GOSPORT FAREHAM ROAD PO13 0XL - Allsop
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FAREHAM ROAD
GOSPORT
PO13 0XL
FORECOURT & CONVENIENCE STORE INVESTMENT WITH A
GUARANTEE FROM CO-OP GROUP FOOD LIMITED
FOR AN UNEXPIRED TERM OF 11.4 YEARS
FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE
FAREHAM ROAD, GOSPORT, PO13 0XL FROM CO-OP GROUP FOOD LIMITED, FOR AN UNEXPIRED TERM OF 11.4 YEARS
INVESTMENT CONSIDERATIONS PROPOSAL
■ Highly visible Petrol Station Forecourt with large food store ■ Let until June 2032 with no break option - ■ We are instructed to seek offers in excess of
located on the busy A32 between Gosport and Fareham unexpired term of 11.4 years £2,875,000 (Two Million, Eight Hundred and
■ Comprising of 3,333 sq ft of retail accommodation, ■ Let to Rontec Properties (No. 4) Limited, guaranteed Seventy-Five Thousand Pounds) subject to
6 petrol pumps and car wash on a 0.6-acre corner site by Rontec Roadside Retail Limited contract and exclusive of VAT. A purchase at this
level reflects a Net Initial Yield of 5.50% after
■ Gosport is a popular coastal town in the South East of England ■ Additional guarantee by Co-operative Group Food Limited allowing for purchaser’s costs of 6.45%.
located on the western side of Portsmouth Harbour ■ Estimated retail sales of £1.2m per annum and
■ The forecourt services the very busy A32 road, with little fuel volume of 3.6m litres per annum
competition, being the final fuel station before the M27 motorway ■ Freehold
■ Producing an income of £168,169 per annum subject to fixed
annual uplifts of 2%
FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE
FAREHAM ROAD, GOSPORT, PO13 0XL FROM CO-OP GROUP FOOD LIMITED, FOR AN UNEXPIRED TERM OF 11.4 YEARS
LOCATION COMMUNICATION
Gosport is a town in Hampshire located on the south Gosport is situated on a peninsula on the western Historically, Gosport has been pivotal for the naval
CAR Fareham 6 miles 18 mins
coast of England located 2 miles (3.2 km) south west
Luton
side of Portsmouth Harbour, opposite the City of forces and enjoyed a huge role in D-Day preparations,
Portsmouth 13 miles 24 mins
of Portsmouth,
Oxford 5 miles (8.0 km) south east of Fareham Portsmouth. Portsmouth Harbour station is accessed however, recently, some naval sites have been turned
and 15 miles M40
(24.1 km) south east of Southampton. via ferry providing regular direct services to London into museums or residential developments. Though, Southampton 20 miles 40 mins
A1(M)
Communications are good with the town being M1 Waterloo with a fastest journey time of 1 hour 39 due to its location and geographical characteristics, ROAD M27 (Junction 11) 3.8 miles 8 mins
OXFORD
located on the A32 which in turn links the town with minutes. Southampton International airport is located Gosport remains a predominantly naval town, home A3 (jct 5) 11 miles 16 mins
the M27 and the national motorway network. 32.2 km (20 miles) to the north west. to Her Majesty’s Naval Base, including the HMS Sultan FERRY Portsmouth 7 mins
M25 M11 and Naval Armament Supply Facility.
