Prime M&S Foodhall Investment Opportunity - St Mary's Row, Moseley, Birmingham, West Midlands, B13 9EG - MMX Retail
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Prime M&S Foodhall Investment Opportunity St Mary’s Row, Moseley, Birmingham, West Midlands, B13 9EG
INVESTMENT CONSIDERATIONS LOCATION
‘Moseley Village’ is one of Birmingham’s most desirable suburbs located approximately four
Opportunity to acquire a prime foodstore miles south of Birmingham City Centre.
investment in the affluent Moseley village
Moseley, benefits from excellent public transport including two nearby stations at University and
located 4 miles south of Birmingham city Five Ways. Plans have recently been submitted for a new Moseley train station on the old Camp
Hill line. Birmingham City Council’s planning committee has already approved the construction
centre. of the Kings Heath and Hazelwell railway stations. This would be the third station on the line and
is proposed to open in 2021. The new station is to be located opposite the M&S Foodhall and
travel times to the city centre would be approximately 15 minutes.
The property occupies a prominent position on the corner of St Mary’s Moseley village has a creative and vibrant community appealing to young families, professionals
and students all drawn to its relaxed lifestyle. There is a wide range of independent and national
Row and Oxford Road almost directly opposite St Mary’s Church.
retail occupiers, restaurants and bars, including the Michelin star ‘Carters of Moseley’.
The M&S Foodhall comprises of 18,000 sq ft arranged over ground Moseley was named ‘Best Place to Live in the UK’ in the 2015 Sunday Times top 50 list of
floor and first floor with the benefit of 75 designated parking spaces. Britain’s urban districts, it was also named best place to live in Birmingham by the Times in
2017.
Let to Marks and Spencer Plc t/a M&S Foodhall with an unexpired term
in excess of 17 years.
The passing rent of £240,500 per annum reflects a rate of £18.50 psf,
based on the ground floor area of 13,000 sq ft.
A34
M6
A41
Marks and Spencer Plc has an Experian rating of 100/100, representing M5
a very low risk of business failure.
SMETHWICK M6
The property is being offered with the benefit of a Freehold title.
BIRMINGHAM
Offers are sought in excess of £4,500,000 (Four Million, Five Hundred A456
BIRMINGHAM
Thousand pounds). An acquisition at this level would reflect a net AIRPORT
initial yield of 5.02% after graduated purchaser costs of 6.57%. A45
SPARKHILL
M5 A41
ST
A38 MARY’S M42
ROW
A441 A435
SOLIHULL
Alcester Road
St Mary’s Church
Moseley Park & Pool Alcester Road
CATCHMENT & DEMOGRAPHICS FOODSTORE COMPETITION
Moseley has a primary catchment population within a 5 minute drive time of The M&S Foodhall is the only premium food We would anticipate strong competition for
24,235 people and 120,308 people living within a 10 minute drive time (Experian). offer within Moseley Village itself. The direct this site from multiple foodstore retailers if
competition is from the Sainsburys local and it was available in the open market.
The top key ‘mosaic groups’ within this catchment according to Experian are as CO-OP on Alcester Road however, these
follows: stores do not benefit from a customer car
park which M&S provides.
47.13% - N Urban Cohesion - Residents of settled urban communities with a
strong sense of identity. Within a 10 minute drive time there is a range
of value and mid market operators with
24.40% - O Rental Hubs - Educated young people privately renting in urban Waitrose being the only other premium brand.
neighbourhoods. The arrival of the new Moseley station will
further benefit M&S Foodhall being located
Moseley has the 14th highest average income amongst the city’s 69 wards within directly opposite.
Birmingham. Resident employment rates are above the city average and
claimant count unemployment proportions are below those for Birmingham as a
whole (BCC).
