The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
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The James Watt, 80/92 Cathcart Street, Greenock Prime Public House Investment
The James Watt, 80/92 Cathcart Street, Greenock
Investment Summary
Greenock is the administrative centre for the Inverclyde area Net income of £163,962.50 per annum, with a rent review on 31st March 2019.
approximately 20 miles west of Glasgow.
Absolute Ownership interest (Scottish equivalent of English freehold).
The town is the focal point for the surrounding area and has a primary
catchment population of 106,000 people. Offers in excess of £2,290,000 (Two Million, Two Hundred and Ninety
Thousand Pounds Sterling) subject to contract and exclusive of VAT are
The property is situated in the heart of the town centre, beside the local sought for the Absolute Ownership in the property.
government buildings and the Oak Mall Shopping Centre.
A purchase at this price will reflect a net initial yield of 6.75% after allowing
The property is let to JD Wetherspoon on FRI terms until 30th March 2034, for purchaser’s costs of 5.87% based on Scotland’s Land and Buildings
with a tenant only break option on 31st March 2029. Transaction Tax (LBTT).
A9
97
A
Aberdeen
A93
A9
A888 A82 80
9
A93
A93 A90
A86 A9
A889
A957
A830
A92
S C O T L A N D
61
A8
A9
A9
A82
7
3
A93
A90
Greenock Scottish Leisure Market
A9
24
4
A93
4
A828
A88
6
A92 A932
A928
A84
A82
A9
8
A9
A94
33
7
A82 A90
A92
Greenock is the administrative centre for the Inverclyde area and The food and beverage sector is currently at the forefront of
A94
A923
A822
3
Dundee
A9
A85
A849
provides the main retail and leisure provision for the area. A85
A85
A85 Perth
occupier market activity. The national restaurant and public house
A82 A9 A92
market operators are continuing to expand with city and town
A819
The town is approximately 42 km (26 miles) west of Glasgow and A91 A917 centres locations being primarily targeted. There is a plethora
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M90
A816
38 km (23.6 miles) north of Kilmarnock. The town benefits from A821
A84
A9
A823 of operators that are expanding at present including Mitchells &
16
A9
A9
A873 Glenrothes
good communication links, with the A8/M8 providing direct routes Butlers, Greene King, Spirit Group, Marstons, Stonegate and Living
11
A8
A91
Stirling
15
A814
to Glasgow and the east; the A78 providing access to the south Ventures, who are also being joined by emerging Scottish brands
A83 A811
A81
A92
86
A8
M9 A907 Kirkcaldy
A82
Dunfermline
along the west coast and inland via the A71 to Kilmarnock. Greenock M80 A985 A19
such as Brew Dog and Bar Soba.
A80
8
railway station offers a regular and direct service to Glasgow city Greenock
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Falkirk
M9 A90 EDINBURGH A1
centre with a journey time of just over 30 minutes. Greenock is the main leisure and retail hub for the Inverclyde area.
A815
A8
M8 M80 Cumbernauld
A1
A8
Glasgow A1
86
Clydebank Livingstone 107
A8
46 A78 Paisley Airdrie
Coatbridge
M8
A720
There is a general under provision of national operators within the
A1
A737
Greenock has a population of approximately 45,500 people (SCROL) A8
47 A725
Motherwell A71 town though with the JD Wetherspoon being one of the few national
Hamilton Wishaw Berwick-upon-Tweed
and a primary catchment of 106,000 people (PROMIS). The town East food and beverage operators within the town centre.
0
A7
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36
112
Kilbride
A7
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98
A703
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01
10
A72
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M77
A7
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A7
1
is the largest settlement in the Inverclyde area and the catchment
A7 A1
2
A721 A697
1
A7 A72
A6
spend per capita of the population is in line with the PROMIS Irvine
A78
A71
A77
Kilmarnock 08
9
average. A83 A70
M74
A68
A699
01
A7 A698
A841 Ayr
A70
8
The service sector accounts for 80% of total employment in
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A719
M74 A68
2
A76
A70
Greenock, slightly above the Retail PROMIS average. Within A77
A60
88
this sector, ‘financial & business services’ accounts for 25% of A2
total employment, slightly above the Retail PROMIS average.
A1068
A7
A697
13
A2 A1
A7
Coleraine
The manufacturing sector in Greenock Ballymoney
accounts for 5% of total
A37 A70
2
A701
Ashington
employment, slightly below the Retail PROMIS average. Major
A2 A189
Limavady
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N13 A712 A696 Blyth
09
A2 A68 A1
A7
A43
Londonderry A77
A74(M) Cramlington
employers in the town include IBM, National Semi-Conductor, A26
A54
Dumfries A19
A7
A7
Longbenton Whitley Bay
A76
A5 A29
14
13
13 A6 A75
12
N14
Amazon and EE.