M40
Bridgema ry
London
Swindon City
Av
en
LONDON
ue
d
Roa
Pe
mp
rth
Ca
READING
Ro
M4
ad
No
FAREHAM
bl
Heathrow
es
Av
rome Road
e nu
Newbury e
Bra
Aerod
M3
em
ar
Woking
R
oa
M25
d
Basingstoke
Guildford M23
Andover Brewers
Gatwick Lan e
M3 Bradin
g Aven
ue
ay
W
ne
PORTSMOUTH
or
hb
Salisbury Winchester
Tic
A32
F ore st
M271
Southampton
Wa
M27 Eastleigh
y
R o ad
Pump Lane y
Beauchamp Aven
ue Wa
ge
e
rita
rook
He
Southampton
risb
A3(M)
Ca
M27
Chichester Brighton
Portsmouth
Southsea Worthing
Bognor Regis
Bournemouth
GOSPORT B3
3
GOSPORT
34
ay
ds W
l an
r se
Go
B3
33
4
34
B33
FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE
FAREHAM ROAD, GOSPORT, PO13 0XL FROM CO-OP GROUP FOOD LIMITED, FOR AN UNEXPIRED TERM OF 11.4 YEARS
DESCRIPTION
© Crown Copyright, ES 100004106. For identification purposes only. The property comprises a modern 6 pump petrol filling station and large NO. OF PUMPS FUEL VOLUME SITE AREA
convenience store situated on a 0.60 acre (0.24 hectare) site.
The convenience store trades as Morrisons Daily and provides retail
SITUATION
The property occupies a prominent corner site at the junction of Fareham Road
accommodation of 3,333 sq ft, of which the sales area is approximately
2,314 sq ft. This is substantially above the market standard for a petrol filling
6 3.6m
litres* 0.60a
station convenience store and as a result, the property benefits from strong
and Camp Road strategically located on the northbound side of the A32. passing trade from customers using the convenience store element only.
The A32 is the primary arterial route from Gosport to Fareham and The convenience store trade is further supported by the 9 car spaces which UNEXPIRED TERM RETAIL SPEND
the property benefits from being the final petrol station before the are available to the front of the site and the hot trade counter and Costa
M27 Motorway. Express unit within the store.
The surrounding area is predominantly residential with a number of 11.4 £1.2m*
commercial facilities nearby, the MOD and other defence related uses years
dominate the area to the east. The property benefits from limited nearby TENURE
competition in terms of forecourt retailing.
Freehold.
*Source: Experian Catalist
FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE
FAREHAM ROAD, GOSPORT, PO13 0XL FROM CO-OP GROUP FOOD LIMITED, FOR AN UNEXPIRED TERM OF 11.4 YEARS
TENANCY
The property is let in its entirety to Rontec There is a tenant’s guarantee by
Properties (No.4) Limited, on a lease expiring Co-Operative Foodstores Limited
on 20th June 2032 at a passing rent of (32443R) and additionally, a guarantor’s
£168,169 per annum. guarantee by Cooperative Group Food
The lease is subject to fixed annual increases Limited (26715R) until the expiry of the
of 2% every June and is guaranteed by lease in June 2032.
Rontec Roadside Retail Limited. The property is let on a fully repairing and
The rent is set to increase to £171,532 insuring lease and is excluded from the
per annum in June 2021. security provisions of the Landlord and
Tenant Act 1954.
TENANT’S COVENANT
RONTEC ROADSIDE RETAIL LIMITED CO-OPERATIVE GROUP FOOD LIMITED
Rontec Roadside Retail is one of the leading players in the UK revamp, all Rontec stations will be held up as brand champions for Co-Operative Group Food Limited is the controlling entity of the
forecourt industry, operating 240 forecourts, making it the ninth Esso. Supported by a major TV advertising campaign, the stations food retailing division of the wider Co-Operative Group society.
largest UK forecourt retailer, ahead of retailers including Esso will be at the very cutting edge of forecourt design, to raise
and Co-Op. The company was formed in June 2011 to acquire greater awareness and market penetration for the Esso brand.
