VUE BIRKENHEAD, CONWAY PARK EUROPA BOULEVARD, BIRKENHEAD, CH41 4PE - WELL SECURED PRIME FREEHOLD CINEMA INVESTMENT
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
WELL SECURED PRIME FREEHOLD
CINEMA INVESTMENT
VUE Birkenhead, Conway Park
Europa Boulevard, Birkenhead, CH41 4PE
VUE Birkenhead, Conway Park
Europa Boulevard, Birkenhead, CH41 4PE
Liverpool
River Mersey
Wirral Waters Proposed Scheme
Conway Park
& Car Park
Wirral
Metropolitan
Campus
Europa Pools
Main Bus Station
A553 Conway Street
Wilkinsons & Mecca Bingo
Market Hall Mersey Tunnel
The Grange & Pyramids
Shopping Centre
A552 Borough Road
Investment Summary • Birkenhead is the dominant commercial and • The property is let to Vue Entertainment • Offers in excess of £5,840,000
administrative centre for the Wirral Limited on a new 15 year lease (subject to contract)
• Good transport communications, close to the • Guaranteed by Vue Entertainment Holdings Ltd • Yield profile:
local rail links and bus station • Passing rent of £448,000 per annum (£14 psf) Net Initial Yield 7.25%
• Purpose built fully digital seven screen with RPI uplifts between 2% and 4% pa Reversionary Yield (2019) 8.40%*
multiplex cinema completed in 1999 • The tenant has a D&B Rating of 5A1 Reversionary Yield (2024) 9.74%*
• Gross Internal Area of 32,000 sq ft *based on RPI of 3% per annum
• Freehold
WELL SECURED PRIME FREEHOLD
CINEMA INVESTMENT
3 6
A513
9K
25 IN
DOC G S W A Y
A570 A579 KR T U NNE
7 D LA Y
A580 P S WA
12 1 KING
24
Leigh Manchester
PRO
AC H
A5036
A580 23
A59 5
A565 A580
M60 A 5 1 3 9 DOCK RD LIVERPOOL
A58 JAMES ST
Wallasey A5058
3 7 WIRRAL WATERS SITE
A50
2 21a Sale AY
63
CORP W
NS
Liverpool
A58 CLE
STR
A57 A57 VEL ORA EE
1 AND TION QU
AND
5 LAI STR DR
RD EET
A56 ST
ST
Birkenhead 4 5
6
7
21
1 2 D
A57
Warrington Altrincham UPT
ON R CONWAY
PARK
Hoylake Moreton CON
W AY
A5300 A557 STRE
A562 ET
3
A41 6
West Kirby A561 7
A56 A49
20 BIRKENHEAD
Manchester
Bebbington Airport
4
10
BO
Heswall
UN
AV E
11
A41 N
DA
S I N GLETON
RY
CHURCH RD
EW C
RD
A540 12 19
Knutsford
HES
M53
OLD CHESTER RD
5
TE
RR
Neston
D
9
A4
14 A49 CH RD
CHUR
1R
WOOD
OCK
A552
F ER R
15 3
STO
Y BY P A S S
RET
16
BE
ON
A41
BIN
A55 A556
RD
GT
A550
ON
RD
A54
12
18
A51
Catchment & Demographics Location Situation
Birkenhead has a strong manufacturing heritage, centred around Birkenhead is located on the north eastern end of the Wirral The property is situated in a prime location off Conway Street
its port where Mersey Docks & Harbour Company/Peel Holdings Peninsula along the west bank of the River Mersey. The town is by the junction of Europa Boulevard immediately to the south
will be investing over £100m. Peel Holdings have also outlined a strategically located 3.5 km (2 miles) south west of Liverpool, of Conway Park railway station and adjacent to Europa Pools.
