well secured, freehold, retail investment blackpool 76 bank hey street

Transcription

1 well secured, freehold, retail investment blackpool 76 bank hey street

2 Key Investment Criteria Well secured retail, investment occupying a strong trading position in Bank Hey Street opposite Poundworld and B&M with Primark, Sports Direct, Savers, and McDonalds located nearby. In close proximity to Hounds Hill Shopping Centre (Adelaide Street West) and the Blackpool Tower complex Freehold Substantial retail unit comprising 3,669m² (39,495 sq. ft.) Let to TJX UK (t/a TK Maxx) 5A1 D&B Rating Circa 7.15 years unexpired on the lease with a fixed rental uplift in March ,418,000 subject to contract and exclusive of VAT reflecting a net initial of 7.75% rising to a guaranteed 8.91% in 2016 allowing for usual purchaser s costs of 5.8%. The equivalent yield is 8.58% Location Blackpool is a major tourist destination and the second largest in the UK after London. The town is also one of the leading retail centres in the north-west of England situated approximately 50 miles (80.47km) north-west of Manchester; 45 miles (72.4km) north of Liverpool and 18 miles (29km) west of Preston. Blackpool benefits from excellent road, rail and sea communication links. By road, the M55 motorway links directly with J32 of the M6 and with the M62 motorway. By rail there are regular services to London (Euston), Liverpool, Manchester, Preston and surrounding towns. By air, Blackpool International Airport lies 2 miles (3.2km) south of the town centre and by sea, there are regular ferry services from Fleetwood to Northern Ireland and Seacat services from nearby Liverpool to Belfast, Dublin and the Isle of Man. prime, well secured, freehold, retail investment

3 Tenure Freehold Tenancy The property is let to TJX UK (t/a TK Maxx) on a lease expiring on 24/03/2019 at a current rental of 362,250 pax. The rent reserved is subject to a fixed uplift in 24/03/2016 to 416, pax until lease expiry. The occupational lease has circa 7.15 years unexpired. TJX Europe Ltd is a guarantor to the lease. Situation The property occupies a strong trading position in Blackpool s retail core close to a principle entrance of the Houndshill Shopping Centre (Adelaide Street West) and diagonally opposite Blackpool Tower World. Retailers within the immediate vicinity include Sports Direct, Poundworld, Primark, Waterstones and HMV. The Houndshill car park (800 spaces) is nearby and the unit benefits from having a bus stop directly outside providing a frequently busy footfall. Description The property, comprising a substantial department store, has an extensive frontage onto Bank Hey Street and is arranged over ground and three upper floors. TK Maxx retail from ground and first floors with customer access via an escalator located towards the centre of the store and a stairwell to the rear. The second and third floors are utilised for ancillary storage and staff accommodation.

4 Accommodation The property is arranged over ground, first, second and third floors and provides a total approximate GIA floor area of circa 3,669m² (39,495 sq. ft.) Current Net Income 362,250 per annum exclusive ( 8.53 psf overall allowing for the 7.5% fitted store assumption). Tenant Covenant Tenant TJX UK (t/a TK Maxx) Financial Year Turnover PTP Net Worth 29/01/2011 1,264,994,000 92,036, ,872,000 VAT The property has been elected for VAT and thus it will be payable on the sale

5 Proposal 4,418,000 reflecting a net initial yield of 7.75% rising to a guaranteed 8.19% in 2016 allowing for purchasers costs of 5.8%. The equivalent yield is 8.58% Further Details David Freeman david.freeman@greenpartners.co.uk James Baillie james.baillie@greenpartners.co.uk Ed Smith ed.smith@greenpartners.co.uk MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. February 2012.