LIVERPOOL | LI 1QR - Landmark Freehold Prime Retail And Leisure Opportunity in the Heart of the City Centre - KLM Retail
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LIVERPOOL | LI 1QR
Landmark Freehold Prime Retail And Leisure Opportunity
in the Heart of the City Centre
CLAYTON SQUARE Liverpool, L1 1QR
INVESTOR OPPORTUNITY
OVERVIEW
• Liverpool is one of the UK’s major commercial districts and one of the major retail destinations in the
North West.
• Liverpool is the fastest growing UK City outside of London.
• The City is the dominant retail centre in the catchment with a primary population of 3.65 million
people ranking 3rd in the UK in terms of retail spend
• 67.3 m tourists visit the city every year adding £4.9 billion per annum to the economy.
• The property is held freehold.
• Clayton Square is situated in the heart of Liverpool, benefiting from frontage onto the prime pitch of
Church Street.
• Opposite Liverpool Central Station and 150m from Liverpool Lime Street.
• Annual footfall of over 6.5 million people past Clayton Square.
• The property has been significantly reconfigured to provide 172,739 sq ft of 19 modern and well
configured high street and leisure units.
• Leases have been rebased over the past 24 months with several new lettings including B&M and
Tesco’s providing excellent prospects for future rental growth.
• Anchored by a 49,257 sq ft Boots flagship store.
• Strong occupier demand from retail and leisure operators.
• B&M have recently opened a new 15,107 sq ft store.
• Further scope to enhance value by letting 20,324 sq ft on the first floor to a leisure operator.
• Future opportunity to create additional massing on the site.
• The property has a WAULT to expiry of 21.4 years and 5.2 to anticipated breaks.
• The gross income is £2,102,449 per annum with current net passing income of £2,006,287 per annum
***
We are instructed to seek offers in excess of £21,000,000 (Twenty one million
pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of
8.94% after allowing for standard purchaser’s costs. A sale price at this level would
reflect a low capital value of £121 per sq ft.
***
02
CLAYTON SQUARE Liverpool, L1 1QR
LEEDS
M55 KINGSTON UPON HULL
PRESTON
M62
LIVERPOOL MANCHESTER
LIVERPOOL IMMINGHAM
Liverpool is the second largest city in the north west of England and is situated approximately 34 miles (55 km) due
HOLYHEAD SHEFFIELD
west of Manchester and 18 miles (29km) north of Chester and 220 miles (354 km) to the north west of London.
M6 LINCOLN
Liverpool is situated on the River Mersey and has a famous history as a merchant dock which has brought added
economic benefits to the area. WREXHAM DERBY NOTTINGHAM
NORWICH
LEICESTER
CONNECTIVITY WOLVERHAMPTON
PETERBOROUGH
BIRMINGHAM HUNTINGDON
The city benefits from excellent road connections to the M62, M58, M67 providing access to the M6 motorway, 12 miles CAMBRIDGE
(19 km) to the east linking the city to Birmingham in the south and the Scottish border in the north. Manchester, Leeds and M1 IPSWICH
M5
Hull are also easily accessible by the M62.
M40 LUTON FELIXSTOWE
The City is well served by both overground and underground rail networks linking Liverpool to the surrounding areas. CHELTENHAM DUNSTABLE
HARWICH
Liverpool Lime Street station located on the Virgin West Coast Mainline and provides a frequent service to London Euston, GLOUCESTER
A1(M) M11 COLCHESTER
CARMARTHEN OXFORD
with a fastest journey time of 2 hours. Lime Street also offers a service to Manchester Victoria and Leeds Station, with the
M25 DAGENHAM
fastest journey time of 34 minutes and 1 hour 23 minutes, respectively. SWINDON LONDON
SWANSEA M4 READING
THAMESPORT
M4
The public transport network within Liverpool is well established and the local bus network provides extensive services CARDIFF BRISTOL CANTERBURY
centring on the principal bus stations at Queens Square and Liverpool ONE.
Liverpool John Lennon Airport is one of Europe’s fastest growing airports and is located 8 miles (13 km) south of the city.
Additionally, Manchester Airport which is the 3rd busiest airport in the UK, can be reached within a one-hour drive time.
C ANT
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LIVERPOOL
BYROM ST
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UNIVERSITY
Universities: Liverpool’s 3
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MINS MILES MINS MILES universities attract a total of
B5
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82
70,000 students to the city NEW ISLING
TO N
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Liverpool Lime Street 0.4 M62 2.5 Manchester Victoria 27 Liverpool John Lennon 8 SS HUN TER ST
EA
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University of Liverpool 0.6 M6 40 Leeds 34 Manchester 34.9 Lime
TO
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LIVERPOOL
Liverpool’s mainline train
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Liverpool ONE 0.9 Birmingham 42 London Euston 35 Birmingham 108
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station, which benefits from an
ST
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WILLIAM BROWN
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MOORFIELDS annual footfall of 24.4 million.