EDGBASTON
SPARKHILL KEY TYPE PROPERTY ADDRESS DRIVE TIME
(mins)
4
3 BALSALL HEATH 1 Sainsburys local Alcester Road, Moseley 2
TYSELEY
2 2 CO-OP Alcester Road, Moseley 2
1
BOURNBROOK MOSELEY
5 (mins) 10 (mins) 3 Aldi Edgebaston Road 5
approx approx
WAKE GREEN 4 Lidl Moseley Road, Balsall Heath 5
5 Asda High Street, Kings Heath 5
5
SAREHOLE
KINGS HEATH 6 Waitrose Stratford Road, Hall Green 10
HALL GREEN 6 7 Tesco Express Alcester Road, Moseley 7
BOURNVILLE
7
For indicative purposes only
SITUATION AND DESCRIPTION ACCOMMODATION
The property occupies a prominent and highly visible The gross internal areas of the store are set out in the table below:
position on the corner of St Mary’s Row and Oxford DESCRIPTION AREA (SQ FT) AREA (SQ M)
Road which is an established retail and leisure pitch. Ground Floor 13,000 1,208
St Mary’s Row is a busy thoroughfare running east to First Floor 5,000 464
Total 18,000 1,671
west through Moseley. St Mary’s Church which is the
key landmark in Moseley sits almost directly opposite The store benefits from 75 designated customer parking spaces at the rear of the
the property. property accessed via Oxford Road.
The property forms part of a larger purpose The M&S Foodhall comprises 18,000
build development which consists of a sq ft arranged over ground and first floor
parade of retail units and a restaurant along as detailed in the accommodation section
with the M&S Foodhall. The upper floors opposite. It has been fitted out internally
consist of 22 apartments. to Marks and Spencer Foodhall corporate
specification and branding. St Marys Row
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Park
TENANCY TENURE COVENANT INFORMATION
The property is let to Marks and Spencer The property will be sold with the benefit of Marks and Spencer Plc was established in 1884 and is a Public Limited Company
Plc, trading as a Marks & Spencer Foodhall, a Freehold title. listed on the London Stock Exchange FTSE 250 Index having previously been in the
on an FR&I lease for an unbroken term of FTSE 100 Index from its creation until 2019.
20 years from 31/10/2017. The current rent
passing is £240,500 per annum which Marks & Spencer offers high quality fashion, award-winning food and stylish
reflects £18.50 psf based on the ground homeware. Marks and Spencer employ over 80,000 people and operates over 1463
floor area of 13,000 sq ft.
stores across 57 countries.
The rent is subject to 5 yearly reviews from
the term commencement date to the lower M&S food has been a thriving part of the business and now have over 700 food
of open market rental value or 2.5% per outlets which include standalone stores and M&S’s in train stations, hospitals and
annum compounded. petrol forecourts.
Marks and Spencer Plc has an Experian rating of 100/100, representing a very low risk
of business failure. Their most recent accounts are shown below:
03/03/2019 31/03/2018 01/04/2017
(000) (000) (000)
Turnover £10,555,400 £10,311,400 £10,309,700
Pre-tax profit £488,800 £600,000 £580,400
Net worth £5,222,000 £4,791,600 £4,383,400
PLANNING EPC VAT
Planning information is available on request. An EPC will be made available on request. We understand the property is elected for VAT.
It is envisaged that any sale will be dealt with as a Transfer
of a Going Concern (TOGC).
PROPOSAL FURTHER INFORMATION
Offers are sought in excess of £4,500,000 MMX RETAIL
(Four Million, Five Hundred Thousand
Pounds), subject to contract and exclusive of Scott Mitchell MRICS
D: +44 (0)203 130 4660
VAT. An acquisition at this level would
M: +44(0)7967 552995
reflect a net initial yield of 5.02% after E: scottmitchell@mmxretail.co.uk
graduated purchaser costs of 6.75%.
MISREPRESENTATION ACT 1967:
MMX Retail as agents for the vendor, or as the case may be, Lessor (the “Vendor”) and for themselves, give notice that: (1) These particulars are given merely as a general guide to the property.
They are not and shall not hereafter become part of any offer or contract. (2) The statements here in are made in good faith but without any responsibility whatsoever on the part of the Vendor,
MMX Retail, or their servants. It is for the purchaser or as the case may be Lessee (the “Purchaser”) to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in
entering into contract or otherwise rely upon these particulars as statements or representations of fact. (3) The Vendor does not make or give and neither MMX Retail, nor their servants has any
authority, express or implied, to make or give any representations or warranties in respect of the property. (4) In the event of any inconsistency between these Particulars and the Conditions of
Sale, the latter shall prevail.
ANTI-MONEY-LAUNDERING: A successful bidder will be required to provide the necessary information required to to satisfy the AML requirements.
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