THE GREAT GRIMSBY SEAFOOD VILLAGE - INVESTMENT OPPORTUNITY WICKHAM ROAD GRIMSBY DN31 3SX - Property Pilot
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THE GREAT GRIMSBY SEAFOOD VILLAGE W I C K H A M R OA D • G R I M S BY • D N 31 3SX INVESTMENT OPPORTUNITY
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two
GRIMSBY DOCK TOWER
EAST COAST HUB HUMBER MARINE
FOR ØRSTED CONTROL CENTRE
01.
SEAFISH PROCESSING LTD
ROYAL DOCK
FISH DOCK
INVESTMENT SUMMARY YOUNGS SEAFOOD LTD
COUNTY STYLE FOODS
Opportunity to acquire a modern development
of 24 food grade industrial processing units
in the Port of Grimsby. WICKHAM ROAD
• At the heart of the UK’s largest seafood cluster, ideally
located for national and international supply chains
• The Port of Grimsby was awarded Freeport status by
the UK Government in March 2021.
• Units range from 923 sq.ft to 7,330 sq.ft extending to
a total area of 71,364 sq ft
• Site area 4 acres
• Tenants include Marrfish, Ice-Co Food, Sampac, YEARSLEY COLDSTORE
Scofish, Ocean Bounty, Moorcroft Seafoods
• Very strong leasing history
• Gross passing rent of £428,914 pa THE GREAT GRIMSBY
SEAFOOD VILLAGE
• Net passing rent of £353,893 pa after £75,021
pa ground rent
• Each tenancy has either a RPI or fixed increase
at rent review
• Long Leasehold - 125 years
• Offers in excess of £3,250,000 (Three Million Two
Hundred And Fifty Thousand Pounds) subject to
contract and exclusive of VAT. A purchase at this level
reflects an attractive Net Initial Yield of 10.23% and
a Reversionary Yield of 11.80% assuming purchaser’s
costs of 6.48%
• A low capital value of £46 psf (below replacement value)
The Great Grimsby Seafood Village • Wickham Road • Grimsby • DN31 3SX
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HARROGATE
02.
YORK
GRIMSBY
A165
A1079
A1(M)
Leeds
Bradford HUMBER
Airport A19 GRIMSBY DOCK TOWER
Grimsby is a thriving modern port town
LEEDS A165 and the administrative centre of North East
M1 SELBY
M62 HULL GRIMSBY FISH MARKET
Lincolnshire. It has a population of 160,000
A63 Port (including neighbouring Cleethorpes) and is
of Hull THE GREAT
M62 GRIMSBY located on the thriving South Bank of the
K
OC
A1 A15 SEAFOOD Humber Estuary, close to the North Sea.
M18
LD
A19 FISH DOCK
VILLAGE The M180/A180 dual carriageway provides
YA
WAKEFIELD Grimsby
SCUNTHORPE
RO
A180 Docks
M180
access to the national motorway network
DONCASTER GRIMSBY ROWLANDSON ST MURRAY ST
providing fast links to the M18 and M1.
A15 Humberside WICKHAM RD Humberside Airport is 14 miles west of
M1 Airport A16
A159
Grimsby KLM provide daily flights to
M18 A1(M) A180 CLEETHORPES RD Amsterdam. TransPennine Express
GAINSBOROUGH provide direct trains to Manchester
A180
SHEFFIELD GRIMSBY DOCKS
NEW CLEE
RAILWAY STATION THOROLD ST
Airport, Doncaster and Sheffield from
RAILWAY STATION Grimsby Town railway station.
M1
A1 FREEMAN ST
LINCOLN
GRIMSBY RD
A16 A180
PARK ST
ELLIS WY WELLINGTON ST
The UK Government
granted the Port of
GRIMSBY
Grimsby Freeport
HAINTON AV
Status in March 2021.
CARR LN
OLD CLEE
A16
The Great Grimsby Seafood Village • Wickham Road • Grimsby • DN31 3SX
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02.
GRIMSBY
GRIMSBY FISH MARKET
FOOD TOWN
Grimsby was once the home port for the
world’s largest fishing fleet but today it is
known as ‘Europe’s Food Town’ and is the
UK’s hub for seafood processing, handling
over 70 per cent of all UK business.
