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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