LONDON RD
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Liverpool Central 0.9 Manchester 130
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Royal Albert Docks 1.7 Leeds 155
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Church Street: Liverpool’s SKELH
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prime retailing high street
. CENTRE Central Station: the busiest
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underground station outside
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London serving 40,000 people
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Bold Street: Liverpool’s
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vibrant, trendy high street is home to
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independent retailers, cafes, bars
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and restaurants
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03
CLAYTON SQUARE Liverpool, L1 1QR
DEMOGRAPHICS
Liverpool has a primary population of 3.65 million people and an estimated shopping population of 549,000 30 BLACKBURN
29 9
people which ranks 3rd of the PROMIS Centres. The city has the 8th largest retail spend in the UK and generates LEYLAND
M65
a significant amount of expenditure from tourism. Retail spend in the city is boosted by its 70,000 students who
attend Liverpool’s three universities. Additionally Liverpool is the fastest growing city in the UK outside of London
(www.investinliverpool.com). ROCHDALE
SOUTHPORT
CHORLEY 22
The City has 1.5 million residents, with almost 900,000 being between the ages of 16-60 years old. A higher proportion M66 21
BURY
of the population is within the 15-24 category, reflecting the extensive student population which is above the national ORMSKIRK
BOLTON
20
average. Furthermore 51% of Liverpool’s population (10 minute drive time) aged 16-64 are classed in the most affluent WIGAN M61
FORMBY 18
AB and C1 social grades. In addition, the population of Liverpool’s city centre has more than doubled in the past decade MAGHULL M58 26 M60
14
fuelled by a rise in young professional jobs. Source CACI OLDHAM
LEIGH
7
KIRKBY 12
Liverpool has seen significant public and private investment in recent years culminating with Liverpool’s appointment
5 ST HELENS
as European Capital of Culture in 2008, completion of the Liverpool ONE Shopping Centre and the continued M62 MANCHESTER 24 M67
LIVERPOOL
development of the UNESCO World Heritage Waterfront. This has all been part of an estimated £5bn of inward RAINHILL
SALE M60
1 M62
investment. In addition, a further £1bn of infrastructure works is planned for the city over the next few years, 4
6 7 21 1
BIRKENHEAD WARRINGTON
20
WIDNES
WIDNE
20A M56
11 10
M53 WILMSLOW
RUNCORN
Liverpool is the fastest growing UK city NESTON
5
ELLESMERE
M56 KNUTSFORD
outside of London
NORTHWICH Retail Footprint - Primary
PORT
16 Retail Footprint - Secondary
Retail Footprint - Tertiary
CHESTER 12
04
CLAYTON SQUARE Liverpool, L1 1QR
TOURISM AND ATTRACTIONS
Liverpool is the 5th most visited destination in the UK for overseas visitors. Tourism is a major source of economic
wealth for Liverpool with an estimated 67.3 million tourists per year to the Liverpool City region in 2019, generating an
estimated £4.9 billion for the local economy and supports in excess of 57,000 jobs. Liverpool’s reputation as a top tourist
destination has been endorsed through being named the European Capital of Culture in 2008.
Liverpool is home to the largest collections of galleries and national museums in the UK outside of London including The
World Museum, Tate Liverpool, Museum of Liverpool and The Merseyside Maritime Museum. Other attractions include
Arena and Convention Centre Liverpool, The Liverpool Playhouse and the Royal Court Theatre and Liverpool and
Everton Football clubs.
Liverpool FC have been hugely successful over the last couple of years having won their first Premier League Trophy in
20 years. Liverpool FC are responsible for over 100,000 tourists from abroad each season. Anfield Stadium is undergoing
redevelopment which will see the stadium’s capacity increase by 7,000 to a total capacity of 61,000. This is due to be
completed by summer 2022 costing £60 million.
The development of The Bramley-Moore Dock Stadium is going to be the new home of Everton FC. The stadium is
anticipated to be completed in 2023 creating more than 12,000 local jobs. The estimated cost of the 52,888-seat
stadium is £500 million and is predicted to boost the local economy by £1 billion.
Liverpool’s culture and heritage is at the heart of the city. The Albert Docks is a UNESCO heritage site that contains the
largest single collection of Grade 1 listed buildings within the UK. The dock has been through significant regeneration
since 1982 and is now home to a mixture of restaurants, hotels, bars, galleries and offices.