The seafood processing sector in Grimsby
is worth £2.5 billion and boasts over 100
processing related companies. The largest
of which is the Findus Group, comprising
Young’s Seafood and Findus. Its corporate
CAR IMPORTS
headquarters are in the town. Young’s is The Port of Grimsby is the leading UK major The Ports of Immingham and Grimsby
a major employer in the area, with some car import terminal, importing over 500,000 combined are the UK’s largest ports by
2,500 people based at its headquarters. vehicles each year. Traffic is handled at two tonnage, handling up to 60 million tonnes,
dedicated Ro-Ro berths in Alexandra Dock, including nearly 20 million tonnes of oil
backed by a modern and efficient terminal, and 10 million tonnes of coal per annum.
offering pre-delivery inspection and The Ports offer an extensive range of
THE GREAT GRIMSBY SEAFOOD VILLAGE accessory-fitting services. German-based Roll-on / Roll-off and Lift-on / Lift-off freight
Volkswagen Group is the main customer services to Northern Europe, Scandinavia,
of the port, bringing VW, Audi, Skoda and and the Baltic. With river and in-dock
Seat models into the UK for distribution. deep-water facilities and easy access
Toyota export cars through the port to the major trade routes, Grimsby is less
from their production facility in Derby. than 24 hours from a European market
The Grimsby River Terminal represented of 170 million people.
a recent £26 million investment developing
a two-berth facility capable of handling
vessels carrying up to 3,000 vehicles.
The Great Grimsby Seafood Village • Wickham Road • Grimsby • DN31 3SX
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02.
GRIMSBY
OFFSHORE WIND INDUSTRY FREEPORT STATUS
Grimsby has successfully pivoted and is Hornsea One produces enough energy to In March 2021, the Port of Grimsby was
the leading offshore-wind Operations & power over one million homes.It spans an selected, by the UK Government, as one
Maintenance cluster in the UK. It services area of 407 square kilometres, which is over of eight Freeports in England. There are
7 wind farms with more than 500 turbines five times the size of the city of Kingston three elements of a Freeport – Customs Site,
in the North Sea including Hornsea One, Upon Hull. Hornsea Two is currently under Tax Sites, and Seed Capital. The Port
which is the largest offshore wind farm construction and will be operation in 2022, of Grimsby has been chosen as a Customs
in the world. the scheme is larger than Hornsea One. Site, businesses operating will receive tariff
Companies including Ørsted, Siemens, benefits, including duty deferral whilst the
E.On and ENGIE have established goods remain on site, and duty inversion
operations within the Port of Grimsby. if the finished goods exiting the Freeport
attract a lower tariff than their component
parts. Areas given Freeport status will also
The Port of Grimsby services Hornsea One, benefit from a wide package of tax reliefs,
simplified customs procedures, streamlined
which is the largest offshore wind farm in planning processes to boost redevelopment
and government support to promote
the world. regeneration and innovation.
MICRO LOCATION
The Great Grimsby Seafood Village is
situated within the ABP Grimsby Dock’s
Estate with access being gained at the
junction of Salvesen Road and Wickham
Road. The Docks Estate is situated on the
north western outskirts of Grimsby with
access from the Riby Square junction where
Cleethorpes Road joins the A180 motorway
link road, providing direct access from
the Dock entrance to the national
motorway network.
The Great Grimsby Seafood Village • Wickham Road • Grimsby • DN31 3SX
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THE
GREAT
GRIMSBY
SEAFOOD
VILLAGE
The Great Grimsby Seafood Village • Wickham Road • Grimsby • DN31 3SX
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03.
DESCRIPTION
The Great Grimsby Seafood Village was
opened in 2012 and comprises an L Shaped
development of 24 food processing units
with ancillary café, training rooms and
management / security office on a site of
4 acres. The building is of steel portal frame
construction with a mix of blockwork walls
and profile sheet cladding. Each unit
provides ground floor processing space with
ancillary storage and office accommodation
(dependent upon individual tenants fit out)
at first floor level. External areas are
primarily tarmac surfaced providing loading
and unloading, car parking and extensive
circulation space.
The Great Grimsby
Seafood Village was
opened in 2012.
The Great Grimsby Seafood Village • Wickham Road • Grimsby • DN31 3SX
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04.