2
A7
A75
North Shields
A6071 A69 Wallsend Jarrow
M2 A7
A69
A695
Newcastle Felling South Shields
15 A42 Ballymena
18 A75 A689 upon Tyne
94 A692 Gateshead
A36 A77 A710 Carlisle A69
A6
86 A6 Sunderland
A26
A747
A68 Washington
A8 A2
Chester- Houghton le Spring
A31 A6 A711
le-Street
A716
A6
A595 A691
A746
N O R T H E R N
A6 A686 Durham
Carrickfergus M6
M2
A596 90 A1(M) A181 Peterlee
A505 Newtownabbey A689 A6 A19
A52 A2
Bangor A5
94 A179
Hartlepool
A5 BELFAST A167
I R E L A N D
A66
A29 Newtownards Workington
A66 A689
01 A66 Newton Billingham Redcar
A5
86
35
A32 Aycliffe South
A50
A26 Lisburn A59
2 Stockton- Bank
A4 A3 on-Tees Middlesbrough
A20
M1 A688
A66
The James Watt, 80/92 Cathcart Street, Greenock
Situation
The property is situated within the heart of the town centre, at the
junction of Cathcart Street and Cross Shore Street.
The subject is situated adjacent to main government buildings, the
public library and the town’s main retail provision, Oak Mall shopping
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centre. The local job centre is directly adjacent to the subjects.
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Description Accommodation & Tenancy
The subjects comprise an impressive, Category B listed former post The ground floor of the subject property have been measured on
office building. The property is arranged over ground, basement and a gross internal area (GIA) basis in accordance with the RICS Code
two upper floors. of Measuring Practice (6th Edition), and approximate areas are as
follows:
JD Wetherspoon have a lease over the whole building. The ground
floor provides the bar, dining room, customer toilets and staff Floor sq m sq ft
ancillary areas. The basement and upper floors are not currently in Second floor* 315.30 3,394
use as the building is undergoing refurbishment.
First floor* 307.70 3,312
Ground floor 802.30 8,636
Tenancy Basement & garage* 975.80 10,504
Total 2,401.1 25,846
The property is let to JD Wetherspoon PLC on a Full Repairing and
Insuring (FRI) lease for 35 years expiring on 30 March 2034. There
is a tenant only break option on 31 March 2029. The current rent *Access to the upper floors, basement and garage was restricted,
is £163,962.50 per annum, with the next rent review due on 31 due to current works that the tenant is undertaking, at the time of
March 2019. inspection and these areas should be used as a guide only.
The James Watt, 80/92 Cathcart Street, Greenock
Tenant Covenant
J D Wetherspoon is a leading national public house operator with
over 1,000 pubs across the UK and Ireland. The company was
founded in 1979 and is well known for its low prices, long opening
hours and no music policy.
J D Wetherspoon are rated by Experian as “very low risk”. For the
financial year to 27th July 2014, the company had a turnover of
£1,409,333,000, a pre-tax profit of £78,365,000 and a net worth of
£200,330,000. This covenant provides good security of income.
Financial Year
Turnover Pre-tax Profit Net Worth
Ended
29 July 2012 £1,197,129,000 £58,882,000 £152,708,000
28 July 2013 £1,280,929,000 £57,143,000 £194,749,000
27 July 2014 £1,409,333,000 £78,365,000 £200,330,000
2585
LAND REGISTER
OF SCOTLAND 9/11/1999 REN94683
N
ORDNANCE SURVEY 70m
NATIONAL GRID REFERENCE
Tenure VAT
Survey Scale
NS2875NW NS2876SW
1/1250
CROWN COPYRIGHT © - Produced from REGISTERS DIRECT on 28/01/2010 at 14:06 with the authority of Ordnance Survey pursuant to section 47 of the Copyright, Designs and Patents
Absolute Ownership (Scottish equivalent of English Freehold).
C
The property has been elected for VAT and therefore VAT will be
Act 1988. Unless that act provides a relevant exception to copyright, the copy must not be copied without the prior permission of the copyright owner. This copy has no evidential status.
elected on the purchase price. However it is anticipated that the
EPC sale will be treated as a Transfer Of a Going Concern (TOGC).
The Energy performance rating for the property is G with CO2
emissions of 126. A full Energy Performance Certificate (EPC)
can be provided on request.
Proposal We are instructed to seek offers in excess of £2,290,000 (Two Million, Two Hundred and Ninety Pounds Sterling) subject to contract and exclusive of VAT for the Absolute Ownership in the property. A purchase at this price, after allowing for purchaser’s costs of 5.87% based on LBTT, will reflect a net initial yield of 6.75%. For further information please contact: Sarah Stewart T: +44 (0)131 226 8736 E: sarah.stewart@eur.cushwake.com Stephen Bibby T: +44 (0)131 226 8738 E: stephen.bibby@eur.cushwake.com Stuart Moncur T: +44 (0) 131 226 8754 E: stuart.moncur@eur.cushwake.com Cushman & Wakefield LLP The Auction House 63A George Street Edinburgh EH2 2JG MISREPRESENTATION ACT Cushman and Wakefield LLP for themselves and for the vendors or lessors of this property whose agents they are give notice that: (1) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (2) 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, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Cushman and Wakefield LLP has any authority to make or give representation or warranty whatever in relation to this property. July 2015.
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