The Covid Pandemic witnessed this division of the Co-op Group 5.2%
grow and underlying Group Profits were boosted by the surge in Food sales up
the assets of Total Oil UK and is led by Gerald Ronson, a highly
Rontec Properties (No.4) Limited - Below Average Risk (80) sales of the food business. since March 2019
experienced fuel retailer and founder of Heron Service Stations
The annual accounts for the last three years show the following: lockdown
in 1966, and its successor, Snax 24. 30 Sept 2019 30 Sept 2018 30 Sept 2017
Rontec has remained acquisitive: in 2014, it purchased 36 stores Turnover £3,574,000 £3,931,000 £3,757,000 Cooperative Foodstores Limited (32443R)
in South Wales and the South West of England from Esso. A
Pre-Tax Profit -£464,000 -£1,858,000 £8,547,000 4 Jan 2020 5 Jan 2019 6 Jan 2018
year later, it purchased a further 25 stores from Esso and BP in
the South East of England. Rontec and Snax 24 then merged, Total Net Worth £3,973,000 £4,499,000 £6,716,000 Revenue £1,569,000,000 £1,577,700,000 £1,575,500,000
combining the operations and assets of those companies to Profit £83,400,000 £51,000,000 £41,100,000
trade under the Rontec name. In 2016, Rontec acquired a
package of 40 sites from the Co-Op and an additional 11 in
Rontec Roadside Retail Limited - Very Low Risk (100) Total Net Worth £447,300,000 £527,000,000 £521,000,000
7.2%
2019 across England and Wales. 30 Sept 2019 30 Sept 2018 30 Sept 2017 Cooperative Group Food Limited (26715R) Food retail market share
in July was highest for
In 2015, Esso launched their innovative Synergy programme. Turnover £1,292,192,000 £1,251,371,000 £1,229,857,000
5 Jan 2019 6 Jan 2018 31 Dec 2016 almost two decades
Designed to promote a number of new fuels and refresh the Pre-Tax Profit- £68,074,000 £27,345,000 £27,883,000
Revenue £7,185,200,000 £6,940,200,000 £6,933,400,000
Esso brand, Synergy targets premium fuel purchasers and reflects
Total Net Worth £502,795,000 £170,315,000 £126,845,000
a higher quality brand experience. As part of this global brand Profit £232,400,000 £247,600,000 £170,500,000
Total Net Worth £1,970,000,000 £1,875,100,000 £1,805,400,000
Turnover Operating from
Net Worth
£1.29bn £502m 260 sites
2019 in the UK
FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE
FAREHAM ROAD, GOSPORT, PO13 0XL FROM CO-OP GROUP FOOD LIMITED, FOR AN UNEXPIRED TERM OF 11.4 YEARS
UK FORECOURT CONVENIENCE MARKET
MODE A TRAVEL TO STORES STATISTICS DISTANCE TRAVELLED TO STORE
DRIVE THE AVERAGE SHOPPER VISITS THEIR LOCAL
THAN 1 MILE
71% MORE
FORECOURT
2.66 TIMES P/W LESS
LESS
THAN 1 MILE
THAN ¼ MILE
AN 100 YAR
S TH
41% LES
DS
WALK/ON FOOT
25% 19%
ARE BUYING ON
SP
E
O F CIAL
FE
R
SHOP
34%
59% 14%
WALK/ON FOOT
3% 59%
ARE FULL TIME WORKERS
PUBLIC AVERAGE
TRANSPORT SPEND IS FORECOURT INVESTMENT MARKET
1% £5.60 Within the forecourt convenience market, demand for prime assets
offering long leases to strong covenants remains particularly high. The
market is one of only a few sectors where the occupiers remain active
and are willing to agree 15 year plus occupational leases, with fixed or
index-linked rent reviews.
Due to the essential nature of these forecourts, they have remained
50%
OF CUSTOMERS PAY BY CASH
open throughout the pandemic and benefitted from the additional
business. Given the lack of prime stock providing these characteristics
available in the open market, forecourt convenience yields have
hardened in the last 12 months.
EPC
The EPC Certificate is available in the dataroom.
VAT
The property is elected for VAT and it’s anticipated the transaction
will be treated as a transfer of a going concern (TOGC).
ANTI-MONEY-LAUNDERING
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/gosport
PROPOSAL
We are instructed to seek offers in excess of £2,875,000 (Two Million, Eight Hundred
and Seventy-Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase
at this level reflects a Net Initial Yield of 5.50% after allowing for purchaser’s costs of 6.45%.
For further information or to make arrangements for viewing please contact:
Gergo Petrovics Alex Butler
07961 234029 07801 219888
gergo.petrovics@allsop.co.uk alex.butler@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 01.21
You can also read