TENANCIES THE HUMBER
The landlord’s solicitors have produced a
standard Tenancy Agreement which is used
across all the units. All agreements are on a
Full Repairing and Insuring basis and allow
for a service charge in respect of The Great
Grimsby Seafood Village to include the
repair and maintenance of common parts,
refuse collection, site security, site manager THE GREAT
GRIMSBY SEAFOOD
and estate signage. The vast majority of the VILLAGE
tenancies are outside the provisions of the
Landlord & Tenant Act 1954.. There is a
small storage area to the first floor of Unit
10 which is used by the current vendor.
05. 06.
SITE TENURE
The property extends to 4 acres. The property is held by way of a long leasehold interest for a
term of 125 years from 1 October 2010. The current ground rent
is £75,021 per annum with the next rent review due on 1 October
2022. The rent is reviewed on a three yearly basis thereafter in
accordance with the Retail Price Index. The freeholder is ABP.
The Great Grimsby Seafood Village • Wickham Road • Grimsby • DN31 3SX
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07. Rent per ERV per ERV Next Next
UNIT Tenant GIA sq.ft Rent psf Lease Start Lease Expiry Comments
TENANCY annum annum psf Lease Break Rent Review
SCHEDULE 1&2
3
Marrfish Limited
LAS Fish Supplies Limited
7,827
3,647
£46,280
£15,600
£5.91
£4.28
£46,280
£15,600
£5.91
£4.28
01/08/2017
16/11/2020 16/11/2023
01/08/2024
15/11/2027 RPI rent reviews third & sixth year.
4 DFDS 3,689 £25,740 £6.98 £25,823 £7.00 Tenant leaves 31/7/21
5 Rebel Fish Limited 3,808 £23,140 £6.08 £25,740 £6.76 01/08/2017 01/08/2022 01/08/2024 01/08/22 rent increase to £25,740.
S/C inc with 6b & 7. Rent reviews Yrs 2 and 5, OMV or RPI,
6a Ice-Co Food UK Limited 1,956 £15,600 £7.98 £15,600 £7.98 01/03/2019 01/03/2024 01/03/2026
whichever higher. Yr 2 rent review deferred due to Covid.
Rent reviews Years 2 and 5. OMV or RPI, whichever higher.
6b & 7 Ice-Co Food UK Limited 5,555 £41,340 £7.44 £41,340 £7.44 01/12/2018 01/12/2023 01/12/2025
Year 2 rent review deferred due to Covid.
8 & FF 9 D&D Fish Supplies Limited 5,756 £33,580 £5.83 £33,580 £5.83 06/05/2015 05/06/2022
9a Tower Pet Products UK Limited 1,152 £10,400 £9.03 £10,400 £9.03 01/03/2020 01/03/2023 01/03/2027 Rent reviews Years 3 and 6. OMV or RPI, whichever higher.
9b Garfish (Export) Limited 923 £11,700 £12.68 £11,700 £12.68 01/08/2017 01/08/2021 01/08/2022 01/08/2024 Fixed increase to £13,000 fifth anniversary. Annual breaks.
10a Cheek House Limited 988 £12,480 £12.63 £12,480 £12.63 01/05/2020 01/05/2021 01/05/2021 01/05/2027 Annual 5% rent increase. Annual breaks.
10b Malgar Fish Co Ltd 925 £10,400 £11.24 £10,400 £11.24 01/08/2017 01/08/2021 01/08/2024 Annual Breaks.
Last years rent review deferred due to Covid. Rent review
11 Exciting Foods Limited 3,599 £12,610 £3.50 £12,610 £3.50 01/08/2018 01/08/2023 01/08/2025
end of fifth year, OMV or RPI whichever higher.
12a DNA Fish Supplies Limited 1,740 £13,000 £7.47 £13,000 £7.47 01/11/2020 01/11/2023 01/11/2027 RPI reviews third and fifth anniversaries.
12b Moorcroft Seafoods Limited 1,898 £11,700 £6.16 £11,700 £6.16 29/12/2020 29/12/2023 28/12/2031 RPI reviews third and fifth anniversaries.