large-scale regeneration project called Wirral Waters to the north 55 km (34 miles) west of Manchester and 150 km (94 miles) Opposite the property is a large Wilkinson store and Mecca
of the town which will provide up to 1.4 million sq m of mixed north-west of Birmingham. Bingo Complex which adjoins Birkenhead’s main bus station.
use development, including a large proportion of housing. The
project is envisaged to be delivered over the next few decades. The town benefits from an excellent transport infrastructure On the south side of Conway Street is the prime retailing area
with junctions 1, 2 and 3 of the M53 motorway providing a direct which includes Grange Road and the Pyramids and Grange
The cinema draws from a 10 minute drive time catchment of link to the M56 and wider motorway network. The two Mersey Shopping Centres.
250,000 which increases to 950,000 within 20 minutes. Tunnels provide easy access across the River Mersey
to Liverpool city centre. There is a large amount of car parking in the immediate
surrounding area which is free after 6:30pm.
The area is well served by the Merseyrail network which
connects stations along the Wirral with Liverpool and beyond The property is one of only three cinemas located on The Wirral;
quickly and efficiently via adjacent Conway Park Railway Station. the other two cinemas are the Odeon at Bromborough and
the Light Cinema at New Brighton, therefore there is limited
Birkenhead’s main bus station is diagonally opposite the property competition in the vicinity.
and provides regular transport locally, throughout the Wirral and
Liverpool.
VUE Birkenhead, Conway Park
Europa Boulevard, Birkenhead, CH41 4PE
Description Digital Tenure
The property is a purpose built seven screen multiplex cinema All projection equipment recently upgraded to full digital. Freehold.
completed in 1999 and provides approximately 1,824 seats.
The property is of steel frame construction under a pitched Tenancy
metal roof with brick/block work and glazed elevations. There
is a large glazed entrance/box office atrium at the front of the The property is let to Vue Entertainment Limited for a term of 15 years
building opening onto a paved pedestrianised boulevard. from 6th January 2014 on full repairing and insuring terms. The passing
rent is £448,000 per annum which equates to £14.00 per sq ft, which
Internally, the building provides entrance area and box office, is subject to 5 yearly rent reviews to the higher of passing rental or RPI
food and beverage area, games room, toilets and seven with a cap of 4% and collar of 2% per annum. The tenant has an option
screens. to renew the occupational lease at the end of the term for a further
10 years, upon provision of 12 months’ notice after the 13th year.
Accommodation The lease is guaranteed by Vue Entertainment Holdings (UK) Limited.
We have been advised that the approximate Gross Internal
Area is 32,000 sq ft (2,973 sq m).
Co
nw
ay
Par
kS
tati
on
WELL SECURED PRIME FREEHOLD
CINEMA INVESTMENT
Covenant Information The UK Cinema Market
Vue Entertainment Limited (trading as Vue) is a multiple award winning operator of modern multiplex cinemas with 82 cinemas In 2013, UK cinema admissions were 165.5 million, in line with the
and 779 screens in the United Kingdom attracting over 35 million customers per annum. Vue is a market leader in the cinema 10 year average, and box office ticket sales topped £1 billion for the fifth
industry, owning two of the top three highest grossing cinemas in the UK: Vue Westfield London and Vue Westfield Stratford City. consecutive year showing consistently strong trading within the industry.
Vue has the second largest share of this market and has recently
The company was formed in 2003 with the acquisition of Warner Village Cinemas in the UK and has since expanded aggressively demonstrated robust financial performance with total Group growth
across the continent, opening cinemas in Germany, Denmark and other European countries. Over the last three years, it has of 5.2%.
doubled the number of cinemas under its ownership from 70 to 146 and nearly doubled its screens from 678 to 1,321 including
in October 2013 the acquisition of Multikino, one of Poland’s biggest cinema chains, for €48m. VAT
Vue are continuing to invest in their estate to ensure it remains as the newest, most modern chain of cinemas within the We understand that the property has been elected for VAT. As such,
countries in which they operate and are expecting to open a number of new sites in 2014. the sale will be treated as a Transfer of a Going Concern (TOGC).