Liverpool has an estimated 67.3m tourists per annum,
generating an estimated £4.9 billion for the local economy
Major employers in the area include
04
CLAYTON SQUARE Liverpool, L1 1QR
RETAILING IN
LIVERPOOL
Liverpool city centre is one of the strongest retailing centres in the UK, ranked 3rd on the PROMIS retailing centres
in terms of retail provision, providing approximately 3 million sq ft of retail space. The city hosts most of the UK
major retailing brands including John Lewis, Marks and Spencer, Primark, Boots, H&M and TK Maxx.
Recent lettings have attracted Vincentius, MAC, Castore, Kenji and Sky and the world’s largest Lush store. The prime
retail pitch is focused on the pedestrianised Church Street which provides an attractive shopping environment due
to its wide street scape and extensive offer of retail and leisure.
Clayton Square is situated at the eastern end of Church Street at the junction of Parker Street. Parker Street forms a
busy shopping thorough fare with a mix of local independent and national convenience retailers including Boots, a
newly opened B&M, Tesco and Superdrug. In 2019 The Frasers Group acquired the iconic Owen building opposite
Clayton square to form a new 120,000 sq ft Flannels flagship store. This further secures Clayton Square as a key
retail and leisure destination within the city centre.
Bold Street lies to the east of Clayton Square and forms a vibrant location for independents and the thriving cafe
and music culture for the City.
Directly opposite Clayton Square on Church Street, Australian Hotel Chain Quest have opened their first hotel in the
UK and have invested £10m into the property.
The City’s principal shopping centre is Liverpool One which was opened by Grosvenor in 2008. The centre provides
approximately 1.65 million sq ft of retail and leisure space. The centre benefits from anchor tenants including a 14
screen Odeon cinema which is ranked as one of the best in the country, two hotels, John Lewis, Harvey Nichols,
Apple and a 36-hole adventure golf centre. A new food hall is also planned to open in late spring 2021.
Liverpool is also home to The Metquarter which was redeveloped at the end of 2018 to provide for an Everyman
cinema and restaurant area. Further reconfiguration in 2020 provided a 50,000 sq ft university campus.
St John’s centre is an enclosed scheme just to the north of Clayton Square and principally provides for the value
end of the market.
05
CLAYTON SQUARE Liverpool, L1 1QR
EXCITING REDEVELOPMENTS
AROUND CLAYTON SQUARE
LIVERPOOL CENTRAL & UPPER CENTRAL
Liverpool Central station is located 50 metres opposite the subject property. The station is Liverpool’s busiest station
and serves approximately 17 million passengers per year. The station offers services to the surrounding towns such as
Southport, Ormskirk, Kirby and Hunt’s Cross.
Flannels Store CGI
The majority of the footfall flows naturally onto Church Street, directly past the subject property.
Liverpool Central station is undergoing a full redevelopment which is due to complete in 2022. As part of the
regeneration project the developers Augur have been working alongside Network Rail to enable the expansion of the New 120,000 sq ft
Flannels
station to accommodate growing passenger numbers making it one of the busiest rail stations in the UK. On completion Autumn 2021
LIVERPOOL LIME
STREET STATION
the site will offer a cinema operator and a range of “grab and go” retail offer. This will further enhance this part of the
city centre and the wider area regeneration proposed by Liverpool City Council in its recently approved Upper Central
Strategic Regeneration Framework.
Alongside Liverpool Central Station sits the Circus development, also acquired by Augur Group in 2016. The
development which lies adjacent to the Knowledge Quarter (KQ) and is the core of the Upper Central which 7A
encompasses the iconic Lewis Building and forms 56 acres. Still subject to a masterplan this would provide a £2bn
flagship regeneration site.
NEW FLANNELS STORE ON PARKER STREET OL
CEN
TRA
L ST
ATIO
N
RPO
LIVE
In addition Flannels the department store owned by The Frasers Group have recently purchased the iconic Owen building
on Parker Street which was formerly occupied by Tesco. The new store will occupy seven floors over 120,000 sq ft and will
open in Autumn 2021.
Liverpool Central
The store will feature an all new beauty destination, a rooftop restaurant and an entire floor dedicated to a fitness studio, Undergoing Full
Redevelopment
activewear and Sportswear. Alongside Flannel’s ready to wear luxury fashion and streetwear, the Liverpool store will launch Due to complete 2022
the first Flannels Beauty destination. The store is set to offer products from some of the most iconic names in beauty.
