UNITED CARPETS & IJUMP OLD MILL LANE, MANSFIELD, NG19 9AL - Allsop
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UNITED CARPETS & IJUMP OLD MILL LANE, MANSFIELD, NG19 9AL HIGH YIELDING REVERSIONARY RETAIL WAREHOUSE INVESTMENT WITH AN AWULT OF 18.33 YEARS
UC OLD MILL LANE, MANSFIELD, NG19 9AL HIGH YIELDING REVERSIONARY RETAIL WAREHOUSE INVESTMENT WITH AN AWULT OF 18.33 YEARS
INVESTMENT CONSIDERATIONS
■■ Old Mill Lane is an established retail warehousing ■■ Unit B is let to IJump Trampoline Parks Ltd for ■■ Total rent passing of £194,000 per annum increasing
and industrial area within Mansfield 10 years from 05/02/2016 expiring 04/02/2026 to a minimum of approximately £219,500 in 2021
■■ Two well proportioned semi-detached retail at a rent of £65,000 per annum ■■ Freehold
warehouse units totalling 26,160 sq ft ■■ Both units benefit from 5 yearly reviews ■■ Offers are sought in excess of £2,400,000
(2,430.4 sq m) based on fixed 2.5% annually compounded (Two Million Four Hundred Thousand Pounds)
■■ Unit A is let to United Carpets (Property) Ltd uplifts subject to contract and exclusive of VAT. A purchase
for 25 years from 05/02/2016 expiring ■■ AWULT of 18.33 years to expiry at this level reflects an attractive net initial yield of
04/02/2041 at a rent of £129,000 per annum 7.60% allowing for purchaser’s costs of 6.35%,
and a reversionary yield of 8.60% in 2021.
UC OLD MILL LANE, MANSFIELD, NG19 9AL HIGH YIELDING REVERSIONARY RETAIL WAREHOUSE INVESTMENT WITH AN AWULT OF 18.33 YEARS
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M62
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LOCATION
A1 A15
SCUNTHORPE A180 Mansfield is a market town situated in the county of Nottinghamshire
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approximately 14 miles north of Nottingham and 21 miles south east of Sheffield.
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MANSFIELD ati The town benefits from excellent communication links being situated
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A15WOODHOUSE
DONCASTER approximately 6 miles east of the M1 (Junction 28) which provides access to
A628
M18
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A616 Sheffield (25 miles), Leeds (56 miles) and Newcastle (147 miles) to the north and
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A628
M18 A1(M) A638
Nottingham (15 miles), Leicester (40 miles) and London (137 miles) to the South.
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ne ill A Train services are provided from Mansfield Woodhouse with trains to Nottingham,
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A6 East Midlands Airport is situated approximately 27 miles to the south which
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serves for over 4 million passengers annually to more than 80 worldwide
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approximately £300m for the region.
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SITUATION
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A53 A617 A46
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The property is situated immediately south of the Old Mill Lane and Leeming
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MANSFIELD
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Lane South (A60) crossroads. The A60 provides access to Mansfield town
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A614 A46
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A61
way centre approximately 1 mile to the south and Worksop 12 miles to the north.
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industrial, as well as residential.
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and various others.
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Mansfield Woodhouse station is located approximately one mile north west
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of the subject property.
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DERBY A52
Grantham
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UC OLD MILL LANE, MANSFIELD, NG19 9AL HIGH YIELDING REVERSIONARY RETAIL WAREHOUSE INVESTMENT WITH AN AWULT OF 18.33 YEARS
ING
EM
1
LE
13
15
DESCRIPTION Shelter
GL
AD
ST
13
The property comprises a purpose built retail warehouse unit that has been subdivided 27
to provide two semi-detached retail warehouse units. The warehouse is of steel portal
frame construction, with part brick and part metal sheet elevations, beneath a pitched 37
metal sheet roof.
United Carpets occupy Unit A which fronts Leeming Lane South and Old Mill Lane, 45
and provides approximately 15,677 sq ft of retail warehousing accommodation. 49
I-Jump occupy Unit B which fronts Old Mill Lane and provides approximately
10,493 sq ft of retail warehousing accommodation. There are two roller shutter
MS OL
doors situated in this unit but they are not being used by the tenant. D
Warehouse MI
LL
The property benefits from 96 car parking spaces providing an excellent ratio 102.7m LA
NE
of 1:181 sq ft.
ACCOMMODATION
The property provides the following gross internal areas (GIA):
Unit Area (Sq M) Area (Sq Ft)
A 1,455.5 15,667
B 974.9 10,493
Works
Overall 2,430.4 26,160
AY
MW
FAR
West
SITE House
ESS
The property occupies a site area of approximately 1.96 acres (0.79 hectares). East
0m 10m 20m 30m
© Crown
House Copyright, ES 100004106. For identification purposes only.
62
Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1071
UC OLD MILL LANE, MANSFIELD, NG19 9AL HIGH YIELDING REVERSIONARY RETAIL WAREHOUSE INVESTMENT WITH AN AWULT OF 18.33 YEARS
TENANCY DETAILS COVENANT EPC
Unit A is let to United Carpets (Property) Ltd for a term United Carpets Group plc is the third largest chain of specialist retail carpet and floor covering stores in the UK. Both properties have an EPC
of 25 years from 05/02/2016 expiring 04/02/2041. The business commenced trading in 1997 and in 1998 the first franchised store was created. As at 25 May 2017 the group had a total of 57 stores. rating of C(57).
The current passing rent is £129,000 per annum and
Further information is available at www.unitedcarpetsandbeds.com
benefits from 5 yearly rent reviews based on fixed
2.5% annually compounded uplifts. The lease is VAT
United Carpets (Property) Limited United Carpets Group Public Limited Company
gauranteed by United Carpets Group Plc.
reported the following accounts for the past 3 years: reported the following accounts for the past 3 years: The property has been elected
Unit B is let to IJump Trampoline Parks Ltd for a term for VAT, it is anticipated envisaged
of 10 years from 05/02/2016 expiring 04/02/2026. 31 March 2017 31 March 2016 31 March 2015 31 March 2017 31 March 2016 31 March 2015 that the transaction will treated
The current passing rent is £65,000 per annum and as a Transfer of a Going Concern
Turnover £2,957,000 £3,076,000 £2,917,000 Turnover £21,192,000 £21,369,000 £19,141,000
benefits from 5 yearly rent reviews based on fixed (TOGC).
2.5% annually compounded uplifts. Pre-tax Profit (£15,000) £27,000 £130,000 Pre-tax Profit £1,527,000 £1,487,000 £1,211,000
Total Net Worth £498,000 £514,000 £480,000 Total Net Worth £5,137,000 £4,175,000 £4,065,000
TENURE
Freehold.
UC OLD MILL LANE, MANSFIELD, NG19 9AL HIGH YIELDING REVERSIONARY RETAIL WAREHOUSE INVESTMENT WITH AN AWULT OF 18.33 YEARS
PROPOSAL
Offers are sought in excess of £2,400,000 (Two Million Four Hundred Thousand Pounds)
subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial
yield of 7.60%, allowing for purchaser’s costs of 6.35%, and a reversionary yield of 8.60% in 2021.
For further information or to make arrangements for viewing please contact:
Richard Lea Andy Pointon Ciaran McGivney
020 7543 6832 020 7543 6720 020 7543 6888
richard.lea@allsop.co.uk andy.pointon@allsop.co.uk ciaran.mcgivney@allsop.co.uk www.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 10.17
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