In June 2013, Vue was acquired by OMERS Private Equity (OPE). OMERS is one of Canada’s largest pension funds with over
$60bn in net assets and $6bn under management through the Private Equity brand. The entire Vue executive team, including
Tim Richards (CEO), reinvested in the transaction.
TENANT - Vue Entertainment Limited (Company No: 04699504)
29/11/2012 24/11/2011 25/11/2010
Turnover £257,952,000 £242,565,000 £245,716,000
Pre-Tax Profit £28,893,000 £27,279,000 £31,323,000
Net Worth £168,258,000 £147,695,000 £128,970,000
Source: Experian
Vue Entertainment Limited have a Dun & Bradstreet rating of 5A1 representing a minimum risk of business failure.
GUARANTOR - Vue Entertainment Holdings Ltd (Company No: 03812508)
29/11/2012 24/11/2011 25/11/2010
Turnover £305,396,000 £291,968,000 £304,506,000
Pre-Tax Profit £28,162,000 £28,096,000 £34,391,000
Net Worth £222,611,000 £203,741,000 £185,477,000
Source: Experian
Vue Entertainment Holdings (UK) Limited have a Dun & Bradstreet rating of 5A1 representing a minimum risk of business failure.
For further information please refer to www.myvue.com/corporate
VUE Birkenhead, Conway Park
Europa Boulevard, Birkenhead, CH41 4PE
Further Information
If you require any further information or would like to arrange an inspection, please contact:
Robert Woods Alex Whiting
T 0161 233 5668 T 0113 394 8810
M 07826 278 439 M 07801 926 611
E robert.woods@cbre.com E alex.whiting@cbre.com
Aimee Parkinson Robin Bullas
T 0161 233 5450 T 0113 394 8817
M 07778 518 804 M 07730 507 967
E aimee.parkinson@cbre.com E robin.bullas@cbre.com
EPC CBRE Ltd CBRE Ltd
Belvedere Toronto Square
The property has a rating of D – 90, a copy of the certificate is available upon request. 12 Booth Street Toronto Street
Manchester Leeds
M2 4AW LS1 2HJ
Proposal
We are instructed to seek offers in excess of £5,840,000 (Five Million and Eight Hundred and
Forty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level will
reflect the following yield profile, after allowing for the usual purchasers costs of 5.80%:
• Net Initial Yield 7.25%
• Reversionary Yield (2019) 8.40%*
• Reversionary Yield (2024) 9.74%*
*based on RPI of 3% per annum
Disclaimer: CBRE
Important notice relating to the Misrepresentation Act 1967 and the Property Misdescriptions Act 1991:
CBRE for itself and the vendor as agents for the vendor give notice that:
1. We provide the information contained in these particulars for guidance to intending purchasers, licensees or any other third parties and they are for your general information only and will be used at your own risk.
2. We will use all reasonable endeavours to ensure the accuracy of information, however, we do not guarantee or warrant the accuracy or completeness, factual correctness or reliability of any information in the particulars (especially as the information may have been obtained from third
parties) and do not accept any liability for any errors or omission including any inaccuracies or typographical errors.
3. Any interested purchasers, licensees or any third parties should not view the information in the particulars as statements or representations of fact and should satisfy themselves that the facts and specific details in the particulars are correct and accurate especially in relation to floor
areas and other measurements through inspection or other means, as appropriate, and will be responsible for taking independent surveys or valuations before entering into any legally binding transaction in respect of the property or premises that is the subject matter of these particulars.
4. We have not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. Prospective purchasers, licensees or any third parties must undertake their own enquiries and satisfy themselves in this regard.
5. Unless otherwise stated, all prices and rents are quoted exclusive of VAT.
Subject to Contract: CBRE. All maps and plans in this document are for identification purposes only.
Designed and produced by www.thedesignexchange.co.uk.You can also read