Upper Central
Regeneration Area
We recognise Liverpool as a powerhouse of culture
and style it’s a symbolic home for Flannels”
Michael Murray
Head of Elevation - Flannels
06
CLAYTON SQUARE Liverpool, L1 1QR
LIVERPOOL LIME
STREET STATION
7A
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07
CLAYTON SQUARE Liverpool, L1 1QR
FIRST FLOOR
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CLAYTON SQUARE Liverpool, L1 1QR
Museum of Liverpool
Albert Dock
Liverpool Central
World Museum
Liverpool Lime
Street
08CLAYTON SQUARE Liverpool, L1 1QR
SITUATION CLAYTON SQUARE
Clayton Square sits on a prominent site at the heart of Liverpool city centre, surrounded by Ranelagh Street to the Clayton Square was constructed in 1989 at a reported development cost of £40 million, with further significant
south, Parker Street and Elliot Street to the north, Church Street to the west and Great Charlotte Street to the east. reconfiguration in 2014. The property now consists of 172,739 sq ft of retail and leisure accommodation.
The property is in close proximity to major national retailers including TK Maxx, Primark, M&S and Next.
The property is predominantly outward facing towards the busy pedestrianised streets of Church Street, Parker Street and
The property has the benefit of a covered walkway running from Ranelagh Street to Houghton Street that dissects Elliot Street to the north of the property. This is one of the busiest pedestrian routes in the city leading through to Liverpool
the building on a north-south axis. This acts as a pedestrian route from Liverpool Central to St John’s and generates Lime Street station to Church Street.
a significant amount of footfall through the property.
Clayton Square is configured over basement, ground, first, second and third floors, with storage and loading on the
Clayton Square is also between the main pedestrian routes from Liverpool Lime Street and Central Station. roof deck accessed from Great Charlotte Street. The property provides 19 well configured high street and leisure units
Liverpool Lime Street station is the main railway station used by 24 million passengers in 2018 and is situated to predominantly trading from the ground floor.
the north of Clayton Square. Central station is located to the east of Clayton Square with approximately 17 million
The property is arranged on a sloping site, resulting in the ground floor fronting Great Charlotte Street to the north east
passengers per year.
of the property, being at first floor above the units, with ground floor access from Elliot Street and the Mall. The basement
There is a bus stop located on Great Charlotte Street to the north of the property, which provides regular services to accessed via Parker street provides 12,000 sq ft of storage which is now largely unused and not listed for rates or service
areas in the outskirts of Liverpool. Queen Street bus station located adjacent to St John Shopping Centre provides charge. This presents further opportunity to utilise this space.
further bus routes for shoppers
The block is anchored by a flagship Boots store at the northern end, covering 31,000 sq ft on a single ground floor level.
Boots acts as a genuine driver of footfall accessed from Elliot Street, the Mall and via a customer lift and stairs from Great
Charlotte Street. Other key retailers on the ground floor include a newly configured 15,662 sq ft B&M store which opened in
March 2021, Tesco Express and McDonalds.
The first floor is accessed via The Mall and Elliot Street providing accommodation for Easy Gym, Lane 7 and a further shell
unit which has recent leisure occupier interest.
Servicing is accessed from Great Charlotte Street via a barrier controlled ramp leading to a service deck at roof level which
also provides parking for the tenants.
Shoppers visiting Clayton Square can benefit from the use of the St John’s Shopping Centre car park.
Clayton Square provides prime retail and
leisure in the heart of Liverpool’s core
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CLAYTON SQUARE Liverpool, L1 1QR
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Central ShoppingCLAYTON SQUARE Liverpool, L1 1QR
RENTAL ANALYSIS
19
Occupational leases which currently produce a total
77%
of the Net Operating Income
is very low risk. Source: Experian
£2,102,449
Current gross contracted income is per annum
5.28
AWULT 5.28 years to breaks
£2,006,287
Current net income after the deduction of all Landlord shortfalls per annum
21.4
AWULT 21.4 years to expiry
INCOME PROFILE TO INCOME PROFILE TO
LEASE EXPIRY BREAK
4.9% 0-2 years 0-2 years
11.8%
2-5 years 26.7% 2-5 years
29.6% 20.1%
5-10 years 5-10 years
18.1% 42.79%
10-20 years 18.8% 10-20 years
27.3%
20 years +
RENTAL TONE IN CLAYTON SQUARE
Prime rents in the city have historically been set in Liverpool ONE and Church Street. Prime rents peaked at £320 psf ZA,
they have subsequently fallen back to the current level which is between £180 - £200 psf, as of December 2020.