12c / 14 Vacant 7,330 £51,310 £7.00
No formal
15 Sampac Ltd 1,760 £6,240 £3.55 £6,240 £3.55 Inc S/C. The first floor is not included in the demise.
lease
16 Ocean Bounty Ltd / Panel Fab Ltd 4,033 £20,540 £5.09 £20,540 £5.09 01/07/2015 01/07/2022
S/C inc with 9a. Rent reviews Years 3 and 6. OMV or RPI,
17 Tower Pet Products UK Limited 3,659 £25,740 £7.03 £25,740 £7.03 01/03/2020 01/03/2027 01/03/2023
whichever higher.
18 Scofish Distribution Limited 3,719 £25,740 £6.92 £25,740 £6.92 01/07/2019 01/07/2026 01/07/2022 Rent reviews Years 3 and 5. OMV or RPI, whichever higher.
19 Pelagia (UK) Limited 1,943 £25,740 £13.25 £25,740 £13.25 01/07/2019 01/07/2026 01/07/2022 Rent reviews Years 3 and 5. OMV or RPI, whichever higher.
20 JHS Fish Limited 2,263 £25,740 £11.37 £25,740 £11.37 Tenant leaves 30/06/21.
Shop Grimsby Fish Limited 595 £5,200 £8.74 £5,200 £8.74 01/03/2021 01/03/2028
Cafe D Melin 645 £2,604 £4.04 £2,604 £4.04 Inc S/C. Informal arrangement
Training IMS Flooring Limited 1,549 £7,800 £5.04 £7,800 £5.04 01/02/2021 01/02/2028
Security
Landlords 405 n/a
Office
71,364 £428,914 £482,907
£75,021 Ground rent £75,021
£353,893 Net Income £407,886
The Great Grimsby Seafood Village • Wickham Road • Grimsby • DN31 3SX
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08. 09.
FURTHER CONTACT
INFORMATION
For further information or to
arrange a viewing, please contact:
SERVICES VAT
Steve Carrick
Mains water, electricity and drainage are The asset is elected for VAT although it is
0161 806 0455 • 07711 042 584
connected to the property. Each unit has its anticipated that the sale will be structured
sc@carrickre.com
own electricity supply and the tenant is able as a Transfer of a Going Concern (TOGC).
to contract with the supplier of their choice.
Water is via a common supply with
sub-meters to each individual unit which the ANTI-MONEY LAUNDERING
landlord recharges to the tenant. In accordance with Anti-Money Laundering
Regulations, two forms of identification and carrickre.com
CAPITAL ALLOWANCES confirmation of the source of funding will be
It is the Vendor’s intention to retain required from the successful purchaser. Carl Bradley
01482 626 842 • 07971 875 863
Capital Allowances.
carlbradley@clarkweightman.co.uk
PLANNING PROPOSAL
The lease permits the premises to be used Offers in excess of £3,250,000
as and for fish and / or food processing units (Three Million Two Hundred And
for fish and / or food processing and Fifty Thousand Pounds) subject to
merchanting purposes and ancillary office contract and exclusive of VAT. A
accommodation and other ancillary fish and purchase at this level reflects an
/ or food industry related activities, including attractive Net Initial Yield of 10.23% Important notice: These particulars are not an offer or contract, nor part of one.
You should not rely on statements by Carrick Real Estate in the particulars or
the wholesale sale of fish / food products. and a Reversionary Yield of 11.80% by word of mouth or in writing (“information”) as being factually accurate about
the property, its condition or its value. Neither Carrick Real Estate has any
assuming purchaser’s costs of 6.48%. authority to make any representations about the property, and accordingly
EPC A low capital value of £46 psf
any information given is entirely without responsibility on the part of the
agents, seller(s) or lessor(s). Photos etc: The photographs show only certain
parts of the property as they appeared at the time they were taken. Areas,
An Energy Performance Certificate (below replacement value). measurements and distances given are approximate only. Regulations etc:
Any reference to alterations to, or use of, any part of the property does not
(EPC) is available upon request. mean that any necessary planning, building regulations or other consent has
been obtained. A buyer or lessee must find out by inspection or in other ways
that these matters have been properly dealt with and that all information is
correct. VAT: The VAT position relating to the property may change without
notice. Carrick Real Estate is a limited company registered in England with
registered number 10893418. Our registered office is Canada House, 3
Click here to view the drone video footage. Chepstow Street, Manchester, M1 5FW where you may look at a list of
members’ names. April 2021. carve-design.co.uk 15003/7
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