based rent model. There were no store closures. Clintons – KPMG’s were appointed administrators to AG Retail Cards Ltd in December 2019 and the brand and assets of the business were immediately sold to Esquire Retail Ltd, a company wholly owned and controlled by the Weiss family.
Barrow-in-Furness,
5A-8 & 26-31 Portland Walk Shopping Centre
High Yielding Freehold Town Centre Retail Parade Investments
VAT
We understand that the property is elected for VAT.
EPC
Full details are available on the website.
PROPOSAL
We are instructed by our client to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand
Pounds) subject to contract and exclusive of VAT for the freehold interest in the property.
A purchase at this level would reflect an attractive net initial yield based on the current net rent payable of
£380,131 per annum of approximately 23.89% assuming normal purchaser’s costs.
CONTACTS
To view copies of the leases, information on title, the EPCs and other information please visit our web site,
http://www.hrhretail.com/property/barrow
To register interest and to carry out an internal inspection please contact:
Jeremy Lovell
jeremy@hrhretail.com
T 020 7908 7037
M 07949 619657
HRH Retail
Second Floor,
25 Foubert’s Place,
London W1F 7QF
T: 020 7499 5399 | www.hrhretail.com
DISCLAIMER NOTICE: Whilst every care is taken in the preparation of these particulars Harmer Ray Hoffbrand LLP, any joint agents involved and the vendor take no
responsibility for any error, mis-statement or omission in these details. Measurements are approximate and for guidance only. These particulars do not constitute an
offer or contract and members of the Agent’s firm have no authority to make any representation or warranty in relation to the property. March 2021.
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