Clayton Square has always offered a significant discount to the prime rental levels in the City, offering affordable well
configured modern space. The top 5 tenants Boots, B&M, EE, Tesco and Bon Pan
The property has largely been rebased during the current ownership through new lettings and lease renewals. The recent
letting of Tesco (£85 psf ZA) and B&M (£16.52 psf headline) both in 2020 reflect the continued retailer demand for the
Asia make up 56.4% of the total gross passing rent
pitch. Overall the property is passing off £12 psf which provides affordable accommodation and an excellent base for future
rental growth
11CLAYTON SQUARE Liverpool, L1 1QR
ASSET MANAGEMENT Proposed Massing FUTURE REDEVELOPMENT
• The current owner has created a separate access via Parker Street to provide 20,324 sq ft of usable space • There is further potential to redevelop the site and create further uses on the upper floors. The current owners have
on the first floor. There are agreed terms with a well known leisure operator at a good rental level. The future owner commissioned a set of master plan schematics illustrating further massing on the site subject to the usual consents.
has the option of taking forward the current offer or pursuing an alternative use angle.
• The diversity of the large population in the city and the central location of the property provides options for a number
• There is circa 12,000 sq ft of unused storage space in the basement, which presents further opportunity to rentalise of alternative uses such a student accommodation, residential, hotel or offices.
this area.
• Let the last remaining ground floor unit 5. Interest has already been registered from both local and national
operators. The current owner has also been approached on a new food format which could be accommodated
within the asset.
• An opportunity to regear a number of existing leases to increase the WAULT across the asset.
• Buy in the adjoining ownerships on Church Street and Ranelagh Street to create a larger strategic ownership.
• Buy in the corner unit facing Church Street/Parker Street to create a new flagship store.
• The September 2019 Boots rent review remains outstanding (part unit 29).
• Part of the Boots store is held in their pension fund with the lease expiring in 2088. This is seen as a key holding for
Boots. Given the stores importance there is potential to regear the Boots lease and remove the 2024 break option.
View from Church Street View from Liverpool Lime Street
12CLAYTON SQUARE Liverpool, L1 1QR
SERVICE CHARGE DATA ROOM
The current annual service charge budget for the year 2020/21 is £719,741 per annum Access can be obtained upon request.
The service charge is calculated on a floor area basis and equates to £4.32 per sq ft
SPV
EPC The property can be purchased either as a property transaction or corporate sale of the Jersey SPV. Further
EPCs for the property can be provided upon request information available upon request.
SURVEYS
All the surveys below are assignable and are available on the data room.
Measured survey – Hollis Global
***
Building survey – Paragon We are instructed to seek offers in excess of £21,000,000 (Twenty one million
Environmental Survey – Paragon pounds), subject to contract and exclusive of VAT, which reflects a net initial yield
of 8.94% after allowing for standard purchasers costs. The sale price would reflect
a low capital value of £121 sq ft
VAT ***
The property has been elected for VAT purposes. It is anticipated that the investment sale will be treated as a
Transfer Of A Going Concern (TOGC).
CAPITAL ALLOWANCES
Available upon request.
For further information please contact
MARK BENNETT ROB DALES ED GAMBARINI
07795 010 198 07740 535 395 07825 689 037
mbennett@klmretail.com rdales@klmretail.com egambarini@klmretail.com
MISREPRESENTATION ACT: KLM Retail LLP and KLM Out of Town Retail & Leisure Ltd, for themselves and for the vendors of this property, whose agents they are, give notice that (i) the particulars and any further information communicated by any means to potential purchasers of the property described in the particulars, or their advisers, in connection with the possible sale of the property are provided solely for the purpose of
assisting potential purchasers in deciding whether they wish to proceed with further investigation of the property and do not constitute either the whole or any part of an invitation, offer or contract for sale of the property; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct as at the date of the particulars
(or the date of the relevant information if earlier). However, potential purchasers are not entitled to rely on them as statements or representations of fact but should satisfy themselves by searches, enquiries, surveys and inspections or otherwise with regard to the accuracy of such details. No responsibility or liability is or will be accepted by KLM Retail LLP and KLM Out of Town Retail & Leisure Ltd, the vendor(s) of the property
or any of their respective subsidiaries, affiliates, directors, officers, representatives, employees, advisors, or agents for any loss or damage suffered by any party, resulting from reliance on the particulars or any other information communicated by any means to that party, or its advisers, in connection with the possible sale of the property. No person in the employment of KLM Retail LLP, KLM Out of Town Retail & Leisure Ltd or the
vendor(s) has authority to make or give any representation or warranty, express or implied, in relation to the property. References to KLM Retail and KLM Out of Town Retail Ltd include any joint agents acting with KLM Retail LLP and KLM Out of Town Retail & Leisure Ltd. April 2021 .
13LIVERPOOL | LI 1QR
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